R5M-Amend Pension System For Disability-Retirement Of Police And Fire -WeithornCOMMISSION'TEVI SUMMARY
Condensed Title:
An ordinance of the Mayor and City Commission of the City if Miami Beach, Florida, amending furt l, Subpart B,
Article lX, Related Special Acts, of the Miami Beach City Code entitled "Pension System for Disability and
Retirement of Members of Police and Fire Departments"; amending the pension system to comply rlith applicable
provisions of the lnternal Revenue Code and Regulations thereunder; amending Section 62 entitled, "Definitions";
amending Section 63, entitled "Source of Monies for Fund; Computation of Liability; Use and lnvestment of Fund";
amending Section 66, entitled "Service and Disability Beneflts Generally"; amending Section 70, entitled "Return of
Contribution"; amending Section 79, entitled "Deferred Retirement Option Plan"; amending Section 82, entitled
"Military Service"; amending Section 83, entitled "Limitations on Benefits;" amending Section 84, entitled
"Distribution Limitation"; amending Section 85, entitled "Distribution to Retirement Plan"; providing for severability,
all ordinances in conflict therewith; and and effective date.
Ensure expenditure trends are sustainable over the long term
First Reading
Item Summary/Recommendation :
The amendments are technical in nature, and should not result in additional cost to the City. An actuarial impact
statement will be provided for the second reading and public hearing which, contingent on acceptance of the
Administration's recommendation, should be October 14,2015.
The proposed amendments include the following nine plan changes:
1. A new definition of "actuarial assumptions" for the purpose of calculating optional forms of benefits. The
definition incorporates the past and present assumptions approved by the pension board and plan actuary.
2. A provision stating that employee contributions that are "picked up" by the City (i.e., treated as employer
contributions for tax purposes) cannot be paid directly to employees.
3. A provision stating that a plan member shall be fully vested in plan benefits upon reaching normal
retirement age.
4. A provision requiring plan members who separate from city employment to make a written request for a
return of member contributions.
5. A provision stating that the DROP plan shall be treated as a defined contribution plan for the purpose of
applying maximum limits on contributions and additions, to the extent required by law.
6. A provision incorporating the mandatory requirements of the Uniformed Services Employment and
Reemployment Rights Act (USERRA).
7. A provision stating that the limitation year is the same as the plan year (October 1 through September 30)
for the purpose of applying the maximum benefit limit in Section 415 of the lnternal Revenue Code.
8. A provision incorporating the mandatory distribution requirements of the lnternal Revenue Code.
9. Provisions incorporating the rollover requirements of the lnternal Revenue Code.
There are legal and practical advantages to obtaining a determination letter. Among them: an IRS determination
letter provides a definitive analysis of whether a plan is qualified and the basis for retroactive relief if the Service
later chanqes its
Financial lnformation:
Source of
Funds:
Amount Account
1
2
3
T"t"l
Financial lmpact Summary:
Department Director Assistant City{anager City Manaqjr{
sct_*f KcB y'1t/rLM ry /*
AGEITIE*. |TEM R5ME MIAfiAIBEACH sme 8-7-l{460
MIAMIBEACH
Clry of Mloml Booch, 1700 Convention Center Drive, Miomi Beoch, FL 33139, www.miomibeochfl.gov
TO:
FROM:
DATE:
SUBJECT:
COMMISSION MEMORANDUM
Honorable Mayor Philip Levine and Members of the City Commission
Jimmy L. Morates, City Manas -7ArL{Z
//
September 2,2015
AN ORDINANGE OF THE MAYOR AND CITY COMMISSION OF THE
CIry OF MIAM! BEAGH, FLORIDA, AMENDING PART I, SUBPART B,
ARTICLE IX, RELATED SPECIAL ACTS, OF THE MIAMI BEACH CITY
GODE ENTITLED "PENSION SYSTEM FOR DISABILITY AND
RETIREMENT OF MEMBERS OF POLTCE AND FIRE
DEPARTMENTS,,; AMENDING THE PENSION SYSTEM TO COMPLY
WITH APPLICABLE PROVISIONS OF THE INTERNAL REVENUE
GODE AND REGULATIONS THEREUNDER; AMENDING SECTION 62,
ENTITLED "DEFINITIONS"; AMENDING SECTION 63, ENTITLED
"SOURCE OF MONIES FOR FUND; COMPUTATION OF LIABILITY;
USE AND INVESTMENT OF FUND"; AMENDING SECTION 66,
ENTITLED "SERVICE AND DISABILITY BENEFITS GENERALLY";
AMENDINGSECTION 70, ENTITLED "RETURN OF CONTRIBUTION";
AMENDING SECTION 79, ENTITLED "DEFERRED RETIREMENT
OPTION PLAN"; AMENDING SECTION 82, ENTITLED "MILITARY
SERVICE"; AMENDING SECTION 83, ENTITLED "LIMITATIONS ON
BENEFITS;" AMENDING SECTION 84, ENTITLED "DISTRIBUTION
LIMITATION"; AMENDING SECTION 85, ENTITLED "DISTRIBUTIONTO RETIREMENT PLAN,,; PROVIDING FOR SEVERABILITY;
REPEALING ALL ORDINANCES lN CONFLICT THEREWITH; AND
PROVIDING AN EFFECTIVE DATE.
F!RST READING
BAGKGROUND
We have reviewed the proposed amendments to
Pension Plan, attached to the lnternal Revenue
January 29, 201 4 (attached).
the Miami Beach Firefighters and Police
Service (lRS) determination letter dated
An lnternal 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 lnternal Revenue Code (lRC) and IRS
regulations, in order for the Plan to retain its qualified status and comply with the favorable
determination letter from the lRS.
The proposed amendments include the following nine plan changes:
We ore comnittd o gwiding *cellatt public sovice od *{ay n oll wlo l;,,,e, ',w* ad pby in our ibronL toit@l, histuic cannunity
461
City Commission Memorandum
September 2,2015
Firefighters and Police Pension Plan
Page 2 of 3
1. A new definition of "actuarial assumptions" for the purpose of calculating optional forms
of benefits. The definition incorporates the past and present assumptions approved by
the pension board and plan actuary.
2. A provision stating that employee contributions that are "picked up" by the City (i.e.,
treated as employer contributions for tax purposes) cannot be paid directly to
employees.
3. A provision stating that a plan member shall be fully vested in plan benefits upon
reaching normal retirement age.
4. A provision requiring plan members who separate from city employment to make a
written request for a return of member contributions.
5. A provision stating that the DROP plan shall be treated as a defined contribution plan for
the purpose of applying maximum limits on contributions and additions, to the extent
required by law.
6. A provision incorporating the mandatory requirements of the Uniformed Services
Employment and Reemployment Rights Act (USERRA).
7. A provision stating that the limitation year is the same as the plan year (October 1
through September 30) for the purpose of applying the maximum benefit limit in Section
415 of the lnternal Revenue Code.
8. A provision incorporating the mandatory distribution requirements of the lnternal
Revenue Code.
L Provisions incorporating the rollover requirements of the lnternal Revenue Code.
ln summary, the proposed amendments satisfy the IRS requirements for plan qualification.
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. lt 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.
462
City Commission Memorandum
September 2,2015
Firefighters and Police Pension Plan
Page 3 of 3
RECOMMENDATION
Adoption of the ordinance is recommended. lt is further recommended that the second reading
and public hearing be scheduled for the Octobet 14,2015, meeting.
The City has been informed that changes to the ordinance do not have an actuarial impact. A
statement to that effect shall be provided for the second reading and public hearing.
Attachment
JLM/KGB/SC-T
463
tt
l.
IIflfERl.IAfJ REVENITE SERVICE
P. O. BOX 2508
cIt{cIN!{aTI, OH 452OL
Date: JAN2g2014
CITY OF MIAI.{I BEACE
C/O FIRE AND PoIJICE PEsIsIoN oFFIcE
1591 MICHIGAII A1IE STB 355
MIA!4r BEACH, EIJ 33139
rD# 9s048
PLr?r Name:. CIIT FS$STON FOR FIREFIGHTERSI &
POITICE fN TIIE CITY OF ![IAMI BEACE
P1ar, Mrmben; 001
Dear Appllcant:
I{e have made a favorable determiuatioa on the pJ-an identifLed above baeedon the lnformatLou you have eu;rp1ied. PLeaoe keep this letter, tbe appllcaEionforme submiEted to reguest this letter and all coireEpondeace wtth thJlntemalReverue Service reg4rdl-ug your appllcatlou for a determlaation letter ln yogr
pernEu.ellt records. You mrrst retain tbis Lnformation t,o presefve your relianceon Eh{e letEer.
Coatinued quallfication of tbe pJ-an under iEs present f,orm wJ.LJ. depeudoa its effect J.n operatioa. see sestlon 1.401-1(b) (3) of tbe rncome TaxReguLatlonE. we wlLl review the Btatus of the plan in operation period.icall-y.
I'lre enelosed rrr:blicatj.on ?94 erqplalna tbe siguificance and the scope oftbis favorable determLaation letter baeed on the determlnatlon request,e
eeLected on your applicat.lon forrre. Fublicatiou 794 descrlbes thJ ioformatlootbat mnst be retaiued to have reliance on thi.e favorable determiuatiotr letter.
Ebe publieation al-eo provides exanqlles of ttre eff,ect of a plarrrs operatJ.on oaite gualifLed etatus and dlssueaee the reporting reguiremente for quallf,iedpIane. Please read PublicaE,j.on ?94.
ThLs lettser relateE only to the otatus of your plan under tshe Internal
Revenue Code, It Le not a determLnatloa regardiug the effeeE of other federalor local atatuteB.
Tbie d.etermlnatLon letter givea no reliance for aay qual.ificatiou changethat becomes effectLve, Erny guidance publiebed, or Erny Etatutea enacted,, afterthe issuance of the Cumulative Liat, (r:nIees Ehe item bae beea ideutified in the
CurmrlatLve IJI-Bt) for Ebe cycle under which thie appllcatloa xras Bubmltted,.
:Ibls letter may not be relied on after the end of the pl+n'B fLretfive-year rernedlal ane[dnent <rycle that ende more tba! 12 monthB aft,er tbeapplication waa received.. This Letter oqlLree otr iraruary 3L, 20L4. rhLe letter
consLdered the 2007 Cumrlative IJiEt of Cbanges Iu BIan eualifLcationRequiremeuts.
Shls detend.natLoa ie er:bJect to your ad,option of tbe propoaed anendnelrte
ATTACHMENT
DEPARIMENT OF !IIE IRE,ASI'RY
Elry)loyer Ideatification Number:
s9-6000372
DI:l[:
2090530r.1
Person to Contact:
RTITE CEEII
Contact Tel-ephone Number:
1626) e27-L423
Letter 2oAZ $Olcrcl
464
-2-
CITY OE'MIAMI BEACH
srJbmitted in your Letter dated 7-29-L3. The propoeed amendmenteshould. be adopted. on or before the date preaciifea by ube regulatione rnd.erCode Bection 401 (b) .
Thj-s determiuation is condltioned upon your adoption of the proposed.reaEatsed plen aB submitted wJ.eb your or your repreeeutatlverg fetler Aatea2-23-1,L. The proposed plan ehould be adopted oa or before thedate prescrilced by tbe regulatlone under code eectLon 401(b).
Ttuis determinat,ioa l-etter ls baEed eolely on your assertioa that the planLE entitled to be treated aB a Governmental pian riraer Eection 414(d) of theInteraal Reverrue Code.
llhiE deta:uriuatioa letEer is applicabLe to the plan :nd relaEed. documengesubmitted in conjunction wlth your appltcation flled during tbe remedialamendmeat cycle ending ZOO9.
:r:bie Le Dot a determlnation wLth respect to any la"ngruage in the plau orany arnendment to the plan that refLects Section g oi the-oeieirse of, t*tirrLageAct, r\rb. rJ. 104-199, 110 Etat. 2419 (DoMA) or u.s. v. wiudsor, 133 s. ct. z67s(2013), wh.icb inrral.Ldated that section.
rile have 8e!xt a coBy of tbi8 letter to your repreeeulative ae iadicated iathe Form 2848 Power of Attorney or appointee as iodicated. by tbe Form gB21 TaxInformation Authorization.
rf you have gueBtions concerrri-og tbie rnatter, pleaee contact the personwhose name ald telephone umber are ihocn a.borre.
Si:reerely,
EnclogureE:
E\:blicatlon 294
Gp. €-ef$.--
Andrew E. Zucketman
DLrector, EP RuIlEgB & AgreemeErE8
Iretter 2oo2 (Do/ecl
465
ORDINANCE NO.
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, AMENDING PART I,
SUBPART B, ARTICLE IX, RELATED SPECIAL ACTS, OF THE
MIAMI BEACH CITY CODE ENTITLED *PENSION SYSTEM
FOR DISABILITY AND RETIREMENT OF MEMBERS OF
POLICE AND FIRE DEPARTMENTS',; AMENDING THE
PENSION SYSTEM TO COMPLY WITH APPLICABLE
PROVISIONS OF THE INTERNAL REVENUE CODE AND
REGULATIONS THEREUNDER; AMENDING SECTION 62,
ENTITLED "DEFINITIONS,,; AMENDING SECTION 63,
ENTITLED *SOURCE OF MONIES FOR FUND; COMPUTATION
OF LIABILITY; USE AND INVESTMENT OF FUND,,;
AMENDING SECTION 66, ENTITLED "SERVICE AND
DISABILITY BENEFITS GENERALLY,,; AMENDING SECTION
70, ENTITLED "RETURN OF CONTRIBUTION,'; AMENDING
SECTION 79, ENTITLED "DEFERRED RETIREMENT OPTION
PLAN,,; AMENDING SECTION 82, ENTITLED "MILITARY
SERVICE''; AMENDING SECTION 83, ENTITLED
*LIMITATIONS ON BENEFITS;,' AMENDING SECTION 84,
ENTITLED "DISTRIBUTION LIMITATION''; AMENDING
SECTION 85, ENTITLED "DISTRIBUTION TO RETIREMENT
PLAN,,; PROVIDING FOR SEVERABILITY; REPEALING ALL
ORDINANCES IN CONFLICT THERE,WITH; AND PROVIDING
AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA:
Section 1. Effective September 30, 2013, Section 62 of Part 1, Subpart B, Article IX,
Related Special Acts of the Miami Beach City Code, is amended to read:
Section 62. Definitions
The following words, terms and phrases, when used in this article, shall have the
meanings ascribed to them in this section, except where the context clearly indicates a
different meaning:
Actuarial Assumptions (.for the calculation of optional forms of benefrts\ means the
followin g intere st rate s compounded annual Iy :
(a) 8.5% for plan ),ears prior to October 1" 2009: 8.4% effective for the plan year beeinning
October 1. 2009: 8.3% effective for the plan vear beginning October 1. 2010: 8.2%
effective for the plan year beginnine October 1.2011: 8.lo% effective for the plan year
466
beginning October 1. 2012: and 8.0% effective for the plan years beginning October 1.
2013 and October 1. 2014:
(b) 7.95% effective for the plan ),ear beginning October 1. 2015: 7.90% effective for the
plan ),ear beeinning October 1. 2016: 7.85olo effective for the plan year beginnins October
1. 2017: 7.80% effective for the plan year beginning October 1. 2018: and 7.75% effective
for the plan year beginning October 1. 2019.
Actuarial Assumptions (.for the calculation of optional forms of beneftts) also means the
following mortalit), tables :
(a) for plan ),ears beginning prior to October 1. 2010. the 1983 Group Annuity Mortality
Table: for plan )rears beginning on October 1.2010 and October 1.2011: for Pre-
Retirement Mortality the RP-2000 Combined Mortality Table with a blue collar
adjustment. for Post-Retirement Healthv Mortality the RP-2000 Combined Mortalitv Table
with a blue collar adjustment. and for Post-Retirement Disabled Mortality the RP-2000
Combined Mortality Table;
(b) for plan years beginnins on and after October 1. 2012: for Pre-Retirement Mortality the
RP-2000 Combined Mortalit), Table with a blue collar adjustment projected l5 years from
valuation date" for Post-Retirement Healthy Mortality the RP-2000 Combined Mortality
Table with a blue collar adjustment projected 7 years from valuation date. and for Post-
Retirement Disabled Mortality the RP-2000 Combined Mortality Table. For purposes of
determining the period that benefits are paid to a widow or widower who was married to a
deceased member for less than ten years. the 1994 Life Expectancy Table shall be used.
Section 2. Section 63 of Part 1, Subpart B, Article IX, Related Special Acts of the Miami
Beach City Code, is amended to read:
Sec. 63.
fund.
Source of moneys for fund; computation of liability; use and investment of
(b) Each member of this System hired before September 30,2013 shall contribute 10% of
his Salary to the Fund. Each member of this System hired on or after September 30,
2013 shall contribute 10.5% of his Salary to the Fund. The City shall, solely for
purposes of complying with section 414(h) of the Internal Revenue Code, pick up
contributions required to be made by the members under this System. The
contributions so picked up shall be treated as employer contributions for purposes of
determining their tax treatment under the Intemal Revenue Code. No employee shall
467
have the option of choosing to receive the contributed amounts directly instead of
havine them paid bv the ciry to the System.
Section 3. Section 66.1 of Part 1, Subpart B, Article IX, Related Special Acts of the
Miami Beach City Code, is amended to read:
Section 66.1 Normal form of benefit; benefit options.
(e) Upon attainment of normal retirement age. as described herein. the member shall be
fully vested in the benefits under the System.
Section 4. Section 70 of Part 1, Subpart B, Article IX, Related Special Acts of the Miami
Beach City Code, is amended to read:
Sec. 70. - Return of contribution.
(a) Except as provided in subsections (b) and (c) of this section, whenever any member
in the service of either the fire or police department shall sever his connection with such
department either voluntarily or by lawful discharge, or by death not attributed to his active
duties prior to the completion of five years of membership in the department, or by death
in active service after the completion of five years of membership in the department
leaving no Surviving Spouse, Domestic Partner, children or Dependent Parents entitled to
pension benefits under this System, such member or his estate shall be entitled to the return
of all the moneys he has contributed into this System, together with accumulated interest
on the sum, at the rate of three percent per annum, computed until date of payment to the
member or his estate, unless in the event of discharge or voluntary severance such member
has at that time qualified under the terms of this System for a pension from the System.
No palrment shall be made under this paragraph to a member unless the member has made
a written request for the pa)rment in the form and manner determined by the Board.
Section 5. Section 79 of Part 1, Subpart B, Article IX, Related Special Acts of the Miami
Beach City Code, is amended to read:
Sec. 79. - Deferred Retirement Option Plan (DROP).
(l) Compliance with Intemal Revenue Code Section 414(k) and 414(i). To the extent
required under the Internal Reven
contribution plan to the extent that the member's benefits under the System are based on
the member's DROP account. The amount of "annual additions" (as such term is defined
468
in Section 415(cX2) of the Intemal Revenue Code and Treasury Regulations Q1.415(c)-
1(b)) which may be allocated under the DROP to a member's DROP account for a
"limitation )rear" ma), not exceed the maximum permissible amount under Section
415(cX1) of the Internal Revenue Code and Treasury Regulations $1.415(c)-1(aXl) (the
"Annual Maximum Amount"). In addition. for purposes of determining a member's
Annual Maximum Amount. the member's compensation shall be determined in compliance
with Treasury Regulations $ 1.41 5(c)-2.
Section 6. Section 82 of Part 1, Subpart B, Article IX, Related Special Acts of the Miami
Beach City Code, is amended to read:
Sec. 82. - Military service.
(c) Notwithstandinq an), provision of this plan to the contrary. effective as of
December 12. 1994" contributions. benefits and service credit with respect to qualified
military service will be provided in accordance with Section 414(u) of the Internal
Revenue Code of 1986. as amended. and USERRA. as applicable.
Section 7. Section 83 of Part 1, Subpart B, Article IX, Related Special Acts of the Miami
Beach City Code, is amended to read:
Sec. 83. - Limitations on benefits.
(a) In addition to the other limitations set forth in this System and notwithstanding any
other provision of the System to the contrary, the maximum annual pension payable under
the System shall not increase to an amount in excess of the amount permitted under section
415 of the Internal Revenue Code, with such limitation specifically subjectto subsections
(F), (G) and (I) of section 4t5(b)(2) of the Internal Revenue Code and sections 415(b)(11),
415(kX3) and 415(n) of said Code. The limitation year shall be the 12 month period
ending each September 30.
Section 8. Section 84 of Pan l, Subpart B, Article IX, Related Special Acts of the Miami
Beach City Code, is amended to read:
Sec. 84. - Distribution limitation.
Notwithstanding any other provision of this System, all distributions from this System
shall conform to section a01(aX9) of the Internal Revenue Code in general and to section
a01(a)(9)(C) of the Intemal Revenue Code in particular. Notwithstandine any other
provision of this plan to the contrary. a form of retirement income payable from this plan
shall satisfr the following conditions:
(a) If the retirement income is payable before the member's death:
469
( 1) It shall either be distributed or commence to the member not later than April 1
of the calendar )rear following the later of the calendar year in which the member attains
aee 70 1/2 . or the calendar year in which the member retires:
(.2) The distribution shall commence not later than the calendar year defined above:
and (a) shall be oaid over the life of the member or over the lifetimes of the member and------ ,--/ - -- ,
the member's designated beneficiary or (b) shall be paid over the period extendins not
be),ond the life expectancy of the member and the member's designated beneficiary.
Where a form of retirement income payment has commenced in accordance with the
preceding paragraphs and the member dies before his entire interest in the plan has been
disrupted. the remaining ponion of such interest in the plan shall be distributed no less
rapidl)z than under the form of distribution in effect at the time of the member's death.
(b) If the member's death occurs before the distribution of his interest in the plan has
commenced. the member's entire interest in the plan shall be distributed within five years
of the member's death. unless it is to be distributed in accordance with the following rules:
(1) The member's remaining interest in the plan is payable to his member's
desi gnated benefi ciary:
O\ The remainins interest is to be distributed over the life of the member's
designated beneficiarlz or over a period not extending beyond the life expectancy of the
member's designated benehciary; and
(3) Such distribution begins within one year of the member's death unless the
member's Surviving Spouse is the sole designated beneficiary. in which case the
distribution need not begin before the date on which the member would have attained ase
70 % and if the member's Surviving Spouse dies before the distribution to the Surviving
Spouse begins. this section shall be applied as if the Surviving Spouse were the member.
Section 9. Section 85 of Part 1, Subpart B, Article IX, Related Special Acts of the Miami
Beach City Code, is amended to read:
Sec. 85. - Distribution to retirement plan.
(a) Election by distributee. This section applies to distributions made on or after January 1,
1993. Notwithstanding any provision of this article 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. The following words, terms and phrases, when used in this subsection,
shall have the meanings ascribed to them in this subsection, except where the context
clearly indicates a different meaning:
470
l. Direct rollover means a payment by the System to the eligible retirement plan
specified by the distributee. Effective as of January 1. 2008. a non-spouse Beneficiary
malz make a direct rollover only to an "inherited" individual retirement account as
described in Section 408(b) of the Internal Revenue Code.
2. Distributee includes an employee or former employee. In addition, the
employee's or former employee's $urviving Sspouse or domestic partner is a distributee
with regard to the interest of the Surviving $spouse or domestic partner. Effective as of
January 1. 2008. an Emplolree's or former Employee's non-spouse Benehciary is a
distributee with regard to the interest of the Employee of former Employee.
3. Etigible retirement plan means an individual retirement account described in
section a08(a) of the Internal Revenue Code, an individual retirement annuity described in
section 408(b) of the Internal Revenue Code, an annuity plan described in section 403(a) of
the Internal Revenue Code, or a qualified trust described in section 401(a) of the Internal
Revenue Code, that accepts the distributee's eligible rollover distribution. ++o{#wer-in+he
arfi*i+)t Effective for distributions made after December 31. 2001" an elieible retirement
lan itv contract ion 4036) of
Revenue Code and an eligible plan under Section 457(b) of the Intemal Revenue Code
which is maintained by a state. political subdivision of a state. or any agency or
instrumentalit), of a state or political subdivision of a state and which agrees to separatelv
account for amounts transferred into such plan from this Plan.
4. Eligible rollover distribution means 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 a01(a)(9) of the Internal Revenue Code; and the
portion of any distribution that is not includable in gross income.
Section 10. Conflicts and Severability.
(a) All Ordinances, and parts of ordinances, in conflict herewith shall be and
the same, are hereby repealed.
(b) In the event any article, section, paragraph, sentence, clause, or phrase of
this Ordinance shall be adjudicated invalid or unconstitutional, such adjudication shall in
no manner affect the other articles, sections, paragraphs, sentences, clauses or phrases of
this Ordinance, which shall be and remain in full force and effect as fully as if the item so
adjudged invalid or unconstitutional was not originally apart hereof.
Section 11. Codification. This Ordinance shall be codified in the Code of Ordinances of
471
the City of Miami Beach.
Section 12. 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
day of ,2015.
PHILIP LEVINE
MAYOR
ATTEST:
RAFAEL E. GRANADO
CITY CLERK
(Sponsored by Commissioner_)
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
fldts
Dote
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