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HomeMy WebLinkAboutBack-Up DocumentsINTERNAL REVENUE SERVICE P. O. BOX 2508 CINCINNATI, OH 45201 Date: MAY 2 2 2017 CITY OF MIAMI C/0 ROBERT J FRIEDMAN 701 BRICKELL AVENUE SUITE 3300 MIAMI, FL 33131 Dear Applicant: DEPARTMENT OF THE TREASURY Employer Identification Number: 59-6000375 DLN: 17007043084026 Person to Contact: VINCENT 0 CASTRIGANO Contact Telephone Number: (513) 263-4176 Plan Name: CITY OF MIAMI FIREFIGHTERS RELIEF & PENSION FUND Plan Number: 003 IDit 31364 Based on the information you provided, we are issuing this favorable determination letter for your plan listed above, However, our favorable determination only applies to the status of your plan under the Internal Revenue Code and is not a determination on the effect of other federal or local statutes. To use this letter as proof of the plan's status, you must keep this letter, the application forms, and all correspondence with us about your application Your determination letter does not apply to any qualification changes that become effective, any guidance issued, or any statutes enacted after the dates specified in the Cumulative List of Changes in Plan Requirements (the Cumulative List) for the cycle you submitted youT application under, unless the new item was identified in the Cumulative List, Your plan's continued qualification in its present form will depend on its effect in operation (Section 1.401-1(b)(3) of the Income Tax Regulations). We may review the status of the plan in operation periodically. You can find more information on favorable determination letters in Publication 794, Favorable Determination Letter, including: The significance and scope of reliance on this letter, The, effect of any elective determination request in your application materials, The reporting requirements for qualified plans, and Examples ofthe effect of. a plan's operation oin. its qualified You can get a copy of Publication 794 by visiting our website at www,irs.gov/formspubs or by calling 1-800-TAX-FORM (1-800-829-3676) to request a copy. This letter considered the. 2014 Cumulative List of Changes in Plan Qualification. Requirements, We made this determination on the condition that you adopt the proposed Letter 5274 CITY OF MIAMI restated plan you submitted with your or your representative's letter dated 1-28-16, You must adopt the proposed plan on or before the date, the Income Tax Regulations provide under Section 401(b) of the Internal Revenue, Code, We based this determination, letter solely on your claim that the plan meets the requirements of a governmental plan under Section 414(d) of the Internal Revenue Code. The information on, the enclosed addendum is an integral part of this determination, Please be sure to read it and keep it with this letter. If you, submitted a Form 2848, Power of Attorney and Declaration of Representative, or Form 8821, Tax Information Authorization, with your application and asked us to send your authorized representative or appointee copies of written communications, we will send a copy of this letter to him or her If you have any questions, you can contact the, person listed at the too of this letter, Addendum Sincerely, Karen D. Truss Director, EP Rulings & Agreements Letter 5274 -3- CITY OF MIAMI This determination letter also applies to the amendments dated 7-31-09, 7-02-12, 12-12.13, & 10-24-13, Letter 5274 DEC-15-2016 12:20 IRS 513 263 4517 P.01 Internal Tax Exempt/Government Entities Division (TE/GE) Revenue Service To: Robert J. Friedman Phone Number: _Fax Number: (305) 7139-7799 Form Number: 5300 Plan Name and Number: City Relief & Pension Fund 003 Facsimile Cover Sheet From: Vincent Castrigano ID Number: 0909922 Phone Number: (513) 263-417 Date: 12/15/2016 Response Date: 1/06/2017 fiVliarni FirefightersNumber of Pages (including cover sheet) We are reviewing your application for a favorable determination letter on the above plan. However, we need more information before we can continue the process. The enclosed list shows the information needed and, if applicable, amendments to be submitted. Please send your reply by the response date (above) to the address/fax listed below with a copy of the Application Identification Sheet. The Application Identification Sheet will enable us to associate the additional correspondence or documents with your application case hie. Nat including the Application Identification Sheet will delay processing of your inforrnation. Pease send your reply by the response date to the address/fax listed below with a copy of this cover sheet If you have any questions or concerns regarding this matter, or cannot meet the response date, you can reach me at the number shown above. If I have not responded to your voicernail within 48 hours, you may contact my manager, Melissa Whelan@ 513-263-3552 between the hours of 8 30 a,m. and 4:30 p.m. (E.T.), Forms, instructions, and publications may be obtained at the, IRS Web site at tVww.irS.);(1'. Comments: Cinti Campus Mailing Address Internal Revenue Service P.O. Box 12192 Covington, KY 41012-0192 Fax Numbers* (855)260-3187 855)260-8179 'Please DO NOT fax the additional information requested if lt is more than 1C) pages. Campus Office Delivery Internal Revenue Service 201 W. Rlvercenter Blvd Attn: Extracting Stop 312 Covington, KY 41011 DEC-1 2'01 12: 21 IRS 513 263 4517 P. 02 IR, 1):ear 1'vIr Department of the Treasury Memel Revenue Service 5l) Mii Strcei (incinnati. ( /I I 45202 Roben ,1, Friedman Ilolland & Knight LLB 701 Bricke 1 1 Avenue, SIliLL 3300 Miami,. FL 33 13 I Date: 12/15/2016 Employer ID number: 59-6000375 Plan name; City of Miami FirefightersRelief & Pension Fund Plan number: 003 Person to contact: Vincent Castrigano contact telephone/lumber: 513-263-4176 Contact fax number: 513-263-4624 Employee ID number: 0909922 Regponse clue (tate: 1/06/2017 We are processing your request liar a determination on the plan identified above. Some of the required in FOrmation Os missing or inadequate tc make a determination under Section 4..01(a) of the lnternal Revenue+ Code (tile (,ode). 'The iiews we still need arc on the enclosed liOirmation Needed page. 1 he 270-day period or declaratory judgmenisdefined in Section .7476(b)(3) ol the Code 'will not he:gin until we receive your complete and correct application. Inerr5c send us the requested in lbrmation by the response date listed above. To avoid processing deays., he so rc you: • Include all requesied inFormation • Illnsure your in [brillcalm is CoMplele and correct • include eopy ol this letter • Include a copy of (Ile /Ippiicani inicntilication Sheci (AIS), if enclosed You can scud your response to: 1<eli;ular Stop 31 Attention: LIVE° Determination leners Internal Revenue Service P.O. Box 112 92 Covington, KY 41012-0192 Express Mail or a delivery service: Stop .31 A lentiom ill11/10 IX:Aerial lila( ion Letters Internal Revenue Service 20.1 Wes( Rivereenter Boulevard Covington, KY 41011 Fa x: Send up lo 10 pi:iges 3-45 I 7.1 Letter 1196 (Rev, 6-20 Catalog Number 405(371 DEC-15-2016 1221 513 263 4517 P.03 Ilyou submitted a Ft)rm 2848, Pulver Ly',41torney and Declaration of Representative, or Form 8821, Tax Irtfiirmation it/pi, aion, NVith 'OLIO' application and asked us to Send your authorized representative or appointee copies or vvritten communications. wc ‘vill send a copy or this letter to him or her. Ilyou can't meet the response due dale listed above or you have questions, you can contact me at the number listed at the top or this letter. or you can contact my manager, Melissa Whelan at [(513) 263-35521, ease keep this letter For your records. 111,1111, >011 l( r yi)ur cot)perati()n. Sincerely, Vincent Castrigano 1:mployee Plans Specialist Enclosure: Information NcedeLl (\pplieant 1,denlilication Sheet. ee. Robert .1: Friedinan Letter 1196 (Rev. 6-2015) Catalog Nombor 406871 513 263 4517 6-1.04 DEC-15---2016 1221 IRS Employer name: City of Miami Ent plo> er ID number: 59-6000375 Information Needed Plan name; City of Miami Firelighters' Relief & Pension Fund Plan number: 003 1, Does this plan state that i1 kmd osatisfy 1RC § 401(a) by meeting the requirements of § 41 4(d)? 2. Does the plan prohibit the reversion or trust funds" or a return of employer contributions except permitted by the statute or Rev. Rul, 91-47? 3.1)oes,11:c plan provide that in Ole event Or a mandator> distribution (including amounts attributable to rollover contributions) greater than 1;1,000 where the participant does not elect to have such distribution paid directly io al eligible retirement plan specified hy the participant in a direct rollover or to receive the distribution directly. that the plan administrator will pay the distribution in a direct rollover to an individual retirement plan designated hy the plan i.,tilininistrator? 4. [RC 402.(e i 1), Allows iton-spouse beneficiaries to roll aver distributions front a qualified plan to an IRA. This language is required Ibr all qualified plans. Please amend the plan toadd this language or provide an explanation lyou believe the plan is already in compliance with this requirement. 5, This plan appears to not have been amended fOr the Final 415 Regulations. Please see Internal Revenue Bulletin 2007-18, Please submit an explanation iryou believe that the plan is already in compliance with the Final 415 Regulations. 6. All quali lied plans are required to comply (non-eonllicting language) with United States v Windsor. Please confirm that the plan is in compliance, See Revenue Ruling 2013-17 ror additional guidance. 7, The definition or Normal Retirement Age was unable to be located.. Please submit an explanation the location the plan delinition orNormal Retirement Age, Letter 1196 (Rev, 6-2015) Calalog Number 405871 DEC-15-2016 12: 22 WWWWW 01.110.11111111.10 •111111(•*.11 .1.1•••••••... 0111111111.01. 111.111111111011 IM1.1.1101" 1410•11.11MINAO. 1..11.111i1111111.1. 101,Mein OWWWW WERIMMM Y111.11.miebinev 1011111.110. tIONIMMIENNO11.0 11111.1.111111 11110011101 alIMINNIMI mM1•11•1111111IM 011111ilimm Additional Payment IRE Box for IRS use only Application Identification Sheet 11111111 11111 111111 111111 513 267 4517 P. 25 TEDS Case Number: EP-2016070-000100 Employer Identification Number: 59-6000375 Opening Document Locator Number; 17007-043-08402-6 Form 5300 Plan Number: 00:3 Plan Name CITY OF MIAMI FIREFIGHTERS RELIEF & PENSION FUND Please include a copy of this Application Identification Sheet with any additional correspondence or documents you may submit related to your application, This Application identification Sheet will enable us to associate the additional correspondence or documents with your application case file quickly and accurately, to facilitate processing of your application. Please do NOT send a copy of this Application Identification Sheet with a new application. To do so would delay processing of the new application. Please send any additional correspondence or documents related to your application, along with a copy of this Application Identification Sheet, to. 11 Internal Revenue Service P.a Box 12192 Covington, KY 41012-0192 11111111111111111111111111111111111 11111111111111111111 111111111 1111111011 11 1111 *EP 2016070-000t00" TOTAL P.05 HoHand &Knight 701 Bnocell Avenue. Suite 3300 1 Manii, FL 33131 I T 305.374.8500 F 305.789.7799 HoIQnd & Knight LLP I www.hkiaw.corn Sepedeh Tofigh 305J89,7435 Sepedeh May 10, 2017 VIA FAX: (513) 263-4624 Internal Revenue Service EP/EO Determination Letters Attn: Vincent Castrigano P.O. Box 12192 Covington, KY 41012-0192 Re: Plan Name: City of Miami Firefighters' Relief and Pension Fund Plan Number: 003 Plan Sponsor: City of Miami Plan Sponsor UN: 59-6000375 Dear Mr: Castrigano: This letter is a follow-up to our correspondence to you dated March 23, 2017, which was a response to your fax dated March 2, 2017, in regard to the above referenced plan. As requested, we have provided the outstanding response to the questions in your fax to us. Please see our responses beginning on the following page. Please do not hesitate to contact me if you require additional information. Very truly yours, HOLLAND & KNIGHT LLP Sepedeh Tofigh Enclosures (as stated) cc: Robert Friedman, Esq., Plan ERISA Counsel #51035075 Internal Revenue Service May 10, 2017 Page 2 . Please see the requested amendment 2, attached. Amendment 2 includes an addendum of "clean-up" minutes which we believe will be helpful to clarify and complete the original minutes and therefore fully reflect what took place at the meeting of the trustees. Please note that the correct date of Amendment 2 is June 17, 2009, and not October 15, 2009, as originally stated in the determination letter application, We have also attached the original form letter addressing PPA and HEART amendments mentioned in the June 17, 20,09 minutes, in addition to the specific letter requested "to address Miami 175 Plan's need", dated July 31, 2009, for your reference. AMI FIRE FIGHTERS' RELIEF & PENSION FUND 2980 N.W. South River Drive, Miami, Florida 33125-1146 (305) 633-3442 Fax (305) 633-3935 office@ ila mi 175 ,org Minutes for the meeting of the Miami Firefighters' Relief and Pension Fund held on June 17', 2009 in. the conference room at the Miami Firefighters Benevolent Hal 1. Roll Call: The meeting was called to order at 0905 hours by Chairman Burns, Present: Joe Burns, Erik Pace, Gary Dagnan, Rick Mayan, Dan Givens, Conference Call: Bill Cottle, Consultant Absent: Chief Bryson 2. High Yield Fixed Income A. The board entered into a discussion via conference call with Bill CotUe about the proposed investment managed by Barrow Hanley. Some additional information that Bill intends to get from Barrow Hanley is as follows: Quarter 1 return for 2009, performance record in compliance with AMIR standards. B. Administrator Givens asked if Barrow Hanley's legal staff was comfortable with the language in our investment policy statement, and compliance with the quality constraints in FS 175. Bill indicated they were and the amended contract language would be sent subsequent to the adoption by the board. Bill advised that this investment vehicle would be part of the Fixed Income asset class and anticipated this investment to have a 3 to 5 year time horizon, with the manager having discretion to take the allocation to zero. Conference call ended with Bill Cottle at this time. C. After a lengthy discussion on the amendment to the investment management agreement: Motion by Dagnan, 2" by Mayan to authorize Barrow Hanley to invest $3 million into the Barrow Hanley High Yield Bond Fund subsequent to board attorney approval of the amended contract language. Motion passed without objection, 3. Minutes; Minutes of the May 8, 2009 regular meeting Were read. Motion by Pace, 2" by Mayan to approve. Motion passed without objection. 4 Routine Business; A. Warrants: Warrant # 09-06 in the amount of $95,832.77, inclusive of checks 368 — 379 was approved. B. Treasury Report: Givens gave a treasury report and discussed the plan for funding of the Safe Harbor Account. C. Correspondence: 1. Holland & Knight sent a form letter on our plan document amendments. Givens notified Cypen that the letter needed to be amended to address Miami 175 Plan's need. 2. Attorney Cypen sent out a model policy statement for Disclosure of Placement Agent Fees. Givens to follow-up with Cypen. 3. Letters from Edward Solce, Jr. reference: Shareholder proposals 4. Letter from Mark Donovan — Robeeo's Large Cap Value Product 5. Request from AFL-CIO, Pension Fund statement on the Employee Free Choice Act 6. Additional correspondence from the IRS on the levy. 7. Letter from Ed O'Dowd on commission recapture. Givens forwarded to Bill Cottle for comments 8. Vandroff Insurance: Hurricane check list. 5. Old Business: A, Ordinance Amendment & IRS Filing — filed and pending B. IAFF Banking Center —No action at this time C. DOR Data Base: No report D. EFT for State Check — Givens has our account reactivated E. Website — Givens has site updated with new investment policy statement and will add Safe Harbor Form to the documents. F. Security Litigation & Monitoring — No action by the board at this time. Givens to follow-up with Bill Cottle and FIPO to determine who they selected from the group. 6. New Business: A. Account credits and distributions — Chief Bryson: Givens to discuss issue with attorney Cypen and report at the next meeting. B. Financial Disclosure, Form 1 — Givens reminded board that the form was due July 20 and a signed copy was needed for the office files. C. July 16th Meeting — due to board members being out of town, the July meeting was rescheduled to July 201h. Meeting was adjourned @ 1315 hrs. The next re -scheduled meeting will be held July 20, 2009. Dan Givens, Administrator 2 UNANIMOUS WRITTEN CONSENT OF THE BOARD OF TRUSTEES OF THE MIAMI FIREFIGHTERS' RELIEF AND PENSION FUND April 27,2017 The undersigned constituting all of the members of the Board of Trustees (the "Board") of the Miami Firefighters' Relief and Pension Fund (the "Plan"), do hereby consent in writing to the adoption of the resolutions herein, and the actions hereinafter set forth and direct that they shall, in all respects, be deemed valid actions of the Board as though such actions and resolution has been duly approved and authorized, at a forrnal meeting of the Board, WHEREAS, at a meeting of the Board on June 17, 2009, the Board discussed the application of the Pension Protection Act ("PPA") and the Heroes Earnings Assistance and Relief Tax ("HEART') Act to the Plan, following the receipt or a letter regarding the PPA and HEART Act's applicability to the Plan. WHEREAS, the Board believes it is hi the best interest of the Plan and its participants and beneficiaries to add an addendum to the minutes of the meeting of the Board on June 17, 2009 (the "Minutes"), to accurately and completely reflect the discussion of the application of the PPA and HEART Act. to the Plan, WHEREAS, the Board also would like the Minutes to accurately reflect the Board's approval of (i) nonspousal beneficiary rollovers, effective for distributions made after December 31, 2006, (ii) the benefit available from the Plan, in the case of a death or disability occurring on or after January I, 2007, if a participant dies or becomes disabled while performing qualified military service (as defined in § 414(u) of the Internal Revenue Code (the "Code")), and (iii) the treattnetit, for years beginning OR or after January 1, 2009, of an individual receiving differential wage payments, as defined by Code §3401(h)(2), as an employee, and the treatment of differential wage payments as compensation. NOW, THEREFORE, BE IT RESOLVED that, the Minutes are hereby amended to accurately and completely reflect the discussion by the Board of the application of the PPA and the HEART Act to the Plan and the Board's approval of (i) nonspousal beneficiary rollovers, effective for distributions made after December 31, 2006, (ii) the benefit available from the Plan, in the case of a death or disability occurring on or after January 1, 2007, if a participant dies or becomes disabled while performing qualified military service (as defined in § 414(u) of the Internal Revenue Code (the 'Code"», and (iii) the treatment, for years beginning on or after January 1, 2009, of an individual receiving differential wage payments, as defined by Code §3401(h)(2), as an employee, and the treatment of differential wage payments as compensation. NOW THEREFORE, he der!gned members of the Board ofTrustees have executed this Written Consent as of th daft" rrs fo li ab Chairman Secretary Trustee 'Trustee 6378538 2 doc June L j, 2009 Stephen H. Cypcn, Esq. Cypen & Cypen 777 Arthur Godfrey Road, Suite 320 Miami Beach, Florida 33140 Tel 305 374 8500 Fax 305 789 7799 Holland & Knight LLP 701 Brickeit Avenue Suite 3000 P,O, Box 015441 (Zit') 33101- 5441) Miami, FL 33131 wvvw,hklaw.com Robert J. Friedman 305 789 7791 robertiriedrnangriklaw,com Re: Amendments related to the Pension Protection Act of 2006 and the Heroes Earnings Assistance and Tax Relief Act of 2008 Dear Mr, Cypen: Certain changes in law require or permit amendments to governmental defined contribution retirement plans, such as [iia'i-nof'ip,1,41 (the "Plan"). Changes in law which affect the Plan include the Pension Protection Act of 2006 (the "PPA"), which was enacted in August 2006, and the Heroes Earnings Assistance and Relief Tax Act of 2008 (the "HEART Act"), which was enacted in June 2008. I, THE PENSION PROTECTION ACT OF 2006 PPA: Amendment May_Be Required With respect to governmental defined contribution retirement plans, the PPA provides for several new benefits and the liberalization of certain existing benefits. An amendment to the Plan is only required if the Plan wishes to include such benefit or liberalize the provisions relating to such benefit as permitted by the PPA. Retiree medical premiums for public safety officers. The PPA allows governmental defined contribution retirement plans to pay up to $3,000 annually of a public safety officer's otherwise taxable plan distribution directly to a retiree medical plan or long term care insurance on a pre-tax basis, so long as the public safety officer separates from service either at the plan's normal retirement age or due to his or her disability. Insurance premiums may be paid for the public safety officer, his spouse or his dependents while he is alive, but once he is deceased, the benefit ceases and may not be used by his spouse or beneficiaries to pay for their insurance premiums. Insurance premium payments may only be made directly to the insurance company and may only be made to fully insured plans --the benefit does not extend to premiums for self insured plans. "Public safety officers" include law enforcement officers, firefighters, chaplains, rescue crew members or ambulance crew members. Atlanta • Bethesda • Boston • Chicago • Fort Lauderdale • Jacksonville • Los Angeles Miami • New York • Northern Virginia • Orlando • Portland • San Francisco Tallahassee • Tampa • Washington, D,C, • West Palm Beach Pap 1 6378538 Aieuhen H. Cypen, Esq. Tffne Page 1 Non -spouse beneficiary rollovers. Effective for distributions made on or after January I, 2007, non -spouse beneficiaries will be able to directly roll over lump sum benefit distributions from a governmental defined contribution plan into an individual retirement account ("IRA"). Such IRA's will be treated as inherited IRA's and be subject to the minimum required distribution rules that apply to IRA beneficiaries, Indirect 60 day rollovers are not permitted. A plan is not required to provide for direct non -spouse beneficiary rollovers. Hardship/unforeseeable emergency withdrawals. Prior to the PPA, hardship and unforeseeable emergency withdrawals were permitted for participants in governmental defined contribution retirement plans only in situations relating to the participant, his or her spouse or his or her dependents. The PPA modifies this requirement to allow for withdrawals based on hardship situations relating to the plan participant's beneficiary, even if this beneficiary is not a spouse or dependent. In-service distributions for active employees over the age of 62. Effective for plan years beginning on or after January 1, 2007, governmental defined contribution retirement plans may make distributions to active employees who have reached age 62, even if the employee has not reduced his work schedule, • Rollover of after-tax amounts. Effective for distributions on or after January 1, 2007, after-tax amounts may be directly rolled over from one qualified plan to another (including govenuriental defined contribution retirement plans). The receiving plan must separately account for such amounts. Indirect 60 day rollovers are not permitted, • Automatic Enrollment. The PPA allows ERISA-covered defined contribution plans to implement automatic deferrals of an employees compensation into such plan. It also preempts any conflicting state or local law that would otherwise restrict or prohibit such automatic contribution. Governmental defined contribution retirement plans are not covered by ERISA, and therefore this provision and state preemption does not apply to such plans. However, governmental defined contribution retirement plans may wish to review applicable state and local law to determine whether they are permitted to add such a seherne under applicable law, lf so, such plans may wish to use the PPA as a framework or guide for amending their plans to add such provisions. PPA: No Amendment Necessary With respect to several provisions and benefits, the PPA, does not require a written amendment to the Plan, but the PPA will impact the operation and administration of the Plan. As such, it is important for the Plan to operationally comply with such provisions, even though no official amendment is necessary. • Minimum distribution rules. Code Section 401(a)(9) imposes minimum distributions on governmental defined contribution retirement plans. Current regulations permit amiuity distribution options in governmental plans in place before April 17, 2002, to satisfy the requirements of Code Section 401(a)(9) through good faith compliance. The PPA directs Page '4. 6378 2Scisuhen H. Cypen, Esq. Page neT-1-,2-01)9 Page 2 the IRS to issue guidance that a plan will meet such requirements for all, the years Code Section 401(a)(9) applies to the plan so long as plan provisions represent a reasonable good faith interpretation of the rules. Plans should already be operating with good faith compliance, so no amendment should be necessary to comply with this provision. • Relieffrom nondiscrimination rules. Effective as of August 17, 2006, the PPA officially exempts governmental plans from the nondiscrimination and minimum participation rules under Code Sections 401(a)(4), 401(k), 401(m) and 401(a)(26). Extension of participant notification period. Effective for distributions after January 1, 2007,, the PPA provides that notice to participants and spouses before distributions are made must be provided no more than 180 days and no less than 30 clays before the distribution or annuity starting date. The PPA also directs the IRS to issue rules requiring such notice to describe an employee's right to defer distribution and the tax and retirement savings of not deferring a distribution. During the period prior to the IRS issuing these rules, the Plan trittst make a reasonable attempt to include this information in participant notices. Investment Advice The PPA provides an exemption to the prohibited transaction rules for ERISA-covered defined contribution plans that provide investment advice to participants under certain conditions. Because governmental plans are not covered by ERISA and therefore not subject to the prohibited transaction rules, these provisions do not apply to such plans. However, governmental defined contribution retirement plans may wish to look to these provisions to provide a procedural framework when giving or having their third party provider give investment advice to governmental plan participants. PPA: Amendment Date Governmental defined contribution retirement plan sponsors have until the last day of the plan year beginning on or after January 1, 2011, to retroactively amend their plans to incorporate provisions of the PPA. However, the Plan must be operated in accordance with the required PPA provisions beginning on their effective dates even if the written amendment to the Plan is not completed until after such date. Therefore, we are encouraging governmental plan clients to amend their plans earlier than the deadline in order to properly establish and implement the new provisions. II. THE HEROES EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2008 HEART Act: Amendment Required With respect to governmental defined contribution retirement plans, the HEART Act includes three mandatory provisions for which plan amendments are required. Such amendments to the Plan are required by the last day of the plan year beginning on or after January 1, 2012, although the provisions go into effect prior to this date, as noted below, Distributions to Participants on Active Duty. Effective January 1, 2009, the HEART Act 6378538 ABEhen H. Cypen, Esq. —Eine Page 3 requires that governmental defined contribution retirement plans treat participants who are on active military duty for more than 30 days as having terminated employment for purposes of taking distributions under such plan. A participant who opts to take such a distribution will still be subject to the 10% early withdrawial penalty and may not make any elective deferrals to the plan during the six month period beginning on the date of such distribution. Death benefits during USERRA qualVied military service. Effective as of January 1, 2007, if a participant dies while performing "qualified military service," as defined in the Uniformed Services Employment and Reemployment Rights Act ("USERRA"), a defined contribution retirement plan must treat that participant as having died during active employment with the employer for plan purposes including vesting, eligibility for ancillary life insurance benefits and other survivor benefits available only to participants who die while active employees. • Differential wage payments as compensation. Effective January 1, 2009, any participant receiving "differential pay" during qualified military service must be treated as active employees for plan purposes and such amounts shall be included as compensation or wages for plan purposes. "Differential pay" is compensation paid to a participant during qualified military service which represents all or a portion of the compensation the individual would have earned had he or she not be engaged in such service. Plan benefit accruals under this provision will be exempt from the Code's minimum coverage and nondiscrimination rules if provided to all participants on reasonably equivalent terms, HEART Act: Amendment May Be Required The HEART Act permits a new benefit related to the death or disability of a participant which occurs during qualified military service. If a participant dies or is disabled while performing qualified military service on or after January 1, 2007, a governmental defined contribution retirement plan may (but is not required to) treat such participant as having resumed employment with the governmental employer on the day preceding such death or disability and terminating employment on the date of such death or disability for benefit accrual purposes, This would permit such participant to accrue benefits under the plan during his period of service as though he were employed through the date of his death or disability. The benefit must be provided on reasonably equivalent terms to all individuals engaged in qualified military service. An amendment to the Plan is only required if the Plan wishes to include this benefit. If the Plan wishes to include this benefit, the amendment must be made by the last day of the plan year beginning on or after January 1, 2012. HEART Act: No Amendment Required With respect to certain rollover provisions, the HEART Act does not require a written amendment to the Plan, but may impact the operation and administration of the Plan. As such, it is important for the Plan to operationally comply with such provisions. The HEART Act permits a tax-free rollover of a death benefit payment, to the extent Page 4 6378538 2SAsphen H. Cypen, Esq. June 7009 Page 4 such benefit is offered by a plan, to a survivor beneficiary's Roth IRA or a Coverdell education savings account. Annual limits with respect to such amount will not apply. The benefit applies to deaths occurring after June 17, 2008, and the rollover must be completed within the year following the death benefit payment. With respect to deaths which occur after October 7, 2001, but before June 17, 2008, tax-free rollovers are permitted under this provision if' the rollover is completed by June 17, 2009: While no plan amendment is needed for this provision, it may affect tax withholding amounts: HEART Act: Amendment Date Governmental defined contribution retirement plan sponsors have until the last day of the plan year beginning on or after January 1, 2012, to retroactively amend their plans to incorporate mandatory and permitted provisions of the HEART Act. However, the Plan must be operated in accordance with the required HEART Act provisions beginning on their effective dates even if the written arnendment to the Plan is not completed until after such date. Therefore, we are encouraging governmental plan clients to amend their plans earlier than the deadline in order to properly establish and implement the new provisions. Please feel free to contact me with any questions or concems Very truly yours, Holland & Knight LLP Robert J. Friedman # 6378535v2 Page E Holland & Knight 7(1 0itkoU Avenue, Suite 3000 Miami, FL 33131 1 T 305,374,65W F 305.7E197799 Molane & Knight LLP vosvw.nklaw.corn Robert J. Friedman 305.769.7791 robOrt.friedman@hklawcom July 31, 2009 Stephen H. Cypen, Esq. Cypen & Cypen 777 Arthur Godfrey Road, Suite 320 lvfiarni Beach, Florida 33140 Re: Amendments related to the Pension Protection Act of 2006 and HeroesEarnin Assistance and Tax Relief Act of 2008 Dear Mr. Cypen: Certain changes in law require, or permit amendments to governmental defined contribution retirement plans, such as the Miami Fire Fighters' Relief and Pension Fund (the "Plan"). Changes in law which affect the Plan include the Pension Protection Act of 2006 (the "PPA"), which was enacted in August 2006, and the Heroes Earnings Assistance and Relief Tax Act of 2008 (the "HEART Act"), which was enacted in June 2008. I, THE PENSION PROTECTION ACT OF 2006 PPA: Arnendment May Be Required With respect to governmental defined contribution retirement plans, the PPA provides for several new benefits and the liberalization of certain existing benefits. An amendment to the Plan is only required if the Plan wishes to include such benefit or liberalize the provisions relating to such benefit as permitted by the PPA. Retiree medical premiums for public safety officers. The PPA allows governmental defined contribution retirement plans to pay up to $3,000 annually of a public safety officer's otherwise taxable plan distribution directly to a retiree medical plan or long term care insurance on a pre-tax basis, so long as the public safety officer separates from service either at the plan's normal retirement age or due to his or her disability and does not. receive his or her retirement benefit in the form of a lump sum payment. Insurance premiums may be paid for the public safety officer, his spouse or his dependents while he is alive, but once he is deceased, the benefit ceases and may not be used by his spouse or beneficiaries to pay for their insurance premiums. Insurance premium payments may only be made directly to the insurance company and may only be made to fully insured plans —the benefit does not extend to premiums for self insured plans, "Public safety Atlanta • Bethesda • Boston • Chicago • Fort Lauderdate • Jacksonville • Los Angeles Miami • New York • Northern Virginia • Orlando • Portland • San Francisco Tallahassee • Tampa • Washingtoft 0.C. • West Palm Beach Stephen H, Cypen, Esq. July 31, 2009 Page 2 officers" include law enforcement officers, firefighters, chaplains, rescue crew members or ambulance crew members. • Non -spouse beneficiary rollovers. Effective for distributions made on or after January 1, 2007, non -spouse beneficiaries will be able to directly roll over lump sum benefit distributions from a governmental defined contribution plan into an individual retirement account ("IRA"). Such IRA's will be treated as inherited IRA's and be subject to the minimum required distribution rules that apply to IRA beneficiaries. Indirect 60 day rollovers are not permitted. A plan is not required to provide for direct non -spouse beneficiary rollovers. • Hardship/unforeseeable emergency withdrawals. Prior to the PPA, hardship and unforeseeable emergency withdrawals were permitted for participants in governmental defined contribution retirement plans only in situations relating to the partieipant, his or her spouse or his or her dependents, The PPA modifies this requirement to allow for withdrawals, based on hardship situations relating to the plan participant's beneficiary, even if this beneficiary is not a spouse or dependent. • In-service distributions for active employees over the age of 62. Effective for plan years beginning on or after January 1, 2007, governmental defined contribution retirement plans may make distributions to active employees who have reached age 62, even if the employee has not reduced his work schedule, • Rollover of after-tax amounts. Effective for distributions on or after January 1, 2007, after-tax amounts may be directly rolled over from one qualified plan to another (including governmental defined contribution retirement plans). The receiving plan must separately account for such amounts. Indirect 60 day rollovers are not permitted, PPA: No Amendment Necessary With respect to several provisions and benefits, the PPA does not require a written amendment to the Plan, but the PPA will impact the operation and administration of the Plan, As such, it is important for the Plan to operationally comply with such provisions, even though no official amendment is necessary. Minimum distribution rules. Code Section 401(a)(9) imposes minimum distributions on governmental defined contribution retirement plans. Current regulations permit annuity distribution options in governmental plans in place before April 17, 2002, to satisfy the requirements of Code Section 401(a)(9) through good faith compliance. The PPA directs the IRS to issue guidance that a plan will meet such requirements for all the years Code Section 401(a)(9) applies to the plan so long as plan provisions represent a reasonable good faith interpretation of the rules, Plans should already be operating with good faith compliance, so no amendment should be necessary to comply with this provision. Stephen H. Cypen, Esq. July 31, 2009 Page 3 • Relleffrom nondiscrimination rules, Effective as of August 17, 2006, the PPA officially exempts governmental plans from the nondiscrimination and minimum participation rules under Code Sections 401(a)(4), 401(k), 401(m) and 401(a)(26). • Extension of participant notification period. Effective for distributions after January 1, 2007, the PPA provides that notice to participants and spouses before distributions are made must be provided no more than 180 days and no less than 30 days before the distribution or annuity starting date. The PPA also directs the IRS to issue rules requiring such notice to describe an employee's right to defer distribution and the tax and retirement savings of not deferring a distribution, During the period prior to the FRS issuing these rules, the Plan must make a reasonable attempt to include this information in participant notices, PPA: Amendment Date Governmental defined contribution retirement plan sponsors have until the last day of the plan year beginning on or after January 1, 2011, to retroactively amend their plans to incorporate provisions of the PPA. However, the Plan must be operated in accordance with the required PPA provisions beginning on their effective dates even if the written amendment to the Plan is not competed until after such date. Therefore, we are encouraging governmental plan clients to amend their plans earlier than the deadline in order to properly establish and implement the new provisions. IL THE HEROES EARNINGS ASSIST HEART Act: Amendment Required ND ACT OF 2008 With respect to governmental defined contribution retirement plans, the HEART Act includes three mandatory provisions for which plan amendments are required. Such amendments to the Plan are required by the last day of the plan year beginning on or after January 1, 2012, although the provisions go into effect prior to this date, as noted below, • Distributions to Participants on Active Duty. Effective January 1, 2009, the HEART Act requires that govem:mental defined contribution retirement plans treat participants who are on active military duty for more than 30 days as having terminated employment for purposes of taking distributions under such plan. A participant who opts to take such a distribution will still be subject to the 10% early withdrawal penalty. • Death benefits during USERRA qualified military service. Effective as of January !, 2007, if a participant dies while performing "qualified military service," as defined in the Uniformed Services Employment and Reemployment Rights Act ("USERRA"), a defined contribution retirement plan must treat that participant as having died during active employment with the employer for plan purposes including vesting, eligibility for ancillary life insurance benefits and other survivor benefits available only to participants who die while active employees, Stephen H. Cypen, Esq. July 31, 2009 Page 4 • Differential wage payments as compensation. Effective January 1, 2009, any participant receiving "differential pay" during qualified military service must be treated as an active employee for plan purposes and such amounts shall be included as compensation or wages for plan purposes. "Differential pay" is compensation paid to a participant during qualified military service which represents all or a portion of the compensation the individual would have earned had he or she not be engaged in such service. Plan benefit accruals under this provision will be exempt from the Code's minimum coverage and nondiscrimination rules if provided to all participants on reasonably equivalent terms, HEART Act: Amendment May Be Required The HEART Act permits a new benefit related to the death or disability of a participant which occurs during qualified military service, If a participant dies or is disabled while performing qualified military service on or after January 1, 2007, a governmental defined contribution retirement plan may (but is not required to) treat such participant as having resumed employment with the governmental employer on the day preceding such death or disability and terminating employment on the date of such death or disability for benefit accrual purposes. This would permit such participant to accrue benefits under the plan during his period of service as though he were employed through the date of his death or disability. The benefit must be provided on reasonably equivalent terms to all individuals engaged in qualified military service. An amendment to the Plan is only required if the Plan wishes to include this benefit. If the Plan wishes to include this benefit, the amendment must be made by the last day of the plan year beginning on or after January 1, 2012. HEART Act: No Amendment Required With respect to certain rollover provisions, the HEART Act does not require a written amendment to the Plan, but may impact the operation and administration of the Plan. As such, it is important for the Plan to operationally comply with such provisions. The HEART Act permits a tax-free rollover of a death benefit payment, to the extent such benefit is offered by a plan, to a survivor beneficiary's Roth IRA or a Coverdell education savings account. Annual limits with respect to such amount will not apply. The benefit applies to deaths occurring after June 17, 2008, and the rollover must be completed within the year following the death benefit payment. With respect to deaths which occur after October 7, 2001, but before June 17, 2008, tax-free rollovers are permitted under this provision if the rollover is completed by Juno 17, 2009. While no plan amendment is needed for this provision, it may affect tax withholding amounts. HEART Act: Amendment Date Governmental defined contribution retirement plan sponsors have until the last day of the plan year beginning on or after January 1, 2012, to retroactively amend their plans to incorporate mandatory and permitted provisions of the HEART Act. However, the Plan must be operated in accordance with the required HEART Act provisions beginning on their effective dates even if Stephen H. Cypen, Esq, July 31, 2009 Page 5 the written amendment to the Plan is not completed until after such date. Therefore, we are encouraging governmental plan clients to amend their plans earlier than the deadline in order to properly establish and implement the new provisions. Please feel free to contact me with any questions or concerns, Very truly yours, Holland & Knight LLP Y7l1LAI Robert S. Friedman * 8743 48_vl. Holland & Knight 701 Bnckell Avenue, Suite 3300 Morn, FL 33131 I T 305374,8500 F 305.78a 7799 Hvilond & Knight LLP I www.hkeiw.corn Sepedeh Tofigh 305.7891.7435 Sepedeh.tofigh@hklaw.com January 6,2017 Internal Revenue Service EP/EO Determination Letters Attn: Vincent Castrigano P.O. Box 12192 Covington, KY 41012-0192 Re: Plan Name: City of Miami FirefightersRelief & Pension Fund Plan Number: 001 Plan Sponsor: City of Miami Plan Sponsor BIN: 59-6148086 Dear Mr. Castrigano: This letter is in response to your fax dated December 15, 2016, in regard to the above referenced plan. As requested, we have provided responses to each of the questions in your fax to us. please see our responses beginning on the following page. Please do not hesitate to contact me if you require additional information. Very truly yours, HOLLAND & KNIGHT LLP -• Sepedeh Tofigh Enclosures (as stated) cc: Robert Friedman, Esq, Plan ERISA Counsel Robert Klausner, Esq,, Plan Counsel Internal Revenue Service January 6, 2017 1., Section 8(e) of the Plan provides that the Plan is intended to meet the requirements of a qualified profit sharing plan under IRC Section 40I(a). The Plan is a governmental plan under IRC Section 414(d), since it was established and is maintained by the City of iVliarni. 2. First, we are confused by your reference to Revenue Ruling 91.-47, which does not .address any qualified plan issues. Second Plan section 3(c) prohibits the reversion of trust funds. 3. The Plan does not require or provide for a mandatory distribution, where the participant does not elect to have a distribution paid directly to an eligible retirement plan. 4. Plan section 2(s) defines an Eligible Rollover Distribution as a distribution which includes one made by an employee's designated beneficiary. Section 6(k) allows a non -spouse beneficiary to make a rollover, 5 Various Plan sections were amended for the Final 415 Regulations, as part of the 2009 request for determination letter, and approved by the IRS with a favorable determination letter. Plan sections 2(d)(JV); 2(aa) and 5(g), together, require the Plan to remain in compliance with the limitations set forth in IRC Section 415 and any regulations issued thereunder. The Plan is in compliance with United States v. Windsor and Revcnue Ruling 2013- 17. 7. Plan section 6(a) defines "normal retirement age" with a reference to IRC Section 411(a)(8). DEC-15-2016 12:122 IMONIMINN 111.111111.1111 1100.1.001100. ono.otlimiiimaimo 11111011111 NOPOMMNI [ Additionar Payment IRS Box for IS use orify Application Identification Sheet 1111111111111111111111111 513 263 4517 P.65 TEDS Case Number: EF--2016070-000100 Employer identification Number 59-6000375 Opening Document Locator Number )7007-043-08402-6 Form: 5300 Plan Number: 003 Plan Name: CITY OF MIAMI FIREFIGHTERS RELIEF & PENSION FUND Please include a copy of this Application Identification Sheet with any additional correspondence or documents you may submit related to your application, This Application Identification Sheet will enable us to associate the additional correspondence or documents with your application case file quickly and accurately, to facilitate processing of your application. Please do NOT send a copy of this Application identification Sheet with a new application. To do so would delay processing of the new application. Please send any additional correspondence or documents related to your application, along with a copy of this Application Identification Sheet, to: Internal Revenue Service P.O. Box 12192 Covington, KY 41012-0192 11111111 EP-2016070-000100* JI 111111110 1111111111 Th111 TOTAL P, 05 Department of the Treasury Internal Revenue Service 550 Main Street Rs Cincinnati, OH 45202 Sepedeh "fofigh Holland & Knight LLP 701 Brickell Avenue, Suite 3300 Miami,FL 33131 Date: 3/02/2017 Employer ID number: 59-6000375 Plan name: City of Nbami Firefighters' Relief & Pension Fund Plan number: 003 Person to contact: Vincent Castrigano Contact telephone number: 513-263-4176 Contact fax number: 513-263-4624 Employee ID number: 0909922 Response due date: 3/23/2017 Dear Ms. Tofigh: We are processing your request for a determination on the plan identified above. Some of the required information is missing or inadequate to make a determination under Section 401(a) of the Internal Revenue Code (the Code). The items we still need are on the enclosed lqformation Needed page. The 270-day period for declaratory judgments defined in Section 7476(b)(3) of the Code will not begin until we receive your complete and correct application. Please send us the requested information by the response date listed above. To avoid processing delays, be sure you: • include all requested information • Ensure your information is complete and correct • Include a copy of this letter • Include a copy of the Applicant Men viion Sheet (AIS enclosed You can send your response to: Regular mail: Stop 31 Attention: EP/E0 Determination Letters Internal Revenue Service P.O. Box 12192 Covington, KY 41012-0192 Express Mail or a delivery service: Stop 31 Attention: EP/E0 Determination Letters Internal Revenue Service 201 West Rivercenter Boulevard Covington, KY 4101.1 Fax: Send up to 10 pages to [(513) 263-4517] Letter 1196 (Rev. 6-2015) Catalog Number 405871 If you submitted a Form 2848, Power of Attorney and Declaration of Representative, or Form 8821, Tax information Authorization, with your application and asked us to send your authorized representative or appointee copies of written commtmications, we will send a copy of this letter to him or her. If you can't meet the response due date listed above or you have questions, you can contact me at the number listed at the top of this letter, or you can contact my manager, Melissa Whelan at [(513) 263-3552j. Please keep this letter for your records. Thank you for your cooperation. Sincerely, Vincent Castrigano Employee Plans Specialist Information Needed Applicant Identification Sheet cc: Sepedeh Tofigh Letter 1196 (Rev. 6-2015) Catalog Number 405871 Employer name: City of Miami Employer ID number: 59-6000375 Information Needed Plan name: City of Miami Firefighters' Relief Pension Fund Plan number: 003 1. Please submit copies of the timely adopted amendments listed of Form 5300, item 30 . The application did not contain the amendments listed. • Amendment 5: Adopted and effective 10/24/2013. • Amendment 4: Adopted and effective 12/12/2013. • Amendment 3: Adopted and effective 7/02/2012. • Amendment 2: Adopted and effective 10/15/2009, • Amendment 1: Adopted and effective 3/20/2007. • Please confirm if the plan submitted a proposed restated plan in its original application? The cover letter and form of the plan document are not clear if the restatement was submitted in proposed form. Letter 1196 (Rev. 6-2015) Catalog Number 405871 11111111110•11•1•1011.1 1.0011011 smasami., IfiniMEM 111111.1.1.11 omon 111 iiimmonemese memiornmum 1111111111111111.1111 1111.1111111111111 arimmo 11111111 1.11.1.1.111 ommilfflimmonm 1111111111M11 11111.11.11•111 11111111111.11111111 ••• •••••••••••• 1- 1 MOM= IONA YNNO 11.111=1. 11111111111M1 MOM= 111111.1111111111111 10111 411MIIP ••••••••11.11M somorimm• 11111111111111111111 mmennommo IIIIMPRIPMIAMPO 1111111111111.11 .111111 11111 111111111.=1 Additional Payment ox for IRS use only 10 —,— Application Identification Sheet 1111111111111111111111111 TEDS Case Number: EP-201 6070-000100 Employer Identification Number: 59-6000375 Opening Document Locator Number: 17007-043-08402-6 Form: 5300 Plan Number: 003 Plan Name: CITY OF MIAMI FIREFIGHTERS RELIEF & PENSION FUND Please include a copy of this Application Identification Sheet with any additional correspondence or documents you may submit related to your application. This Application Identification Sheet will enable us to associate the additional correspondence or documents with your application case file quickly and accurately, to facilitate processing of your application. Please do NOT send a copy of this Application Identification Sheet with a new application. To do so would delay processing of the new application. Please send any additional correspondence or documents related to your application, along with a copy of this Application Identification Sheet, to: Internal Revenue Service P.O. Box 12192 Covington, KY 41012-0192 111111111111111111111111111111111111111111111111111 *EP 2016070-000100* 11111111 11111111111111111111111 Holland & Knight 701 Brickell Avenue, Suite 3300 I Miami, FL 33131 T 305,374,8500 I F 305.789.7799 Ho4!and & Knight LLF I www.hkfaw.corn Sepedeh Tofigh 305,789.7435 Sepedeh.tofigh@hklaw.cam March 23, 2017 VIA FAX: (513) 263-4624 Internal Revenue Service EP/E0 Determination Letters Attn: Vincent Castrigano P.O. Box 12192 Covington, KY 41012-0192 Re: Plan Name: City of Miami Firefighters' Relief and Pension Fund Plan Number: 003 Plan Sponsor: City of Miami Plan Sponsor EIN: 59-6000375 Dear Mr. Castrigano: This letter is in response to your fax dated March 2, 2017, in regard to the above referenced plan. As requested, we have provided responses to the questions in your fax to us. Please see our responses beginning on the following page. Please do not hesitate to contact me if you require additional information. Very truly yours, HOLLAND & KNIGHT LLP Enclosures (as stated) cc: Robert Friedman, Esq., Plan ERISA Counsel Robert Klausner, Esq., Plan Counsel 114997484 l_v 1 internal Revenue Service March 23,2017 Page 2 1, Please see the requested amendments 1, 3, 4 and 5 attached. We are gathering minutes for amendment 2 and will remit that information to you as soon as we have it in -hand. The plan document, following the cover page that states "Restated Plan Document", submitted with the determination letter application, is the proposed form of the plan, with the redline showing the proposed modifications to the plan document. Department of the Treasury ntemai Revenue Service 550 Main Street RS Cincinnati, OH 45202 Sepedeh Tofigh Holland & Knight LLP 701 Brickell Avenue, Suite 3300 Miami, FL 33131 Date: 3/02/2017 Employer ID number; 59-6000375 Plan name: City of Miami FirefightersRelief & Pension Fund Plan number: 003 Person to contact: Vincent Castrigano Contact telephone number: 513-263-4176 Contact fax number: 51-3-263-4624 Employee ID number: 0909922 Response due date; 3/23/2017 Dear Ms, Tofigh: We are processing your request for a determination on the plan identified above. Some of the required information is missing or inadequate to make a determination under Section 401(a) of the Internal Revenue Code (the Code), The items we still need are on the enclosed Information Needed page. The 270-day period for declaratory judgments defined in Section 7476(b)(3) of the Code will not begin until we receive' your complete and correct application. Please send us the requested information by the response date listed above. To avoid processing delays, be sure you: • Include all requested information • Ensure your information is complete and correct • Include a copy of this letter • Include a copy of the Applicant Identificca' Sheet (AIS), if enciosed You can send your response to: Regular snail: Stop 31 Attention: EP/EO Determination Internal Revenue Service P.O. Box 12192 Covington, KY 41012-0192 Express Mail or a delivery service: Stop 31 Attention: EP/EO Deteiinination Letters Internal Revenue Service • 201, West Rivercenter Boulevard Covington, KY 41011 Fax: Send up to 10 pages to [(513) 263-4517] etters Letter 1196 (Rev. 6-2 Catalog Number 405871 If you submitted a Form 2848, Power of Attorney and Declaration of Representative, or Form 8821, Tax Information Authorization, with your application and asked us to send your authorized representative or appointee copies of written communications, we will send a copy of this letter to him or her. If you can't meet the response due date listed above or you have questions, you can contact me at the number listed at the top of this letter, or you can contact my manager, Melissa Whelan at [(513) 263-3552]. Please keep this letter for your records. Thank you for your cooperation. Sincerely, Vincent Castrigano Employee Plans Specialist Enclosure: Information Needed Applicant Identification Sheet cc: Sepedeh Tofigh Letter 1196 (Rev. 6-20 Catalog Nurnber 40587f Employer name: City of Miami Employer ID number: 59-6000375 Information Needed Plan name: City of Miami FirefightersRelief Pension Fund Plan number: 003 1. Please submit copies of the timely adopted amendments listed of Form 5300, item 3(rn). The application did not contain the amendments listed. • Amendment 5: Adopted and effective 10/24/2013. • Amendment 4: Adopted and effective 12/12/2013. • Amendment 3: Adopted and effective 7/02/2012. • Amendment 2: Adopted and effective I 0/15/2009. • Amendment 1 Adopted and effective 3/20/2007. • Please confirm if the plan submitted a proposed restated plan in its original application? The cover letter and fbun of the plan document are not clear if the restatement was submitted in proposed forrn, Letter 1196 (Rev. 6-2015) Catalog Number 405871 111.11.1.1111.1 11111111111111111 1.1•11111. .111.11 ,••••••=.11.10 1111111111•1111 111111=1110 ••••••••••••11111 1111111111111110 111111111011111111 Twommgommoom •••••••po 11111111111111111111 mramoneftwom 0.*Fonn. foommoaams 11.1111111111111 10110111•111 wwwwwomeoggwo mmwmfammo ubli•••=111•111.101M111 1111111.111110 =ammo. 1.111111111. Additional Payment Box for RS use orOy Application Identification Sheet 1111111111111111111111111 TEDS Case Number: EP-20i 6070-000100 Employer Identification Number: 59-6000375 Opening Document Locator Number: 1 7007-03-08402-6 Form: 5300 Plan Number: 003 Plan Name: CITY OF MIAMI FIREFIGHTERS RE. -:LIEF & PENSION FUND Please include a copy of this Application identification Sheet with any additional correspondence or documents you may submit related to your application. This Application Identification Sheet will enable us to associate the additional correspondence or documents with your application case file quickly and accurately, to facilitate processing of your application. Please do NOT send a copy of this Application Identification Sheet with a new application. To do so would delay processing of the new application. Please send any additional correspondence or documents related to your application, along with a copy of this Application Identification Sheet, to: Internal Revenue Service P.O. Box 12192 Covington, KY 41012-0192 11111111 1111111111111 1111 11111 Itilililil11111111111111111 1111 *EP Z016070-000100 11 1111111111 1I III 11111111 Page 1 of 4 „Title AN EMERGENCY ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING THE MIAMI FIRE FIGHTERS" RELIEF AND PENSION FUND ESTABLISHED BY ORDNANCE NO, 6432, ADOPTED SEPTEMBER 2, 1959, AS SUBSEQUENTLY AMENDED AND RESTATED BY ORDNANCE NO. 11462, ADOPTED MARCH 20, 1997, TO IMPLEMENT CERTAIN TERMS OF THE COLLECTIVE BARGAINING AGREEMENTS BETWEEN THE CITY AND LA.F,F. LOCAL 587; CONTAINING A REPEALER PROVISION, A SEVERABILITY CLAUSE, AND PROVIDING FOR AN EFFECTIVE DATE, .Body WHEREAS, Ordinance No, 6432, adopted September 2, 1959, created the Miami Fre Fightcrs Relief and Pension Fund (the "Fund"); and WHEREAS, on March 20, 1997, the Fund was amended and restated by Ordinance No. 11462 to ensure that the form of the Ordina.nce, and. the operation and administration of the Fund are consistent with applicable law; and WHEREAS, the. City Commission finds that it is necessary to further amend the Fund on an. emergency basis by amending Section 6, "Benefits," ofOrdinance No. 11462 to implement, certain provisions of the collective bargaining agreements between:the City of Miami and I.A.F.F. Local 587; NOW, THEREFORE; BE IT ORDAINED 13Y THE COMMISSION OF THE CITY OF FLORIDA: Section 1 The recitals and, findings contained in the Preamble to this Ordinance arc adopted by reference and incorporated as if fully set forth in this Section. Section 2. The Fund, pursuant to Ordinance No. 6432, adopted September 2, 1959,.as amended by Ordinance No. 11462, on March 20, 1997, is hereby further amended by amending Section 6, "Benefits," to read as follows:{1} "Section 6. Benefits. A Participant shall receive a benefit from the Fund upon his termination of eitipiloyment, disability, retirement or death in accordance with this Section 6. HONN°VeT, no Participant shall receive a benefit from the Fund in excess of the amount credited to his Account, a) Termination of Employment. Except as otherwise provided in this Section 6, if a Participant terminates his employment with the Fire Department for any reason whatsoever prior to completing nine years of Vesting Service, he shall receive a benefit equal to the vested portion of his Account determined as follows: Years of -Vesting Service Vested Portion o 'Account Less than 3 years 25% 3 years but less than .6 years 50% 6 years but less than 9 years 75% 9 or more years 100%© http://egov,ci.miarni.fLus/LegistarWe 'lityFunctions/getMatterText.asp 1/20/2016 Page 2 of 4 The portion of the Participant's Account which is not vested on his termination of employment shall be forfeited and allocated, to the Accounts of ail remaining Participants in accordance with the provisions of paragraph (b) of Section 5, Notwithstanding the. foregoing, a Participant shall be T00% vested in, and have a nonforfeitable right to, his entire Account on the termination of the Fund or the complete discontinuation of the City's contributions to the Fund. (b) Death. If a Participant dies before payment of his benefits begin, the entire amount of his Account shad be paid to his Beneficiary. The Board may require and rely upon such proof of death and sueh evidence of the right of any Beneficiary or other person to receive the value of the Account of a deceased Participant as the Board may deem proper and its determination of the right of that Beneficiary or other person to receive payment shall be conclusive. (c) Retirement or Disability, A Participant who retires by reason of length of service or disability under any other pension plan of the City shall receive the entire .amount of his Account. (d) Forfeiture for Cause. Notwithstanding anything in this ordinance to the contrary, i r a Participant is. convicted of a specified offense, the provisions of Chapter 1123173, Florida Statutes:, as amended, shall apply and he shall forfeit all rights to receive a benefit from the Fund in accordance with the provisions of such Chapter For purposes of this paragraph (d), "convicted" and "specified offense" shall have the meanings given to them in Chapter 112.3173. (e) Form of Benefit, A Participant shall receive his benefit in a single lump sum unless he elects to take it in one of the following optional forms: (1) Equal annual payments over a period, designated by the Participant, not to exceed the life expectancy of the last to survive of the Participant and his Beneficiary. In the event the Participant dies before all installments have been paid, the, remaining balance in his Account shall be paid in an immediate lump sum to his Beneficiary, if still living, or if the Participant does not have a Beneficiary, or if the Beneficiary has predeceased the Participant, to the Participant's estate, Upon written request of the Participant (or his Beneficiary in the event of the Participant's death), the Board may permit the Participant (or his Beneficiary, as the case may be) to withdraw all or any portion of his unpaid Account after payment of the benefit has commenced. (11) A combination of a lump sum and annual installments as provided in subparagraph (I) above, A written notice of election to receive payments in an optional form must be filed with the Board upon a form prescribed by the Board, and must be sworn to by the person entitled to receive such monies. (I) Payment of Benefits. Benefits under this Section 6 shall be payable as soon as possible following the Valuation 'Date coincident with or next following the Participant's termination of employment with the Fire Department unless the Participant elects, in a time and manner determined by the Board, either (i) to have his benefits commence as of a later Valuation Date or (ii) to transfer up to his vested. balance (determined in accordance with paragraph (a) of this Section 6) prior to the Participant's termination of employment for the sole purpose of purchasing, creditable service in the City of Miami Fire Fightersand Police Officers' Retirement Trust pursuant to paragraph (g) of this Section 6. However, in no event shall benefits commence after the first Valuation Date coincident with or immediately following the later of the Participant's 65th birthday or his termination of employment with the Fire Department, Payrnent of a Participant's Account as provided in this Section 6 shall be in full settlement of all claims of a Participant against the Fund. http: egov,ei.miarni. ,us/Legist -b/utilityFunc.' s/get atterText.asp 1120/2016 Page 3 of 4 (g) Purchase. of Creditable Service, Upon approval of the Board of Trustees of the City of Miami Fire Fightersand Police Officers' Retirement Trust, a Participant shall be permitted to purchase creditable servicc. in, and in accordance with the provisions of, that trust, prior to the Participant's termination of employment by using the transfer of up to the .Participant's vested balance from the Fund in accordance with paragraph (f) of this Section 6. (h) 'Required Distributions, In no event shall the provisions of this ordinance operate so as to allow the distribution of a Participant's Account to begin after the later of the April 1 following (i) the calendar year in which he attains age 701/2 or, (ii) the calendar year in which he terminates his employment (the,. "required beginning date'). In the event a Participantis required to begin receiving payments while in service under the .provision.s of this paragraph (g h)„ the Participant may elect to receive payments while in service in accordance with option (f) or (11) as .follows: (l) A Participant may receive one lump sum payment on or before his required beginning date equal to his entire Account balance and annual lump sum payments thereafter of amounts accrued during each calendar year; or (II) A Participant may receive annual payments oldieminimum amount necessary to satisfy the minimum distribution requireinents of Section 401(a)(9) of the Code. Such minimum amount will be determined on the basis of the joint life expectancy ofthe Participant and his Beneficiary. Such life expectancy will not be recalculated. An election under this paragraph (g h) shall be made by a Participant by giving written notice to the Board within the 90 day period prior to his required 'beginning date. Upon the Pailicipant's subsequent. termination of employment, payment of his Account shall be made in accordance with the provisions of this Section 6, ln the event a Participant faiis to make an election under this paragraph (g h)„ payment shall be made in accordance with subparagraph CI) above. (h i) Distribution Limitation. Notwithstanding any other provision of this ordinance, all distributions from the Fund 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 of this ordinance that is inconsistent with Section 401(a)(9) of the Code. j) Direct Rollover of Certain Distributions, Notwithstanding any provision of this ordinance to the contrary that would otherwise Limit a distributee's election under this paragraph (i j) , 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, The following definitions apply to the terms used in this paragraph (i (1) "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 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; (in "'Eligible retirement plan" means an individual retirement account described in section 408(a) of the Code, an individual retirement annuity described in section 408(b) of the Code, an annuity plan described in section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the distributee's rollover distribution, However, 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; (1.11) "Distributeer" means an employee or former ernployee In addition, the employee's or former employee's surviving spouse is a distributee with regard, to the interest of the spouse, and httpliegov,cinnami,11.us/LegistarWeb/utilityFuncti ns/getMatterTextasp 1 /20/2 6 Page 4 of 4 (IV) "Direct rollover" means a payment by the Fund to the eligible retirement plan specified by the distributee, 14 . * Section 3, if any provision of this ordinance is for any reason held unconstitutional, inoperative or void, such holding shall not affect the remaining provisions of the ordinance. it shall be deemed to be the intent of the Commission of the City of Miami' to pass this ordinance without such unconstitutional, inoperative or void provision and the remainder of this ordinance, after the exclusion. of such provision, shall be deemed and held to be valid as if such provision had not been included herein.. Section 4, This Ordinance is declared to be an emergency measure on the grounds of urgent public need for the preservation of peace, health, safety, and property of the City of Miami, and upon the further grounds of the necessity to make the required and necessary payments to its employees and officers, payment of its debts, necessary and required purchases of goods and supplies, and to generally carry on the functions and duties of municipal affairs. Section 5, The requirements of reading this Ordinance on two separate days is dispensed with an affirmative vote of not less than four -fifths (4/.5ths) of the members of the Commission, Section 6, This Ordinance shall become effective immediately upon its adoption and signature 'the Mayor. (2} -Footnote 1) Words/and or figures st,icken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. Asterisks indicate omitted and unchanged material, {2} If the Mayor does not sign this Ordinance, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall become effective immediately upon override of the veto by the City Commission, http://egov,chrniami,fl,us/Legist rWeb u ,Funetions/getivf rText.asp I/2 /2016 City of Miami Legislation Ordinance: 13329 Crry Hall 3500 Pan American Drive Miami, FL 33133 www,miamigey.com File Number; 2 715 Final Action Date; 7/12/2012 AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING ORDINANCE NO. 6432, ADOPTED SEPTEMBER 2, 1959, AS SUBSEQUENTLY AMENDED„ ENTITLED "THE MIAMI FIRE FIGHTERSRELIEF AND PENSION FUND ", TO IMPLEMENT THE 2011- 2012 COLLECTIVE BARGAINING AGREEMENT BETWEEN THE CITY OF MIAMI AND THE INTERNATIONAL ASSOCIATION OF FIREFIGHTERS LOCAL 587; PROVIDING FOR THE TRANSFER OF CHAPTER 175 PREMIUM TAX REVENUES RECEIVED IN 2012 FROM THE MIAMI FIRE FIGHTERS' RELIEF AND PENSION FUND TO THE CITY OF MIAMI FIREFIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. WHEREAS, the City of Miami entered into a collective bargaining agreement with the International Association of Firefighters, AFL-CIO, Local 587 for Fiscal Year 2011-2012; and VVHEREAS, under the terms of the collective bargaining agreement, the parties agreed to transfer certain premium tax revenues received by the City of Miami ("City") in 2012 pursuant to Chapter 175, Ronda Statutes, from the Miami Fire Fighters' Relief and Pension Fund to the City's Miami Firefighters' and Police Officers' Retirement Trust ("FIFO"), to reduce the City's annual required contribution to the FIFO for the 2011-2012 plan year; and WHEREAS, to implement the transfer of premium tax revenues provided in the collective bargaining agreement, it is necessary to amend the Miami Fire Fighters' Relief and Pension Fund; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Ordinance are adopted by reference and incorporated as if fully set forth in this Section. Section 2. Ordinance No. 6432, adopted September 2, 1959, as subsequently amended, entitled "The Miami Fire Fighters' Relief and Pension Fund", is further amended in the following particulars:{1} "Section 3. Funding (a) Contributions, The City shall contribute to the Fund each year an amount equal to the amount it receives under the provisions of Chapter 175, Florida Statutes, as amended. The City shall make its contributions to the Fund as soon as possible but in no event later than five days of its receipt of such amount. The City shall not be required to levy any additional taxes on its residents to make any contributions to the Fund. Notwithstanding anything in this subsection (a) to the contrary, premium fax revenues received rn calendar year 2012 in the amount of $4 938,318 shall be transferred from the Fund to the City of Marini Firefighters' and Police OfficerLRetirement Trust City Mini Page 1 of 2 File 12-00715 (VerTion: 3) Printed On: 9/27/2012 Fife Number 12-00715 Enacnnen! Number; 13329 ("FlPO''), to reduce the City's annual required contribution to FIPO for the 2011-12 plan year. Provided„ if the actual amount of premium tax revenues received in 2012 is less than _$$,088,318, then the actual amount received less the administrative cost of the Fund shall be transferred to FIPO to reduce the City's annual required contribution to FIPO for the 2011-12 plan year. The transfer of premium tax revenues provided in the preceding sentences shall occur within ten days following the date the premium tax revenues are received by the Fund, and in no event ater than September 30, 2012. 1r) the event the transfer of premium tax revenues provided above s not approved by the Florida Division of Retirernent, contributions to FIPO shall be increased by a percentage of firefighter payroll that equals $4,938,138, and premium tax revenues equal to $4,938,138 shall be transferred from the Fund to FIPO and used to reduce the employee contribution back to the current level. Section 3, if any section, part of section, paragraph, clause, phrase or word of this Ordinance is declared invatid, the remaining provisions of this Ordinance shall not be affected, Section 4 This Ordinance shati become effective immediately after final reading and adoption thereof 2} APPROVED AS TO FORM AND CORRECTNESS" trootnote5: (1) Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added, The remaining provisions are now in effect and unchanged. Asterisks indicate omitted and unchanged material. (2) This Ordinance shall become effective as specified herein unless vetoed by the Mayor within ten (10) days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall become effective immediately upon overrido of the veto by the City Commission or upon the effective date stated herein, whichever is later, City el Miami Page 2 o/ 2 File Id: 12.00715 (Version: 3) Printed On: 9/27/2012 City of Miami Master Report Enactment Number: 13329 City Hall 3500 Pan American Drive Miami, EL 33133 www miemigov corn File Number: 12-00715 File Type: Ordinance Version: 3 Reference: File Name: Miami File Share Plan Amendment Re quester: Department o I Management and Budget Cost: Status: Passed Control[ing Body: City Attorney Introduced: 6/19/2012 Final Action: 7/12/2012 Title: Sponsors: Notes: AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING ORDINANCE NO. 6432, ADOPTED SEPTEMBER 2, 1959, AS SUBSEQUENTLY AMENDED, ENTITLED "THE MIAMI FIRE FIGHTERS" RELIEF. AND PENSION FUND ", TO IMPLEMENT THE 2011- 2012 COLLECTIVE BARGAINING AGREEMENT BETWEEN.THE CITY OF MIAMI AND THE INTERNATIONAL ASSOCIATION OF FIREFIGHTERS LOCAL 587; PROVIDING FOR THE TRANSFER OF CHAPTER 175 PREMIUM TAX REVENUES RECEIVED IN 2012 FROM THE MIAMI FIRE FIGHTERS' RELIEF AND PENSION FUND TO THE CITY OF MIAMI FIREFIGHTERS' AND POLICE OFFICERSRETIREMENT TRUST; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN IMMEDTATE EFFECTIVE DATE. Version 3 has die S crivencr's amendment made by law department and per legal opinion, it may be certified instead of version 2 Indexes: Attachments: 12-00715 Summary Fonn SR.pdf,12-00715 Summary Form.pdf,12-00715-Submittal-Draft Legislation (Version 2).pdf,12-00715 Memo-Scrivener's Erroripdf,12-00715 Legislation -SUB (version 3).pdf, History of Legislative File version: Acting Body: Date: Action: Sent To: Due Date: Return Date: Result: 2 2 2 Office of the City Attorney City Commission City Commission Office of -the City Attorney Action Note: Office of the Mayor Office oldie City Clerk Office of the City Attorney Action Note: 6/19/2012 6/28/2012 7/12/2012 ADOPTED WITH MODIFICATIONS 7/02/2012 Reviewed and Approved Reviewed and Approved PASSED ON FIRST READING MODIFICATIONS MADE BY LAW 7/19/2012 Signed by the Mayor Office of the City Clerk 7/19/20 12 Signed and Attested by City Clerk 9/27/20 12 Reviewed and Approved MODIFICATIONS MADE DUE TO SCRIVENERS ERROR -SEE ATTACHMENT Pass Pass Cny Allan', Page 1 Primed on 9/27120/2 City of Miami Master Report Enactment Number: 13329 City Hall 3500 Pan American Drive MfamFL 33,133 WNW mornlgov.corrt Ci Page 2 Prfaied CM 9/2 7 12 City of Miami Legislation Ordinance City Hall 3500 Pan American Drive Miami, FL 33133 www,mlarnigov.com File Number: 13-03237 Final Arden Date: AN ORDINANCE OF THE MIAMI CITY COMMISSION, WITH AI FACHMENT(S), AMENDING THE MAW FIRE FIGHTERSRELIEF AND PENSION FUND ESTABLISHED PURSUANT TO ORDINANCE NO, 6432, ADOPTED SEPTEMBER 2, 1959, AS SUBSEQUENTLY AMENDED, TO ENSURE CONFORMANCE WITH APPLICABLE LAWS INCLUDING CHAPTER 175, FLORIDA STATUTES, THE INTERNAL REVENUE CODE, AND THE PENSION PROTECTION ACT OF 2006; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. WHEREAS, Ordinance No, 6432, adopted September 2, 1959, created the Miami Fire Fighters' R ief and Pension Fund (the "Fund"); and WHEREAS, the Fund has been subsequently amended on several occasions; and WF-IEREAS, the Internal Revenue Service has Issued a favorable determination I which requires certain amendments to the Fund; and er to the Fund VVHEREAS, the City Commission finds that it is necessary to further amend the Fund to comply with changes to applicable laws; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISStON OF THE CITY OF MIAMt, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Ordinance are adopted by rence and incorporated as fully set forth in this Section. Section 2. The Fund, pursuant to Ordinance No. 6432, adopted September 2, 1959, and as subsequently amended, is hereby further amended as set forth in Exhibit "A", attached and incorporated, to implement and conform to applicable laws including Chapter 175, Florida Statutes, the Interne! Revenue Code, and the Pension Protection Act of 2006. Section 3. If any section, part of a section, paragraph, clause, phrase or word of this Ordirranc declared invalid, the remaining provisions of this Ordinance shall not be affected. Section 4, This Ordinance shall become effective immediatery after final reading and adoption thereof.{2} Ory of Miami Page 1 of 2 File Id: 13-01237 (Version: 11 Printear On: 11/5/201.1 File Number 13-01237 APPROVED AS TO FORM AND CORRECTNESS: VIOTORI MEND CITY ATTORNEY Footnotes! {1} Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now In effect and unchanged Asterisks indicate omitted and unchanged material. {2} This Ordinance shall become effective as specified herein unless vetoed by the Mayor within ten (10) days from the dale it was passed and adopted. If the Mayor vetoes this Ordinance, it shall become effective immediately upon override of the veto by the City Commission or upon the effective date stated herein, whichever is later. Clor of Miami Page 2 of 2 Fife Id: 13-012 Version,1) Printed Oa: T1/5/2013 AGENDA ITEM SUMMARY FOR FILE TD: / —6497 Date: 1 0/16/2013 Requesting Department: Ofc of Manarent & Budg Commission Meeting Date: 11/21/13 District bupacted: N/A Type: El Resolution ri Ordinance ED Emergency Ordinance Dismssion Item Law Department Matter ID No. Subject: An Ordinance am din the Miami Fire Fighters' Relief and Pension Fund Share Pien to oomph, with Internal Revenue Service (IRS) requirements, Purpose of Item: AN ORDNANCE OF THE MIAMI CrIY COMMISSION AMENDIN'O ORDINANCE NO. 6432, ADOPTED SEPTEMBER 2, 1959, AS SUBSEQUENTLY AMENDED, ENTITLED "THE MIAM1 FIRE FIGHTERSRELIEF AND PENSION FUND". Background Information: The Mlasni Firefighters' and Police Officers' Retirement Trust ("WO') share plan Is recommended to be amended et the request of the International Association of Firefighters (IAFF), AFL-010, Local 587 to comply with Internal Revenue Service (IRS) requirements, The changes herein do not effect the existing collective bargaining agreement and do not change any requirements of the City of Bridget Impact Anaty2is NO Is this item reiated.to revenue? NO Is this item an expenditure? If so, please identify funding source below, General Account No: Special Revenue Account No: CCP Project No: NO is this item funded by Homeland Defense/Neighborhood Trnproveme nris Start Up Capital Cost; Maintenance Cost: Total Fiscal impact: none Final Approvals istoN AND DAM CIF Bud Grants Purchasing Chief Risk Maiagcme Dept, Direct City Managor Page 1 of ) SECOND READING ORDINANCE AGENDA ITEM SUMMARY FORM FILE 10: °I 251 Date: 11/25/2013 Requesting Department: Office of Management and Budget Commission Meeting Date: 12/12/13 District Impacted: N/A Type: IT Resolution Ordinance D Emergency Ordinance iscusslon Item Law Department Matter ID No.. Subject: An Ordinance arnending the Mlarni Fire Fighters' Relief and Pension Fund Share Plan to comply with Internal Revenue Service (IRS) requirements. Purpose of Item: AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING ORDINANCE NO, 6432, ADOPTED SEPTEM.BER 2, 1959, AS SUBSEQUENTLY AMENDED, ENTITLED "THE MIAMI FIRE FIGHTERS' RELIEF AND PENSION FUND", This item passed on first readingreadng on Novernber 21, 2013. Background Information: The Miami Firefighters' and Police Officers' Retirement Trust ("FIPO") share plan is recommended to be amended at the request of the International Association of Firefighters (IAFF), AFL-CIO, Local 587 "to comply with Internal Revenue Service (IRS) requirements. The changes herein do not affect the existing collective bargaining agreement and do not change any requirements of the City of Miami. Budget Impact Analysis NO Is this item related to revenue? NO Is this item an expenditure? If so, please identify funding source below, General Account No: Special Revenue Account No; CIP Project No, NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds? 5tart Up Capital Cost: Maintenance Cost: Total Fiscal Impact: CIP none Final Approvals (SIGN AND DATE) Bu !fusing or rvivin cnpii Funds Grants Risk Management Purchasing Dept. Dire( Chief • City Manager Page 1 of 1 11/2.5/{e XHIBTT A MIAMI FIRE FIGHTERS' RELIEF AND PENSION FUND v i(3-( NffAMIPM F7GB7BRS`gELIEF AND PENSION FUND TABLE LFCONTENTS SectionIntroduction ......... ......................................................... ......... .—.-...................... l Section 2 Definitions Section _..... ............. .-,-................. --.11 Section Participation. ..... 12 Section Allocation 3nAccounts ............... ............................... ~...................... _....... 13 Section Benefits 15 Section 8 MIAMI FIRE Fl Section 1 Introduction EF PENSION RINI?, The purpose of this ordinance is to implement the provisions of Chapter 19112, Acts of Florida, 1939 and Chapter 175, Florida Statutes, and to provide means whereby Fire Fighters of the City of Miami, Florida may receive benefits from the funds provided for that purpose by Chapter 19112, Acts of Florida, 1939 and Chapter 175, Florida Statutes. The fund hereby created shall be in addition to any other pension plan of the City of Miami, Florida and nothing herein shall in any way affect the operation of, or the benefits under, any other pension plan of the City of Miami, Florida that presently exists. Section 2 Definitions The following words and phrases shal , for the purpose of this ordinance, have the meanings indicated below. (a) (b) "Account" means the account credited with contributions under Section 3, eligible forfeiture contributions pursuant to Section 5, eligible rollover contributions pursuant to Section 3(4 and earnings on those contributions. "Account Balance" means e value of the Account as of the last valuation date in the calendar year immediately preceding the distribution calendar year (valuation calendar yearl increased by the amount of any contributions made and allocated or forfeitures allocated to the Account Balance as of dates in the valuation calendar year after the valuation date and decreased by distributions rnade in the valuation calendaryear after the valuation date, The Account Balance for the valuation calendar year includes any amounts rolled over or (c) transferred to the Plan either in the valuationcalendar year or in the distribution calendar year ifdistributed or transferred in the valuation calendar year. "Active Duty" means service for which an employee receives compensation as a Fire Fighter with Permanent Status in the Fire Deparbatent of the City. • (d) "Annual Addition" means following amounts credited to a Participant for a calendar year under this Plan: Plan Contributions under Section 3(a);. fIn Forfeitures under Section 5(b); (1Tfl Similar contributions or amounts under such other plans deemed to be maintained by the Participant under the Codeand fIV) Any additional amounts required by regulations under Code section 415. Lej (d)-"Beneficiary" means any person, persons or entity designated by a Participant to receive any benefits payable in, the event of the Participant's death. If no Beneficiary designation is in effect at 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 Beneficiary; otherwise the Beneficiary 5ha11 be the Participant's estate. (f) (e)-"Board" means the Board of Trustees named to supervise and administer the Fund, as provided in Section 7. (g) (f)--"City" means the City of Miami, Florida, and the lands under its jurisdiction from time to time, as determined by law, 2 (g)--"Code" means the Internal Revenue Code of 1986, as from time to time amended. (1)-"Compensation" means the remuneration paid a Fire Fighter for services rendered to the City. Compensation in excess of limitations set forth in Section 401(a)(17) of the Code shall becjig.e (f) The Participant's Compensation contributed as employee -elective salary reductions or deferrals to priY salary reduction, deferred compensation, or tax-sheltered annuity program authorized under the Internal Revenue Code shall be deemed to be the Compensation the member would receive if he or she were not participating in such program and shall be treated as Compensation for retirement purposes under this chapter. (II) The Participant's Co ensation o does not include; (1) any contributions (other than elective contributions described in Internal Revenue Code Sections 402(e)(3), 408(k)(6), 408(p)(2)(A)(i) or 457(h)) made by the Employer to a pjan of deferred compensation (including a grnplified employee _pension described in Code Section 408(k) or a simple retirement account described in Code Section 408(p), and whether or not g0Iiified) to the extent that the contributions are not includible in the gross income of the Participant for able in which tributed. In addition, any distributions from a plan of deferred compensation (whether or not cwalified) are not considered Compensation, regardless of whether such amounts are includible in the gass income of the Participant when distributed. c2) Any amounts that receive special tax benefits, such as premiums for group term life insurance Gout only to the extent that the premiums are not includible in the gross_income of the Participant and are not salari, reduction amounts that are described in Code Section 125). (TIFI For any person who first becomes a Participant hi any plan year beginning on or after January 1, 1996, Compensation for any plan year shall not include any amounts in excess of the Section 401(a)(17) limitation (as amended by the Omnibus Budget Reconciliation Act of 1993), which limitation of $150,000 shall be adjusted as required by federal law for qualified government plans and shall be further adjusted for changes in the cost of living in the manner provided by Internal Revenue Code Section 401(a)(17)(B). For any person who first becarne a rnember prior to the first plan year beginning on or afler January 1, 1996, the limitation on Compensation shall be not less than the maximum compensation amount that was allowed to be taken into account under the plan as in effect on July 1, 1993, which tirnitation shall be adjusted for changes in the cost of living since 1989 in the manner provided by Interna1 Revenue Code Section 401(a)(17). (IV) Anneal Compensation means Compensation paid during the Plan Year or such other consecutive 12-month period over which Compensation is otherwise_deternjd under the Plan ("determination period"). The cost -of -living adjustment in effect for the calendar year applies to annual Compensation for the determination period that begins with or within such calendar year. Amounts under Code Section 125 exclude any amounts ot available to a P tici ant in u of health coverage (deemed Code Section 125 compensation). An arnourrt will be treated as an amount under 4 Code Section 125 only if the Employer does not request or collect information regardinE the Participants' other health coverage as part of the enrollment process for the health plan. (j) (i-)-"Credit" means, with respect to any Participant, each calendar month during which he is on Active Duty for at least 15 days. Ei-)--"Designated Beneficiary" means the individual who is designated by the Participant (Or the Participant's surviving spouse) as the Beneficiary of the Participant's interest under the Fund and who is the designated beneficiary under § 401(a)(9) of the Code and 1.401(a)(9)- 4 of the regulations. (1) (1r,-)-"Direct rollover" means a payment by the Fund to the eligible retirement plan specified by the Distributee. (m) (1-)-"Disability" means total and permanent disability, as defined herein; m Total Disability means a situation where, if, in the opinion of the Board of Trustees, the Fire Fighter is wholly prevented from rendering useful and efficient service as a Fire Fighter: and crn Pe anent Disability means a situation where, in the opinion of the Board of Trustees the Fire Fighter is likely to remain so disabled continuously and permanently from a cause other than is siciejn Section 2 I a -re A Fire Fighter will not be entitled to receive any Disability Retirement Benefit under Section 6(c) if the Disability is a result of: 5 (1) Excessive and habitual use by the Fire Fighter of dn narcotics' (2) Injury or disease sustained by the Fire Fight while wiIlfui. toxicants, or ci illegal participating in fights, riots, or civil insurrections or while committing a crime; (3) Injury or disease sustained by the Fire Fighter whiie serving in any arrned forces; or (4) Injury or disease sustained by the Fire Fighter after his or her eru_plo_yment has termina e d : (TV) No Fire Fighter shaLbe permitted to retire due to Disability until he or she is examined by a duly Qualified physician or surgeon, to be selected by the Board of Trustees for that purpose, and is found to be disabled in the degree and in the manner specified in Section 175.191., Florida Statutes. Any Fire Fighter retiring due to Disability may be examined periodically by a duly qualified physician or surgeon or board of physicians and surgeons, to be selected by the Board of Trustees for that purpose, to determine if such disability has ceased to exist (n) Effl-)-"Distribut d F. " ant" e any Participant who no longer has an account balance Lg.) in the Fund and has no credit due for prior service. (n)-"Distributee°' meansemployee or former employee. In addition, the employee's or forrner employee's stuvivingspouse are distributees with regard to the interest of thc spouse or former spouse. 6 (pp, (0)-"Distribution Calendar Year" means a calendar year for which a minimum distribution is required. For distributions beginning before the Participant's death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant's Required Beginning Date. For distributions beginning after the Participant's death, the first distribution calendar year is the calendar year in which distributions are required to begin under Section 6(3)(11)(2), The required minimum distribution for the Participant's first distribution calendar year will be made on or before the Participant's Required Beginning Date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant's Required Beginning Date occurs, will be made on or before December 31 of that distribution calendar year. Lg.) 'DROP Participant" means any Participant who has elected to participate in the deferred retirement option program (DROP) from the City of Miami Fire Fighters' and Police Officers' Retirement Trust (F 0). )--"Eligible Retirement Plan" means any of the foliowing tynes of Dlns that accet the distributee's eligible rollover distributior.: (I) a qualified plan described in Section 401(a) of the Code: 00 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) an annuity contract described in Section 403(b) of the Code; and 7 (V) an eligible plan under Section 457(b) of the Code which is maintained by a state, Political subdivision of ajtate, or any_agency or instrumentality of a state or political subdivision of a state and whieh agrees to separately account fbr amounts transferred into such plan from this Fund, f„.11 Er) ---"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: (I) any distribution that ne of a series of substantially equal periodic payments (not less frequently than annuallyhnade 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 fbr a specified period of ten years or ;. and al) any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and (11I) 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 jransferred to a defined contribution plan qualified under Section 401(a) of the Code that agrees to separately account for such amount, (t) "FIPO" means the City of Miami Fire Fighters" and Police Officers' Retirement Trust, a defined benefit plan established by the__Cizr of Miami, Florida, (s)-"FIPO DROP Account' means a DROP account under FIPO. 8 b_r) 4-"Fire Fighter" means anyone defined as a firefighter in Qapter eji 175.032, Florida Statutes, as amended. fy6 -'Fund' means the Miami Fire Fighters' Relief and Pension Fund, as provided forherein (x) (')-"Fund Year" means the calendar year, which shall be the fiscal year on which the Fund's records shall be kepi (y) (w-)-"Leave" means (I) any period during which an employee is absent due to (1i) service in the uniformed services of the United States; (ii) the birth or adoption of a child, or caring for a child, spouse or parent who has a serious health condition or (aiii) his own serious health condition if Credit or Vesting Service, as the case may be, is required to be given for such periods under the Uniformed Services Employment and Reemployment Rights Act of 1994 or the Family and Medical Leave Act of 1993, respectively, and (II) any other period of leave as approved on a non-discriminatory basis by the Board. Laa) k.)—Life Expectancy" means the life expectancy as computed by use of the Single Life Table in § 1.401(a)(9)-9, Q&A-1,of the regulations. "Maximum Permissible Amount" rneans the maximum Annual Addition that may be contributed or allocated to a Participant's Account under the Plan for any calendar year in accordance with Treasury :ggulation 1.415 a 1 hich is the lesser of $40,000, as adjusted for cost -of -Living under Code section 415(d) or 100% of a Participant's Compensation for such calendar year, N?) e+Tarticipa m is every Fire Fighter in Permanent Status, 9 fee) ()-"Permanent Status' means employment as a Fife Fighter who has been regularly appointed, after serving a probationary period normally invofves continuous year-round service to a position which (dd) (aa)-'Plan" means the Miami Fire Fighters' Relief and Pension Fund, as provided for herein. (ee) (e-e)-"Reauired Beainning Date" means the later of the April 1 following (i) the calendar. year in which the Participant attains ate 70 V2 o (ii) the calendar year in which the Participant terminates his employment. Eddy"State" shall mean the State 6f Florida. fg,g) (ee-)-Trustee" rneans any member of the Board. (hh) (4P)-"Valuation Date" means the first business day of any calendar quarter and such other dates as the Board may deern necessary. (ii) (g,g)-'Vesting Service" means, with respect to a Participant, each calendar month as a Participant for which he receives compensation from the City for at least 15 days; and each calendar month during which he is absent on a Leave for at least 15 days; provided, however, Vesting Service shall not include any Leave within the meaning of paragr-aph (k)(II) of Secti-on4-Section 2(x)(11) which exceeds five years. Section 3 Funding (a) Contributions. The City shall contribute to the Fund each year an amount equal to the amount it receives under the provisions of Chapter 175, Florida Statutes, as amended. The City shall make its contributions to the Fund as soon as possible but in no event later than 1 0 five days of its receipt of such amount. The City shall riot be required to levy any additional taxes on its residents to make any contributions to the Fund. Notwithstanding anything in this subsection (a) to the, contrary, premium to the contrary in this subsection (a), premium tax revenues received in calendar year 2013 in the amount of S3,380,875, and premium tax revenue received in calendar year 2014 in, the amount of $3,380,875, shall be transferred from the Fund to the City of Miarni Fire Fighters' and Police OfficersRetirement Trust ("FIPO") to reduce the City's annual required contribution to FIPO for the 2012-2013 and 2013-2014 plan years. Provided, if the actual amount of premium tax revenues received in calendar year 2013 or 2014 is less than $3,530,875, then the actual amount received less the administrative cost of the Fund shall be transferred to FIPO to reduce the City's annual required contribution to Frpo for the 2012-2013 and 2013-2014 plan years, respectively. The transfer of premium tax revenues provided in the preceding sentences shall occur within ten days following the date the premium tax revenues are received by the Fund, and in no event later than October 31, 2013 for the 2012-2013 plan year and September 30, 2014 for the 2013-2014 plan year. In the event the transfer of premium, tax revenues provided above is not approved by the Florida Division of Retirement, contributions to FIFO shall be increased by a percentage of firefighter payroll that equals $3,380,875, annually for each year that the transfer of premium tax revenues is not approved and premium tax revenues equal to $3,380,875 shall be transferred from the Fund to FIPO and used to reduce the employee contribution back to the current level. Payment of Costs, Expenses and Fees. All costs, expenses and fees of administering the Fund shall be paid from the assets of the Fund in, such fashion as the Board shall determine. (c) Exclusive Benefit Rule. 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. (d) Custody of Fund Assets. The Board shall hold all assets of the Fund in trust solely for use in paying the benefits provided by this ordinance and paying the expenses of the Fund as described in paragraph (b) of this Section 3 Section 3(b). The Board shall deposit all assets of the fund held in cash in a National or State chartered financial institution whose deposits are Federally insured. The Board shall keep all securities and evidences of ownership of other assets of the Fund in a safe deposit box or shall deposit them with a corporate custodian. Current inventories of such securities and other assets shall be kept as a part of the permanent records of the Board, which will be audited annually by a Certified Public Accountant. Section 4 Participation. (a) Participation. An Account shall be established for each Participant o he-effectivc date of this-ardiriance and for each Fire Fighter who attains Porinanent Status Cb). Termination of Participation. Every Fire Fighter who becomes a Participant shall remain a Participant until his Account is fully distributed to him. If a former Fire Fighter on the reemployment register due to a layoff is rehired within three years of his layoff, the Board 12 may, in its sole discretion, give him credit for his prior Vesting Service; provided, however, the Board shall exercise its discretion in a uniform and non-discriminatory manner with respect to all persons similarly situated. Section 5 Alive ion To Accounts (a) Allocation of Contributions. As of each Valuation Date, all contributions made by the City since the preceding Valuation Date shall be allocated among the Participants' Accounts. The allocation shall be made solely in the proportion the total number of months of Credit accrued by each Participant in the immediately preceding calendar year bears to the total months of Credit of all Participants in that calendar year with no credit given on account of a Participants seniority, rank or Compensation, (b) (c) Allocation of Forfeitures. As of the last Valuation Date in each Fund Year, and at such other Valuation Dates as the Board may determine, al] amounts forfeited under paragraphs Section 6(a) and Section 6(e4- since the preceding date as of which forfeitures were allocated shall be prorated and credited to the Accounts of the individual Participants in the same manneras the City's contributions allocated under paTa_raph (a) of Section 5(a). Allocation of Accounts. A Participant y elect, in a time and manner determined by the Board, to allocate tributions-and-forfeitues-made-to-kis-Mootint tiader-peaaphs-(a)-and-€11)--ef this Sc -gen 5 and such portion of his existing Account as the Board may, in its sole discretion, determine, to a separate investment account established by the Board pursuant to-p-aragrap114)(1-1)-ef Section 7 (41). Any allocations 13 made pursuant to this paragraph (c) Section 5(c) shall become effective as of the first Valuation Date after the expiration of any notice period established by the Board. (d) Allocationof Investment Gains. The Board shall value the Fund's assets as of each (e) Valuation Date and shall allocate to the Account of each Participant his share of the increase or decrease in the fair market value of the Fund's assets. If a separate investment account has been established by the Board pursuant to Section 4-7(e)(: it shall be valued separately from the rest of the Fund and the Board shall allocate to the Account of each Participant his share of the increase or decrease in the fair market value of the separate investment acco 's assets. The Participant's share of the increase or decrease in the fair market value of the Fund or the separate investment account shall bear the same ratio to the total amount of the increase or decrease in the Fund or the separate investment account, as the case may be, as the value of the portion of the Participant's Account invested in the Fund or the separate investment account bears to the total value of the Fund or the separate investment account, as the case may be. Allocations After Termination. Except as otherwise provided in this par-agraph.(e) Section 5(e), no amounts shall be credited to a Participant's Account under paragraph -(a) d (13)- of this--Seetion---5 Section 5(aland Section 5(b) after he ceases to be on Active Duty, However, until completely distributed to him, the Account of a Participant not on Active Duty shall continue to be invested as part of the Fund and shall continue and losses of the Fund in accordance with the provisions of Section 5(d). A Participant shall continue to receive allocations of contributions and forfeitures under thi-s-Section 5 Section 5(a) and Section 5(h) after 1 4 hare in the investment gains (f) he ceases to be on Active Duty if such contributions and forfeitures are attributes period when he was on Active Duty. e Determination of Account Value, Wheneveran event requires the determination of the value of a Participant's Account, the value shall be computed as of the Valuation Date coincident with or immediately following the date of the determination. MaximumAllocation Limitation. Notwithstanding any provision of this ordinance to the contrary, the max: unt-Maximum Permissible Amount allocated to the participant's Account for any calendar year under the provisions of -(6)-ef4hi Section 5(a) and Section 5(12) shall not exceed the limitations set forth in Section 415 ofthe Code and any regulations issued thereunder. Section 6 Benefit A Participant shall receive a benefit from the Fund upon his termination of employment, disability, retirement or death in accordance with this Section 6. However, no Participant shall receive a benefit from the Fund in excess of the amount credited to his Account. Termination of Employment. Except as otherwise provided in this Section 6, if a Participant terminates his employment with the Fire Department for any reason whatsoever prior to completing nine years of Vesting Service, he shall receive a benefit equal to the vested portion ()Ibis Account determined as follows: Years of Vesting Service Vested Portion of Account Less than 3 years 25% 3 years but less than 6 years 50% 15 6 years but less than 9 years 75% 9 or more years 100% The portion of the Participant's Account which is not vested on his termination of employment shall be forfeited and allocated to the Accounts of all remaining Participants in accordance with the provisions of paizogSection 5(b). Notwithstanding the foregoing, a Participant shall be 100% vested in, and have a on -forfeitable right to, his entire Account ffi on the termination of the Fund or the complete discontinuation of the City's contributions to the Fund, Li) upon attainment of "normal retirement age" as such term is defined in Section 41 1(a)(8)_of the Code and (iii) in any eligible rollover contributions made to the Fund pursuant to paragaph (i) of Seetion-6-Section 6(i). (b) Death, If a Participant dies before payment of his benefits begin, the Participant shall be deemed to be 100% vested in his entire Account and the entire amount of his Account shall be paid to his Beneficiary, 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 the Account of a deceased Participant as the Board may deem proper and its determinationdeterrnination ofthe right of that Beneficiary ar other person to receive payment shall be conclusive, Retirement or Disabiiity. A Participant who retires by reason of length of service or disability under any other pe sion plan of the City shall receive the entire amount of his Account. (d) Forfeiture for Cause, 16 al Notwithstanding anything in this ordinance to the contrary, if a Participant is convicted of a specified offense, the provisions of ChapterSection 112.3173, Florida Statutes, as amended, from time to time, shall apply and he shall forfeit all rights to receive a benefit from the Fund in accordance with the provisions of such ChapterSection. For purposes of this paragraph—(d) Section 6(d), 'convicted' and "specified offense" shall have the meanings given to them in GbaptepSection 112.3173. (II) In addition, upon conviction of any violation in which a Participant or beneficiary willfully and knowingly makes, or causes to be made, or assists, conspires with, or urges another to make, or causes to be made, any false_ fraudulent, or misleading oral or written statement or withhold or conceal material information to obtain any benefit under the Plan, the provisions of Section 175.195, Florida Statutes„ as amended, shall apply and a Participant or beneficiary receiving funding under this Plan may, in the discretion of the Board of Trustees, be required to forfeit the right to receive any or all benefits to which the person would otherwise be entitled under this Plan. For purposes hereunder, "convictionu means a determination of guilt that is the result of a plea or trial, regardless of whether adjudication is withheld. (e) Form of Benefit. A Participant shall receive his benefit in a single lump sum unless he elects to take it in one of the following optional forms: al Equal annual payments over a period, designated by the Participant, not to exceed the life expectancy of the last to survive of the Participant and his Beneficiary. In the event the Participant dies before all installments have been paid, the remaining 17 balance in his Account shall be paid in an immediate lump sum to his Beneficiary, if still living, or if the Participant does not have a Beneficiary or if the Beneficiary has predeceased the Participant, to the Participant's estate. Upon written request of the Participant (or his Beneficiary in thc event of the Partioip perrait-the-P-artioipant e Board may dra all or any as—eommeaeed; Notwithstanding the foregoing, if the value of the Participant's Account does not exceed $1,000, the vested value of the Participant's Account shall be Daid from the Plan pursuant to this Section 6 in a lump -sum. The value of the Participants vested Account for purposes of this Section 6(e)(I) shall be determined by including rollover contributions (and earning allocable thereto) within the meaning of Code Section 402(c), 403(a)(4), 4030)(8), 408(d)(3)(a)(ii), and 457(e)(16). an A combination of a lump sum and annual installments as provided in Section 6(e)(I) above. A written notice of election to receive payments in an optional form must be filed with the Board upon a form prescribed by the Board, and must be sworn to by the person entitled to receive such monies. Upon written request of the Participant (or his Beneficiary in the event of the Participant's death), the Board may nerrnit the Participant (or his Beneficiary, as the case may be) to withdraw all or any portion of his unpaid Account after payment of the benefit has commenced, The Board may, upon written request by the Participant, or by a dependent when authorized by either a Participant or Beneficiary, authorize the Fund to withhold from the annual payments those funds that are necessary to pay for benefits being received through the City; to pay the certified bargaining agent of the City; or to make any 18 payments for child support or alimony. The J3oard may, upon written request of the Participant, recognize elections made pursuant to Section 845 of the Pension Protection Act of 2006 or otherwise. (f) Payment of Benefits. Benefits under this Section 6 shall be payable as soon as possible following the Valuation Date coincident with or next following the Participant's termination of employment with the Fire Department unless the Participant elects, in a time and manner determined by the Board, either (i) to have his benefits commence as of a later Valuation Date or (ii) to transfer up to his vested balance (determined in accordance with paragraph -(a) of this S-ectien-6 Section 6(a)) prior to the Participant's termination of employment for the sole purpose of purchasing credited service in the City of Miami Fire Fighters' and Police OfficersRetirement Trust pursuant to paragra Section 6(0. However, in rio event shall benefits commence after the first Valuation Date coincident with or immediately following the later of the Participant's -Required 13eginr riR Date under nth (g) birthday -egfata etion-6 Section 6011 or his termination of employment with the Fire Department. Payment of a Participants Account as provided in this Section 6 shall be in full settlement of all claims of a Participant against the Fund. Purchase of Credited Service. Upon approval of the Board of Trustees of the City of Miami Fire Fighters' and Police Officers' Retirement Trust, a Participant shall be permitted to purchase credited service in, and in accordance with the provisions of, that trust, prior to the Participant's termination of employment using benefits paid by the Fund under paragraph-(4) of this Section 6 Section 6(f), 19. (h) Required Distributions. In no event shall the provisions of this ordinance operate so as to allow the distribution of a Participant's Account to begin an -et —the —later of the April 1 ender -year in which he terrninater his employment -en- (the Participant's Required Beginning Date} --as such fo-11$b g )--the-eoJ terra is defined in Section 2(ee)_ yrrtents-while-in--scrv!oo under the --pro isle 'cd to begin receiving the Participant -ay dat e—Account-babe-and rued during each calendar year; or ore his required beginning -payments-there€er-eS gum distribution £ rents of Section '101(a)(9) of the Code. Such -minimum u am + .tee -date ed-on-the basis -of -the,' to the Bet period prio Y giving i of his Account shall be made (II) above. a aI 20 or flu ef--ectien 101(a)(A 4-(a)(9) that were - provisions of Secti vision a on calendar yeafs beginning on distribution -requirements 40-1()(9) of the Code minimum distribution rcq regulations under Section- 401(a)( -that were issued April 17, 2002, ns provided in Subsection Effl-be}ow. n (A) or (A) One lump sum payment l to his entire Account balance; of uir-e e- ode. With acing on and after January 1, (1) the quotient obtained by ifctime Table--sei 21 arty in Section Participant's birthday in the distribution-ealetsdar-year; flF Participant's sole designated beneficiary fer the distribution bteined by dividing- he 1 ipa ceeunts by the number in the Joint and Last Survivor Tableset forth—in Scsti e d ages as of tl c Participant's and the spouse's birthdays in the distribution calendar-year-7 eern_meneerat of pa isSeetion shall not constitute n vann y- st rt ng above, Beneficiary and is the designated +cnefici (a)(9)-ef-the Code and Section 1,1O1(a)(9) 1, Q&A d-e€the Treasury repulat ns" "Distribution calm eta ° i +n x-pegr 22 ii) "Life-expeetimc� meter., life expectancy as computed by use of the ingleeLife Table in Section 1.101(aX-9)-9-of-the Treasury regulations. (ir,T--'-'P-a ieipant.'s Accounts" the P i ution calendar year ("valuation calendar year=')-i-nareased tf3bk S'. a -"@i d- d3.11 iea e '^' -.vvazv-rs sec,-a-sczic,c ated- to e val ti catend y u ter such 7d�deereased by distributions made in the-valaation calendar year after such last Valuation Date. The Participant's Acee nts for the valuation cafe eludes any amounts rolled over or transferred to the -Kan -either Ration cal ed in the valuation calendar year. p distri •f"�"•criar year and .- up to and including the includes the Participant's date of death: cstablLhcd by the Board laws with Lions of Subsection (Il)(B) above. 21 (i) General Rules (j) Notwithstanding any other provision of this Fund, all distributions from the Fund shall conform to the requirements of Section 401(a)(9) of the Code, including the incidental death benefit provisions of Section 401(a)(9)(G) of the Code. Such requirements shall be administered in accordance with the regulations issued under Section 401(a_1(9) of the Code. f2) Effective Date. The provisions of this Section 6(i) will apply for purposes of (3 deterrnininR required minimum distributions for calendar years beginning with the 2003 calendar year, TEFRA Section 242(b)(2) Elections. Notwithstanding the otherprovisions of this Section 6(h), distributions may be made under a designation made before January I, 1984, in accordance with section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and theprovisions of the Plan that relate to section 242(b)(2) of TEFRA. (ID Time and Manner of Distribution. (1) Required Beginning Date. The Participant's entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant's Required Beginning Date. 24 (2) Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant's entire interest will be distributed,or begin to be distributed, no later than follows: (a) If the Participant's surviving spouse is the Participant's sole designated beneficiary, then distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar ear in hich the Participant w uld have attained a 70 1/2 i (b) If the Participants surviving spouse is not the Participant's sole designated beneficiary, then distributions to the designated beneficiary will begin by December 31 of the calendar year immediately foliowing the calendar year in which the Participant died. (c) If there is no designated beneficiary as of September 30 of the year following the year of the Participant's death, the Participant's entire interest will be gistributeci_by December 31 of the calendaryear containing the fifth anniversary of the Participant's death. (d) If the Participant's surviving spouse is the Participant's sole designated beneficiary and the surviving spouse dies after the Participant but before distributions to the surviving spouse begin, this Section 6(h)(1k)(2), other than Section 6(h)(II)(2)(a), will apply as if the surviving spouse were the Participant. 25 For purposes of this Section 6(h)(II)(2) and Section 6(h)(TV)(2), unless Section 6(h)(11)(2)(d) applies, distributions are considered to begin an the participant's Required Beginning Date. If Section 6(h)(II)(2)(d) applies, distributions are considered to be_gin on the date distributions u. erl to begin o the suMviig spouse under Section 6(h)(II)(2)(a). If distributions under an annuity purchased from an insurance company irrevocably commence to the Participant before the ants R n Dat Participant's survivingsi,onse before the date distributions are required to begin to the surviving spouse under Section 6(h)(1T)(2)(a)), the date distributions are considered to begin is the date distributions actually commence. (3) Forni of Distribution. Unless the Participant'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 with Section 6(b)(III) and Section 6(h)(IV)(2). If the Participant'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 401 (a)(9.l of the Code and the Treasury regulations. (III) Required Minimum Distributions During Participant's Lifetime. (I) Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the Participant's lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of: 26 (a) the quotient obtained by dividing the Participant'saccount balance by the distribution period in the Uniform Lifetime Table set forth in Section 1401(0(9)-9 of the Treasury regulations, using the Participant's age as of the Participaalt's birthday in the distribution calendar year; or (b) if the Participant's sole designated beneficiary for the distribution calendar year is the Participant's spouse, the quotient obtained by dividing_ the Partoipants account balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant's and spouse's attained ages as of the Participant's and spouse's birthdays in the distribution calendar year. (2) Lifetime Required Minimum Distributions Continue Through Year of Participant's Death. Required Minimum Distributions will be determined under this Section 6(111(1II) beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the Participant's date of death. (IV) Required Minimum Distributions After Participant's Death: LI) Death On or After Date Distributions Begin fa) Participant Survived by Designated Beneficiary. If the Participant dies on or after the date distributions be is a designated 27 beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of tbe Participant's death is the quotient obtained by dividing the Participant's account balance by the Ion of the remainm life expectancyof the Partici or the remaining life expectancy of the Participant's designated beneficiary, determined as follows: (1) The Participant's remaining Iife expectancy is calculated'using the age of the Participant in' the year of death, reduced by one for each subsequent year. (2) If the Participant's surviving spouse is the Participant's sole designated beneficiary, the remaining life expectancy of the survivin OUS is calculated for each distribution calendar year after the year of the Participant's death using the surviving spouses age as of the spouse's birthday in that year. For distribution calendar years after the year of the surviving spouse's death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouses birthday in the calendar year of the spouse's death, reduced by one for each subsequent calendaryear. (3) If the Participant's surviving spouse is not the Participant's sole designated beneficiary,. the designated beneficiary's remaining life expectancy is calculated using the age of the beneficiary in, 28 the year following the year of the Participant's death, reduced by one for each subsequent year (b) No Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is no designated beneficiary as of September 30 of the year after the year of the Participant's death, the minimum amount that will be distributed for each distribution calendar y_ar. after the_year of the Participant's death is the_quotient obtairted by dividing the Participant's account balance by the Participant's remaining Iife expectancy calculated usingthe age of the Participant M the year of death, reduced by one for each subsequent year, f2) Death BeforeBre Date Distributions Beg-irt. (a) Participant Survived by DesiAate Berteficiary. If the Participant dies before the date distributions begin and there is a designated beneficiary, the minirnum amount that will be distributed for each lion calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant's account balance by_the (b) remaining life expectancy of the Participant's clesi nated beneficiary, determined as provided in Section 6fh)(IV)(1), No Designated Beneficiary, If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the ar f win the of the artickant's death, distribution of the Participant's entire interest be completed by 29 December 31 of the calendar year containirig the fifth arrniversary of the Participant's death. (e) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant's surviving spouse is the Participant's sole designated beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 6(h)(II)(2)(a), this Section 6(hlay)(2) will apply as if the surviving spouse were the Participant. (V) Election to Apply 5-Year Rule to Distributions to Designated Beneficiaries. If the Participant dies before distributions begin and there is a desimated beneficiary, distribution to the designated beneficiary is not required to begin by the date specified in Section 6(h)(II)(2), but the Participant's entire interest will be distributed to the designated beneficiary by December 31 of the calendar year containing the fifth anniversary of the Participant's death. If the Participant's surviving spouse is the Participant's sole designated beneficiary and the surviving spouse dies after the Participant but before distributions to either the Participant or the surviving spouse begin, this election will apply as if the surviving spouse were the Participant. (VI) Election to Allow Participants or Beneficiaries to Elect 5-Year Rule. Participants or beneficiaries may elect on an individual basis whether the 5-year rule or the life expectancy rule in Section 6(b)a1)(2) and Section 6(h)fIVI(2) of the Plan applies to distributions after the death of a Participant who has a designated beneficiary. The 20 • election must be made no later than the earlier of September 30 of the calendar year in ,h distribution would be uir d to begin under Section 6(11)(II)(2),_ or by September 30 of the calendar year which contains the fifth anniversary of the Participant's (or, if applicable, surviving spouse's) death, If neither the Participant nor beneficiary makes an election under this aragraph, distributions will be made in accordance with Section 6(b)(I1)(2) and Section 6(h)(TV)(2) and, if applicable, the elections in Section 6(h)(V) above. (VIII Election to Allow Designated Beneficiary Receiving Distributions Under 5-Year Ru.le to Elect Life Expectancy Distributions. A designated beneficiary who is receiving payments under the 5-year rute may make a new election to receive payments under the-life-c-xpectano-rule- until -December 31, 2-003 -provided-that all-amount,s-that- would have been required to be distributed under the life expectancy rule for all distribution calendar years before 2004 are distributed by the earlier of Dece lber 31, 2003 or the end of the 5-year period. NM) TEFRA Section 24203)(2) Elections (1) Notwithstanding_the other requirements of this article distribution on behalf of any employee Wig) has made a designation under § 242(b)(2) of the Tax Eouity_arid Fiscal gesponsibility Act (a "section 242_0_1(21glection") may be made in accordance with all of the following requirements (regardless of when such distribution commences): 31 (a) The distribution by the plan is one which would not have disqualified such plan under § 4310)(9) of the Internal Revenue Code as in effect prior to amendment by the Deficit Reduction Act of 1984, Lb) The distribution is in accordance with a method of distribution designated by the employee whose interest in the plan is being distributed or, if the employee is deceased, by a beneficiary of such employee. (c) Such designation was in writing, was signed by the employee or the beneficiary, and was made before January 1, 1984. (d) The employee had acenie,d a benefit d , the plan as of 1983. eeember (e) The method of distribution designated by the employee or the, beneficiary specifies the time at which distribution will commencethe period over which distributions will be madc,and in the case of any distribution upon the employee's death, the beneficiaries of the employee listed in order of priority. (2) A distribution upon death will not be cc.vered by_this transitional rule unless the information in the designation contains the required information described above with respect to the distributions to be tnade u on th death of the ernplo yee, 32 (3) For any distribution which commences before January 1, 1984, but continues after December 31 1983 the employee, or the beneficiary, to whom such distribution is being made, will be presumed to have designated the method of distribution under which the distribution is being, made if the method of distribution was specified in wrting and the distribution satisfies the requirements in Section 6(h)(VIII)(1)(a) and (e). (4) If a designation is revoked, any subsequent distribution must satisfy the requirements of 401 a 9 of the Code and the regulations thereunder. If a designation is revoked subseAucnt to the date distributions are required to begin, the plan must distribute by the end of the calendaryear following the calendar year in which the revocation occurs the total amount not y distributed which would have been required to have been distributed to satisfy 4 401(a)(9) of the Code and the regulations thereunder, but for the section 242(b)(2) election. For calendar years beginning after December 31,1988, such distributions must meet the minimum distribution incidental benefit requirements. Any changes in the designation will be considered to be a revocation of the designation. However, the mere substitution or addition of another beneficial:y.1one not named in the designation) under the designation will not be considered to be a revocation of the desioatipn, sea long as such substitution.or addition does not alter the period over which distributions are to —be made tinder the designation, directly or indirectly (for exam_ple. by altering the relevant measuring life). 33 c5) . In the case in which an amount is transferred or rolled over from one plan to another fan, the rules in § 1.401(a)(9)-8, Q&A-14 and Q&A-15, shall a.oply. (j) Direct Rollover of Certain Distributions, Notwithstanding any provision of this ordinanee Fund to the contrary that would otherwise limit a Distributee's election under this paragraph Section 6(j), 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. or any portion of the does -not include-an)t-distribution to the extent -such distribution is required -under Se '-gi b4e-reti.re section 108(a) of the Code, an in ividu 40S(4) of -the - of any distribution that is not nt described in qualified- trust described in-Seetien 101(a) of-tre-C-edev-that accepts the-distributee eligible rollover distribution. However, in the case of an eligible rollover distribution (III) "Di ; etifement-aeeolatt use; and 34 t the e igib spee-ifiedby-the-distriblitee, Netwithstartrling-any provision -of -the Fund to the cont-ar-at-weuld-othe-rwise-limit ri-D-istA but cc's c leeti-on-under-thi s--S eeti or4--a-Distributee-may-eleeti-et the tirne-i44i the—manner—pFeseribed -the-BoardH 4.-eetly-te- d- lay-4h e-Distr-ibutee -GO-Death of Retired or Separated Participant, Upon the death pf a Retired or Separated Partieipant_such Participant's surviving spouse shall have all the distribution options that were available to the Relirecl or Separated Participant pursuant to this Section 6. al (—Loins and/or Hardship Distributions. Loans an or distributions on account of hardship shall not be permitted under the Plan. (rn) (ffl-)-Clairns Procedures. Filirw a Claim for Plan Distributions. A Participant or BeneficianF who has been denied a request for a distribution and desires to make a claim for the Vested portion of his or her Account shall file a recjtherj itjnorJn any other form permitted under rules _promulgated by the IRS and acceptable to the Board of Trustees) with the Board of Trustees, If such request is muired in writing, such request must be made on a form provided or acceptable to the_BoArd of Trustees for such purpose. The recuest shall set forth the basis of the claim. The Board of Trustees is authorized to conduct such examinations as may be necessary to facilitate 35 the payment of any benefits to which the Participant or the Beneficibe entitled under the terms of the Plan. (II) Denial o Claim. Whenever a claim for a Plan distribution submitted in accordance finnn F(i'� by any Part 'inane nr R,Pnafiriary hac' #pp.n w nar+ial') denied, the Board of Trustees roust furnish such Participant or Beneficiary notice (either in writing or irtanv other form promulgated by the IRS and acceptable by the Board of Trustees) of the denial as soon as administratively practicable after the original claim was filed. The notice shall set forth the specific reasons for the denial, specific reference to pertinent Plan provisions on which the denial is based, a description of any additional information or material needed to pe feet the claim, an explanation of why such additional information or material is necessary and an explanation of the procedtires for appeal. Re edits Available. The Participant or Beneficiary shall have, sixty (60) days fro receipt of the denial notice Board of Trustees. The the nature of ali repres any other form permitted under rules promulgated by a which to ake written application for review by the l?articinnnt or Beneficiary may request that the review be in The Participant or Beneficiary shall have the right ;to pertinent docurraents and to submit cornrrrents in writing (or 1. The Board of Trustees shall issue a decision on such review within a reasonable time after receipt of an application for review asprovided for in this Section 6a), Upon a decision unfavorable to the Participant or Beneficiary, such Participant or Beneficiary shall be entitled to bring, such actions irr lay or clarify his or her rights to benefits under the P1 36 a be necesG or apprgpriate to Section 7 Administration (a) Board of Trustees, There is hereby created a Board of Trustees of the Miami Fire Fighter's Relief and Pension Fund. The Board shall consist of three Participants in the Fund to be elected by Participants, the Fire Chief, and a fifth member appointed by the Participants elected as Trustees. Trustees shall be elected to serve as Trustee for a three year terra. The fifth Trustee appointed to the Board shall serve for a term of one year. The Board shall annually elect from its membership a Chairman and a Secretary and a Treasurer. The Chairman, when present, shall preside at all meetings. The Secretary shall keep complete minutes of all proceedings of the Board. The Treasurer shall supervise the books and records which record the receipts and disbursements of the Fund and the inventory of assets of the Fund. The Treasurer shall report at each quarterly meeting, and at such other times as the Board may determine, the assets and liabilities of the Fund as of the date of such meeting. Any and all acts and decisions of the Board, except for the appointment of the fifth Trustee, shall be by at least three affirmative votes of the Board, a quorum being present. Three or more Trustees shall constitute a quorum. Trustees shall receive no compensation for their service as such. (b) (c) Elections. Ali elections of Fire Fighters to the Board shall be by secret written ballot_ Only Participants shall be eligible for nomination and election to the Board and shall be eligible to vote in such elections. Notice of each election shall be given at least two weeks prior to the date upon which such elections shall be held. Meetings. The Board will hold regular meetings at least quarterly or more often as determined by the Board. Special meetings may be called by the Chairman and Secretary or 37 by any three Trustees, Ten days written notice of a special meeting shall be given in writing to all Trustees, which notice shall contain the purpose, date, time and place of the special meeting. If any Trustee fails to attend two consecutive meetings of the Board without cause, as determined by the Board, his membership on the Board shall be terminated. Written notice of his termination shall be given to the Trustee whose membership is thus tern (d) Replacement of Boa d Members. If at any time between elections a vacancy occurs on the Board for any reason whatsoever, the remaining Trustees, by rnajority vote, shall fill the vacancy. The new Trustee so chosen shall serve until the next election of the Board of Trustees, at which time a new Trustee shall be elected to serve the remainder of the term of the Trustee whose position became vacant. (e) Powers of the Board. The Board shall have the power and authority as follows: (I) To invest and reinvest the assets of the Fund and keep them investe without distinction between principal and income, in stocks, bonds, stock options, option contracts of any type, contracts for the immediate or future delivery of financial instruments and other property, or other securities or certificates of participation or shares of any mutual investment company, trust or fund, or deposits which bear a reasonabe rate of interest, or term life, annuity or investment contracts issued by an insurance company, or other property of any lcind, real or personal, tangible or intangible, as a prudent man would do under like circumstances with due regard for the purpose of this Fund. Notwithstanding anything to the contrary in this par; :roph (e) Section 7(el the Board shall be governed by State laws relating to the investments of fiduciary funds when investing the Fundrs asscts, 38 (IT) To establish one or more separate investment accounts within the Fund, The Board shall transfer to each such separate investmentinvesiment account such portion of the Fund's assets as the Participants. direct in accordance with the provisions of pafagraph-(9)-g-Feolieft-5 Sectio 5(c). The Board shall invest and reinvest the assets which have been allocated to a separate investment account in accordance with the investment guidelines, objectives and restrictions which have been established by the Board for that separate investment account. (1II) To keep such amounts of cash as it, in its sole discretion, shall deem necessary or advisable as part of the Fund. (IV) To approve disbursements, pay claims, and authorize payments from the Fund by warrants signed by at least three Trustees. (V) To construe and interpret the provisions of this ordinance including, but not limited to, determination of an individual's eligibility to participate in the Fund, the right and amount of any benefit payable under the Fund. and the date on which any 'individual ceases to be a Participant. The determination of the Board as to the interpretation of this ordinance or any disputed question shall be conclusive and final to the extent permitted by applicable law, (VI) To promulgate necessary rules respecting (i) the operation and administration of the Fund and the transaction of its business and (ii) the elections of Trustees, not in confiict with the wording or clear intent of this ordinance. (VII) To authorize expenditures in connection with preliminary research, and for technical, legal, consulting and accounting services; to contract for employees necessary to the general 39 administration of the Fund and to employ legal counsel, auditors and others necessary to the proper administration of the Fund. (VIII) To appoint from their number such committees with such powers as they shall determine and to ailocatc among themselves all or such portion of their duties under this ordinance as they, in their sole discretion, shall decide, (IX) To take or do any other ac i any applicable State law, gs permitted to be taken ot done by trustees under (f) Bonding. All persons, including Trustees and employees, who sign checks or handle money, securities or other assets of the Fund shall be bonded bY a qualified surety, (g) Limitation of Liability and Indemnification, The Trustees and any officer, employer or agent of the Trustees or of the Fund shall not incur any liability individually or on behalf of any other individuals or on behalf of the Board or the Fund for any act or failure to act, made in good faith in relation to the Fund or the assets of the Fund. To the extent permitted by applicable law and the assets of the Fund, the Trustees and the officers, employees and agents of the Board and the Fund shall be indemnified from the assets of the Fund against any and all liabilities arising by reason of any act, or failure to act, in relation to the Fund or the assets of the Fund, including, without limitation, expenses reasonably incurred in the defense of any claim relating to the Fund or the assets of the Fund and amounts paid in any c.omprornise or settlement relating to the Fund or the assets of the Fund, except for actions or failures to act made in bad faith. 40 Section 8 Miscellaneous Provisions (a) Nonalienation of 13enefits. The benefits provided by the Fund shall not be subject to garnishment, attachment, execution of any other legal process. (b) City's Responsibilities. The City shall have no responsibility for the operation of the Fund except those specified herein and shall bearno expense in connection therewith, (o) Facility of Payment. if the Board shall find that a Participant or other person entitled to a benefit is tumble to care for his affairs or is a minor, or is legally incapacitated, the Board may direct that any benefit due him shall be paid to his duly appointed legal representative. Any payment so made shall be a complete discharge of the liabilities of the Fund for that benefit. (d) Information. 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 infomiation that it shall require to establish his rights and benefits under the Plan. Amendment, The provisions of this ordinance and the Fund are intended to meet the requirements of a qualified profit sharing 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 the ordinance for the ordinance or the Fund to comply or to continue to comply with the provisions of Sections 401(a) and 501(a) of the Code, the Board shall prepare a statement for the City describing the changes and the City shall, after reviewing the Board's statement, make any such required changes to the ordinance, 41 Termination. The Plan may be terminated .by the City, subject to full compliance with all applicable federal, state and local laws and regulations. Written notice of the termination and effective date thereof shall be given to the Participants and Beneficiaries and a providing services to the Plan. Until all of the Plan assets have been distributed, the Plan will be kept in full compliance with current laws and regulations by making appropriate amendments to the Plan and by taking such other measures as may be required. Upon termination of the Plan, each Pafl.xclpant shall become 100% vested in his or hcr Account and the balance shall be non -forfeitable. The balance of each Participant's Account will be distributed in a lump sum as soon as administratively practicable following the effective date of the Plan's termination. (g) USli;FIR.A. Notwithstanding any provision of this plan to the contrary, contribqtions, benefits and service credit with respect to _qualified military service will be provided in accordance with Code section 414(111 42 044,14A- 5 City of Miami Certified Copy City Hall 350Q Pan American Drive FL 3.3133 www.miamigmr.com File Number; 13-01064 Enactment Number: 3,113 AN ORDINANCE OF THE MIAMI CITY COMMISSIONAMENDING ORDINANCE NO, 6432, ADOPTED SEPTEMBER 2, '1959, AS SUBSEQUENTLY AMENDED, ENTITLED "THE MIAMI FIRE FIGHTERSRELIEF AND PENSION FUND", TO IMPLEMENT THE 2012-2014 COLLECTIVE BARGAINING AGREEMENT BETVVEEN THE CITY OF MIAMI AND THE INTERNATIONAL ASSOCIATION OF FIREFIGHTERS LOCAL 587; PROVIDING FOR THE TRANSFER OF CHAPTER 175 PREMIUM TAX REVENUES RECEIVED IN 2013 AND 2014 FROM THE MIAMI FIRE FIGHTERS' RELIEF AND PENSION FUND TO THE CITY OF MIAMI FIREFIGHTERS° AND POLICE OFFICERS" RETIREMENT TRUST; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. WHEREAS, the City of Miami entered into a collective bargaining agreement with the International Association of Firefighters, AFL-CIO, Local 587 for Fiscal Years 2012-2013 and 2013.2014; and WHEREAS, under the terms of the collective bargaining agreement, the parties agreed to transfer certain premium tax revenues received by the City of Miami ("City") in 2013 and 2014 pursuant to Chapter 175, Florida Statutes, from the Miami Fire Fighters' Relief and Pension Fund to the City's Miami Firefighters' and Police Officers' Retirement Trust,("FIPOTh to reduce the City's annual required contribution to the FIPO for the 20'12-2013 and 2013-2014 plan years; and WHEREAS, to implement the transfer of premium tax revenues provided in the collective bargaining agreement, it is necessary to amend the Miami Fire Fighters' Relief and Pension Fund; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA, Section 1. The recitals and findings contained in the Preamble to this OrdinanceOrdinanc are adopted by reference and incorporated as if fully set forth in this Section. Section 2, Ordinance No. 6432, adopted September 2, 1959, as subsequently amended, entitled 'The Miami Fire Fighters' Relief and Pension Fund", is further amended in the following particulars;(1} "Section 3, Funding (a) Contributions. The City shall contribute to the Fund each year an amount equal to the amount it receives under the provisions of Chapter 175, Florida Statutes, as amended, The City shall make its contributions to the Fund as soon as possible but in no event later than five days of its receipt of such amount. The City shall not he required to levy any additional taxes an its residents to make any contributions to the Fund. Notwithstanding anything in this subsection (a) to the contrary, premium tax revenues received in calendar year 2-04-2 2013 in the amount of $4,038734-8 $3,380,875, and premium tax revenue received in calendar year 2014 in the amount of $3,380,875, shall be transferred from the Fund to the City of Miami Firefighters' and Police Officers' Retirement Trust ("FIPO"), to reduce the City's annual required contribution to FIPO for the 2011 Cy Marna Page 1 (Jf 3 13113 File Number: 13-01064 Enactment Number: 13413 4-2 2012-13 and 2013-14 plan years. Provided, if the actual amount of premium tax revenues received in 2-0-1-2 calendar year 2013 or 2014 is less than $570 88e3e1e8 $3,530,875, then the actual amount received less the administrative cost of the Fund shall be transferred to FIPO for each year that the actual amount of premium tax revenues received is less than $3,530,875 to reduce the City's annual required contribution to FIPO for the 2012-2013 and 2013-2014 plan years, respectively. The transfer of premium tax revenues provided in the preceding sentences shall occur within ten days following the date the premium tax revenues are received by the Fund, and in no event later than 'September 30T-204-2 October 31 2013 for the 2012-2013 plan year and epternber 30, 2014 for the 201 3-2014plan year. In the event the transfer of pre,mium tax revenues provided above is not approved by the Florida Division of Retirement, contributions to FIPO shaft be increased by a percentage of firefighter payroll that equals $4-8-380.48 1,3 380,875 annually for each year that the transfer of premium tax revenues is not approved,, and premium tax revenues equal to $1,938,13E4 $3,380675 shall be transferred from the Fund to FIPO and used to reduce the employee contribution Pack to the current level. .14 Section 3. if any section, part of section, paragraph, clause, phrase or word of this Ordinance is declared invalid, the remaining provisions of this Ordinance shall not be affected. Section 4. This Ordinance shall become effective immediately after final reading and adoption thereof.{2} Date, OCTOBER 10, 2013 Mover: COMMISSIONER SUAREZ Seconder: VICE CHAIR GORT Vote: AYES: 5 - COMMISSIONER(S) GORT, SARNOFF, CAROLLO, SUAREZ AND SPENCE-JONES Action: PASSED ON FIRST READING Date: OCTOBER 24, 2013 Mover: COMMISSIONER SUAREZ Seconder: COMMISSIONER SPENCE-JONES Vote: AYES: 4 - COMMISSIONER(S) SARNOFF, CAROLLO, SUAREZ AND SPENCE-JONES ABSENT: 1 - CON1MISSIONER(S) GORT Action: ADOPTED Date: OCTOBER 31, 2013 Action: SIGNED BY THE MAYOR Pugs 2 of 3 13413 Poe Number: 13-01064 Enactmenrn. Number: 1.3 1, Todd B, Hannon, City Clerk of the City of Miami, F orida, and keeper of the records thereof, do hereby certify that this constitutes a true and correct copy of Ordinance No, 13413, passed by We City Commission on 10/24/2013. -" December 09, 2013 City Clerk, Deputy Clerk (for Todd City Clerk) nnon, Date Certified (1) Words and/or figures stricken through shall be deleted, Underscored words and/or figures shall be added The remaining provisions are now in effect and unchanged. Asterisks indicate omitted and unchanged material (2} This Ordinance shall become effective as specified herein unless vetoed by the Mayor within ten (10) days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall become effective immediately upon override of the veto by the City Commission or upon the effective date stated herein, whichever is later, qf Vr000 Poge. 1g/ 1:1413 City of Miami Master Report Enactment Number: 13413 City Hall 3500 Pan American Chive Miami, FL 33133 weraLm ia rnig ov corn File Number: 13-01064 File Type: Ordinance Status: Passed Version: I Reference: Controlling Body: Office of the City Clerk File Name: Miami F 11"2 Share Plan FY'I3 and FY`14 Introduced: 9/5/20I3 Requester: Department of Management Cost: Final Action: I 0/24/20 1 3 and Budge Title AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING ORDINANCE NO, 6432, ADOPTED ,SEPTEMEER 2, 1959, AS SUBSEQUENTLY AMENDED, ENTITLED "THE MIAMI FIRE FIGHTERSRELIEF AND PENSION FUND", TO IMPLEMENT THE 2012-2'014 COLLECTIVE BARGAINING AGREEMENT BETWEEN THE CITY OF MIAMI AND THE INTERNATIONAL ASSOCIATION OF FIREFIGHTERS LOCAL 587; PROVIDING FOR THE TRANSFER OF CHAPTER 175 PREMIUM TAX REVENUES RECEIVED IN 2013 AND 2014 FROM THE MIAMI FIRE FIGHTERS' RELIEF AND PENSION FUND TO THE CITY OF MIAMI FIREFIGHTERS' AND POLICE OFFICERS RETIREMENT TRUST; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DA I E. Sponsors: Notes: Indexes: Attachments: 13-01064 Summary Form Fkpdf, 3-01064 Legislation FR.pcif,13-01064 Sur SR.pdf,I 3-01064 Legislation FR/SR.pdf, Form History of Legislative File Version Acting Body: Date: Action: Sent To: Due Date: Return Date: Result: Office of the City Attorney City Commission 9130/2013 Reviewed and Approved 10/10/20 13 PASSED ON FIRST READING Pass City Commission 10/24 2013 ADOPTED Pass Office oF the Mayor 10131/2013 Signed by the Mayor Office of the Cy C Verk 1 Office of the City Clerk 10A1/201 3 Signed and Artesied by City Clerk v Ciry Qf MPa iami Priniet on i2/74013