HomeMy WebLinkAboutR-15-0413Vop City of Miami
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Resolution: R-15-0413
File Number: 15-01173
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 9/24/2015
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 OF TEN THOUSAND DOLLARS ($10,000.00) IN
COMPLIANCE WITH THE PROVISIONS OF THE WORKER, RETIREE, AND
EMPLOYER RECOVERY ACT 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 Miand Page 1 of 2 File Id. 15-01173 (Version: 1) Printed On: 3/23/2018
File Number: 15-01173
Enactment Number: R-15-0413
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}.
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 of Miami Page 2 of 2 File Id. 15-01173 (Version: 1) Printed On: 3/23/2018