2020-025 Amending Section 16 of the Police Officers' and Firefighters' Retirement Trust Fund ORDINANCE NO. 2020-025
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 2010-019, AS
SUBSEQUENTLY AMENDED; AMENDING SECTION 16,
"MINIMUM DISTRIBUTION OF BENEFITS" TO PROVIDE
FOR COMPLIANCE WITH THE SECURE ACT; PROVIDING
FOR SEVERABILITY OF PROVISIONS; REPEALING ALL
ORDINANCES IN CONFLICT HEREWITH AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the Setting Every Community Up for Retirement Enhancement
("SECURE") Act, signed into law on December 20, 2019, amended the definition of
"Required Beginning Date" under Section 401(a)(9) of the Internal Revenue Code; and
WHEREAS, amendments to the Plan are necessary to conform the Retirement
Trust Fund to the requirements of the SECURE Act; and
WHEREAS, the Board of Trustees of the City of Ocoee Municipal Police Officers'
and Firefighters' Retirement Trust Fund has recommended an amendment to the
Retirement Trust Fund to comply with the SECURE Act; and
WHEREAS, the trustees of the City of Ocoee Municipal Police Officers' and
Firefighters' Retirement Trust Fund have requested and approved the amendments
provided herein as being in the best interests of the participants and beneficiaries and
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 police officers and firefighters;
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BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF OCOEE,
FLORIDA;
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 the City of Ocoee Municipal Police Officers' and Firefighters'
Retirement Trust Fund adopted by Ordinance No. 2010-019, as subsequently amended,
is hereby further amended by amending Section 16, "Minimum Distribution of Benefits",
by amending subsection 2, "Time and manner of distribution", to read as follows:
Section 16. Minimum Distribution of Benefits.
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:
(1) With regard to distributions required to be made to a
member who reaches age 70 %2 before January 1,
2020: no later than the Member's required beginning
date which shall not be later than April 1 of the calendar
year following the later of the calendar year in which
the member attains age seventy and one-half (70 '/2)i
or April 1 of the calendar year in which the member
terminates employment with the district, whichever is
later.
(2) With regard to distributions required to be made on or
after January 1, 2020 to a participant who reaches the
age of 70 1/2 on or after said date: April 1 of the
calendar year that next follows the calendar year in
which the participant attains or will attain the age of 72
years, or April 1 of the calendar year that next follows
the calendar year in which the participant retires,
whichever is later.
* * * * *
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SECTION 3. Repeal of Ordinances. All ordinances or parts of ordinances in
conflict herewith are hereby repealed.
SECTION 4. 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 5. Effective Date. This ordinance shall take effect upon second reading
and adoption.
PASSED AND ADOPTED this ou day of ataber , 2020.
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
By: / kJL a„0-
BY:
City Clerk Mayor
(SEAL) /�
ADVERTISED(%L b-erg, 2020
READ FIRST TIME aijrib.er (p , 2020
READ SECOND TIME AND ADOPTED
77i12 , 2020
FOR USE AND RELIANCE ONLY BY THE
CITY OF OCOEE, FLORIDA APPROVED
AS TO FORM AND LEGALITY
THIS ay of '( , , 2020.
Shuffield Lowman &Wil on, P.A.
By:
City t
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD ON
�if0b�!r c20 , 2020 UNDER
AGENDA ITEM NO. 9
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