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HomeMy WebLinkAboutOrdinance 94-05 ORDINANCE 94- 05 AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA, AMENDING ORDINANCE 91-08, THE CITY OF OCOEE MUNICIPAL GENERAL EMPLOYEES' RETIREMENT TRUST FUND BY AMENDING SECTION 1 TO PROVIDE FOR CREDIT FOR VESTING FOR CREDITED SERVICE ACCUMULATED IN OTHER CITY PENSION PLANS; ADDING SECTION 23 TO PROVIDE FOR PURCHASE OF CREDITED SERVICE FOR FAMILY MEDICAL LEAVE TIME; ADDING SECTION 24 TO PROVIDE FOR DIRECT TRANSFERS OF ELIGffiLE ROLLOVER DISTRffiUTIONS; PROVIDING SEVERABILITY OF PROVISIONS, REPEALING ALL ORDINANCES IN CONFLICT HERE- WITH AND PROVIDING AN EFFECTIVE DATE. NOW THEREFORE, BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF OCOEE, FLORIDA, AS FOLLOWS: SECTION 1. Ordinance 91-08, adopting the restated City of Ocoee Municipal General Employees' Retirement Trust Fund is amended by amending Section 1, Definitions, Credited Service, to add subsection D. and additional paragraph as follows: D. The General Employee was discharged under honorable conditions. In the event that a Member of this System has also accumulated credited service in another pension system maintained by the City. then such other credited service shall be used in determining vesting as provided for in Section 8. and for determining eligibility for early or normal retirement. Such other credited service will not be considered in determining benefits under this System. Only his Credited Service and Salary under this System on or after his date of membership in this System will be considered for benefit calculation. In addition. any benefit calculation for a Member of this System who is or becomes eligible for a benefit from this System after he has become a member of another pension system maintained by the City. shall be based upon the Member' s Average Final Compensation. Credited Service and benefit accrual rate as of the date the Member ceases to be a General Employee. SECTION 2. Ordinance 91-08, adopting the restated City of Ocoee Municipal General Employees' Retirement Trust Fund is amended by adding Section 23, Family and Medical Leave Act, to read as follows: - 1 - ~ SECTION 23. FAMILY AND MEDICAL LEAVE ACT. The fractional parts of the twenty-four (24) month period ending each March 1 that a Member is on leave without pay from the City pursuant to the Family and Medical Leave Act (FMLA) shall be added to his Credited Service provided that: 1. The Member contributes to the Fund the sum that he would have contributed, based on his Salary and the Member contribution rate in effect at the time that the Credited Service is requested, had he been a Member of the System for the fractional parts of the twenty-four (24) months ending each March 1 for which he is requesting credit plus amounts actuarially determined such that the crediting of service does not result in any cost to the Fund plus payment of costs for all professional services rendered to the Board in connection with the purchase of periods of Credited Service. 2. The request for Credited Service for FMLA leave time for the twenty-four (24) month period prior to each March 1 and payment of professional fees shall be made on or before March 31. 3. Payment by the Member of the required amount shall be made on or before Apri130 for the preceding twenty-four (24) month period ending March 1 and shall be made in one lump sum payment upon receipt of which Credited Service shall be issued. 4. Credited Service purchased pursuant to this section shall not count toward vesting. SECTION 3. Ordinance 91-08, adopting the restated City of Ocoee Municipal General Employees' Retirement Trust Fund is amended by adding Section 24, Direct Transfers of Eligible Rollover Distributions, to read as follows: SECTION 24. DIRECT TRANSFERS OF ELIGmLE ROLLOVER DISTRmUTIONS. 1. General. This Section applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the System to the contrary that would otherwise limit a distributee's election under this Section, a distributee may elect, at the time and in the - 2 - .. manner prescribed by the Board, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. 2. Definitions. 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: 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 expectan- cies) of the distributee and the distributee's designated Beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under section 40 I (a) (9) of the Code; and the portion of any distribution that is not includible in gross mcome. B. 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, or a qualified trust described in section 401(a) of the Code, that accepts the distributee's eligible rollover distribution. However, in the case of an eligible rollover distribution to the surviving Spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity. C. Distributee: A distributee includes an employee or former employee. In addition, the employee's or former employee's surviving Spouse is a distributee with regard to the interest of the Spouse. D. Direct Rollover: A direct rollover is a payment by the plan to the eligible retirement plan specified by the distributee. - 3 - SECTION 4. Repeal of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION S. Severability. In the event any section, subsection, paragraph, sentence, clause, phrase or word of this ordinance shall be held invalid by a court of competent jurisdiction, then such invalidity shall not effect the remaining portions hereof. SECTION 6. Effective Date. This ordinance shall take effect upon second reading and adoption. PASSED AND ADOPTED this Iii ce day of A-Itlc --, APPROVED: ,1994. ATTEST: CITY OF OCOEE, FLORIDA (SEAL) ADVERTISED April 7 1994 , READ FIRST TIME April 5 1994 , READ SECOND TIME AND ADOPTED 1f1~IL /' , 1994 FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPROVED AS TO FORM AND LEGALITY THIS /%-/':1 day of 19 ,tN'" / , 1994. . By: APPROVED BY THE OCOEE CITY COMM~SION AT A MEETING HELD ON f.IL /1 , 1994 UNDER AGENDA ITEM NO. Y F\ 2. . dm\oooce\031694&.md - 4 -