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Home My WebLink About2024-11 Municipal Pension Amendment•s MAIDOINKIM5511 i WHEREAS, the Setting Every Community Up for Retirement Enhancement Section 401(a)(9) of the Internal Revenue Code; and Trust Fund to the requirements of the SECURE 2.0 Act; and Employees' Retirement Trust Fund have requested and approved the amendments • • !-M •- • •- • it •. r ! !- r . • improving the administration of the Fund, and WHEREAS, the City Commission has received and reviewed an actuarial impact statement related to this change and attached as such; and WHEREAS, the City Commission deems it to be in the public interest to provide this change to the Retirement Trust Fund for its general employees; EM MINUM, SECTION 1: Authority. The City Commission of the City of Ocoee has the authority to adopt this ordinance pursuant to Article Vill of the Constitution of the State of Florida and Chapter 166, Florida Statutes. SECTION 2: That the City of Ocoee Municipal General Employees' Retiremeni Trust Fund adopted by Ordinance No. 2009-020, as subsequently amended, is hereby further amended by amending Section 6, "Benefit Amounts and Eligibility", subsection 6, "Required Distribution Date", to read as follows: 6. Required Distribution Date. The Member's benefit under this Section must begin to be distributed to the Member no later than April 1 of the calendar year following the later n1 of the calendar year in which the Member attains age-sevent�' , and ene-halff {701,42}his or her Required Beginning date as defined in Section 15.2.A. or the calendar year in which the Member terminates employment with the City. SECTION 3. That the City of Ocoee Municipal General Employees' Retirement Trust Fund adopted by Ordinance No. 2009-020, as subsequently amended, is hereby further amended by amending Section 7, "Pre -retirement Death", subsection 2, "Deceased Members Vested or Eligible for Retirement with Spouse as Beneficiary', to read as follows: 2. Deceased Members Vested or Eligible for Retirement with Spouse as Beneficiary. 1� E. Notwithstanding anything contained in this Section to the contrary, in any event, distributions to the Spouse Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died, or by a date selected pursuant to the above provisions in this Section that must be on or before December 31 of the calendar year in which the Member would have attained phis or her Required beginning date as defined in Section 15.2.A. SECTION 4. That the City of Ocoee Municipal General Employees' Retirement Trust Fund adopted by Ordinance No. 2009-020, as subsequently amended, is hereby r Turther amended by amending Section 9, "Optional Forms of Benefitssubsection 5.E, to read as follows: 5. Retirement income payments shall be made under the option elected in accordance with the provisions of this Section and shall be subject to the following limitations: E. The Member's benefit under this Section must begin to be distributed to the Member no later than April I of the calendar year following the later of the calendar year in which the Member attains age seventy -an- one hall 0,41his or her Required beginning date as defined in Section 15.2A or the calendar year in which the Member terminates employment with the City. SECTION 5. That the City of Ocoee Municipal General Employees' Retirement Trust Fund adopted by Ordinance No. 2009-020, as subsequently amended, is hereby further amended by amending Section 15, "Minimum Distribution of Benefitssubsection 2, "Time and Manner of Distributionto read as follows: 1� 2. Time and manner of distribution. A. Required beginning date. The Member's entire interest will be distributed, or begin to be distributed, to the Member no later than the Member's required beginning date, which effective January 1, 2023 is defined as the later of (1) and (2) below: (1) With regard to distributions required to be made to a Member who reachesd age 70 Y2 beforepElpr to January 1, 2020: April I of the calendar year fo#Gwinq the latef--ofthat next follows the calendar year in which the Member attainsed the age seventy and one-half (70 Y2) years; or after January 1, 2020, and age 72 prior to January 1, 2023: April 1 of the calendar year that next follows the calendar vear in which the Member attained acie 72 With regard to a Member who attains age 72 on or after January 1, 2023, in accordance with the SECURE 2.0 Act and any technical corrections thereto; o (2) With , gard te dishibutiens required to b made on or after january 1, 2020 te a participant w E) reaGh,eS_ th,-- age—of 70 1% on or after said date- April I of the calendar year that next follows the calendar year in which the partiGipant r r%r ihi* eittain the age E)f 72 I - _,, years, or A•pril 1, of the G-alendar year thatrr fOIIOw_S the Gal n I Y III the paFtiGipant Member retires, WhiGhever is late . B. Death of Member before Distribution Begins, If the Member dies before distributions begin, the Member's entire interest will be distributed, or begin to be distributed no later than as follows: (1) If the Member's surviving spouse is the Member's sole designated beneficiary, then distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Member died, or by a date on or before December 31 of the calendar year in which the Member NO "m I I n LVI 111$ 16 JIMUMM SECTION 6: That the City of Ocoee Municipal General Employees' Retirement Trust Fund adopted by Ordinance No. 2Ili -020, as subsequently amended, is hereby further amended by amending Section 28, "Purchase of Credited Service for Air Time," to read as follows: Unless otherwise prohibited by law, any Member (except a Mayor or Commissioner Member) who has accrued at least five (5) years of CGredited Sservice prior to September 18, 2012, or for Members hired on or after September 18, 2012 who have accrued at least seven (7) years of Credited Service, under this system shall be permitted to purchase up to five (5) years of additional Coedited Sservice under this system for periods when there was no performance of service ("airtime") provided that: A. The Member contributes to the fund the sum that he or she would have contributed had he or she been a Member of the system or the years or fractional parts of years for which he or she 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 years of credited service. B. Multiple requests to purchase credited service pursuant to this section maybe made at any time prior to retirement. C. Payment by the Member of the required amount shall be made within six (6) months of his or her request for credit, but, in any event, prior to retirement, and shall be made in one lump sum payment upon receipt of which credited service shall be given. D. Service purchased pursuant to this section shall count for all purposes except vesting. The maximum combined purchase under this section and sections 26 and 27 shall be five (5) years. SECTION 7. Severabilit . 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 affect the remaining portions hereof. 1� SECTION 8. Supersede of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby superseded. SECTION 9. Effective Date, This ordinance shall be effective on the date of adoption. A-X PASSED AND ADOPTED this JU day of 2024. City Clerk Iffim FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPROVED AS TO FORM AND LEGALITY THIS (64(A day of 2 024. By L GeAe F as [411WAS JIII' III ONI' By: 4A Mayor\ ADVERTISED AQXi\ I \ 2024 READ FIRST TIME.' !�W� ?- 2024 READ SECOND TIME AND ADOPTED 2024 APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON lu -1 2024 UNDEWAGENDA ITEM NO, 1�