HomeMy WebLinkAboutCity of Tamarac Ordinance O-2014-002Temp. Ord. #2298
February 13, 2014
Page 1
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 2014 0 oZ
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA; AMENDING CHAPTER 16,
PENSION AND RETIREMENT, ARTICLE III, EMPLOYEES'
PENSION PLAN, PROVIDING FOR COMPLIANCE WITH THE
INTERNAL REVENUE CODE; PROVIDING FOR A SAVINGS
CLAUSE; PROVIDING FOR SEVERABILITY; PROVIDING
FOR CODIFICATION AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, on January 24, 2011 an application was filed with the Internal Revenue
Service for a Favorable Determination Letter regarding the qualified status of the Plan under
Section 401(a) of the Internal Revenue Code; and
WHEREAS, on February 19, 2013, the Internal Revenue Service issued a Favorable
Determination Letter, finding that the Plan complies with all qualification requirements; and
WHEREAS, the Favorable Determination Letter is subject to the timely adoption of the
amendments provided herein, and
WHEREAS, the Trustees of the City of Tamarac General Employees' Pension Trust
Fund have reviewed and on January 15, 2014 approved such amendments as being in the best
interests of the participants and beneficiaries as well as improving the administration of the plan,
and
WHEREAS, the City has received a signed Memorandum of Understanding (MOU) from
the Federation of Public Employee (FPE) stating the Union has no objection to the foregoing
changes to the Pension Plan, attached hereto as Exhibit A; and
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Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 2
WHEREAS, the City Commission has received, reviewed and considered an actuarial
impact statement stating that the amendments do not have an actuarial impact on the Pension
Plan, provided for herein and attached as Exhibit B.
Florida:
NOW THEREFORE, BE IT ORDAINED by the City Commission of the City of Tamarac,
Section 1: That the foregoing whereas clauses are hereby ratified and confirmed as
being true and correct and are hereby made a specific part of this Ordinance upon adoption
hereof.
Section 2: That Section 16-126 of Chapter 16, Article 111, Division 1, of the City of
Tamarac Code of Ordinances, be and is hereby amended as follows:
Sec. 16-126. - Definitions.
F`Il
Average final compensation means one -twelfth of the average annual
compensation, defined as total cash remuneration paid for services rendered to
the city, 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. Average final compensation shall exclude overtime
earned on or after November 9, 2011, in excess of three hundred (300) hours per
calendar year. Average final compensation shall also exclude payments for
unused, accrued vacation and sick leave hours earned on or after November 9,
2011.
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Temp. Ord. #2298
February 13, 2014
Page 3
Section 3: That Section 16-223(3) of Chapter 16, Article 111, Division 1, of the City of
Tamarac Code of Ordinances, be and is hereby amended by adding a subparagraph (o) as
follows:
Sec. 16-223. optional benefits.
(3) Deferred Retirement Option Plan (DROP). A DROP, as defined in this
plan, is established and shall be administered by the board of trustees of
the City of Tamarac Employees' Pension Plan. Participation shall be
subject to the following terms and conditions:
(o) 415 Limitations. All benefit pavments and accruals under the
DROP shall, to the extent applicable, be in accordance with Subsection_
4=) of the Internal Revenue Code and all regulations thereunder,
which Subsections and regulations are incorporated herein by reference.
Section 4: That Section 16-234(a) of Chapter 16, Article III, Division 4, of the City of
Tamarac Code of Ordinances, be and is hereby amended as follows:
Sec. 16-234. Internal Revenue Code Compliance.
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(a) Maximum amount of retirement income.
i1) The limitations of this Subsection (a) shall apply in limitation y
beginning on or after July 1, 2007, except as otherwise provided
herein, and are intended to comply with the requirements of the
Pension Protection Act of 2006 and shall be construed - in
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Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 4
accordance with said Act and guidance issued thereunder. The
provisions of this Subsection (a) shall supersede any provision of
the Plan to the extent such provision is inconsistent with this
Subsection.
The Annual Pension as defined in Paragraph (2) below otherwise
payable to a Member at any time shall not exceed the Dollar
Limitation for the Member multiplied by a fraction whose value
cannot exceed one, the numerator of which is the Member's
number of years (or part thereof, but not less than one year) of
service with the City and the denominator of which is 10. For this
purpose, no more than one year of service may be credited for
any Plan Year. If the benefit the Member would otherwise accrue
in a limitation year would produce an Annual Pension in excess of
the Dollar Limitation, the benefit shall be limited (or the rate of
accrual reduced) to a benefit that does not exceed the Dollar
Limitation.
(2) "Annual Pension" means the sum of all annual benefits, payable in
the form of a straight life annuity. Benefits payable in any other
form shall be adjusted to the larger of:
a. For limitation years beginning on or after July 1, 2007
1. the straight life annuity (if any) payable to the
Member under the Plan commencing at the same
Annuity Starting Date as the Member's form of
benefit, or
2. the actuarially equivalent straight life annuity
commencing at the same Annuity Starting Date,
computed using a 5.00% interest rate and the
mortality basis prescribed in Code Section
415(b)(2)(E)(v).
b. For limitation years beginning before July 1, 2007
1. the actuarially equivalent straight life annuit
commencing at the same Annuity Starting Date,
computed using the interest rate and mortality basis
specified by the Board of Trustees for determining
Actuarial Equivalence under the Plan for the
particular form of Davment, or
2. the actuarially equivalent straight life annuity
commencing at the same Annuity Starting Date,
computed using a 5.00% interest rate and the
mortality basis prescribed in Code Section
415(b)(2)(E)(v).
No actuarial
adiustment
to the benefit shall
be made
for benefits
that
are not
directly
related
to retirement
benefits
(such
as a
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Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 5
gualified 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(d) 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.
(3) "Dollar Limitation" means, effective for the first limitation v—
beginning after January 1, 2001, $160,000, automatically adjusted
under Code Section 415(d), effective January 1 of each year, as
published in the Internal Revenue Bulletin, and payable in the
form of a straight life annuity. The new limitation shall apply to
limitation years ending with or within the calendar year of the date
of the adjustment, but a Member's benefits shall not reflect the
adjusted limit prior to January 1 of that calendar year. The Dollar
Limitation shall be further adjusted based on the age of the
Member when the benefit begins as follows:
a. For Annuity Starting Dates in limitation years beginning on
or after July 1, 2007
1. If the Annuity Starting Date for the Member's
benefit is after age 65
A. If the Plan does not have an immediately
commencing straight life annuity payable at
both age 65 and the age of benefit
commencement
The Dollar Limitation at the Member's
Annuity Starting
Date is the annual amount
of a benefit payable
in the form of a straight
life annuity commencing at the Member's
Annuity Starting
Date that is the actuarial
equivalent of
the Dollar Limitation with
actuarial equivalence computed using a
5.00% interest
rate assumption and the
mortality basis
prescribed in Code Section
415(b)(2)(E)(v)
for that Annuity Starting_
Date (and expressing
the Member's age
based on completed
calendar months as of
the
Annuity Starting
Date).
B. If the Plan does have an immediately
commencing straight life annuity payable at
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Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 6
both age 65 and the age of benefit
commencement
The Dollar Limitation at the Member's
Annuity Starting Date is the lesser of (aa)
the Dollar Limitation multiplied by the ratio
of the annual amount of the adiusted
immediately commencing straight life
annuity under the Plan at the Member's
Annuity Starting Date to the annual amount
of the adiusted immediately commencing
straight life annuity under the Plan at age
65, both determined without applying the
limitations of this Subsection (a), and (bb)
the limitation determined under Subclause
(3)a.l.A. of this Subsection , (a). For this
purpose, the adiusted immediately
commencing straight life annuity under the
Plan at the Member's Annuity Starting Date
is the annual amount of such annuity
payable to the Member, computed
disregarding the Member's accruals after
age 65 but including actuarial adjustments
even if those actuarial adjustments are used
to offset accruals; and the adiusted
immediately commencing straight life
annuity under the Plan at age 65 is the
annual amount of such annuity that would
be payable under the Plan to a hypothetical
Member who is age 65 and has the same
Accrued Benefit as the Member.
2. Except with respect to a Member who is a
"Qualified Member' 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)(1) of the Code), if the Annuity Starting
Date for the Member's benefit is before age 62
A. If the Plan
does not
have an
immediately
commencing
straight
life annuity_gavable
at
both
age
62 and
the
age
of
benefit
commencement
The Dollar Limitation at the Member's
Annuity Starting Date is the annual amount
of a benefit payable in the form of a straight
life annuity commencing at the Member's
Annuity Starting Date that is the actuarial
equivalent of the Dollar Limitation with
actuarial equivalence computed using a
5.00% interest rate assumption and the
CODING: Words inStFUGk t type are deletions from existing law;
Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Age as of Annuity
Starting Date:
Over 65
Page 7
mortality, basis prescribed in Code Section
415(b)(2)(E)(y) for that Annuity Starting
Date (and expressing the Member's age
based on completed calendar months as of
the Annuity Starting Date).
B. If the Plan does have an immediately
commencing straight life annuity payable at
both age 62 and the age of benefit
commencement
The Dollar Limitation at the Member's
Annuity Starting Date is the lesser of (aa)
the Dollar Limitation multiplied by the ratio
of the annual amount of the adiusted
immediately commencing straight life
annuity under the Plan, at the Member's
Annuity Starting Date to the annual amount
of the adiusted immediately commencing
straight life annuity under the Plan at age
62, both determined without applying the
limitations of this Subsection (a), and (bb)
the limitation determined under
SuWaragrapph (3)a.2.A. of this Subsection
a.
b. For Annuity Starting Dates in limitation years beginning
before July 1, 2007
Adjustment of Dollar Limitation:
The smaller of: (a) the actuarial equivalent of the
limitation for age 65,
computed using the interest
rate and mortality basis
specified by the Board of
Trustees for determining
actuarial equivalence under
the Plan, or
(b) the actuarial equivalent of the
limitation for age 651
computed using a 5.00%
interest rate and the mortality
basis prescribed in Code
Section 415 (b) (2) (E) (v) .
Any increase in the Dollar Limitation determined in
accordance with this paragraph shall not reflect a
mortality decrement between age and the age at
which benefits commence if benefits are not forfeited
upon the death of the Member. If any benefits are
forfeited upon death, the full mortality decrement is
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Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
taken into account.
62 to 65 1 No adjustment.
Less than 62 The smaller of: (a) the actuarial equivalent of the
limitation for age 62,
computed using the interest
rate and mortality basis
specified by the Board of -
Trustees for determining
actuarial equivalence under
the Plan, or
(b) the actuarial equivalent of the
limitation for age 62,
computed using a 5.00%
interest rate and the mortality
basis prescribed in Code
Section 415(b)(2)(E)(v).
This adjustment shall not apply to any "Qualified
Member" as defined in Section 415(b)(2)(H), nor to
survivor and disability benefits as defined in Section
415(b)(2)(1) of the Code.
(4) With respect to Subclause (3)a.1.A., subclause (3)a.2.A. and
Paragraph (3)b. above, no adjustment shall be made to the Dollar
Limitation to reflect the probability of a Member's death between
the Annuity Starting Date and age 62, or between age 65 and the
Annuity Starting Date, as applicable, if benefits are not forfeited
upon the death of the Member prior to the Annuity Starting Date.
To the extent benefits are forfeited upon death before the Annuity
Starting Date, such an adjustment shall be made. For this
purpose, no forfeiture shall be treated as occurring upon the
Member's death if the Plan does not charge Members for
providing a qualified preretirement survivor annuity, as defined in
Code Section 417(c), upon the Member's death.
(5) The term "limitation year' is the 12 month period which is used for
application of the limitations under Code Section 415 and shall be
the calendar year.
(6) The limitations set forth in this Subsection (a) shall not apply if the
Annual Pension does not exceed $10,000 provided the Member
has never participated in a Defined Contribution Plan maintained
by the Cites
(7) 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
C-
(8) In the case of a Member who has fewer than ,10 years of
participation in the Plan, the Dollar Limitation set forth in
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Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 9
Paragraph (3) of this Subsection (a) shall be multiplied by a
fraction - (i) the numerator of which is the number of vears (or
part thereof) of participation in the Plan, and (ii) the denominator
of which is 10.
An
)rtion of a Member's benefit that is attributable to mandatory
Member contributions (unless picked -up by the City)
contributions, shall be taken into account in the manner
in the regulations under Section 415 of the Code.
or rollover
prescribed
10) Should any Member participate in more than one defined benefit
plan maintained by the City,, in any case in which the Member'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 Member's benefit under this Plan shall be
reduced so that the Member's combined benefits will equal the
Dollar Limitation.
11
For a Member 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 -4 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.
12) The determination of the Anni
13
f this Sub:
aragraph (A)(1)
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 benefit plan, other than transfers of distributable benefits
pursuant . 1.411(d)-4, Q&A-3(c) of the Income Tax Reaulations.
;tion a
shall
I Pension under R,
ke into account (
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 Citv shall be exactly eg al, 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 (a) and the provisions of Section 415
of the Code and regulations thereunder, such discrepancy shall be
resolved in such a wav 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.
14) 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
CODING: Words in stFUGk t # type are deletions from existing law;
Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 10
Section 5:
402(c)(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 applyinq the limitations described in this
Subsection (a), compensation paid or made available during such
limitation vears 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. For limitation years on or
after July 1, 2007, compensation shall include payments that
otherwise qualify as compensation and that are made by the later
of: (a) 2 and '/2 (two and one-half) months after severance from
employment with the emplover, and (b) the end of the limitation
year that includes the date of severance.
That Section 16-234(c) of Chapter 16, Article III, Division 4, of the City of
Tamarac Code of Ordinances, be and is hereby amended as follows:
Sec. 16-234. Internal Revenue Code Compliance.
(c) Required Minimum Distributions.
(3) Requirements For Annuity Distributions That Commence During
participants 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)-
6 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.
CODING: Words inStFuGk t type are deletions from existing law;
Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 11
(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 1:aVQ1-1 nQ_ a_4 1.401(a)(9)-4 of the
Treasury regulations.
b.
Section 6: That Section 16-234(d)(2) of Chapter 16, Article III, Division 4, of the City
of Tamarac Code of Ordinances, be and is hereby amended as follows:
Sec. 16-234. Internal Revenue Code Compliance.
(d) Rollover distributions.
(2) 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:
1. 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;
2. any distribution to the extent such distribution is
required under Section 401(a)(9) of the Code;
3. the portion of any distribution that. '
fee which is made upon hardship of the Member; and
CODING: Words inFAFUGk t type are deletions from existing law;
Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Page 12
Section 7: That Section 16-239 of Chapter 16, Article III, Division 4, of the City of
Tamarac Code of Ordinances, be and is hereby amended by adding a subparagraph (c) as
follows:
Sec. 16-239. Preretirement death benefits for vested participants.
Death while performiUSERRA-qualified active military servi
ngce. In the
case of a Member who dies on or after January 1, 2007 while performinq
"Qualified Military Service" under Title 38, United States Code, Chapter
43 Uniformed Services Employment and Reemployment Rights Act
11
("USERRA") within the meaning of Section 414(u) of the Internal Revenue
Code, any "additional benefits" (as defined by Section 401(a)(37) of the
Internal Revenue Code) provided under the Plan that are contingent upon
a Member's termination of employment due to death shall be determined
as though the Member had resumed employment immediately prior to his
death. With respect to any such "additional benefits," for vesting
purposes only, credit shall be given for the period of the Member's
absence from covered employment during "Qualified Military Service".
Section 8:
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 that the Sections of this Ordinance may be renumbered or
relettered, and the word "Ordinance" may be changed to "Section", "Article" or such other word
or phrase in order to accomplish such intention.
Section 9: All Ordinances or parts of Ordinances in conflict herewith are hereby
repealed to the extent of such conflict.
Section 10: 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 application, and to this
end the provisions of this Ordinance are declared to be severable.
1
CODING: Words in 6tFUGk t type are deletions from existing law;
Words in underscored type are additions.
Temp. Ord. #2298
February 13, 2014
Section 11: This Ordinance shall become effective on adoption.
PASSED, ADOPTED AND APPROVED on 1st reading this � � day of
PASSED, ADOPTED AND APPROVED on 2nd reading thisday of
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PATRICIA TEUF
CITY CLERK
,CMC
I HEREBY CERTIFY THAT I HAVE
APPROVED THIS ORDINANCE
AS TO FORM
SAMUEL S. GOREN
CITY ATTORNEY
HARRY DRESSLER
MAYOR
Page 13
2014.
2014.
RECORD OF COMMISSION VOTE:
1ST READING
MAYOR DRESSLER
DIST 1: COMM. BUSH LL�
DIST 2: V/M GOMEZ
—1140
DIST 3: COMM. GLAS ER_ G�t�
RECORD OF COMMISSION VOTE:
2ND READING
MAYOR DRESSLER
DIST 1: COMM. BUS
DIST 2: V/M GOMEA'
DIST 3: COMM. GLASSER�
DIST 4: COMM. PLACKO.
CODING: Words in StFUGk t type are deletions from existing law;
Words in underscored type are additions.
E XHIBIT A
MEMORANDUM OF UNDERSTANDING
BETWEEN THE CITY OF TAMARAC AND THE FEDERATION OF PUBLIC EMPLOYEES
This Memorandum of Understanding is entered into between the CITY OF TAMARAC
(the "CITY") and the FEDERATION OF PUBLIC EMPLOYEES (the "FPE") for the purpose of
modifying an existing Collective Bargaining Agreement between the CITY and the FPE:
WHEREAS, the CITY and the FPE have entered into a Collective Bargaining
Agreement, the term of which expires September 30, 2014 ("Agreement"); and
WHEREAS, the CITY and the FPE agree that it is necessary to modify the City of
Tamarac General Employee Pension Plan ("the Plan") to incorporate language negotiated with
and agreed to by the IRS to comply with a Determination Letter issued by the IRS dated
February 19, 2013, attached hereto as Exhibit 1; and
WHEREAS, the CITY plans to adopt Ordinance 0-14- in February, 2014 amending
the Pension Ordinance to comply with the IRS approved language, attached hereto as Exhibit 2;
and
WHEREAS, the CITY has an Actuarial Impact Statement from Southern Actuarial
Services indicating that the proposed language changes have no actuarial impact on the Plan,
attached hereto as Exhibit 3.
NOW THEREFORE, the parties agree as follows;
1. The foregoing whereas clauses are true and correct.
2. The CITY and the FPE agree that the IRS required language will be incorporated
in the City's Pension Ordinance, and
3. The Memorandum of Understanding shall be effective nunc pro tunc February 1,
2014.
4. All
other terms of
the Collective Bargaining
Agreement expiring September
30,
2014, are binding
except where
expressly
modified
herein
or
hereinafter
by the
CITY
and
the
FPE.
TH C OF A
Mi e C. Cernech,
Date
ATS€ST: —
Patricia Teufel, CM
APPROVED AS TO
Office of the City Atfortfey
i
zA- -
A, MAI
rid
N OF PUBLIC EMPLOYEES
Ji, Pilvernale, FPE Business Representative
r;6166 1�-% ?"C>11-
Date It
ichenbaum, FPE Attorney
10
INTERNAL REVENUE
P. 0. BOX 2508
CINCINNATI, OH
SERVICE
45201
DAte.: FEB 19 2013
CITY OF TAMARAC I FL.
C/0 DAVID H . ROBINSON
SUGARMAN '. & SaUSSKIND, P.A.
100 MIRACLE MILE, SUXTE 300
CORAL GABLES, FL 33028
Dear Appl. i Gant ;
DEPARTMENT OF THE TREASURY
Employer Identification Number:
59-1039552
DLN :
201,067035
Person to Contact:
JENNIPER M THIMMADA S IAH XD## 31.316
Contact Telephone Number:
(513) 263-4613
Plan Name:
CITY OF TAMARAC GENERA, EMPLOYERS'
PENSION TRUSS' FUN
Plan Number: 001
We have made a favorable determination on the plan identified above based
on the information you have supplied, Please keep this letter, the application
forms submitted to request this letter and all correspondence with the Internal.
Revenue Service regarding your application for a determination letter in your
permanent records. You must retain this information to preserve your reliance
on this letter.
Continued qualification of the plan under its present foram will depend
on its etfect in operation. See section 1. 401 -1 (b) (3 ) of the Income Tax
Regulations. we will review the status of the plan in operation periodically.
The enclosed Publication 794 explains the significancy: and the scope of
this favorable determination letter based on the determination requests
selected 'on your application forms. Publication 794 describes the information
that must: be retained to have reliance on this favorable determination letter.
The publication also provides examples of the effect of a plan's operation on
its qualified status and discusses the reporting requirements for qualified
plans. Please read Publication 794.
This letter relates only to the status of your plan under the Internal
.Revenue Code. It -is not a determination regarding the effect of other federal
or local statutes..
This determination letter gives no reliance for any qualification change
that becomes effective, any guidance published, or any statutes enacted, after
the issuance of the Cumulative List (unless the item has been identified in the
Cumulative List) for the cycle under which this application was submitted.
This' letter may not be relied on after the end of the plan' a first five-
year remedial amendment cycle that ends more than twelve months after the
application was received. This letter expires on January 31, 2014, This
letter considered the 2009 cumulative List of Plan Qualification Requirements.
This determination is subject to your adoption of the proposed amendments
submitted in your letter dated 1/18/13. The proposed amendments
Letter 2002 (DO/CG)
-2w
CITY OF TAMARAC, FL
should be adopted on or before the date prescribed by the regulations under
Code section 401(b) .
This determination letter is based solely on your assertion that the plan
is entitled to be treated as a Governmental plan under section 414 (d) of the
Internal. Revenue Code .
This determination letter is applicable to the plan and related documents
submitted in conjunction with your application filed during the remedial
amendment; cycle ending 1/31/11.
We have gent a copy of this letter to your representative as indicated in
the Form 2848 Power of Attorney or appointee as indicated by the Form 8821 Tax
information Authorization,
If you have questions concerning this matter, please contact the person
whose name and telephone number are shown above,
Enclosures;
Publication 794
sincerely,
(?Oe4Q�
Andrew R. Zuckerman
Director, EP Rulings & Agreements
Letter 2002 (DO/CC)
CXHIBIT B
�.. SIRVI cis
January 17, 2014
14JAN22 PM12*59
Trustees of the City of Tamarac Employees' Pension Fund
c/o lbs. Maria Swanson
Director of Personnel
City of Tamarac
7525 N.W. 88" Avenue
Tamarac, FL 33321-2401,
Re: City of Tamarac Em to ees' pension Plan
Ladies and Gentlemen
POST OKI([ BOX 888343
MANTA, GEOR61A 30356-o3y3
TELEPHONE Ra.39z.0960
rusimil-F fl0.39?-.zj93
In response to your request, I have reviewed Ordinance No. 0-1.4W�. This ordinance makes
several modifications and clarifications to the current language of the plan in order to _preserve
compliance with the requirements of the :Internal Revenue Code and does not .make any
substantive changes. Therefore, we .have determined that the proposed ordinance will have no
actuarial impact on the plan.
If you have any questions, please do not hesitate to call one.
Sincerely,
C04"Wl� %/0 c4o��
Charles T. Carr
Consulting Actuary
OUR OFFI(I IS I-O(ATID AT VA JOPENA BOULEVARD, HOS(OTON, UORGIA 3*8