Ordinance 2006-011
ORDINANCE NO. 2006-011
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, BY AMENDING
THE DEFINITION OF "CREDITED SERVICE";
AMENDING SECTION 10, OPTIONAL FORMS OF
BENEFITS; 16, DISTRIBUTION OF BENEFITS;
AMENDING SECTION 19, EXEMPTION FROM
EXECUTION; NON ASSIGNABILITY ; AMENDING
SECTION 25, DIRECT TRANSFERS OF ELIGIBLE
ROLLOVER DISTRIBUTIONS; AMENDING SECTION 27,
DEFERRED RETIREMENT OPTION PLAN; 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, by amending the
definition of "Credited Service", to read as follows:
Credited Service means the total number of years and fractional parts of years of service
as a Police Officer or Firefighter with Member contributions, when required, omitting
intervening years or fractional parts of years when such Member was not employed by the City
as a Police Officer or Firefighter. A Member may voluntarily leave his or her Accumulated
Contributions in the Fund for a period of five (5) years after leaving the employ of the Police or
Fire Department pending the possibility of being reemployed as a Police Officer or Firefighter,
without losing credit for the time that he or she was a Member of the System. If a vested
Member leaves the employ of the Police or Fire Department, his or her Accumulated
Contributions will be returned only upon his or her written request. If a Member who is not
vested is not reemployed as a Police Officer or Firefighter with the Police or Fire Department
within five (5) years, his or her Accumulated Contributions. if one-thousand dollars ($1.000.00)
or less. shall be returned. If a Member who is not vested is not reemployed within five (5)
years. his Accumulated Contributions. if more than one-thousand dollars ($1.000.00), will be
returned only upon the written request of the Member and upon completion of a written election
to receive a cash lump sum or to rollover the lump sum amount on forms designated by the
Board. Upon return ofa Member's Accumulated Contributions, all of his or her rights and
benefits under the System are forfeited and terminated. Upon any reemployment, a Police
Officer or a Firefighter shall not receive credit for the years and fractional parts of years of
service for which he has withdrawn his Accumulated Contributions from the Fund, unless the
Police Officer or Firefighter repays into the Fund the contributions he has withdrawn, with
interest, as determined by the Board, within ninety (90) days after his reemployment.
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Firefighter with the City to perform training or service, shall be added to his or her years of Credited
Service for all purposes, including vesting, provided that:
A. The Member must return to his or her employment as a Police Officer or Firefighter
within one (1) year from the earlier of the date of his or her military discharge or his
or her release from service.
B. The Member is entitled to reemployment under the provisions of the Uniformed
Services Employment and Reemployment Rights Act (USERRA), (P.L.103-353).
C. The maximum credit for military service pursuant to this paragraph shall be five (5)
years.
In the event that a Member ofthis 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 9, 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 or her Credited Service and Salary under this System on or after his or her 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 or she 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 Police Officer or Firefighter.
SECTION 3: That Ordinance No. 96-20, adopting the amended and restated City ofOcoee
Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently amended, is
hereby further amended by amending Section 10, Optional Forms of Benefits, subsection 1.B., to
read as follows:
1.
B.
A retirement income of a modified monthly amount, payable to the Retiree
during the lifetime ofthe Retiree, and following the death ofthe Retiree, one
hundred percent (100%), seventy-five percent (75%), sixty-six and two-thirds
percent (66-2/3%), or fifty percent (50%) of such monthly amounts payable
to a joint pensioner for his or her lifetime. Except where the Retiree's joint
pensioner is his or her Spouse, the present value of payments to the Retiree
shall not be less than fifty percent (50%) of the total present value of
payments to the Retiree and his or her joint pensioner payments to the ioint
pensioner as a percentage ofthe payments to the Retiree shall not exceed the
applicable percentage provided for in the applicable table in the Treasurv
regulations.
SECTION 4: That Ordinance No. 96-20, adopting the amended and restated City ofOcoee
Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently amended, is
hereby further amended by amending Section 16, Distribution of Benefits, to read as follows:
SECTION 16. MINIMUM DISTRIBUTION OF BENEFITS.
Notwithstanding any othCl provision of this System to the contrary, a fOlm of letilcment
income payable fiom this System aftcr October 1, 1991, shall satisfy the following conditions.
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+:- Ifthe retirement income is payable befolC the Member's death,
-A:: It shall citho be distributed or commmee to the Member not later than April
1, of the calendar year following the later of the calendar year in which the
Monbo attains age 70-1/2, 01 the calendar year ill which Mcufberretires,
\Vher e a fOlm of retirement income payment has eommClleed in accordance with the
prGeeding paragraphs and the MGmber diGS before his or her Gntire interest in the System ~~ b~~
distributed, the remaining portion of suc,h intelCst in the System shall be distributed no less rapidly
than under the fOrm of distribution in dfcc,t at the time of the Member's death.
Z: If the Member's death oec,tlIS before the distribution of his or her intGlest in the
System has commenced, Member's entire interest in the System shall be distributed within five (5)
yeats of Member's death, unless it is to be distributed in aeeordatlee with the following rules.
-A:: The Member's remaining interc'st in the System is payable, to his or heI
Spouse, issue or dependent,
B: The rc.maining interest is to be distIibutc.d over the life ofthG Spouse, issue
01 depc.ndent 01 OvGr a pCliod not c.xte,nding beyond the life expectancy ofthe
Spouse, issue or dependent, and
€: Such distribution begins within one year of the Member's dGath unless the
Member's Spouse shall rec,cive the remaining interest in whic,h case. the
distribution nc.ednot begin befOIc. the date on whic,h the Member would have
attained age 70-1/2 and if the Spouse dies before the distribution to the
Spouse begins, this Section shall be applied as if the Spouse wc.re the
Mc.mbeI.
.L General Rules.
A. Effective Date. The provisions of this Section will apply for purposes of
determining required minimum distributions for calendar years beginning
with the 2003 calendar year.
B. Precedence. The requirements of this Section will take precedence over any
inconsistent provisions of the Plan.
c. Requirements of Treasurv Regulations Incorporated. All distributions
required under this Section will be determined and made in accordance with
the Treasury regulations under Section 40 1 (a)(9) of the Code.
D. TEFRA Section 242(b )(2) Elections. Notwithstanding the other provisions
of this Section other than this subsection 1.D.. distributions may be made
under a designation made before January 1. 1984. in accordance with Section
242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the
provisions of the plan that related to Section 242(b)(2) ofTEFRA.
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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 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 Yz) or the calendar year in which the Member retires
unless otherwise provided for in the Plan or required by law.
B. Death of Member Before Distributions Begin. 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:
ill If the Member's surviving spouse is the Member's sole designated
beneficiary. then distributions to the surviving spouse will begin by
December 31 ofthe calendar year immediately following the calendar
year in which the Member died. or by December 31 of the calendar
year in which the Member would have attained age 70 Y2.. if later.
ill Ifthe Member's surviving spouse is not the Member's sole designated
beneficiary. then. distributions to the designated beneficiary will
begin by December 31 ofthe calendar year immediately following the
calendar year in which the Member died.
ill If there is no designated beneficiary as of September 30 of the year
following the year ofthe Member's death. the Member's entire interest
will be distributed by December 31 of the calendar year containing
the fifth anniversary of the Member's death.
@ If the Member's surviving spouse is the Member's sole designated
beneficiary and the surviving spouse dies after the Member but before
distributions to the surviving spouse begin. this subsection2.B.. other
than subsection 2.B.(1). will apply as ifthe surviving spouse were the
Member.
For purposes of this subsection 2.B. and subsection 5.. distributions
are considered to begin on the Member's required beginning date or.
if subsection 2.B.( 4) applies. the date of distributions are required to
begin to the surviving spouse under subsection 2.B:(1). If annuity
payments irrevocably commence to the Member before the Member's
required beginning date (or to the Member's surviving spouse before
the date distributions are required to begin to the surviving spouse
under subsection 2.B.(1)). the date distributions are considered to
begin is the date distributions actually commence.
C. Form of Distribution. Unless the Member's interest is distributed in the form
of an annuity purchased from an insurance company or in a single sum on or
before the required beginning date. as of the first distribution calendar year
distributions will be made in accordance of subsections 3. 4 and 5 of this
Section. If the Member's interest is distributed in the form of an annuity
purchased from an insurance company. distributions thereunder will be made
in accordance with the requirements of Section 40 l( a )(9) of the Code and
Treasury regulations. Any part of the Member's interest which is in the form
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of an individual account described in Section 414(k) of the Code will be
distributed in a manner satisfying the requirements of Section 40 1 (a )(9) ofthe
Code and Treasury regulations that apply to individual accounts.
J,. Determination of Amount to be Distributed Each Year.
A. General Annuitv Requirements. Ifthe Member's interest is paid in the form
of annuity distributions under the Plan. payments under the annuity will
satisfy the following requirements:
ill The annuity distributions will be paid in periodic payments made at
intervals not longer than one year.
ill The distribution period will be over a life (or lives) or over a period
certain not longer than the period described in subsection 4 or 5.
ill Once payments have begun over a period certain. the period certain
will not be changed even if the period certain is shorter than the
maximum permitted.
@ Payments will either be nonincreasing or increase only as follows:
ill By an annual percentage increase that does not exceed the
cumulative annual percentage increase in a cost-of-living
index that is based on prices of all items and issued by the
Bureau of Labor Statistics or by a fixed annual increase of
five percent or less.
ilil To the extent ofthe reduction in the amount ofthe Member's
payments to provide for a survivor benefit upon death. but
only if the beneficiary whose life was being used to determine
the distribution period described in subsection 4 dies or is no
longer the Member's beneficiary pursuant to a qualified
domestic relations order within the meaning of Section
414(p).
ill To provide cash refunds of Accumulated Contributions upon
the Member's death.
@ To pay increased benefits that result from a Plan amendment.
B. Amount Required to be Distributed bv Required Beginning Date. The
amount that must be distributed on or before the Member's required
beginning date (or. if the Member dies before distributions begin. the date
distributions are required to begin under subsection 2.B.) is the payment that
is required for one payment interval. The second payment need not be made
until the end ofthe next payment interval even if that payment interval ends
in the next calendar year. Payment intervals are the periods for which
payments are received. e.g.. bi-monthly. monthly. semi-annually. or annually.
All ofthe Member's benefit accruals as of the last day ofthe first distribution
calendar year will be included in the calculation ofthe amount ofthe annuity
payments for payment intervals ending on or after the Member's required
beginning date.
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C. Additional Accruals After First Distribution Calendar Year. Any additional
benefits accruing to the Member in a calendar year after the first distribution
calendar year will be distributed beginning with the first payment interval
ending in the calendar year immediately following the calendar year in which
such amount accrues.
4. Requirements for Annuitv Distributions That Commence During a Member's
Lifetime.
A. Joint Life Annuities Where the Beneficiarv Is Not the Member's Spouse. If
the Member's interest is being distributed in the form of a ioint and survivor
annuity for the ioint lives of the Member and a nonspouse beneficiary.
annuity payments to be made on or after the Member's required beginning
date to the designated beneficiary after the Member's death must not at any
time exceed the applicable percentage ofthe annuity payment for such period
that would have been payable to the Member using the table set forth in
O&A-2 of Section 1.401 (a)(9)-6T ofthe Treasury regulations. Ifthe form of
distribution combines a ioint and survivor annuity for the ioint lives of the
Member and a nonspouse beneficiary and a period certain annuity. the
requirements in the preceding sentence will apply to annuity payments to be
made to the designated beneficiary after the expiration of the period certain.
B. Period Certain Annuities. Unless the Member's spouse is the sole designated
beneficiary and the form of distribution is a period certain and no life annuity.
the period certain for an annuity distribution commencing during the
Member's lifetime may not exceed the applicable distribution period for the
Member under the Uniform Lifetime Table set forth in Section 1.401 (a)(9)-9
of the Treasury regulations for the calendar year that contains the annuity
starting date. If the annuity starting date precedes the year in which the
Member reaches age 70. the applicable distribution period for the Member is
the distribution period for age 70 under the Uniform Lifetime Table set forth
in Section 1.401 (a)(9)-9 of the Treasury regulations plus the excess of 70
over the age of the Member as of the Member's birthday in the year that
contains the annuity starting date. If the Member's spouse is the Member's
sole designated beneficiary and the form of distribution is a period certain
and no life annuity. the period certain may not exceed the longer of the
Member's applicable distribution period. as determined under this subsection
4.B.. or the ioint life and last survivor expectancy of the Member and the
Member's spouse as determined under the Joint and Last Survivor Table set
forth in Section 1.401 (a)(9)-9 ofthe Treasury regulations. using the Member's
and spouse's attained ages as of the Member's and spouse's birthdays in the
calendar year that contains the annuity starting date.
5. Requirements for Minimum Distributions Where Member Dies Before Date
Distributions Begin.
A. Member Survived bv Designated Beneficiary. Ifthe Member dies before the
date distribution of his or her interest begins and there is a designated
beneficiary. the Member's entire interest will be distributed. beginning no
later than the time described in subsection 2.B.O) or 2.B.(2). over the life of
the designated beneficiary or over a period certain not exceeding:
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ill Unless the annuity starting date is before the first distribution
calendar year. the life expectancy of the designated beneficiary
determined using the beneficiary's age as ofthe beneficiary's birthday
in the calendar year immediately following the calendar year of the
Member's death.
ill If the annuity starting date is before the first distribution calendar
year. the life expectancy of the designated beneficiary determined
using the beneficiary's age as of the beneficiary's birthday in the
calendar year the contains the annuity starting date.
B. No designated Beneficiary. Ifthe Member dies before the date distributions
begin and there is no designated beneficiary as of September 30 of the year
following the year ofthe Member's death. distribution ofthe Member's entire
interest will be completed by December 31 of the calendar year containing
the fifth anniversary of the Member's death.
C. Death of Surviving Spouse Before Distributions to Surviving Spouse Begin.
If the Member dies before the date distribution of his interest begins. the
Member's surviving spouse is the Member's sole designated beneficiary. and
the surviving spouse dies before distributions to the surviving spouse begin.
this subsection 5 will apply as if the surviving spouse were the Member.
except that the time by which distributions must begin will be determined
without regard to subsection 2.B.(1 ).
~ Definitions.
A. Designated Beneficiarv. The individual who is designated as the beneficiary
under the Plan and is the designated beneficiary under Section 401( a)(9) ofthe
Code and Section 1.401(a)(9)-1. O&A-4. of the Treasury regulations.
B. Distribution Calendar Year. A calendar year for which a minimum
distribution is required. For distributions beginning before the Member's
death. the first distribution calendar year is the calendar year immediately
preceding the calendar year which contains the Member's required beginning
date. For distributions beginning after the Member's death. the first
distribution calendar year is the calendar year in which distributions are
required to begin pursuant to subsection 2.B.
C. Life Expectancv. Life expectancy as computed by use of the Single Life
Table in Section 1.401(a)(9)-9 of the Treasury regulations.
D. Required Beginning Date. The date specified in subsection 2.A.
SECTION 5: That Ordinance No. 96-20, adopting the amended and restated City ofOcoee
Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently amended, is
hereby further amended by amending Section 19, Exemption From Execution; Nonassignability, to
read as follows:
SECTION 19. DOMESTIC RELATIONS ORDERS: EXEMPTION FROM
EXECUTION. NON-ASSIGN ABILITY.
.L Domestic Relations Orders.
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A. Prior to the entry of any domestic relations order which affects or purports to
affect the System's responsibility in connection with the payment of benefits
of a Retiree. the Member or Retiree shall submit the proposed order to the
Board for review to determine whether the System may legally honor the
order.
B. If a domestic relations order is not submitted to the Board for review prior to
entry of the order. and the System is ordered to take action that it may not
legally take. and the System expends administrative or legal fees in resolving
the matter. the Member or Retiree who submits such an order will be required
to reimburse the System for its expenses in connection with the order.
2. Exemption from Execution. Non-Assignabilitv
Except as otherwise provided by law, the pensions, annuities, or any other benefits
accrued or accruing to any person under the provisions of this ordinance and the Accumulated
Contributions and the cash securities in the Fund created under this ordinance are hereby exempted
from any state, county or municipal tax ofthe state and shall not be subj ect to execution, attachment,
garnishment or any legal process whatsoever and shall be unassignable.
SECTION 6: That Ordinance No. 96-20, adopting the amended and restated City ofOcoee
Municipal Police Officers' and Firefighters' 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 ELIGIBLE ROLLOVER
DISTRIBUTIONS: ELIMINATION OF MANDATORY DISTRIBUTIONS.
1. Rollover Distributions.
A. General.
This Section applies to distributions made on or after January 1, 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.
B. Definitions.
(1) Eligible Rollover Distribution: An eligible rollover distribution is
any distribution of all or any portion ofthe balance to the credit ofthe
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
8
distribution if the distribution is made to an individual retirement
account described in section 408(a), 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.
(2) 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) ofthe 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) ofthe Code and which agrees to separately account for
amounts transferred into such plan from this plan, an annuity contract
described in section 403(b) ofthe Code, or a qualified trust described
in section 401(a) of the Code, that accepts the distributee's eligible
rollover distribution. 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.
(3) 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.
(4) 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.
On or after January 1, 2002, the System will accept Member rollover cash
contributions and/or direct cash rollovers 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(a) 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( a) 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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~ Elimination of Mandatorv Distributions.
Notwithstanding any other provision herein to the contrary. in the event this Plan
provides for a mandatory (involuntary) cash distribution from the Plan not otherwise required by law.
for an amount in excess of one-thousand dollars ($1.000.00). such distribution shall be made from
the Plan only upon written request of the Member and completion by the Member of a written
election on forms designated b~ the Board. to either receive a cash lump sum or to rollover the lump
sum amount.
SECTION 7: That Ordinance No. 96-20, adopting the amended and restated City ofOcoee
Municipal Police Officers' and Firefighters' Retirement Trust Fund, as subsequently amended, is
hereby further amended by amending Section 27, Deferred Retirement Option Plan, subsection 4.,
Distribution of DROP Accounts on Termination of Employment, to read as follows:
4. Distribution of DROP Accounts on Termination of Employment.
A. Eligibilitv for Benefits.
A Member shall receive the balance in his DROP Account in accordance with
the provisions of this subsection 4. upon his termination of employment as
a Police Officer or Firefighter. Except as provided in subsection 4.fT. E., no
amounts shall be paid to a Member from the DROP prior to his termination
of employment as a Police Officer or Firefighter.
B. Form of Distribution.
(1) Unless the Member elects otherwise, distribution of his DROP
Account shall be made in a cash lump sum, subject to the direct
rollover provisions set forth in subsection 4.6: F. A Member may,
however, elect, in such time and manner as the Board shall prescribe,
that his DROP distribution be used to purchase a nonforfeitable fixed
annuity payable in such form as the Member may elect. Elections
under this paragraph shall be in writing and shall be made in such
time or manner as the Board shall determine. If the annuity form
selected is not a qualified joint and fifty pc.rccnt (50%) survivor
armuity with the MCutber,s Spousc as the ~enc.ficicl;): t~~ ~,u~~
payable to thc Mcmber and thercafter to lll~ ~~~~(,l~1"?~ s~a~l be
subject to thc incid"ntal death benc.fit wiG as desc,ribed in Section
401(a)(9)(C) ofthc Codc and its applicable rcgulations.
(2) If a Member dies before his benefit is paid, his DROP Account shall
be paid to his Beneficiary in such optional form as his Beneficiary
may select. If no Beneficiary designation is made, the DROP
Account shall be distributed to the Member's estate.
C. Date of Payment of Distribution.
ffl Except as otherwise provided in this subsection 4., distribution of a Member's
DROP Account shall be made as soon as administratively practicable
following the Member's termination of employment Distribution of the
amount in a Member's DROP account will not be made unless the Member
completes a written request for distribution and a written election. on forms
10
-
E-:
designated by the Board. to either receive a cash lump sum or a rollover of
the lump sum amount.
ffl In liw of a distribution as described in palagraph (1) above., a
Member may, in ac,cOIdance with such proc,edUle.s as the Doard shall
plesc,rib", dcet to have the distribution of his DROP Account made
as of the first day of any month coinc,ident with or following his
termination of emp10ym"nt as a Police o ffie c.r or Pirc.fighter,
provided, however, PdYmc.nts shall be made befole the distribution
date elec,ted by the Mc.mbel to the extent neec.ssary to comply with
the pIovisions of subsec.tions 4.D. and 4.P.
B: Age. Sevent) and One-IIalf(70-1/2) RGquiIc.d DistributioIl.
F:-
67
III no event shall the provisions of subsec,tion 4. operate so as to allow the
disttibution of a Memb(:.r's DROP Account to be later than the. April 1
following the latc.r of the c,alcndar yc.ar in whic,h he torninates his
employment as a Police. Officer 01 Pirc.fighter or he attains age sevwty and
onc-half (70-1/2). In th" event a M"rnber is required to rec,eive paymwt
while in service under the provisions of this subsection D., he shallrec.c.ive
one lump sum payment on or be.fore his required beginning date. equal to his
entire DROP Ae.eount balance and annual lump sum payments thereafter of
amounts c,redited to his DROP Aeeount during each c,a1cndar year. Upon the
Member's subsequent termination of c.mploym"nt, paymwt of his DROP
Account shall be made in accordance with the pro v isions of snbseGtion 4.D.
D.
Proof of Death and Right of Beneficiary or Other Person.
The Board may require and rely upon such proof of death and such evidence
of the right of any Beneficiary or other person to receive the value of a
deceased Member's DROP Account as the Board may deem proper and its
determination of the right of that Beneficiary or other person to receive
payment shall be conclusive.
E.
Distribution Limitation.
Notwithstanding any other provision of this subsection 4., all distributions
from the DROP shall conform to the "Minimum Distribution Of Benefits"
~rovisions as provided for herein. regulations issued under Scetion401(a)(9)
f thG Code, including thG incidental death bene.fit pro v isions of Sec,tion
40 1 (a)(9)(G) ofthe Code. Pmther, suehregulations shall oveuide any DROP
prOvision that is inconsistc.nt with Section 401 (a)(9) ofthe Code..
F.
Direct Rollover of Certain Distributions.
This subsection applies to distributions made on or after January 1, t993-
2002. Notwithstanding any provision ofthe DROP to the contrary that would
other wise limit a distributee's election under this subsc.Gtiol1, a distributee
may elect, at the time and in the manner prescribed by the Doard, to have any
portion of an eligible rollover distribution paid directly by the DROP to an
eligible retirement plan specified by the distributee in a direct rollover as
otherwise provided under the System in Section 25, herein incorporated by
reference.
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SECTION 8. Repeal of Ordinances. All ordinances or parts of ordinances in conflict
herewith are hereby repealed.
SECTION 9. Severability. In the event any section, subsection, paragraph, sentence, clause,
phrase or word ofthis ordinance shall be held invalid by a court of competent jurisdiction, then such
invalidity shall not affect the remaining portions hereof.
SECTION 10. Effective Date. This ordinance shall take effect upon second reading and
adoption.
PASSED AND ADOPTED this \{,n.ljayof (Y\Zj
APPROVED:
CITY OF OCOEE, FLORIDA
,2006.
ATTEST:
~~
If J-
By;5 :5:~ U--Y! .
S. Scott Vandergrift, Mayo
(SEAL)
ADVERTISED m~J:~Ooh
READ FIRST TIME b- · :JcJ()6
REjilSECOND TIME A OPTED
'''''1 /&/ ;)DO(;
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS ~ day of ~S' ",t ii\..\., ' 2006.
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
BY:~"'" ~JL"'-0L-
APPROVED BY THE OCOEE CITY
COM~SSION AT A MEETING HELD ON
/fIl(A,1 /1l_____:/lp006 UNDER
AGENDAlITEM NO. ~.
noc\ocoee\pf\12-08-05.ord
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