HomeMy WebLinkAboutO-2014-001 GE Pension IRS Compliance ORDINANCE NO. 2014-001
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AMENDING THE CITY OF DANIA BEACH CODE OF
ORDINANCES TO PROVIDE FOR COMPLIANCE WITH THE INTERNAL
REVENUE CODE RELATING TO THE CITY OF DANIA BEACH GENERAL
EMPLOYEES' RETIREMENT PLAN ("PLAN"); PROVIDING FOR
SEVERABILITY; PROVIDING FOR CONFLICTS; FURTHER, PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, recent changes to federal laws and regulations require that various
amendments be made to the Plan in order to maintain its status as a qualified Plan under Section
401(a)of the Internal Revenue Code; and
WHEREAS, an amendment to the City of Dania Beach Code of Ordinances is necessary
to permit such new obligations and conditions; and
WHEREAS, the Trustees of the City of Dania Beach General Employees' Retirement
Plan have requested and approved such an amendment as being in the best interests of the
participants and beneficiaries, as well as improving the administration of the Plan;and
WHEREAS the CityCommission has received reviewed and considered an actuarial
,
impact statement describing the actual impact of the amendments provided for in this Ordinance;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
Section 1. That the above recitals are true and correct and incorporated into this
Ordinance by this reference.
Section 2. That Sec. 18-29.3 of the Dania Beach Code of Ordinances is amended to
read as follows:
Sec. 18-29.3 Death benefits.
(a) Death prior to retirement. In the event of death prior to actual retirement under this Plan,
there shall be a death benefit payable as respects a member or former member who is
eligible for an early, normal or delayed retirement benefit, but who dies before
commencement of benefit payments. It shall be assumed that such deceased member has
retired immediately preceding his date of death, and a benefit shall be paid on a joint and
survivor annuity basis as provided in Section 18-29.7, Option 1, the percentage basis to
be as determined by the Board. In the event of the death of a member who is not eligible
for a retirement benefit, his accumulated contributions shall be payable to his designated
beneficiary.
(b) Death while performing USERRA-qualified active military service. In the case of a
Member who dies on or after January 1, 2007 while performing "Qualified Military
Service" under Title 38, United States Code, Chapter 43, Uniformed Services
Employment and Reemployment Rights Act ("USERRA") within the meaning of Section
414(u) of the Internal Revenue Code, any "additional benefits" (as defined by Section
401(a)37) of the Internal Revenue Code) provided under the Plan that are contingent
Won a Member's termination of employment due to death, shall be determined as though
the Member had resumed employment immediately prior to his or her death. With
respect to any such "additional benefits", for vesting_purposes only, credit shall be given
for the period of the Member's absence from covered employment during "Qualified
Military Service."
(c) Death after retirement. No benefit shall be paid upon the death of a retiree except such
benefits as result by reason of the normal form of benefit (ten (10) years certain and life
annuity) or the use of a preretirement selection of an option providing a survivor benefit
pursuant to section 18-29.7 of this Chapter.
(d) Option o bene ciary to keep benefits in the plan. In the event of the death of a Member
who is not eligible for retirement benefits, but who has completed eight(8) or more years
of credited service with the city on or after the effective date of this ordinance, his or her
designated beneficiary will have the option to either leave his or her accumulated
contributions in the plan until the time of the deceased employee's normal retirement date
and receive benefits as stated in Option 1. Joint and "one hundred (100) percent", last
survivor option pursuant to Section 18-29.7, or to take an actuarially reduced benefit at
the deceased employee's time of death.
Section 3. That if any clause, section, sentence or phrase of this Ordinance is for any
reason held unconstitutional or invalid by a court of competent jurisdiction, the holding shall not
affect the validity of the remaining portions of this Ordinance.
Section 4. That all ordinances or parts of ordinances, resolutions or parts of
resolutions in conflict with this Ordinance, are repealed to the extent of such conflict.
2 ORDINANCE#2014-001
Section 5. That this Ordinance shall be in full force and effective immediately upon
its passage and adoption.
PASSED on first reading on January 14, 2014.
PASSED AND ADOPTED on second reading on J2A �WB.
014.
ATTEST:
LOUISE STILSON, CMC DUKE, III
CITY CLERK
APPROVED AS TO ORM AND CORRECTNESS
1
J.
THOMA4 J. SB O01
CITY ATTORNEY
3 ORDINANCE#2014-001