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Favorable Determination Letter from IRS

The determination letter from the IRS for the Austin Police Retirement System has been received by APRS attorney Chuck Campbell and he reports we are likely one of the first governmental plans to receive a determination letter, as our process was expedited due to its submission under the Voluntary Compliance Program this January 2009. The reliance on the determination letter was conditioned on the adoption of proposed amendment submitted with the determination letter application. The first success for APRS was its proposed amendment in the form of what became HB 2796, which has already been passed by the Legislature and signed by the Governor. Accordingly, the conditional amendment has already been adopted, and this letter may be relied upon by the System with respect to satisfying (in form) the plan qualification requirements under the Internal Revenue Code. The letter expires on December 31, 2014, which, barring any significant changes to the structure of the System, will be the next time that APRS will need to file for a determination letter.

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