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Home My WebLink AboutO-13679City of Miami 1 i.RR cl Legislation �a�lldl 1 l + try Ordinance 13679 File Number: 1949 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com Final Action Date: 5/11/2017 AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER 40/ARTICLE IV/DIVISION 3 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, ENTITLED "PERSONNEL/PENSION AND RETIREMENT PLAN/CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST" TO INCLUDE CHANGES REQUIRED BY THE INTERNAL REVENUE SERVICE; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1: Chapter 40, Article IV, Division 3 of the Code of the City of Miami, Florida, as amended, is amended in the following particulars:' "CHAPTER 40 PERSONNEL Article IV. Pension and Retirement Plan DIVISION 3. CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST Sec. 40-241. Definitions. The following words and phrases as used in this division shall have the following meanings: Actuarial equivalent shall mean a benefit having the same present value as the benefit it replaces based upon the actuarial table adopted by the board of trustees. For purposes of determining actuarial equivalence under Internal Revenue Code Section 415, the applicable mortality table will be the table under Internal Revenue Code W 7(e)(3)(B). Compensation shall mean a member's base salary, including pick-up contributions for all straight time hours worked, assignment pay, pay supplements, vacation, and sick leave used ' 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 remain unchanged. Asterisks indicate omitted and unchanged material. City of Miami Page 1 of 4 File ID: 1949 (Revision: A) Printed On: 9/1/2017 File ID: 1949 Enactment Number: 13679 while an active member, jury duty, and death in family leave taken or any other administrative leave approved pursuant to ordinance, labor agreement, or city personnel policy which is used as part of the member's base salary. Compensation shall not include overtime pay, payments for accumulated sick leave, accumulated vacation leave, or accumulated compensatory leave, premium pay for holidays worked, call back pay, uniform allowances, tool allowances, the value of any other employment benefit or non -monetary entitlement, or any other form of remuneration. The amount of compensation taken into account under the System may not exceed $200,000.00. This amount is subject to adjustment as provided for in Internal Revenue Code Section 401(a)(17), Internal Revenue Code Section 415(d) and Section 16 of this Plan. Beginning with compensation earned after December 31, 2008, and pursuant to Internal Revenue Code Section 414(u)(7), the definition of compensation includes the amount paid by the City as differential wages to members who are absent from employment while in qualified military service. Internal Revenue Code shall mean the Internal Revenue Code of 1986, as amended from time to time. Normal retirement age shall mean age 55 for members employed on September 30, 2010 who have attained age 55 by that date and members who retire or terminate employment with ten or more years of creditable service prior to October 1, 2010. Normal retirement age shall mean the earlier of age 60 with ten years of creditable service or age 55 with 30 years of creditable service for members who have not attained age 55 as of September 30, 2010 and all other members who retire on or after October 1, 2010. All members are 100% vested upon reaching Normal Retirement Age. Sec. 40-242. Plan established; purpose; name; operative date. A Plan is established and placed under the exclusive administration and management of a board of trustees for the purpose of providing retirement benefits pursuant to the provisions of this Code and for payment of the reasonable expenses of the Plan. This Plan shall be known as the "City of Miami General Employees' and Sanitation Employees' Retirement Trust." This Plan is intended to be a tax qualified plan under Internal Revenue Code Section 401(a) and meet the requirement of a governmental plan as defined in Internal Revenue Code Section 414(d). Sec. 40-254. Paybacks for membership credit. (3) Credit for military service. f. Effective January 1, 2007, members who die or become disabled while serving on active duty military service shall be entitled to the rights of this Section even though such City of Miami Page 2 of 4 File ID: 1949 (Revision: A) Printed on: 9/1/2017 File ID: 1949 Enactment Number: 13679 participant was not re-employed by the City as an employee. Members who die or become disabled while on active duty military service shall be treated as though re-employed as an employee the day before the member became disabled or died, and then either died a non - duty death while employed or became disabled from a non -duty disability. Eligibility, if any, for benefits will then be determined under the Plan provisions. Sec. 40-262. Compliance with the Internal Revenue Code. (f) This subsection applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the plan to the contrary that would otherwise limit a distributee's election under this subsection, a distributee may elect, at the time and in the manner prescribed by the Plan administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (1) For the purposes of this section and section 40-266 of this Plan, the following words and phrases shall have the meanings indicated: a. "Eligible rollover distribution" is 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: 1. Any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually), made for the life (or life expectancy) of the distributee, or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more; 2. Any distribution to the extent such distribution is required under Section 401(a)(9) of the Internal Revenue Code; and 3. The portion of any distribution that is not includable in gross income. b. "Eligible retirement plan" is an individual retirement account described in Section 408(a) of the Internal Revenue Code, an individual retirement annuity described in Section 408(b) of the Internal Revenue Code, a qualified trust, an annuity plan described in Section 403(a) of the Internal Revenue Code, or an eligible defined compensation plan described in Section 457(b) of the Internal Revenue Code which is maintained by an eligible employer described in Section 457(e)(i)(A) of the Internal Revenue Code, or an annuity contract described in 403(b) of the Internal Revenue Code that accepts the distributee's eligible rollover distribution. HeweveF, OR the Gase of aR eligible r^II„„or a GGE) Rt Er iRdiyid al retirement aRF1 ii41i c. "Distributee" includes an employee or former employee. In addition, the employee's or former employee's surviving spouse is a distributee with regard to the interest of the spouse. Additionally, "Distributee" includes a non -spouse beneficiary whose rollover options are limited to an individual retirement annuity. d. "Direct rollover" is a payment by the Plan to the eligible Plan specified by the distributee. (g) In the event of a mandatory distribution under this Plan in excess of $1,000.00 and the member does not elect to receive the distribution directly, then the Board shall make a transfer to an individual retirement Dlan of the Board's choosina and shall notifv the members in writina of such transfer. City of Miami Page 3 of 4 File ID: 1949 (Revision: A) Printed on: 9/1/2017 File ID: 1949 Enactment Number: 13679 Sec. 40-264. General conditions. (a) The City of Miami General Employees' and Sanitation Employees' Retirement Trust may sue or be sued as an entity. (b) The city commission shall have continuing power to amend or supplement this division, but no amendment shall be adopted which will reduce the then accrued benefits of members or beneficiaries covered by accumulated reserves, which reserves shall constitute a trust fund for the payment of such benefits. (c) There shall be no reversion of trust funds or a return of employer contributions unless all liabilities have been satisfied. (d) Upon plan termination or a complete discontinuance of contributions, a member's interest is non -forfeitable. *„ Section 3. If any 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 upon its adoption and signature of the Mayor, unless an earlier date is specified in the text of the amendment.2 APPROVED AS TO FORM AND CORRECTNESS: 1 4nai dez, Giky Httor ey 4/17/2017 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. City of Miami Page 4 of 4 File ID: 1949 (Revision: A) Printed on: 9/1/2017