O93-71ORDINANCE NO. 093-5/
AN ORDINANCE OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AMENDING ARTICLE III, OF THE CODE OF
ORDINANCES OF THE CITY OF BOYNTON BEACH,
AMENDING SECTION ~i~,!_~.~!~ PROVIDING FOR
CONTRIBUTIONS TO BE PICKED UP IN
COMPLIANCE WITH SECTION 414 OF THE
INTERNAL REVENUE CODE; CREATING SECTION
18-172 TO PROVIDE FOR DIRECT TRANSFERS OF
ELIGIBLE ROLLOVER DISTRIBUTIONS AS
REQUIRED BY THE PROVISIONS OF THE
INTERNAL REVENUE CODE; PROVIDING THAT
EACH AND EVERY PART OF ARTICLE III NOT
HEREIN SPECIFICALLY AMENDED SHALL REMAIN
IN FULL FORCE AND EFFECT; PROVIDING FOR
CONFLICTS, SEVERABILITY, CODIFICATION AND
AN EFFECTIVE DATE.
WHEREAS, the Police Pension Board and the City Commission
deem it in the best interest of the pension fund, the members
and the City of Boynton Beach to amend Section i8-170 of the
Code of Ordinances of the City of Boynton Beach, providing for
compliance with Section 414 of the IRS code, and creating a new
section for direct transfers of eligible rollover distributions.
NOW, THEREFORE, IT IS HEREBY ORDAINED BY THE CITY
COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. That Article III, Section.18-170 be amended
by adding the words and figures in underlined type and by
deleting the words and figures in struck-through type, as
follows:
Section 18-170.
Pclicc Pcnsicn Fund. The contribution rate for police
officers shall be seven (7%) percent of salary. The
City shall pick up, rather than deduct, all regular
contributions of members. The City shall derive pick
up amounts from the same sources of funds it has used
in compensating members of the Retirement Plan and
shall do so by reducing the salary for each member.
All pick up contributions shall be treated as employer
contributions for the purposes of determining tax
treatment under the Internal Revenue Code of 1954, as
amended. Ail such pick up a~nounts shall be considered
as employee contributions ~for the purposes of this
plan. All amounts so p~ked up shall be promptly
deposited into the Boyntoh Beach Police Pension Fund.
Section 2. Article III, Section 18-172 is hereby
created by adding the words and figures in underlined type as
follows:
Sec. 18-172. Direct Transfers of Eligible Rollover
Distributions.
A. GENERAL. This section applies to distributions made
o--~ or after January 1, 1994. Notwithstanding any provision
of the plan to the contrary that would otherwise limit a
distributee's election under this section, a distributee
may elect at the time and in the manner prescribed by the
Board of Trustees, to have any portion of an eligible
rollover distribution paid directly to an eligible
retirement plan specified by the distributee in a direct
rollover.
B. Definitions.
1. Eligible Rollover Distribution: An eligible
rollover distribution is any distribution of all o~
any portion of the balance to the credit of thc
distributee, except an eligible rollover distribution
does not include: any distribution that is one of a
series of substantially equal periodic payments (not
less frequently than annually) made for the life
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 (10) years or more; any
distribution to the extent such distribution
required under IRC Section 401(1)(9); and the portion
of any distribution that is not includible in gros~
income.
2. Eligible Retirement Plan: An eligible retirement
plan is an individual retirement account described in
IRC Section 408(a), an individual retirement annuity
described in IRC Section 408(b), and annuity plan
described in IRC Section 403(a), that accepts the
distributee's eligible rollover distribution.
However, in the case of an eligible rollover
distribution to the surviving spouse, an eligible
retirement plan is an individual retirement account or
individual retirement annuity.
3. Distributee: A distributee includes an employee
o-~ former employee. In addition, the employee's or
former employee's surviving spouse is a distributee
with regard to the interest of the spouse.
4. Direct Rollover: A direct rollover is a payment.
by the plan to the eligible retirement plan specifie~
by the distributee.
Section 3.
That each and every other provision of
Article III not herein specifically amended shall remain in full
force and effect.
Section 4.
That all ordinances or parts of ordinances
in conflict herewith be and the same are hereby repealed.
Section 5.
Should any section or provision of this
ordinance or portion hereof, any paragraph, sentence or word be
declared by a court of competent jurisdiction to be invalid,
such decision shall not affect the remainder of this ordinance.
Section 6.
ordinance.
Section 7. This ordinance shall become
January 1, 1994.
FIRST READING this /~ day of November, 1993.
SECOND, FINAL READING and PASSAGE this ~ day of~z~
1993.
Authority is hereby granted to codify said
CITY OF BOYNTON BEACH,
FLORIDA /
-
effective
Mayor Pro
Commissi(
ATTEST:
Cit~ Clerk
(Corporate Seal)
Police. Pen
11/11/93