HomeMy WebLinkAboutOrdinance 2002-13
ORDINANCE NO. 2002-13
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
RELATING TO THE CITY OF OCOEE MUNICIPAL POLICE
OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST
FUND; AMENDING ORDINANCE NUMBER 96-20, AS
SUBSEQUENTLY AMENDED; AMENDING SECTION 1,
DEFINITIONS, TO AMEND THE DEFINITION OF
"ACCUMULATED CONTRIBUTIONS"; AMENDING
SECTION 15, MAXIMUM PENSION; AMENDING SECTION
25, DIRECT TRANSFERS OF ELIGmLE ROLLOVER
DISTRmUTIONS; AMENDING SECTION 26, PRIOR
POLICE AND FIRE SERVICE; ADDING A NEW SECTION
28, MILITARY SERVICE PRIOR TO EMPLOYMENT;
PROVIDING FOR SEVERABILITY OF PROVISIONS;
REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH AND PROVIDING AN EFFECTIVE DATE.
SECTION 1: Authority. The City Commission of the City of Ocoee has the authority
to adopt this ordinance pursuant to Article VIII of the Constitution of the State of Florida and
Chapter 166, Florida Statutes.
SECTION 2: That Ordinance No. 96-20, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently
amended, is hereby further amended by amending Section 1, Definitions, amend the definition
of "Accumulated Contributions", to read as follows:
Accumulated Contributions means a Member's own contributions without interest. For
those Members who purchase Credited Service with interest or at no cost to the System,
only that pOltion of any payment representing the alllount attLibutable to Menroer
contributions ba5ed on the applicable Member contribution rate interest and any
required actuarially calculated payments for the purchase of such Credited Service, shall
be included in Accumulated Contributions.
SECTION 3: That Ordinance No. 96-20, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently
amended, is hereby further amended by amending Section 15, Maximum Pension, subsection 1.
Basic Limitation and subsection 3, Adjustments in Limitations, paragraph A., to read as follows:
1. Basic Limitation.
Subject to the adjustments hereinafter set forth, the maximum amount of annual
retirement income payable with respect to a Member under this System shall not exceed
$90,000 one hundred sixty thousand dollars ($160,000.00).
For purposes of applying the above limitation, benefits payable in any form other
than a straight life annuity with no ancillary benefits shall be adjusted, as provided by Treasury
Regulations, so that such benefits are the Actuarial Equivalent of a straight life annuity. For
purposes of this Section, the following benefits shall not be taken into account:
(1) Any ancillary benefit which is not directly related to retirement income
benefits;
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(2) Any other benefit not required under ~415(b)(2) of the Code and Regula-
tions thereunder to be taken into account for purposes of the limitation of
~415(b)(1) of the Code.
3 . Acljustments in Limitations.
A. In the event the Member's retirement benefits become payable before age
sixty-two (62), the ninety one hundred sixty thousand dollar ($90,000)
($160,000.00) limitation prescribed by this Section shall be reduced in
accordance with Regulations issued by the Secretary of the Treasury pur-
suant to the provisions of ~415(b) of the Code, but not less than seventy-
five thousand dollars ($75,000), if the benefit begins at or after age fifty-
five (55). In the event the Member's retirement benefit becomes payable
before age fifty-five (55), the seventy-five dollar ($75,000) limitation
shall be reduced from age fifty-five (55) in accordance with Regulations
issued by the Secretary of the Treasury pursuant to the provisions of
~415(b) of the Code.
SECTION 4: That Ordinance No. 96-20, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters I Retirement Trust Fund, as subsequently
amended, is hereby further amended by amending Section 25, Direct Transfers of Eligible
Rollover Distributions, to read as follows: .
SECTION 25. DIRECT TRANSFERS OF ELIGffiLE ROLLOVER
DISTRIBUfIONS.
1. Rollover Distributions.
A... General.
This Section applies to distributions made on or after January 1, t993
2002. 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 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.
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Definitions.
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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 expectancies) 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 401 (a) (9) of the Code; and
the portion of any distribution that is not includible in gross
income. Any portion of any distribution which would be
includible in gross income will be an eligible rollover distribution
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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 eligible deferred compensation plan described in section
457(b) of the Code which is maintained by an eligible employer
described in section 457(e)(I)(A) of the Code and which agrees
to separately account for amounts transferred into such plan from
this plan, an annuity contract described in section 403(b) of the
Code.. or a qualified trust described in section 401 (a) of the Code,
that accepts the distributee's eligible rollover distribution.
I1oweveI, This definition shall also apply 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.
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.
Direct Rollover: A direct rollover is a payment by the plan to the
eligible retirement plan specified by the distributee.
2.. Rollovers or Transfers into the Fund.
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if the distribution is made to an individual retirement account
described in section 408(;1), to an individual retirement annuity
described in section 408(b) or to a qualified defined contribution
plan described in section 401 (a) or 403(a) 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.
On or after January 1, 2002, the System will accept Member rollover cash
contributions and/or direct cash roll overs of distributions made on or after January 1, 2002,
as follows:
A... Direct Rollovers or Member Rollover Contributions from Other Plans.
The System will accept either a direct rollover of an eligible rollover
distribution or a Member contribution of an eligible rollover distribution
from a qualified plan described in section 401 ea) or 403(a) of the Code,
from an annuity contract described in section 403(b) of the Code or from
an eligible plan 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.
B... Member Rollover Contributions from IRAs. The system will accept a
Member rollover contribution of the portion of a distribution from an
individual retirement account or annuity described in section 408(;1) or
408(b) of the Code that is eligible to be rolled over and would otherwise
be includible in gross income.
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SECTION 5: That Ordinance No. 96-20, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently
amended, is hereby further amended by amending Section 26, Prior Police or Fire Service, to read
as follows:
SECTION 26. PRIOR POLICE OR FIRE SERVICE.
Unless otherwise prohibited by law, and except as provided for in Section 1, the years
or fractional parts of years that a Police Officer or Firefighter previously served as a Police
Officer or Firefighter with the City of Ocoee during a period of previous employment and for
which period Accumulated Contributions were withdrawn from the Fund, or the years and
fractional parts of years that a Member served as a Firefighter or Police Officer for any other
municipal, county or special district fire department or special law enforcement department in
the State of Florida or jurisdiction other than the State of Florida, shall be added to his or her
years of Credited Service provided that:
1. The Police Officer or Firefighter contributes to the Fund an actuarially
determined amount dIe StUll that lie 01 she would llave cOhtributed, based on his 01 hel Salaty
and the MembeI contribution late in effect at the time that the CIedited Sel vice is Iequested,
had he or she been a MembeI of this S:YSte1tl fOI dle :yeats or fIactional pads of :yeats foI which
he or she is Iequesting oedit plus amounts actuaIiall:y detennihed 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.
2. The request shall be made only once and made by the rolice OfficeI 01
PiIefighter Member on or before the late! of twelve eighteen ftZ1 (18). months from the
effective date of the ordinance adopting this provision or six (6) eighteen (18) months from the
date of his or her employment or reemployment with the City Police or Fire Department,
whichever is later.
3. Payment by the Police Officer or Firefighter of the required amount shall be
made within six (6) months of his or her request for credit and shall be made in one ill lump
sum payment to the Board, upon receipt of which Credited Service shall be given.
4. The maximum credit under this Section for jurisdiction other than with the city
of Ocoee when combined with credited service purchased pursuant to Section 28, Military
Service Prior to Employment, shall be 011(, (1) five (5) years of Credited Service and shall
count for all purposes, including except vesting and eligibility for not-in-line of duty disability
benefits. There shall be no maximum purchase of credit for prior service with the City of
Ocoee and such credit shall count for all purposes, including vesting.
5.... In no event, however, may Credited Service be purchased pursuant to this
Section for prior service with any other municipal, county or special district fIre department
or special law enforcement department, if such prior service forms or will form the basis of a
retirement benefit or pension from another retirement system or plan as set forth in Maximum
Pension section of your plan document.
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SECTION 6: That Ordinance No. 96-20, adopting the amended and restated City of
Ocoee Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently
amended, is hereby further amended by adding a new Section 26, Prior Police or Fire Service,
to read as follows:
SECTION 28 MILITARY SERVICE PRIOR TO EMPLOYMENT.
The years or fractional parts of years that a Firefighter or Police Officer serves or has
served on active duty in the military service of the Armed Forces of the United States, the
United States Merchant Marine or the United States Coast Guard, voluntarily or involuntarily
and honorably or under honorable conditions, prior to first and initial employment with the
City Fire Department or City Police Department shall be added to his years of Credited Service
provided that:
L The Member contributes to the Fund an actuarially determined amount so that
the crediting of the purchased 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.
2.. The request shall be made only once and made by the Member on or before
eighteen (18) months from the effective date of the ordinance adopting this Section or eighteen
(18) months from the date of his employment with the City Fire Department or City Police
Department, whichever is later.
1.. Payment by the Member of the required amount shall be made within six (6)
months of his request for credit and shall be made in one (1) lump sum payment to the Board,
upon receipt of which Credited Service shall be given.
~ The maximum credit under this Section when combined with credited service
purchased pursuant to Section 26, Prior Police or Fire Service, for jurisdiction other than the
City of Ocoee, shall be five (5) years.
5..... Credited Service purchased pursuant to this Section shall count for all purposes ~
except vesting and eligibility for not-in-line of duty disability benefits.
SECTION 7. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
SECTION 8. 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 affect the remaining portions hereof.
SECTION 9. Effective Date. This ordinance shall take effect upon second reading and
adoption.
PASSED AND ADOPTED this Llu11 day of
A P R.:r I
,2002.
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ATTEST:
(SEAL)
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS T~RM tND LEGALITY
THIS /~ day of f ~ , 2002.
CHRISTIANSEN & DEHNER, P .A.
Special Counsel
By: *~D~
DOC \ocoee\pf\O 1-30-02 .ord
APPROVED:
CITY OF OCOEE, FLORIDA
ADVERTISED ~L ,--/, LOD 'Z..-
READ FIRST T IiIif L 2. -Z (j () 2-
READ SECOND T AND ADOPTED
A~R.:r.L 11o}2002..
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
ON _p\ p~\ L ,to , 2002, UNDER
AGENDA ITEM NO. n.t..
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