O93-10ORDINANCE NO. O93-/~
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AMENDING
CHAPTER 18~ ~'PENSION AND RETIREMENT" BY
CREATING A NEW ARTICLE VII, SECTION 18-200 OF
THE CODE OF ORDINANCES OF THE CITY OF BOYNTON
BEACH PROVIDING FOR TRUSTEE-TO-TRUSTEE
TRANSFERS OF ELIGIBLE ROLLOVER DISTRIBUTIONS;
PROVIDING FOR CONFLICTS, SEVERABILITY,
CODIFICATION AND AN EFFECTIVE DATE.
WHEREAS, the Unemployment Compensation Amendments of
1992, Public Law 102-318, passed by Congress and signed into
law on July 3, 1992, requires, among other things that all
"eligible rollover distribution" shall be subject to a 20%
withholding tax unless they are paid as a direct rollover
trustee-to-trustee transfer; and
WHEREAS, the City Commission of the City of Boynton
Beach, desires to amend Chapter 18 of the Code of Ordinances
of the City to specifically provide for trustee-to-trustee
transfers;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. Each WHEREAS clause set forth above is
true and correct and herein incorporated by this reference.
Section 2. Chapter 18, Article VII, Section 18-200 of
the Code of Ordinances of the City of Boynton Beach, Florida
is hereby created to read as follow:
Chapter 18
PENSIONS AND RETIREMENT
ARTICLE VII. ELIGIBLE ROLLOVER DISTRIBUTIONS
If the intended recipient of any "eligible rollover
distribution", as the term is defined in section 402(c)(4) of
the Internal Revenue Code of 1986, as amended, elects and
directs to have such distribution paid directly to an
"eligible retirement plan" as defined in the Internal Revenue
Code, and specifies the particular ~'eliqible retirement plan"
to which the distribution is to be paid (in such form and at
such time as the plan administrator or board of trustees may
prescribe)~ then the distribution will be made in the form of
a direct trustee-to-trustee transfer to the specified
"eligible retirement plan" and shall not be subject to
withholding tax as provided for in section 402 of the Internal
Revenue Code of 1986, as amended.
Section 3. That all ordinances or parts of ordinances
in conflict herewith be and the same are hereby repealed.
Section 4. 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 5.
ordinance.
Authority is hereby granted to codify said
Section 6. This ordinance shall become effective
immediately upon passage.
FIRST READING this ~ day of May, 1993.
1993.
SECOND, FINAL READING AND PASSAGE this
CI[ OF BO
day of May,
BEACH, FLORIDA
ATTEST:
Cit~ Clerk
Commis s loner
Co-mini s s i~r'
(Corporate Seal)
PensionR/O.Ord
4/30/93