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HomeMy WebLinkAboutLegislationFile Number: 15-01173 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY MANAGER TO ACKNOWLEDGE (A) A CLOSING AGREEMENT BETWEEN THE UNITED STATES DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE ("IRS") AND THE CITY OF MIAMI FIREFIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST ("FIPO TRUST") ON FINAL DETERMINATION COVERING SPECIFIC MATTERS AND AN OPERATIONAL COMPLIANCE STATEMENT AGREEMENT(COLLECTIVELY, "CLOSING AND OPERATIONAL COMPLIANCE AGREEMENTS"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AND (B) PAYMENT BY THE FIPO TRUST FROM ITS FISCAL YEAR 2015-2016 BUDGET TO THE UNITED STATES TREASURY IN CONJUNCTION WITH THE EXECUTION OF SAID CLOSING AND OPERATIONAL COMPLIANCE AGREEMENTS, IN THE AMOUNT OFTEN THOUSAND DOLLARS ($10,000,00) IN COMPLIANCE WITH THE PROVISIONS OF THE WORKER, RETIREE, AND EMPLOYER RECOVERYACT OF 2008 AND THE HEROES EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2009. WHEREAS, the City of Miami Firefighter's and Police Officers' Retirement Trust was established effective January 1, 1940 ("FIPO Trust"), and is a separate single employer defined benefit contributory pension plan under the administration and management of an independent Board of Trustees ("Trustees") which is separate and apart from the City of Miami, Florida ("City"); and WHEREAS, the Internal Revenue Service ("IRS") maintains a determination letter program under which the IRS will review the form of a retirement plan and make a determination whether or not the plan in form satisfies the applicable tax law requirements for a qualified plan; and WHEREAS, the IRS required changes affecting plan qualification requirements that are applicable to a particular pension plan be incorporated into the plan document that is submitted for a determination letter and WHEREAS, an ordinance to propose an amendment to implement the changes as required by the Internal Revenue Service, to Chapter 40, Article IV, Division 2, of the City of Miami Firefighters' and Police Officers' Retirement Trust ("FIPO Trust Ordinance") has been presented to the City Commission; and WHEREAS, in conjunction with the proposed amendment to the FIPO Trust Ordinance, closing and operational compliance agreements in relation to compliance of the provisions of the Worker, Retiree, and Employer Recovery Act of 2008 ("WRERA") and the Heroes Earnings Assistance and Relief Tax Act of 2009 ("HEART") must be executed as well by the Trustees on behalf of the FIPO Trust and acknowledged by the City; and NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: City of Miami Page 1 of 2 File Irl.• 1501173 (version: 1) Printed On: 911512015 Cit of Miami Y FYIll City Hall 3500 Pan American i{k! '"°"li i"J's [1} Legislation Drive Miami, FL 33133 www.miamigov.com Resolution File Number: 15-01173 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY MANAGER TO ACKNOWLEDGE (A) A CLOSING AGREEMENT BETWEEN THE UNITED STATES DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE ("IRS") AND THE CITY OF MIAMI FIREFIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST ("FIPO TRUST") ON FINAL DETERMINATION COVERING SPECIFIC MATTERS AND AN OPERATIONAL COMPLIANCE STATEMENT AGREEMENT(COLLECTIVELY, "CLOSING AND OPERATIONAL COMPLIANCE AGREEMENTS"), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AND (B) PAYMENT BY THE FIPO TRUST FROM ITS FISCAL YEAR 2015-2016 BUDGET TO THE UNITED STATES TREASURY IN CONJUNCTION WITH THE EXECUTION OF SAID CLOSING AND OPERATIONAL COMPLIANCE AGREEMENTS, IN THE AMOUNT OFTEN THOUSAND DOLLARS ($10,000,00) IN COMPLIANCE WITH THE PROVISIONS OF THE WORKER, RETIREE, AND EMPLOYER RECOVERYACT OF 2008 AND THE HEROES EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2009. WHEREAS, the City of Miami Firefighter's and Police Officers' Retirement Trust was established effective January 1, 1940 ("FIPO Trust"), and is a separate single employer defined benefit contributory pension plan under the administration and management of an independent Board of Trustees ("Trustees") which is separate and apart from the City of Miami, Florida ("City"); and WHEREAS, the Internal Revenue Service ("IRS") maintains a determination letter program under which the IRS will review the form of a retirement plan and make a determination whether or not the plan in form satisfies the applicable tax law requirements for a qualified plan; and WHEREAS, the IRS required changes affecting plan qualification requirements that are applicable to a particular pension plan be incorporated into the plan document that is submitted for a determination letter and WHEREAS, an ordinance to propose an amendment to implement the changes as required by the Internal Revenue Service, to Chapter 40, Article IV, Division 2, of the City of Miami Firefighters' and Police Officers' Retirement Trust ("FIPO Trust Ordinance") has been presented to the City Commission; and WHEREAS, in conjunction with the proposed amendment to the FIPO Trust Ordinance, closing and operational compliance agreements in relation to compliance of the provisions of the Worker, Retiree, and Employer Recovery Act of 2008 ("WRERA") and the Heroes Earnings Assistance and Relief Tax Act of 2009 ("HEART") must be executed as well by the Trustees on behalf of the FIPO Trust and acknowledged by the City; and NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: City of Miami Page 1 of 2 File Irl.• 1501173 (version: 1) Printed On: 911512015 File Number: 15-01173 Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The City Manager is authorized {1) to acknowledge (a) the Closing Agreement between the IRS and the FIPO Trust on Final Determination Covering Specific Matters and an Operational Compliance Statement Agreement (collectively, "Closing and Operational Compliance Agreements'), in a form acceptable to the City Attorney, and (b) payment by the FIPO Trust from its Fiscal Year 2015- 2016 Budget to the United States Treasury in conjunction with the execution of said Closing and Operational Agreements, the amount of Ten Thousand Dollars ($10,000.00) in compliance with the provisions of WRERA and HEART. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor{2). APP ` VVEDS TO FORM 4ND CORRECTNESS: VI&ORIA MENDEZ CITY ATTORNEY Footnotes: {1) The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. {2) If the Mayor does not sign this Resolution, it shall become effective at the end of the ten (10) calendar days from the date it was passed and adopted, If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City ofMiami Page 2 of 2 File 1d: 15-01173 (Version: 1) Printed On: 911512015