HomeMy WebLinkAboutCity of Tamarac Ordinance O-2010-0267
Temp. Ord. #2217
November 3, 2010
Page 1 of 19
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-2010- �-62
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA, AMENDING CHAPTER 16, PENSIONS AND
RETIREMENT, ARTICLE VIII, POLICE OFFICERS' PENSION
PLAN, PROVIDING FOR COMPLIANCE WITH THE INTERNAL
REVENUE CODE; PROVIDING FOR CODIFICATION; PROVIDING
FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, recent changes to federal laws and regulations require that various
amendments be made to the Plan in order to maintain its status as a qualified plan
under Section 401(a) of the Internal Revenue Code; and
WHEREAS, an amendment to the City Code is necessary to permit such new
obligations and conditions; and
WHEREAS, the trustees of the City of Tamarac Police Officers' Pension Trust
Fund have requested and approved such an amendment as being in the best interests
of the participants and beneficiaries as well as improving the administration of the plan;
and
WHEREAS, the City Commission has received and reviewed an actuarial impact
statement related to these changes attached as Exhibit A; and
WHEREAS, the City Commission of the City of Tamarac has deemed it to be in
the best interest of the citizens of the City of Tamarac to amend the plan to reflect these
changes.
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Temp. Ord. #2217
November 3, 2010
Page 2 of 19
NOW THEREFORE, BE IT ORDAINED by the City Commission of the City of
Tamarac, Florida:
Section 1. The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Ordinance. All exhibits attached hereto are incorporated herein and made a specific
part of this Ordinance.
Section 2. Chapter 16, Pensions and Retirement, Article VIII, Police Officers'
Pension Plan, Division 1, Section 16-636, of the Tamarac Code is hereby amended as
follows:
Average final compensation means one -twelfth of the average annual
compensation, defined as total cash remuneration paid for services
rendered to the city, to BSO, or to both, of the five (5) highest years of
service prior to the employee's normal retirement date or prior to the
employee's voluntary discontinuance of participation in the plan. For the
purpose of applying the limitations set forth in Sections 401(a)(17) and
415 of the Internal Revenue Code, compensation shall include any
elective deferral (as defined in Code Section 402(g)(3) of the Internal
Revenue Code), and any amount which is contributed or deferred by the
employer at the election of the Member and which is not includible in the
gross income of the Member by reason of Section 125 or 457 of the
Internal Revenue Code. For limitation years beginning on and after
January 1, 2001, for the purposes of applying the limitations described in
Article 16-653 Compensation paid or made available during such
limitation years shall include elective amounts that are not includible in
the gross income of the Member by reason of Section 132(f)(4) of the
Internal Revenue Code.
Section 3. Chapter 16, Pensions and Retirement, Article VIII, Police Officers'
Pension Plan, Division 1, Section 16-649(b), of the Tamarac Code is hereby
repealed/deleted in its entirety as follows:
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Temp. Ord. #2217
November 3, 2010
Page 3 of 19
Sec. 16-649. Benefits not assignable.
(a) The right of any person to any payment under this pension plan
shall not be subject to assignment, alienation or voluntary or involuntary
transfer, and, to the fullest extent permitted by law shall not be subject to
attachment, execution, garnishment, sequestration or other legal or
equitable process. If any person attempts to assign, transfer or dispose of
such right, or if an attempt is made to subject such right to such process,
such assignment, transfer or disposition shall be null and void.
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Temp. Ord. #2217
November 3, 2010
Page 4 of 19
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Section 4. Chapter 16, Pensions and Retirement, Article Vill, Police Officers'
Pension Plan, Division 1, Section 16-653, of the Tamarac Code is hereby amended as
follows:
Sec. 16-653. I Compliance with the Internal
Revenue Code.
benefits te partoeipants and benefienaries, and as intended te satisfy all the
requiFements ef the state statutes and the inteFnal Revenue Gede. if an
FeqUiFeFnents ef sueh laws have been emitted, they shall be deemed to be
It is intended that the Plan remain at all times a qualified plan, as that term
is defined under the Internal Revenue Code.
a) Maximum Pension
Notwithstandina anv provision of this Plan to the contrarv. the Annual
Pension that is accrued by or paid to a participant shall not exceed the Dollar
Limitation set forth below. If the benefit the participant would otherwise
accrue in a Limitation Year would produce an Annual Pension in excess of
the Dollar Limitation. the benefit shall be limited to a benefit that does not
exceed the Dollar Limitation.
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November 3, 2010
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(1) Definitions Used in this Section
(A) "Annual Pension" means the benefits received by --a
participant under this Plan expressed in the form of a straight
life annuity. In determining whether benefits payable exceed
the Dollar Limitation set forth below, benefits payable in any
form other than a straight life annuity shall be adjusted to the
larger of:
(i) The annual amount of the straight life annuity (i
any) payable to the participant under the plan
commencing at the same annuity starting date as the
form of benefit payable to the participant; or
(ii) The annual amount of the straight life annuity
commencing at the same annuity starting date that
has the same actuarial present value as the form of
benefit payable to the participant, computed using a 5
percent interest assumption and the applicable
mortality table described in §1.417(e)-1(d)(2) for that
annuity starting date.
No actuarial adjustment to the benefit shall be made for
benefits that are not directly related to retirement benefits
(such as a qualified disability benefit, preretirement
incidental death benefits, and postretirement medical
benefits) or the inclusion in the form of benefit of an
automatic benefit increase feature, provided the form of
benefit is not subject to §417(e)(3) of the Internal Revenue
Code and would otherwise satisfy the limitations of this
Subsection (a), and the amount payable under the form of
benefit in any Limitation Year shall not exceed the limits of
this Subsection (a) applicable at the annuity starting date, as
increased in subsequent years pursuant to § 415(dd) of the
Code. For this purpose, an automatic benefit increase
feature is included in a form of benefit if the form of benefit
provides for automatic, periodic increases to the benefits
paid in that form.
(B) "Dollar Limitation" means $160,000 (subject to the
annual adjustments provided under Section 415(d) of the
IRC). Said amount shall be adjusted based on the age of the
participant when benefits begin, as follows:
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November 3, 2010
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(i) Except with respect to a participant who is a
"Qualified Participant" as defined in Section
415(b)(2)(H) of the Code, for benefits (except survivor
and disability benefits as defined in Section 415(b)(2)(I
of the Code) beginning before age 62 the Age -
Adjusted Dollar Limitation is equal to the lesser of--
(1) the actuarial equivalent of the annual
amount of a straight life annuity commencing at
the annuity starting date that has the same
actuarial present value as a deferred straight
life annuity commencing at age 62, where
annual payments under the straight life annuity
commencing at age 62 are equal to the Dollar
Limitation (as adjusted pursuant to section
415(d) for the limitation year), and where the
actuarially equivalent straight life annuity is
computed using a 5 percent interest rate and
the applicable mortality table under §1.417(e)-
1(d)(2) that is effective for that annuity starting
date (and expressing the participant's age
based on completed calendar months as of the
annuity starting date); and
(II) the Dollar Limitation (as adjusted pursuant
to section 415(dd)) multiplied by the ratio of the
annual amount of the straight life annuity under
the plan to the annual amount of the straight
life annuity under the plan commencing at age
62, with both annual amounts determined
without applying the rules of section 415.
(ii) For benefits beginning after the age of 65, the
age -adjusted Dollar Limitation is equal to the lesser of:
(1) the actuarial equivalent of the annual
amount of a straight life annuity commencing at
the annuity starting date that has the same
actuarial present value as a straight life annuity
commencing at age 65, where annual
payments under the straight life annuity
commencing at age 65 are equal to the dollar
limitation of section 415(b)(1)(A) (as adjusted
pursuant to section 415(d) for the limitation
year), and where the actuarially equivalent
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Temp. Ord. #2217
November 3, 2010
Page 7 of 19
straight life annuity is computed using a 5
percent interest rate and the applicable
mortality table under §1.417(e)-1(d)(2) that is
effective for that annuity starting date (and
expressing the participant's age based on
completed calendar months as of the annuity
starting date); and
(II) the section 415(b)(1)(A) Dollar limitation
(as adjusted pursuant to section 415(d) and
§1.415(d)-1 for the limitation year) multiplied by
the ratio of the annual amount of the adjusted
immediately commencing straight life annuity
under the plan to the adjusted age 65 straight
life annuity. The adjusted immediately
commencing straight life annuity means the
annual amount of the immediately commencing
straight life annuity payable to the participant,
computed disregarding the participant's
accruals after age 65 but including actuarial
adiustments even if those actuarial
adjustments are applied to offset accruals. For
this purpose, the annual amount of the
immediately commencing straight life annuity is
determined without applying the rules of
section 415. The adjusted age 65 straight life
annuity means the annual amount of the
straight life annuity that would be payable
under the plan to a hypothetical participant who
is 65 years old and has the same accrued
benefit (with no actuarial increases for
commencement after age 65) as the participant
receiving the distribution (determined
disregarding the participant's accruals after
age 65 and without applying the rules of
section 415).
(iii) There shall be no age adjustment of the
Dollar Limitation with respect to benefits
beginning between the ages of 62 and 65.
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November 3, 2010
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(2) The limitations set forth in this Subsection (a) shall not apply if
the Annual Pension does not exceed $10,000 provided the
participant has never participated in a Defined Contribution Plan
maintained by the City.
(3) Cost -of -living adjustments in the Dollar Limitation for benefits
shall be limited to scheduled annual increases determined by the
Secretary of the Treasury under Section Subsection 415(d) of the
Code.
(4) In the case of a participant who has fewer than 10 years of
participation in the Plan, the Dollar Limitation set forth in Paragraph
(1)(B) of this Subsection (a) shall be multiplied by a fraction - U
the numerator of which is the number of years (or part thereof) of
participation in the Plan, and ii the denominator of which is 10.
(5) Any portion of a participant's benefit that is attributable to
mandatory employee contributions (unless picked -up by the City) or
rollover contributions, shall be taken into account in the manner
prescribed in the regulations under Section 415 of the Code.
(6) Should any participant participate in more than one defined
benefit plan maintained by the City, in any case in which the
participant's benefits under all such defined benefit plans
(determined as of the same age) would exceed the Dollar Limitation
applicable at that age, the accrual of the participant's benefit under
this Plan shall be reduced so that the participant's combined
benefits will equal the Dollar Limitation.
(7) For a participant who has or will have distributions
commencing at more than one annuity starting date, the Annual
Benefit shall be determined as of each such annuity starting date
(and shall satisfy the limitations of this Section as of each such
date), actuarially adjusting for past and future distributions of
benefits commencing at the other annuity starting dates. For this
purpose, the determination of whether a new starting date has
occurred shall be made without regard to § 1.401(a)-20, Q&A 10(d),
and with regard to § 1.415(b,1(b)(1)(iii)(B) and (C) of the Income
Tax Regulations.
8) The determination of the Annual Pension under Paragraoh
(a)(1) of this Subsection (a) shall take into account (in the manner
prescribed by the regulations under Section 415 of the Code) social
security supplements described in § 411(a)(9) of the Internal
Revenue Code and benefits transferred from another defined
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Temp. Ord. #2217
November 3, 2010
Page 9 of 19
benefit plan, other than transfers of distributable benefits pursuant
1.411(d)-4, Q&A-3(c) of the Income Tax Regulations.
(9) The above limitations are intended to comply with the
provisions of Section 415 of the Code, as amended, so that the
maximum benefits provided by plans of the City shall be exactly
equal to the maximum amounts allowed under Section 415 of the
Code and regulations thereunder. If there is any discrepancy
between the provisions of this Subsection U and the provisions of
Section 415 of the Code and regulations thereunder, such
discrepancy shall be resolved in such a way as to give full effect to
the provisions of Section 415 of the Code. The value of any
benefits forfeited as a result of the application of this Subsection (a)
shall be used to decrease future employer contributions.
(b) Required Beginning Date:
Notwithstanding any other provision of the Plan, payment of a
articipant's retirement benefits under the Plan shall commence not later
than the participant's Required Beginning Date, which is defined as the
later of:
-April 1 of the calendar year that next follows the calendar year in
which the participant attains or will attain the age of 70Y2 years; or
-April 1 of the calendar year that next follows the calendar year in
which the participant retires.
uired Minimum Distributions.
(1) Required Beginning_ Date. The participant's entire interest
will be distributed, or begin to be distributed, to the participant no
later than the participant's Required Beginning Date as defined in
Subsection (b) of this Section 16-653.
(2) Death of participant Before Distributions Begin.
(A) If the participant dies before distributions begin, the
participant's entire interest will be distributed, or begin to be
distributed, no later than as follows:
(i) If the
participant's
surviving spouse
is the
participant's
sole
designated beneficiary,
then
distributions
to the
surviving spouse will begin
by
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November 3, 2010
Page 10 of 19
December 31 of the calendar year immediately
following the calendar year in which the participant
died, or by December 31 of the calendar year in which
the participant would have attained age 70Y2, if later.
(ii) If the participant's surviving spouse is not the
participant's sole designated beneficiary, then
distributions to the designated beneficiary will begin
by December 31 of the calendar year immediately
following the calendar year in which the participant
died.
(iii) If there is no designated beneficiary as of
September 30 of the year following the year of the
participant's death, the participant's entire interest will
be distributed by December 31 of the calendar year
containing the fifth anniversary of the participant's
death.
B) The participant's entire interest shall be distributed as
follows:
(i) participant Survived by Designated Beneficiar.
If the participant dies before the date distribution of
his or her interest begins and there is a designated
beneficiary, the participant's entire interest will be
distributed, beginning no later than the time described
in Subparagraph (2)(A) above, over the life of the
designated beneficiary or over a period certain not
exceeding:
(1) unless the annuity starting date is before
the first distribution calendar year, the life
expectancy of the designated beneficiary
determined using the beneficiary's age as of
the beneficiary's birthday in the calendar year
immediately following the calendar year of the
participant's death; or
(II) if the annuity starting date is before the
first distribution calendar year, the life
expectancy of the designated beneficiary
determined using the beneficiary's age as of
the beneficiary's birthday in the calendar year
that contains the annuity starting date.
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November 3, 2010
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(ii) No Designated Beneficiary. If the participant
dies before the date distributions begin and there is
no designated beneficiary as of September 30 of the
year following the year of the participant's death,
distribution of the participant's entire interest will be
completed by December 31 of the calendar year
containing the fifth anniversary of the participant's
death.
(C) Death of Surviving Spouse Before Distributions to
Surviving Spouse Begin. In any case in which (i) the
participant dies before the date distribution of his or her
interest begins, (ii) the participant's surviving spouse is the
participant's sole designated beneficiary, and (iii) the
surviving spouse dies before distributions to the surviving
spouse begin, Subparagraphs (2)(A) and 2(B) above shall
apply as though the surviving spouse were the participant.
3) Requirements For Annuitv Distributions That Commence
During participant's Lifetime.
(A) Joint Life Annuities Where the Beneficiary Is Not the
participant's Spouse. If the participant's interest is being
distributed in the form of a joint and survivor annuity for the
joint lives of the participant and a nonspousal beneficiary,.
annuity payments to be made on or after the participant's
Required Beginning Date to the designated beneficiary after
the participant's death must not at any time exceed the
applicable percentage of the annuity payment for such
period that would have been payable to the participant using
the table set forth in Q&A-2 of Section 1.401(a)(9)-6T of the
Treasury regulations. If the form of distribution combines a
joint and survivor annuity for the joint lives of the participant
and a nonspousal beneficiary and a period certain annuity,
the requirement in the preceding sentence will apply to
annuity payments to be made to the designated beneficiary
after the expiration of the period certain.
(B) Period Certain Annuities. Unless the participant's
spouse is the sole designated beneficiary and the form of
distribution is a period certain and no life annuity, the period
certain for an annuity distribution commencing during the
participant's lifetime may not exceed the applicable
distribution period for the participant under the Uniform
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November 3, 2010
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Lifetime Table set forth in Section 1.401(a)(9)-9 of the
Treasury_ regulations for the calendar year that contains the
annuity starting date. If the annuity starting date precedes
the year in which the participant reaches age 70, the
applicable distribution period for the participant is the
distribution period for age 70 under the Uniform Lifetime
Table set forth in Section 1.401(a)(9)-9 of the Treasury
regulations plus the excess of 70 over the age of the
participant as of the participant's birthday in the year that
contains the annuity starting date. If the participant's spouse
is the participant's sole designated beneficiary and the form
of distribution is a period certain and no life annuity, the
period certain may not exceed the longer of the participant's
applicable distribution period, as determined under this
Subparagraph (3)(B), or the joint life and last survivor
expectancy of the participant and the participant's spouse as
determined under the Joint and Last Survivor Table set forth
in Section 1.401(a)(9)-9 of the Treasury regulations, using
the participant's and spouse's attained ages as of the
participant's and spouse's birthdays in the calendar year that
contains the annuity starting date.
(4) Form of Distribution. Unless the participant's interest is
distributed in the form of an annuity purchased from an insurance
company or in a single sum on or before the Required Beginning
Date, as of the first distribution calendar year distributions will be
made in accordance with Subparagraphs (4)(A), (4)(B) and (4)(C)
below. If the participant's interest is distributed in the form of an
annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of
Section 401(a)(9) of the Code and the Treasury regulations. Any
part of the participant's interest which is in the form of an individual
account described in Section 414(k,) of the Code will be distributed
in a manner satisfying the requirements of Section 401(a)(9) of the
Code and the Treasury regulations that apply to individual
accounts.
(A) General Annuity Requirements. If the participant's
interest is paid in the form of annuity distributions under the
Plan, payments under the annuity will satisfy the following
requirements:
(i) the annuity distributions will be paid in periodic
payments made at intervals not longer than one year;
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November 3, 2010
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(ii) the distribution period will be over a life (or lives
or over a period certain, not longer than the distribution
period described in Paragraphs 2 or 3 above,
whichever is applicable, of this Subsection (c);
(iii) once payments have begun over a period
certain, the period certain will not be changed even if
the period certain is shorter than the maximum
permitted;
(iv) payments will either be non -increasing or
increase only as follows:
(1) by an annual percentage increase that
does not exceed the annual percentage
increase in a cost -of -living index that is based
on prices of all items and issued by the Bureau
of Labor Statistics;
(II) to the extent of the reduction in the
amount of the participant's payments to provide
for a survivor benefit upon death, but only if the
beneficiary whose life was being used to
determine the distribution period dies or is no
longer the participant's beneficiary pursuant to
a qualified domestic relations order within the
meaning of Section 414(p) of the Code;
(III) to provide cash refunds of employee
contributions upon the participant's death; or
(IV) to pay increased benefits that result
from a Plan amendment.
(B) Amount Required to be Distributed by Required
Beginning Date. The amount that must be distributed on or
before the participant's Required Beginning Date (or, if the
participant dies before distributions begin, the date
distributions are required to begin under Subparagraph
(2)(A)(i) or (2)(A)(ii), whichever is applicable) is the payment
that is required for one payment interval. The second
payment need not be made until the end of the next payment
interval even if that payment interval ends in the next
calendar year. Payment intervals are the periods for which
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November 3, 2010
Page 14 of 19
payments are received, e.g., bi-monthly, monthly, semi-
annually, or annually. All of the participant's benefit accruals
as of the last day of the first distribution calendar year will be
included in the calculation of the amount of the annuity
payments for payment intervals ending on or after the
participant's Required Beginning Date.
(C) Additional Accruals After First Distribution Calendar
Year. Any additional benefits accruing to the participant in a
calendar year after the first distribution calendar year will be
distributed beginning with the first payment interval ending in
the calendar year immediately following the calendar year in
which such amount accrues.
(5) For purposes of this Subsection (c), distributions are
considered to begin on the participant's Required Beginning Date.
If annuity payments irrevocably commence to the participant (or to
the participant's Surviving Spouse) before the participant's
Required Beginning Date (or, if to the participant's Surviving
Spouse, before the date distributions are required to begin in
accordance with Subparagraph (2)(A) above), the date distributions
are considered to begin is the date distributions actually
commence.
(6) Definitions.
A) Designated beneficiary. The individual who is
designated as the beneficiary under the Plan and is the
designated beneficiary under Section 401(a)(9) of the Code
and Section 1.401(a)(9)-1. Q&A-4, of the Treasury
regulations.
(B) Distribution calendar year. A calendar year for which
a minimum distribution is required. For distributions
beginning before the participant's death, the first distribution
calendar year is the calendar year immediately preceding
the calendar year which contains the participant's Required
Beginning Date. For distributions beginning after the
participant's death, the first distribution calendar year is the
calendar year in which distributions are required to begin
pursuant to Paragraph (2) of this Subsection c
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November 3, 2010
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(C) Life expectancy. Life expectancy as computed by use
of the Single Life Table in Section 1.401(a)(9)-9 of the
Treasury regulations.
(d) (1) Notwithstanding any provision of the Plan to the contrary that
would otherwise limit a distributee's election under this Section a
distributee may elect, at the time and in the manner prescribed by the
Administrator, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a direct
rollover.
Definitions
The following definitions apply to this Section:
(A) Eligible rollover distribution: An eligible rollover
distribution is any distribution of all or any portion of the
balance to the credit of the distributee, except that an eligible
rollover distribution does not include:
(i) any distribution that is one of a series of
substantially equal periodic payments (not less
frequently than annually) made for the life (or life
expectancy) of the distributee or the joint lives (or joint
life expectancies) of the distributee and the
distributee's designated beneficiary, or for a specified
period of 10 years or more;
(ii) any distribution to the extent such distribution
is required under Section 401(a)(9) of the Code:
(iii) the portion of any distribution that is a hardship
distribution described in Section 401(k)(2)(B)(i)(IV) of
the Code; and
(iv) the portion of any distribution that is not
includible in gross income (determined without regard
to the exclusion for net unrealized appreciation with
respect to employer securities), provided that a
portion of a distribution shall not fail to be an eligible
rollover distribution merely because the portion
consists of after-tax Employee contributions which are
not includible in gross income. However, such portion
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Temp. Ord. #2217
November 3, 2010
Page 16 of 19
may be transferred only to an individual retirement
account or annuity described in Section 408(a) or (b)
of the Code, or to a qualified defined contribution plan
described in Section 401(a) or 403(a) of the Code that
agrees to separately account for amounts so
transferred, including separately accounting for the
portion of such distribution which is includible in gross
income and the portion of such distribution which is
not so includible.
(3) Eligible retirement plan: An eligible retirement plan is an
individual retirement account described in Section 408(a) of the
Code, an individual retirement annuity described in Section 408(b)
of the Code, an annuity plan described in Section 403(a) of the
Code, an annuity contract described in Section 403(b) of the Code,
a qualified trust described in Section 401 (a) of the Code, an
eliaible Dian under Section 457(b) of the Code which is maintained
by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and
which agrees to separately account for amounts transferred into
such plan from this Plan, or, with respect to distributions on or after
January 1, 2008, a Roth IRA (subject to the limitations of Code
Section 408A(c)(3)) that accepts the distributee's eligible rollover
distribution.
(4) Distributee: A distributee includes an Employee or former
Employee. In addition, the Employee's or former Employee's
surviving spouse and the Employee's or former Employee's spouse
or former spouse who is the alternate payee under a qualified
domestic relations order, as defined in Section 414(p) of the Code,
are distributees with regard to the interest of the spouse or former
spouse. Furthermore, effective January 1, 2007, a surviving
designated beneficiary as defined in Section 401(a)(9)(E) of the
Code who is not the surviving spouse and who elects a direct
rollover to an individual retirement account described in Section
408(a) of the Code or an individual retirement annuity described in
Section 408(b) of the Code shall be considered a distributee.
(5) Direct rollover: A direct rollover is a payment by the Plan to
the eligible retirement plan specified by the distributee.
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November 3, 2010
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(e) Notwithstanding any other provision of this Plan, the maximum
amount of any mandatory distribution, as defined in Section 401(a)(31) of
the Code, payable under the Plan shall be $1000.
(f) Compensation Limitations Under 401(a)(17 .
In addition to other applicable limitations set forth in the Plan, and
notwithstanding any other provision of the Plan to the contrary, the annual
compensation of each participant taken into account under the Plan shall
not exceed the EGTRRA annual compensation limit for limitation years
beginning after December 31, 2001. The EGTRRA annual compensation
limit is $200,000, as adjusted by the Commissioner for increases in the
cost of living in accordance with Section 401 (a)(1 7)(B) of the Code. The
cost -of -living adjustment in effect for a calendar year applies to any period,
not exceeding 12 months, over which Compensation is determined
(determination period) beginning in such calendar year. If a determination
period consists of fewer than 12 months, the EGTRRA annual
compensation limit will be multiplied by a fraction, the numerator of which
is the number of months in the determination period, and the denominator
of which is 12.
Any reference in the Plan to the limitation under Section 401 (a)(17)
of the Code shall mean the EGTRRA annual compensation limit set forth
in this provision.
(g) At no time prior to the satisfaction of all liabilities under the plan
with respect to members and their spouses or beneficiaries, shall any part
of the corpus or income of the fund be used for or diverted to any purpose
other than for their exclusive benefit.
Section 5. Chapter 16, Pensions and Retirement, Article VIII, Police Officers'
Pension Plan, Division 4, Section 16-736, of the Tamarac Code is hereby
repealed/deleted in its entirety and all following sections renumbered/relettered
accordingly:
Coding: Words in struck through type are deletions from existing law;
Words in underscored type are additions
Temp. Ord. #2217
November 3, 2010
Page 18 of 19
See. 16 736. Maximum benefCamVuTr
lesser
Will
1-011-0
Section 6. It is the intention of the City Commission and it is hereby
ordained that the provisions of this Ordinance shall become and be made part of the
Code of Ordinances of the City of Tamarac, Florida, and the word "Ordinance" may
changed to "Section", "Article" or such other word or phrase in order to accomplish such
intention.
Section 7. All Ordinances or parts of Ordinances, and all Resolutions or parts
of Resolutions in conflict herewith are hereby repealed to the extent of such conflict.
Section 8. If any provision of this Ordinance or the application thereof to any
person or circumstances is held invalid, such invalidity shall not affect other provisions
or applications of this Ordinance that can be given affect without the invalid provision or
Coding: Words inoUgh type are deletions from existing law;
Words in underscored type are additions
�7-
Temp. Ord. #2217
November 3, 2010
Page 19 of 19
application, and to this end the provisions of this Ordinance are declared to be
severable.
Section 9. This Ordinance shall take effect upon adoption.
PASSED, FIRST READING, this 10 day of November , 2010.
PASSED, SECOND READING, this $*day of Jj Mi , 2010.
BETH TALABISCO,
ATTEST:
RECORD OF COMMISSION VOTE:
PETER M. J. RICHARD N, CRM, C C 1ST READING
CITY CLERK
I HEREBY CERTIFY THAT I HAVE
APPROVED THIS ORDINANCE
AS TO FORM.
SAMUEL S. GOREN
CITY ATTORNEY
MAYOR TALABISCO_yes
DIST 1:
COMM. BUSHNELL_yes
DIST 2:
COMM. GOMEZ_yes
DIST 3:
COMM. GLASSER_yes_
DIST 4:
V/M DRESSLER_yes_
RECORD OF COMMISSION VOTE:
2ND READING
MAYOR TALABISCO aitaed-
DIST 1:
V/M BUSHNELL
DIST 2:
COMM. GOMEZ
DIST 3:
COMM. GLASSER icy%
DIST 4:
COMM. DRESS LER�—
Coding: Words in strasl( thFOUgh type are deletions from existing law;
Words in underscored type are additions
Cl
1