2015-3945 Ordinance ORDINANCE NO. 2015-3945
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, AMENDING THE FIREFIGHTERS' RELIEF AND
PENSION FUND TO COMPLY WITH APPLICABLE PROVISIONS OF THE
INTERNAL REVENUE CODE AND REGULATIONS THEREUNDER;
AMENDING THE RELATED SPECIAL ACTS OF THE CITY BY AMENDING
ARTICLE VII, ENTITLED "FIREFIGHTERS' RELIEF AND PENSION FUND,"
BY AMENDING SECTIONS 36 THROUGH 48; PROVIDING FOR
SEVERABILITY; REPEALING ALL ORDINANCES IN CONFLICT
THEREWITH; PROVIDING FOR CODIFICATION; AND PROVIDING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA:
Section 1. Section 36 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 36. Purpose of Act; supplementary to other Acts.
The purpose of this Act is to implement the provisions of chapter 19112, Acts of Florida,
1939, and to provide means whereby firefighters firemen [firefighters] of the City of Miami
Beach, Florida, may receive benefits from the funds provided for that purpose by Chapter
19112, Acts of Florida, 1939. This Act shall be deemed to supplement any other pension plan of
the City of Miami Beach insofar as benefits to firefighters firemen [firefighter}are concerned, and
nothing herein shall be construed to in any way affect the operation or benefits of any other
pension plan of the City of Miami Beach, Florida. Sections 5, 6, 7, 8, 9 and 10 of Chapter 19112,
Acts of Florida, 1939, shall continue to apply to the City of Miami Beach except as otherwise
specifically provided for in this Act.
Section 2. Section 37 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 37. Definitions.
The following words and phrases shall, for the purposes of this Act, have the meanings
hereafter respectively ascribed to them. Other words and phrases shall have meanings as
commonly understood with respect to the context; the singular shall include the plural, and the
masculine the feminine:
(a) Account: shall mean the individual account credited on behalf of each Participant
with contributions pursuant to this Act, eligible forfeiture contributions and earnings
on such contributions.
(b) Account Balance: shall mean the value of a Participant's Account as of the last
Valuation Date.
(ca) Active duty: shall mean actual service as a firefighter firemen [firefighter] with
regular status in the fire division of the City of Miami Beach, or absent from duty on an
approved leave of absence, all as of the time under consideration.
(db) Board: shall be understood to mean the Board of Trustees of the Miami Beach
Firefighters' Firemen's [Firefighters'} Relief and Pension Fund, as provided for herein.
(es) City: shall be understood to mean the City of Miami Beach, Florida.
if Code: shall mean the Internal Revenue Code of 1986, as amended from time to
time.
Designated Beneficiary: shall mean any person, persons or entity designated by a
Participant to receive any benefits payable under the Fund in the event of the
Participant's death under Code Section 401(a)(9) and Treasury Regulation Section
1.401(a)(9)-4. If no Designated Beneficiary has been so designated by a Participant
prior to the Participant's death, or if no person, persons or entity so designated
survives the Participant, the Participant's surviving spouse, if any, shall be deemed
to be the Designated Beneficiary; otherwise the Designated Beneficiary shall be the
Participant's estate.
(h) Direct Rollover: shall mean a payment by the Fund directly to the eligible retirement
plan specified by the Distributee.
Distributee: shall mean a Firefighter or former Firefighter. In addition, effective for
distributions made after December 31, 2001, the Firefighter's or former Firefighter's
surviving spouse or former spouse who has an interest in the Firefighter's benefits
under the Fund pursuant to a domestic relations order honored by the State or the
City (if any) are Distributees with regard to such interest.
fil Eligible Retired Public Safety Officer: shall mean a Participant who has retired from
the fire division of the City (i) by reason of disability or (ii) on or after his or her
Normal Retirement Age and who is also a "public safety officer" as defined in Section
402(I)(4)(C) of the Code and any applicable guidance thereunder.
Eligible Retirement Plan: shall m_eanneffective for distributions made after December
31, 2001, any of the following types of plans that accept the Distributee's Eligible
Rollover Distribution: (i) a qualified plan described in Section 401(a) of the Code; (ii)
an annuity plan described in Section 403(a) of the Code; (iii) an individual retirement
account or individual retirement annuity described in Section 408(a) or 408(b) of the
Code, respectively; (iv) effective for plan years after December 31, 2001, an annuity
contract described in Section 403(b) of the Code; and (v) effective for plan years
after December 31, 2001, 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 and which agrees to
separately account for amounts transferred into such plan from this Fund.
DI Eligible Rollover Distribution: shall mean, effective for distributions made after
December 31, 2001, 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: (i)
any distribution that is one of a series of substantially equal periodic payments (not
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less frequently than annually) made for the life (or life expectancy) of the Distributee
or the joint lives (or ioint life expectancies) of the Distributee and the Distributee's
Designated Beneficiary, or for a specified period of ten years or more; (ii) any
distribution to the extent such distribution is required under Section 401(a)(9) of the
Code; and (iii) effective for plan years after December 31, 2001, after-tax amounts
unless such amount is transferred to an individual retirement account or individual
retirement annuity described in Section 408(a) or 408(b) of the Code, respectively, or
transferred to a defined contribution plan qualified under Section 401(a) of the Code
that agrees to separately account for such amount.
(md) Firefighters firemen [firefighters]: the fire chief, officers, inspectors, enginemen and
firemen ffirefightersl, and such other employees of the fire division of the City of Miami
Beach as the bBoard shall determine to be engaged directly in fire fighting or fire
prevention work, shall be deemed firemen [firefighters] Firefighters for the purposes of
this Act.
(en) Fund: shall be understood to mean the Miami Beach Firemen's [Firefighters'} Relief
and Pension Fund, as provided for herein.
- -.-":- - : - . - • --• - - • - _ - - e Fund Year: shall mean the calendar year.
f Normal Retirement Age: shall mean attainment of age 50; provided, however, that
"normal retirement age" shall be adjusted to be the same as such term used in the
City Pension Fund for Firefighters and Police Officers in the City of Miami Beach, as
amended from time to time.
(q) Participant: shall mean every Firefighter of the City eligible to have moneys credited
to his Account and to receive benefits therefrom under the Fund
and this Act --- - - =-•- -- =--- -- - =- -• e- - .
(#3Q1 Qualified Health Insurance Premiums: shall mean premiums for coverage for the
Eligible Retired Public Safety Officer (and his or her spouse and dependents, if
applicable) under accident and health insurance (including an accident or health plan
within the meaning of Section 105(e) of the Code) or qualified long-term care
insurance contract as defined in Section 7702B(b) of the Code.
(s) Qualified Health Insurance Premium Distribution: shall mean an amount deducted
from an Eligible Retired Public Safety Officer's benefit payment under the Plan and
paid directly to the insurer providing coverage for which Qualified Health Insurance
Premiums are paid. Such amount may not exceed the amount of the Qualified
Health Insurance Premiums.
( )ill Regular status Status: shall have the meaning ascribed to it by Chapter 18696,
Acts of Florida, 1937, commonly known as the Civil Service Act, and the Personnel
Rules of the City .
L Retired or Separated Participant: shall mean any Participant who has separated from
service as a Firefighter and has an Account Balance with the Fund.
Service: shall mean all time served as a fireman [Firefighter]Firefighter of the City of
Miami for which regular compensation is made by the City ,
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and all time during which a participant Participant is absent on a-military leave of
absence Leave. It shall include all Leaves with pay, but shall not
include leaves of absence Leaves during which no regular compensation is made
paid by the City .
State: shall mean the state of Florida.
(-14-)(x) Valuation Date: shall mean June 30 of each year and each other date(s) as the
Board may deem necessary.
Section 3. Section 38 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 38. Creation of fund; origin of moneys.
There is hereby created in the City of Miami Beach, Florida, a special fund to be known
as the Miami Beach Firemen's [Firefighters'} Relief and Pension Fund, into which shall be paid
all moneys previously received by the City of Miami Beach under the provisions of Chapter
19112, Acts of Florida, 1939, and Ordinance Number 558 of the City of Miami Beach, which
moneys are now held in trust under Pension Ordinance Number 498 of the City of Miami Beach,
and all moneys which subsequently inure to the City of Miami Beach under the provisions of
Chapter 19112, Acts of Florida, 1939. Immediately upon taking office, the board Board shall
request, and the board Board of trustees Trustees of the Miami Beach Employees Retirement
System shall make payment to the Miami Beach Firemen's [Firefighters'} Relief and Pension
Fund of the accumulated moneys referred to above and held in trust under Ordinance Number
498.
No part of the corpus or income of the Fund shall be used for, or diverted to, purposes
other than for the exclusive benefit of Participants and other persons entitled to benefits under
the Fund and paying the expenses of the Fund not paid directly by any other party. No person
shall have any interest in, or right to, any part of the earnings of the assets of the Fund, or any
right in, or to, any part of the assets held under the Fund, except as and to the extent expressly
provided in this ordinance.
There will be no reversion of the assets of the Fund or City or State contributions, except
as permitted by Internal Revenue Service Revenue Ruling 91-4.
Section 4. Section 39 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 39. Board of trustees Creation creation; composition; terms of office; officers;
proceedings; compensation.
There is hereby created a board of trustees of the Miami Beach Firemen's [Firefighters'}
Relief and Pension Fund, which board Board shall consist of the fire chief, the director of
personnel human resources, the assistant city City manager or other responsible officer or
employee of the city City appointed by him, and two employees of the fire division to be elected
from among the participants Participants of the fund Fund by such participants Participants. The
fire chief, director of personnel human resources and the assistant city City manager shall serve
so long as they continue to hold their respective offices, and upon replacement their successors
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shall succeed to their positions as trustees. The first election of trustees from among the
paFtioipants Participants shall be for one office as trustee for a one-year term, and one office as
trustee for a two-year term; thereafter elections shall be for overlapping terms of two-years. The
board Board shall annually elect from its membership a chairman and secretary who shall keep
complete minutes of all proceedings of the board Board, and all actions of the board Board shall
be by majority vote, a quorum being present. Trustees shall receive no compensation as such.
Section 5. Section 40 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 40. Board of trustees-power and authority.
The beard Board shall have power and authority as follows:
(a) To have exclusive charge of the investment of any assets in the fund Fund not
needed for the fund's Fund's current obligations, and to invest and reinvest such assets
in accordance with the written investment policy adopted by the board Board pursuant to
paragraph (b) below. Board members must discharge their duties with respect to the
plan Fund solely in the interest of the partioipants Participants and beneficiaries for the
exclusive purpose of: (i) providing benefits to jaaFtioipants Participants and their
beneficiaries; and (ii) defraying reasonable expenses of administering the plan Fund;
with the care, skill, prudence, and diligence under the circumstances then prevailing that
a prudent person acting in a like capacity and familiar with such matters would use in the
conduct of an enterprise of a like character and with like aims; by diversifying the
investments of the plan-Fund so as to minimize the risk of large losses, unless under the
circumstances it is clearly not prudent to do so. Within the limitations of the foregoing
standards and investment policy, the board Board is authorized to acquire and retain in
the fund Fund every kind of investment specifically including, but not limited to stocks,
bonds, securities, debentures, real estate, mutual funds, trusts and other obligations
which persons of prudence, discretion and intelligence acquire or retain for their own
account. The intent of this paragraph is to remove any and all investment restrictions
which are otherwise imposed by Ch. 175, Florida Statutes, and which may be removed.
(b) To adopt and periodically update a written investment policy in accordance with
Section 112.661, Florida Statutes, as such statute may be amended in the future.
(c) To approve loans and claims, and to authorize payments from the fund Fund by
warrants signed by the chairman and secretary of the board Board.
(d) To interpret the provisions of this Act where the meaning is not clear or ambiguity
exists; and to promulgate necessary rules respecting the operation of the fund Fund, not
in conflict with the wording or clear intent of this Act.
(e) To authorize expenditures in connection with preliminary research and technical
services, accounting, auditing and general administration of the fund Fund.
(f) To do such other things as may be necessary to implement and provide for the
proper functioning of the fund Fund.
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Section 6. Section 41 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 41. Reserved.
Section 7. Section 42 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 42. Individual Accounts of firefighters Firefighters.
Individual accounts Accounts shall be established for every - - • - '- - - - -- -status(a) Firefighter of Regular Status at the effective date of this Act, fireman [firefighter] (b)
Firefighter who has been retired under any city City pension plan since the adoption of Chapter
19112, Acts of Florida, 1939, or fireman [firefighter] (c) Firefighter who attains regular
statusRegular Status subsequent to the adoption of this Act. To each
Account there shall be credited, as of the date of each payment to the fund Fund by the state
State, an amount of such payment which bears the same ratio thereto that the years of
serviceService of each participant Participant bears to the years of service Service of all
pafticipants-Participants. After adjustments by the proration of the costs of previous court action,
and preliminary expense, this method of crediting accounts Accounts of individuals Participants
shall be applied to the present accumulated moneys as of the date of each payment thereof;
and to all subsequent payments to the fug Fund by the state State after proper provisions have
been made for the payment of administrative expenses for the ensuing year. There shall be an
annual determination of interest earned by the investments of the fufrd Fund, and such interest
earnings shall be prorated to each of the Accounts of the participants
Participants in the same proportion as the invested funds of the ' Account of
each participant Participant bears to the total funds invested on behalf of the fund Fund. As of
each June 30 Valuation Date there shall be allocated and credited to the accounts Accounts of
participants Participants who are firemen [firefighters] Firefighters of regular statue Regular
Status as of such date, their share of nonvested forfeitures of terminated participants
Participants arising during the prior twelve months, to be made in the same proportion as is the
case above with regard to payments by the state. No further credits shall be made to an
-- - - - - State.
The Board shall value the Fund's assets as of each Valuation Date and shall allocate to
the Account of each Participant his or her share of the increase or decrease in the fair market
value of the Fund's assets.
Except as set forth in this Section 42 and Section 43(d), no further credits shall be made
to a Participant's Account after he or she shall have retired under any other pension plan of the
City, or after he or she shall have separated from service with the City or otherwise ceased to
be a Participant in the Fund. However, until completely distributed to him, a Participant's
Account shall continue to be invested as part of the Fund and shall continue to share in the
investment gains and losses of the Fund in accordance with this Section 42. A Participant shall
continue to receive allocations of contributions and forfeitures after he ceases to be on Regular
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Status if such contributions and forfeitures are attributable to a period when he was on Regular
Status. Each Participant shall remain a Participant in the Fund until his or her Account has
been'fully distributed.
Notwithstanding any provision of this Act to the contrary, the maximum amount allocated
to the Participant's Account for any calendar year under this Act shall not exceed the limitations
set forth in Section 415 of the Code, as applicable, and any regulations issued thereunder. For
purposes of Section 415 of the Code, the Limitation Year shall be the same as the Fund Year
and, effective for Limitation Years beginning on or after July 1, 2007, Compensation shall have
the same meaning as provided in Treasury Regulations section 1.415-(c)-2, including that,
effective for plan years beginning on or after July 1, 2001, Compensation shall include amounts
which would have been included in a Participant's gross income but for an election under
Section 132(f)(4) of the Code.
Section 8. Section 43 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 43. Rights and benefits generally of partiGipants Participants.
The fund Fund shall provide benefits to Participants therein as follows:
(a) The board Board may approve loans to a P articipant not to exceed the
lesser of (i) his or her total vested credit, nor to exceed Account Balance or (ii) five
hundred dollars -. Loans shall be made available to all such oases-as-it-is-established
to the satisfaction Participants on a reasonably equivalent basis and no loan shall be
made available under this Fund unless it satisfies all of the
requirements of an immediate member Section 72(p) of his family.
the Code for treatment as a tax-free loan. Reasonable periods of time shall be allowed
for the repayment of such loans, and intcrcst; provided that all loans must be repaid
within 5 years unless such loan is used to acquire a principal residence of the Participant
in which case a 10 year repayment schedule is allowed. Interest shall be charged with
respect to the loan amount at the rate of six percent per annum on the unpaid balance.
Such loans shall be made contingent upon the right of the board Board to effect
repayment by withholding subsequent credits, or by deducting from existing credits the
amount of any loan which is in default in its repayment; and the beard Board may refuse
to make subsequent loans to paFtioipants Participants who so default.
(b) If a partioipant Participant shall separate from service with the fire division of the City
for any reason whatsoever prior to retirement Normal Retirement Age,
except as provided in Lc-1 and 0d 71 below, he shall be entitled to a
distribution from the Fund equal to the his vested Account Balance
at that time.
purpose of defraying final illness and burial expenses, the excess to be paid to the
excess to be paid to the legal guardian of the child or children for their benefit if such
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of such expenses, any excess of such amount shall be paid to the estate of the
the—board shall have the right to name a person to carry out the purposes of this
subsection,
(c) If a Participant shall die while on Active Duty, he shall be 100% vested in his entire
Account Balance and his Designated Beneficiary shall be paid the entire amount of his
Account Balance. If no Beneficiary is designated by the Participant, the Account
Balance shall be paid to the Participant's estate.
(d) If a participant Participant, who has been, or who shall hereafter be retired forfrom
service" or disability under any other pension plan of the City ,
a . he shall elect-to-receive-it be 100% vested in his entire Account and he shall be paid
the entire amount of his Account Balance, and he shall further be entitled to receive a
pro-rata share of the payment to the fund Fund by the State next following the date of
such retirement, such sum to be the amount as provided for in section-7[Section 42} of
this Act and the participant Participant shall be entitled to receive such amount at the
time of the payment to the - '= : •- - - - - ••- - -- - •- - - -- - -- -
+ Fund by the State.
(e) In the event of the termination of the Fund, all Participants shall be 100% vested in
their entire Account Balances as of such termination date.
(f) If permitted by the Board, a Participant who is an Eligible Retired Public Safety Officer
and is receiving benefits under the Fund may elect to have Qualified Health Insurance
Premium Distributions made in accordance with this Section 43(f). Qualified Health
Insurance Premium Distributions may be excluded from the gross income of the Eligible
Retired Public Safety Officer under Section 402(1) of the Code, subject to the annual
dollar limitation therein.
(e)(g) Settlement as provided in subsection Lb.;Uc-1 and 0d-1 of this section Section 43
shall be full acquittal of all claims of a participant Participant against the fund Fund, and
he shall thereupon cease to be a participant Participant in the Fund.
(f)(h) Each participant Participant shall be fully (one hundred percent)100%) vested in
the entire amount in his account Account as it exists on June 30, 1983. Any subsequent
increases in Participant's Account, whether from allocation of premium tax
refunds, investment earnings, or any other source, shall be vested in accordance with
the following schedule:
TABLE INSET:
8
Years of Vested
Service Percent
Less than 10 None
•
10 or over 100
Any nonvested amounts which are not distributable under Lb.;Uc-. or 1d4 above shall be
forfeited by the participant Participant and reallocated to remaining participants
Participants as provided herein in Section 42 of this Act.
(i) A Participant shall receive his benefit in a single cash lump sum.
(I) Notwithstanding anything herein to the contrary, a Participant's benefits under the
Fund shall commence no later than April 1 of the calendar year following the later of (i)
the calendar year in which he or she attains age 70 1/2; or (ii) the calendar year in which
eh or she retires. All distributions shall conform to the regulations issued under Section
401(a)(9) of the Code, including the incidental death benefit provisions of Section
401(a)(9)(G) of the Code. Further, such regulations shall override any provision that is
inconsistent with Section 401(a)(9) of the Code. Notwithstanding any provision of this
Act to the contrary, a form of retirement income payable form this Fund, shall satisfy the
following conditions:
(i) If the retirement income is payable before the Participant's death:
(A) It shall either be distributed or commence to the Participant not
later than April 1 of the calendar year following the later of the
calendar year in which the Participant attains age 70 1/2, or the
calendar year in which the Participant retires;
(B) The distribution shall commence no later than the calendar year
defined above; and (x) shall be paid over the life of the Participant
or over the lifetimes of the Participant and his or her spouse, issue
or dependent, or (y) shall be paid over the period extending not
beyond the life expectancy of the Participant and spouse, issue or
dependent.
Where a form of retirement income payment has commenced in accordance with
the preceding paragraphs and the Participant dies before his entire interest in the
Fund has been distributed, the remaining portion of such interest in the Fund
shall be distributed no less rapidly than under the form of distribution in effect at
the time of the Participant's death.
(ii) If the Participant's death occurs before the distribution of his interest in the
Fund has commenced, Participant's entire interest in the Fund shall be distributed within
five years of Participant's death, unless it is to be distributed in accordance with the
following rules:
(A) The Participant's remaining interest in the Fund is payable to his spouse,
issue or dependent;
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(B) The remaining interest is to be distributed over the life of the spouse, issue
or dependent or over a period not extending beyond the life expectancy of the
spouse, issue or dependent; and
(C) Such distribution begins within one year of the Participant's death unless the
Participant's spouse, is the sole designated beneficiary, in which case the
distribution need not begin before the date on which the Participant would have
attained age 70 1/2 and if the Participant's spouse dies before the distribution to
the spouse begins, this section shall be applied as if the spouse were the
Participant.
(k) Direct rollovers:
(i) Notwithstanding any provision of this Fund to the contrary that would
otherwise limit a Distributee's election under this paragraph, 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 by the Fund to
an Eligible Retirement Plan specified by the Distributee in a Direct
Rollover.
(ii) With respect to distributions after December 31, 2006, a non-spouse
beneficiary who is a Designated Beneficiary may, by a Direct Rollover, roll
over all or any portion of his or her distribution to an individual retirement
account the non-spouse beneficiary establishes for purposes of receiving
the distribution. In order to be able to roll over the distribution, the
distribution otherwise must satisfy the definition of an Eligible Rollover
Distribution. Although such non-spouse beneficiary may roll over such
distribution, any distribution made prior to January 1, 2010, is not subject
to the direct rollover requirements of Code Section 401(a)(31) (including
Code Section 401(al(31)AB))the notice requirements of Code Section
402(f) or the mandatory withholding requirements of Code Section
3405(c)). If a non-spouse beneficiary receives a distribution from the
Fund, the distribution is not eligible for a "60-day" rollover. A non-spouse
beneficiary may not roll over an amount which is a required minimum
distribution, as determined under applicable Treasury Regulations and
other Revenue Service guidance. If the Participant dies before his or her
Required Beginning Date and the non-spouse beneficiary rolls over to an
individual retirement account the maximum amount eligible for rollover,
the non-spouse beneficiary may elect to use either the 5-year rule or the
life expectancy rule, pursuant to Treasury Regulation Section 1.401(a)(9)-
3, A-4(c), in determining the required minimum distributions from the
individual retirement account that receives the non-spouse beneficiary's
distribution.
(iii) If the Participant's named beneficiary is a trust, the Fund may make a
Direct Rollover to an individual retirement account on behalf of the trust,
provided the trust satisfies the requirements to be a Designated
Beneficiary.
(iv) With respect to distributions made after December 31, 2007, a Distributee
may elect to roll over via Direct Rollover an Eligible Rollover Distribution
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to a Roth individual retirement account described in Code Section
408A(b).
(I) Upon the death of a Retired or Separated Participant, such Participant's surviving
spouse shall have all the distribution options that were available to the Retired or
Separated Participant pursuant to this Section 43.
(m) Notwithstanding any provision of this Act to the contrary:
(i) Effective for plan years beginning after December 12, 1994, contributions,
benefits and service credit with respect to qualified military service will be
provided in accordance with Code Section 414(u);
(ii) In the case of a death occurring on or after January 1, 2007, if a
Participant dies while performing qualified military service (as defined in
Code Section 414(u)), the survivors of the Participant are entitled to any
additional benefits (other than benefit accruals relating to the period of
qualified military service) provided under the Fund as if the Participant
had resumed and then terminated employment on account of death;
(iii) For benefit accrual purposes, the Fund will treat an Participant who dies
or becomes Disabled on or after January 1, 2007, while performing
qualified military service (as defined in Code Section 414(u)) as if the
Participant had resumed employment in accordance with his
reemployment rights under USERRA, on the day preceding death or
disability (as the case may be) and separated from service on the actual
date of such death or disability;
(iv) For years beginning after December 31, 2008, (1) an individual receiving
a differential wage payment, as defined by Code Section 3401(h)(2), is
treated as an Participant of the employer making the payment, (2) the
differential wage payment is treated as compensation, and (3) the Fund is
not treated as failing to meet the requirements of any provision described
in Code Section 414(u)(1)(C) by reason of any contribution or benefit
which is based on the differential wage payment; and
(v) Effective as of January 1, 2009, for purposes of being eligible to receive a
distribution under the Fund, an individual will be treated as having been
terminated from employment during any period the individual is
performing service in the uniformed services described in Code Section
3401(h)(2)(A).
(n) Each Participant, beneficiary or other person entitled to a benefit, before any
benefit shall be payable to him or on his Account under the Fund, shall file with the
Board the information that it shall require to establish his rights and benefits under the
Fund.
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Section 9. Section 44 of Article VII of the Related Special Acts of the City of Miami
Beach, is reenacted to read:
Sec. 44. Rights and benefits not subject to encumbrance.
The rights and benefits provided for herein shall not be subject to attachment,
garnishment, execution or any other legal process.
Section 10. Section 45 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 45. Responsibility of cityCam.
The City of Miami Beach shall have no responsibility for the operation of the #undFund
except those specified herein, and shall bear no expense in connection therewith-except-as
Section 11. Section 46 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 46. Duties of Gitylq attorney.
The city City attorney shall advise the beard Board in all matters pertaining to their duties
in the administration of the fund Fund, whenever requested; and shall represent and defend the
board Board in all suits and actions at law, or in equity, that may be brought against it; and shall
bring all suits and actions in its behalf that may be determined upon by the beard Board.
Anything herein to the contrary notwithstanding, the Board may elect to employ independent
legal counsel as it deems necessary.
Section 12. Section 47 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 47. Separability; amendment.
If any provision of this Act is for any reason held unconstitutional,
inoperative or void, such holding shall , not affect the remaining
portions-shall-have provisions set forth herein.
As described in Section 36, the provisions of this ordinance and effect as
the Fund are intended to meet the requirements of a qualified plan
under Section 401(a) of the Code and to be tax-exempt under Section 501(a) of the Code.
Should any changes be required to comply or to continue to
comply with the provisions of Sections 401(a) and 501(a) of the Code, the Board and the City
shall take all appropriate steps to make any such required changes to the Fund.
12
Section 13. Section 48 of Article VII of the Related Special Acts of the City of Miami
Beach, is amended to read:
Sec. 48. Repeal of conflicting laws.
That all All City laws, acts and ordinances, or parts of City laws, acts or ordinances, in
conflict herewith arewith the provisions of this Act shall be, and the same hereby are repealed.
Section 14. Codification. This Ordinance shall be codified in Article VII of the Related Special
Acts of the City of Miami Beach.
Section 15. Effective date. This Ordinance shall take effect ten days following adoption,
except as otherwise specified herein.
PASSED and ADOPTED by the City Commission of the City of Miami Beach this /D day
of 74 n•e. , 2015.
•
9r
PHILIP LEV 7 �`
MAYOR
ATTEST:
APPROVED AS TO
E3, x'"44 FORM & LANGUAGE
v°'�•••••• ., q &FOR EXECUTION
•RA-AEL . RANA'O ..��'4 so° ,
CITY CLERK , �;.; � t! 0 '
City tto ' • ' Dote
. te EDj � : � •
(Sponsored by Commission- Dee. �ri�
�• •;)_
Underscore denotes new lanqua '_14•• Oj
13
M I AM I BEACH
City of Miami Beach, 1700 Convention Center Drive,Miami Beach, FL 33139,www.miamibeachfl.gov
COMMIS ION MEMORANDUM
TO: Honorable Mayor Philip Levine and embers of t e City Commission
FROM: Jimmy L. Morales, City Manager
DATE: June 10, 2015
SUBJECT: AN ORDINANCE OF THE MAYO AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORID , AMENDING THE FIREFIGHTERS'
RELIEF AND PENSION FUND TO COMPLY WITH APPLICABLE
PROVISIONS OF THE INTERNAL REVENUE CODE AND
REGULATIONS THEREUNDER; AMENDING THE RELATED SPECIAL
ACTS OF THE CITY BY AMENDING ARTICLE VII, ENTITLED
"FIREFIGHTERS' RELIEF AND PENSION FUND," BY AMENDING
SECTIONS 36 THROUGH 48; PROVIDING FOR SEVERABILITY;
REPEALING ALL ORDINANCES IN CONFLICT THEREWITH;
PROVIDING FOR CODIFICATION; AND PROVIDING AN EFFECTIVE
DATE.
SECOND READING, PUBLIC HEARING
BACKGROUND
We have reviewed the proposed amendments to the Miami Beach Firefighters' Relief and
Pension Fund, attached to the Internal Revenue Service (IRS) determination letter dated
December 5, 2014 (attached).
An Internal Revenue Service "determination letter" is issued in response to a request as to the
qualified status of a retirement plan under IRC section 401(a). The determination letter
expresses the Service's opinion regarding the form of the plan, and applies only to the employer
and the plan participants on whose behalf it was issued.
The proposed amendments are required by the Internal Revenue Code (IRC) and IRS
regulations, in order for the Plan to retain its qualified status and comply with the favorable
determination letter from the IRS. Among the changes are amendments making references
throughout the document gender neutral, i.e., firefighters rather than firemen. More substantial
elements include the addition of 16 newly defined terms and amendments to the eight originally
included in the ordinance.
Additionally, the proposed ordinance specifies how a retired/separated member's account is to
be treated until such time as the funds are withdrawn and how survivor benefits are disbursed.
Language further indicates that amounts allocated to a participant's account may not exceed the
limitations set forth in Section 415 of the Code.. The current maximum limit on annual additions
to a participant's defined contribution account under section 415 is $53,000.
We are committed to providing excellent public service and safety to all who live,work and play in our vibrant,tropic(Agenda Item S
Date 6- -I
City Commission Memorandum
June 10,2015
Firefighters'Relief and Pension Fund
Page 2 of 2
In summary, the proposed amendments satisfy the IRS requirements for plan qualification.
Further, the amendments memorialize the City's current intent regarding the benefits derived
from the premium taxes as set forth in Ch. 175, Florida Statutes. ..
While public employers that sponsor retirement plans are not required to apply for a
determination letter, receiving a favorable determination letter provides documentation that the
plan satisfies the applicable qualification standards.
There are several legal and practical advantages to obtaining a determination letter. One legal
advantage is that an IRS determination letter provides a definitive analysis of whether a plan is
qualified. It also provides the basis for retroactive relief if the Service later changes its position.
One practical advantage of obtaining a determination letter is that the City's auditors will be less
likely to question the qualified status of the Plan.
We have prepared an ordinance incorporating the IRC compliance amendments. The
amendments are technical in nature, and should not result in additional cost to the City since all
funding comes from state premium taxes in Ch. 175, Florida Statutes.
RECOMMENDATION
Adoption of the ordinance is recommended. It is further recommended that the second reading
and public hearing be scheduled for the June 10, 2015, meeting.
The City has been informed that changes to the ordinance do not have an actuarial impact. A
statement to that effect is attached.
Attac ent
JLM/KG /SC-T
T:\AGENDA\2015\June\Human Resources\Memo-IRS Determination and Plan Changes-June 2015.docx
GRS Gabriel Roeder Smith&Company One East Broward Blvd. 954.527.1616 phone
fax
Consultants&Actuaries
Suite 505
954.525.0083
Ft.Lauderdale,FL 33301-1872 www.gabrielroeder.com
June 2, 2015
Ms. Sylvia Crespo-Tabak
Human Resources Department
City of Miami Beach
1700 Convention Center Drive
Miami Beach,Florida 33139
Re: City of Miami Beach Firefighters' Relief and Pension Fund
Dear Sylvia:
As requested, we have performed an actuarial review of the proposed Ordinance (copy
attached)for the City of Miami Beach Firefighters' Relief and Pension Fund.
Based upon our review,the proposed Ordinance:
1. Changes references from gender specific to gender neutral.
2. Adds definitions for Account, Account Balance, Code, Designated Beneficiary,
Direct Rollover, Distributee, Eligible Retired Public Safety Officer, Eligible
Retirement Plan, Eligible Rollover Distribution, Fund Year, Normal Retirement
Age, Qualified Health Insurance Premiums, Qualified Health Insurance Premium
Distribution, Retired or Separated Participant, State and Valuation Date.
3. Updates definitions of City, Fund, Participant, Regular Status, and Service.
4. Stipulates corpus or income of the Fund may only be used for exclusive benefit of
Participants and payment of Fund expenses.
5. Limits reversion of assets as defined under IRS Revenue Ruling 91-4.
6. Deletes Custodian of fund; vouchers Sec. 41.
7. Limits allocation to Participant's Account as required under IRC Section 415 limits.
8. Provides loans will be uniformly available and loan terms will comply with IRC
Section 72(0.
9. Provides for payment to a Designated Beneficiary upon death while on Active Duty.
10. Clarifies full vesting upon Active Duty death, retirement or disability under any
other pension plan of the City and upon termination of the Fund.
11. Provides Qualified Health Insurance Premium Distributions to Eligible Retired
Public Safety Officers.
12. Clarifies benefit payment as a single cash lump sum.
•
Ms. Sylvia Crespo-Tabak
June 2, 2015
Page Two
•
13. Requires minimum,distributions upon attainment of age 70' in with
IRC Section 401(a)(9).
14. Provides for direct rollover of an Eligible Rollover Distribution from the Fund to an
Eligible Retirement Plan.
15. Allows for surviving spouse of retired or separated participant to have same
distribution options available to retired or separated participant.
16. Adds provision for military service to comply with IRC'Section 414(u) and
USERRA.
17. Requires Participants to file all information required by the Board in order to
establish rights and benefits under the Fund prior to any payment.
18. Deletes City responsibility for custody of the cash and investments.
19. Provides the authority of the Board to employ independent legal counsel.
20. Provides for severability.
21. Provides for repeal of all Ordinances in conflict and
22. Provides for an effective date.
In our opinion,the proposed Ordinance is a no cost Ordinance for the City of Miami Beach
Firefighters' Relief and Pension Fund under State funding requirements.
We are available to respond to any questions concerning the above. .•
Sincerest regards,
Li)4.(13
Lawrence F. Wilson,A.S.A.
Senior Consultant and Actuary
Enclosure
cc: Ms.Donna Brito
•
INTERNAL REVENUE SERVICE DEPARTMENT OF THE TREASURY
P. O. BOX 2508
CINCINNATI, OH 45201
Employer Identification Number:
Date DEC ® 6 2014 59-1604527
DLN:
CITY OF MIAMI BEACH 201024047
C/O ROBERT J FRIEDMAN Person to Contact:
HOLLAND & KNIGHT LLP RUTH CHEN ID# 95048
701 BRICKELL AVE SUITE 3000 Contact Telephone Number:
MIAMI, FL 33131 (626) 927-1423
Plan. Name:
CITY OF MIAMI BEACH FIREFIGHTERS'
RELIEF AND PENSION FUND
Plan Number: 001
Dear Applicant:
We have made a favorable determination on the plan identified above based
on the information you have supplied. Please keep this letter, the application
forms submitted to request this letter and all correspondence with the Internal
Revenue Service regarding your application for a determination letter in your
permanent records. You must retain this information to preserve your reliance
on this letter.
Continued qualification of the plan under its present form will depend
on its effect in operation. See section 1.401-1(b) (3) of the Income Tax
Regulations. We will review the status of the plan in operation periodically.
The enclosed Publication 794 explains the significance and the scope of
this favorable determination letter based on the determination requests
selected on your application forms. Publication 794 describes the information
that must be retained to have reliance on this favorable determination letter.
The publication also provides examples of the effect of a plan's operation on
its qualified status and discusses the reporting requirements for qualified
plans. Please read Publication 794.
This letter relates only to the status of your plan under the Internal
Revenue Code. It is not a determination regarding the effect of other federal
or local statutes.
This determination letter gives no reliance for any qualification change
that becomes effective, any guidance published, or any statutes enacted, after
the issuance of the Cumulative List (unless the item has been identified in the
Cumulative List) for the cycle under which this application was submitted.
This letter may not be relied on after the end of the plan's first five-
year remedial amendment cycle that ends more than twelve months after the
application was received. This letter expires on January 31, 2014. This
letter considered the 2009 Cumulative List of Plan Qualification Requirements.
This determination letter is applicable for the amendment(s) executed
on 4-29-14.
Letter 2002
2
-2-
CITY OF MIAMI BEACH
This determination letter is based solely on your assertion that the plan
is entitled to be treated as a Governmental plan under section 414(d) of the
Internal Revenue Code.
This determination letter is applicable to the plan and related documents
submitted in conjunction with your application filed during the remedial
amendment cycle ending 1-31-11.
This is not a determination with respect to any language in the plan or
any amendment to the plan that reflects Section 3 of the Defense of Marriage
Act, Pub. L. 104, 110 stat. 2419 (DOMA) or U.S. v. Windsor, 570 U.S. 12 (2013) ,
which invalidated that section.
we have sent a copy of this letter to your representative as indicated in
the Form 2848 Power of Attorney or appointee as indicated by the Form 8821 Tax
Information Authorization.
If you have questions concerning this matter, please contact the person
whose name and telephone number are shown above.
Sincerely,
(:-U)-
Andrew E. Zuckerman
Director, EP Rulings & Agreements
Enclosures:
Publication 794
Letter 2002
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