HomeMy WebLinkAboutAgenda Item Summary Formikt�L Ixd I� AGENDA ITEM SUMMARY FORM
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File ID: #3910
Date: 04/05/2018 Requesting Department: Miami
Firefighters' Relief and Pension Fund
Commission Meeting Date: 07/26/2018 Sponsored By:
Type: Ordinance District Impacted: All
Subject: Amend - Miami Fire Fighters'
Relief and Pension Fund
PURPOSE OF ITEM:
To approve an amendment to the code of ordinances governing the City of Miami
Firefighters Relief and Pension Fund ("Pension Fund") to include specific technical
language required by the Internal Revenue Service as a prerequisite condition of the
favorable determination letter issued by the IRS on May 22, 2017 maintaining the
Pension Fund's tax exemption as a "governmental plan" under Sec. 414(d) of the
Internal Revenue Code.
BACKGROUND INFORMATION:
The City of Miami Firefighters Relief and Pension Fund ("Relief and Pension Fund") is
governmental plan currently exempt from taxation. As a tax exempt entity the Relief and
Pension Fund receives favorable tax treatment which is critical to its continued viability
as a benefit for its participants and beneficiaries. The Relief and Pension Fund applied
for and ultimately received a "Favorable Tax Determination" verifying the Relief and
Pension Fund's tax exempt status issued by the IRS on May 22, 2017. The favorable
tax designation was expressly contingent on certain specific technical amendments
being made to the Relief and Pension Fund's governing City ordinance.
Budget Impact Analysis
Item has NO budget impact
Reviewed By
Miami Firefighters' Relief and Pension Fund
Andrew McGarrell
Department Head
Review Completed
04/10/2018 4:19 PM
Office of Management and Budget
Christopher M Rose
Budget Analyst Review
Completed
05/09/2018 3:22 PM
City Manager's Office
Fernando Casamayor
Assistant City Manager Review
Completed
05/14/2018 9:18 AM
City Manager's Office
Nikolas Pascual
City Manager Review
Completed
05/14/2018 2:45 PM
City Commission
Maricarmen Lopez
Meeting
Completed
05/24/2018 9:00 AM
Legislative Division
Valentin J Alvarez
Legislative Division Review
Completed
06/01/2018 1:30 PM
Office of the City Attorney
Barnaby L. Min
Deputy City Attorney Review
Completed
06/14/2018 4:37 PM
Office of the City Attorney
Victoria M6ndez
Approved Form and Correctness
Completed
06/15/2018 4:42 PM
City Commission
Nicole Ewan
Meeting
Completed
06/28/2018 9:00 AM
City Commission
Nicole Ewan
Meeting
Completed
07/26/2018 9:00 AM
Office of the Mayor
Mayor's Office
Signed by the Mayor
Completed
08/06/2018 3:59 PM
Office of the City Clerk
City Clerk's Office
Signed and Attested by the City Clerk Completed
08/06/2018 4:52 PM
City of Miami
File ID: 3910 (Revision: A) Printed On: 111512018
Office of the City Clerk City Clerk's Office Rendered Completed 08/06/2018 4:52 PM
City of Miami File ID: 3910 (Revision: A) Printed On: 111512018
- City of Miami City Hall
Legislation 3500 Pan American Drive
g Miami, FL 33133
Ordinance www.miamigov.com
Enactment Number:13776
File Number: 3910 Final Action Date: 7/26/2018
AN ORDINANCE OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AMENDING THE MIAMI FIRE FIGHTERS' RELIEF AND PENSION FUND ESTABLISHED
PURSUANT TO ORDINANCE NO. 6432 ADOPTED SEPTEMBER 2, 1959, AS
SUBSEQUENTLY AMENDED, TO ENSURE COMPLIANCE WITH APPLICABLE
CHANGES REQUIRED BY THE UNITED STATES INTERNAL REVENUE CODE, AS
AMENDED, AS PROVIDED IN EXHIBIT "A", ATTACHED AND INCORPORATED;
CONTAINING A SEVERABILITY CLAUSE; PROVIDING FOR AN IMMEDIATE
EFFECTIVE DATE.
WHEREAS, Ordinance No. 6432 adopted September 2, 1959 ("Original Ordinance")
created the Miami Fire Fighters' Relief and Pension Fund ("Fund"); and
WHEREAS, the Original Ordinance has been subsequently amended on several
occasions; and
WHEREAS, on May 22, 2017, the United States ("U.S.") Internal Revenue Service
issued a favorable determination letter to the Fund, which requires certain amendments
provided for in Exhibit "A," attached and incorporated herein; and
WHEREAS, the trustees of the Miami Firefighters' Relief and Pension Fund have
requested and approved such amendments as being in the best interests of the participants and
beneficiaries as well as improving the administration of the Fund; and
WHEREAS, as required by Section 112.63(3), Florida Statutes, the City of Miami
received, reviewed, and considered an actuarial impact statement describing the actual impact
of the amendments provided for herein; and
WHEREAS, the City Commission finds that it is necessary to amend the Original
Ordinance, as amended, to comply with changes required by the U.S. Internal Revenue Code
as set forth in Exhibit 'A" attached and incorporated herein;
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 fully set forth in this Section.
Section 2. The plan for the Fund established pursuant to the Original Ordinance, as
subsequently amended, is hereby further amended as set forth in Exhibit "A," attached and
incorporated herein,' to implement and comply with applicable changes required by the U.S.
Internal Revenue Code.
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 remain unchanged. Asterisks indicate omitted and
unchanaed material.
City of Miami File ID: 3910 (Revision: A) Printed On: 11/5/2018
Section 3. If any section, part of a 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
APPROVED AS TO FORM AND CORRECTNESS:
1
i ria i . ndez, City Attor iey 6/1512018
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 File ID: 3910 (Revision: A) Printed On: 11/5/2018