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Consent

Brentwood City Commission Agenda

Meeting Date:	12/10/2018
Resolution 2018-97 - Authorizing Creation of Inherited IRA Account for Acceptance of Bequest to Public Safety Fund
Submitted by:	Kristen Corn, Legal
Department:	Legal

Information

Subject

Resolution 2018-97 - Authorizing Creation of Inherited IRA Account for Acceptance of Bequest to Public Safety Fund

Background

On November 13, 2018, Brentwood resident Peggy Sain Howell lost her battle with ALS. Ms. Howell was a longtime champion of the Brentwood public safety departments. City staff has been contacted by one of Ms. Howell's financial planners (Randy Lee with TrustCore) with the news that Ms. Howell named the Brentwood Public Safety Trust Fund as the beneficiary of an Individual Retirement Account (IRA).

In order for the Public Safety Trust Fund to accept Ms. Howell's bequest, the City needs to open an "Inherited IRA" account to which the funds can be deposited. From there, they can be liquidated and transferred to the Public Safety Trust account. As such, City staff is seeking authorization from the Board of Commissioners for the City Manager to complete the attached application for the account and to complete any additional paperwork as may be necessary for the acceptance of this bequest.

Should you have any questions, please feel free to contact the Finance Director, the Treasurer, or the City Attorney.

Staff Recommendation

Staff recommends adoption of Resolution 2018-97.

Fiscal Impact

Attachments
Resolution 2018-97
Application for Inherited IRA
Signed Resolution