HomeMy WebLinkAboutCity of Tamarac Ordinance O-2020-018 Temp. Ord. #2443
October 20, 2020
Page 1 of 5
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-2020-
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA; AMENDING CHAPTER 16,
PENSIONS AND RETIREMENT, ARTICLE IX, ELECTED
AND APPOINTED OFFICERS AND NON-REPRESENTED
EMPLOYEES RETIREMENT PLAN; AMENDING SECTION
16.908, COMPLIANCE WITH THE INTERNAL REVENUE
CODE; EXCESS BENEFIT ARRANGEMENT; PROVIDING
FOR A SAVINGS CLAUSE; PROVIDING FOR
SEVERABILITY; PROVIDING FOR CODIFICATION AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Tamarac Elected and Appointed Officers and
Non-Represented Employees Retirement Plan (the "Plan") Board of Trustees (the
"Board") has reviewed the proposed changes; and
WHEREAS, changes to the Internal Revenue Code can happen quickly and
frequently. There is a benefit in authorizing the Board to make appropriate changes to the
Plan in order to maintain the Plan's tax qualified status; and
WHEREAS, effective January 1, 2020, the Internal Revenue Code was amended
by increasing the require minimum distribution age from 701/2 to 72; 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;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: Section 16-908 of the City of Tamarac Code of Ordinances, is hereby
amended to read as follows:
CODING: Words in strike through type are deletions from existing law;
Words in underscore type are additions.
Temp. Ord. #2443
October 20, 2020
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Sec 16-908 Compliance with the Internal Revenue Code; excess
benefit arrangement
(a) It is the intention of the city and of the board that the plan remain at all times
a qualified plan, as that term is defined under the Internal Revenue Code and the
corresponding Treasury Regulations applicable to a governmental defined benefit
retirement plan.
(1) In recognition of the changing requirements of plan qualification, the board
shall adopt an administrative policy setting forth the required provisions for tax
qualification. Such a policy shall be amended by the board as required to maintain
continuing compliance with the Internal Revenue Code and that policy and any
amendments shall have the force of law as if adopted by the City Commission.
* * * *
(c) In no event may a member's retirement benefit be delayed beyond the later
of April 1st following the calendar year in which the member attains age seventy-two Jai
and one half (701/2), provided the member had not attained age seventy and one-half
(701/2) by December 31, 2019, or April 1st of the year following the calendar year in which
the member retires.
* * * *
(d) If the distribution has commenced before the participant's death, the
remaining interest will be distributed at least as rapidly as under the method of distribution
being used as of the date of the participant's death.
CODING: Words in strike through type are deletions from existing law;
Words in underscore type are additions.
•
Temp. Ord. #2443
October 20, 2020
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The method of distribution, if the participant dies before distribution is commenced,
must satisfy the following requirements:
(1) Any remaining portion of the participant's interest that is not payable to a
beneficiary designated by the participant will be distributed within five (5)
years after the participant's death;
(2) Any portion of the participant's interest that is payable to a beneficiary
designated by the participant will be distributed either:
a. Within five (5) years after the participant's death; or
b. Over the life of the beneficiary, or over a period certain not
extending beyond the life expectancy of the beneficiary,
commencing not later than the end of the calendar year following
the calendar year in which the participant died (or, if a designated
beneficiary is the participant's surviving spouse, commencing not
later than the end of the calendar year following the calendar year
in which the participant would have attained age seventy-two
(72)_and one half (70/12).
SECTION 2: 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 re-lettered, and the word "Ordinance" may be changed to "Section,"
"Article" or such other word or phrase in order to accomplish such intention.
SECTION 3: All ordinances or parts of ordinances in conflict herewith are
hereby repealed to the extent of such conflict.
CODING: Words in strike through type are deletions from existing law;
Words in underscore type are additions.
Temp. Ord. #2443
October 20, 2020
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SECTION 4: 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.
SECTION 5: This Ordinance shall become effective upon passage.
PASSED, FIRST READING this WC' day of DCjvt �, , 2020.
PASSED, SECOND READING this 1O14''- day of hD‘)i 1POI'-, 2020.
ildelt
MIC ELLE J. GOM MAYOR
ATTEST
/4-14 RECORD OF COMMISSION VOTE: 1ST Reading
JE= IFERJOIHNSON, CMC MAYOR GOMEZ 0
CITY CLERK DIST 1: V/M BOLTON 1S
DIST 2: COMM. GELIN PrK)f>
DIST 3: COMM. FISHMAN �C
DIST 4: COMM. PLACKO
RECORD OF COMMISSION VOTE: 2ND Reading
MAYOR GOMEZ 96-s
DIST 1: V/M BOLTONS�NT
DIST 2: COMM. GELIN
DIST 3: COMM. FISHMANS
DIST 4: COMM. PLACKO6'S
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Words in underscore type are additions.
Temp. Ord. #2443
October 20, 2020
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I HEREBY CERTIFY that I have approved
this Ordi a ce as to forty
°a►' { p ill/d -0
SAMU S. GOREN !/
CITY ATTORNEY U
CODING: Words in type are deletions from existing law;
Words in underscore type are additions.