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Ord No 21-13-2168Ordinance No. 21 -13 -2168 An Ordinance Amending Sec. 16.14(a); Sec. 16 -16; Sec. 16 -19; Sec. 16 -22; and Sec. 16 -23, Of The South Miami Pension Plan To Provide For Compliance With The Internal Revenue Code. WHEREAS, on January 29, 2011 an application was filed with the Internal Revenue Service for a Favorable Determination Letter regarding the qualified status of the Plan under Section 401(a) of the Internal Revenue Code; and WHEREAS, on May 29, 2013, the Internal Revenue Service issued a Favorable Determination Letter, finding that the Plan complies with all qualification requirements; and WHEREAS, the Favorable Determination Letter is subject to the timely adoption of the amendments provided herein, and WHEREAS, the trustees of the South Miami Pension Plan 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 plan, and WHEREAS, the City Mayor and City Commission has received and reviewed an actuarial impact statement related to these change and attached as such; and WHEREAS, the City Commission deems it to be in the public interest to provide these changes to the pension plan and to the pension plan for its employees; NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA, THAT: Page 1 of 27 Ord. No. 21 -13 -2168 Section 1. Section 16 -14(a) of the South Miami Code of Ordinances is hereby amended by adding a new paragraph (3) as follows: Sec. 16 -14. Pension benefits and retirement date. (a) Retirement date. The normal retirement date with full unreduced pension benefits for a participant, shall be as follows: 3) Vestina of benefits upon Normal Retirement Date. An provision of this plan to the contrary notwithstanding, a Member's accrued benefit shall become 100% vested upon the attainment of the Normal Retirement Date. Section 2. Section 16 -16 of the South Miami Code of Ordinances is hereby amended by adding a new subsection (e) as follows: Sec. 16 -16. Death of a participant. (e) 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 upon a Member's termination of employment due to death shall be determined as though the Member had resumed employment immediately prior to his 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 ". Page 2 of 27 Ord. No. 21 -13 -2168 Section 3. Section 16 -19 of the South Miami Code of Ordinances is hereby amended to read as follows: Sec. 16-19. Contributions. (a) Each participant shall contribute in each calendar year towards the cost of the participant's pension an amount equal to three (3) percent of the participant's earnings. With the exception of police officer participants, no participant shall make any contributions toward the cost of any past service pension to which the participant is entitled under this plan. The employer shall contribute the balance of the cost, actuarially determined, of providing the benefits of the plan. The employer's contributions shall be deposited into the pension plan on at least a quarterly basis. Effective October 1, 1995, the pension contribution for all general employee participants, including those general employees that are now members of the retirement system, shall be increased from three (3) percent to five (5) percent of earnings. Effective October 1, 2001, the pension contribution for all general employee participants, including those general employees that are now members of the plan, shall be increased from five (5) percent to seven (7) percent of earnings. Police officer participant including bargaining unit employees, that are now members of the plan and any police officers who join the plan in the future shall, effective October 1, 1993, have their contribution increased from three (3) percent to five (5) percent of earnings. Effective October 1, 2001, police officer participants shall contribute 7.5 percent of earnings. 4) 415(c) Limitations. To the extent apalicable. all emplovee contributions shall be in accordance with Subsection 415(c) of the Internal Revenue Code and all regulations thereunder, which Subsections and regulations are incorporated herein by reference. �. 21 21 a F.1 S om^ INS MAIN Cyr" PRIERUMr-TrM .. .. .. Page 3 of 27 Ord. No. 21 -13 -2168 -• .- mm. .. Hie Page 4 of 27 .. _... .._ . .. .M '- - -- - -- - - .. .. .._. Page 4 of 27 .. _... .._ . .. Page 4 of 27 Ord. No. 21 -13 -2168 Section 4. Section 16 -22(b) of the South Miami Code of Ordinances is hereby amended to read as follows: Sec. 16 -22. Amendment and termination of pension plan. (b) The employer may terminate this pension plan at any time by repealing the provisions of this article in a public meeting. In such event the board of trustees shall take the necessary steps to have all the funds held by the plan applied to the purchase of immediate or deferred annuities, as the case may be, in the following order of priority and in accordance with the provisions of section 16 -23, if applicable: (1) An immediate annuity on the normal forms of pension for each employee participant who has retired or has attained normal retirement date but who has not retired, in an amount equal to the amount of basic benefit to which the participant is entitled or would have been entitled if the participant had retired immediately prior to such termination. (2) A deferred annuity on a full cash refund form of pension commencing at normal retirement date for each participant who has not reached normal retirement date, for each disabled participant, and for each former employee who is a terminated participant and has not elected a cash payment as provided in Option 1 of section 16 -17; in an amount of the participant's contributions paid to and received by the plan, with credited interest of three (3) percent per annum from the end of the year in which contributions were received to the date basic benefits commence. (3) A temporary annuity ending on normal retirement date for each disabled participant in an amount equal to the basic benefits being received under section 16 -15 (4) A deferred annuity on the life annuity form commencing at normal retirement date for each terminated participant as defined in section 16 -17 in an amount equal to the amount the participant is entitled to under section 16 -17 and deferred annuity commencing at normal retirement date for each disabled participant and each participant in an amount equal Page 5 of 27 Ord. No. 21 -13 -2168 to the amount the participant would be entitled to under section 16 -17 if the date of termination of employment less the amount of benefit applicable to him in subsection (b) above. (5) A deferred annuity on the life annuity form commencing at normal retirement date for each participant who has not reached normal retirement date in an amount equal to the amount of basic benefit the participant would be entitled to if the participant's normal retirement date were the date of termination of this plan less the amount of benefit applicable in subsections (2), (3) and (4) above. Provided, however, that if there are insufficient funds to provide any category of such annuities, the amount of annuity to be provided for each participant in that category shall be reduced by a uniform percentage. If by reason of actuarial error the purchase of such annuities as is provided for in subsections (1), (2), (3), (4) and (5) above does not exhaust the funds, any excess shall be paid to such employer. For police officer participants all benefits shall be fully funded in accordance with the provisions of Chapter 185, Florida Statutes upon such termination of this plan. The board shall determine the date of distribution and the asset value required to fund all of the nonforfeitable police officer benefits. The board shall inform the city, if additional assets are required, in which event the city shall continue to financially support the retirement plan until all nonforfeitable police officer benefits have been fully funded. A member's accrued benefit shall become 100% fully vested (non - forfeitable) upon the termination of this plan. Section 5. Section 16 -23 of the South Miami Code of Ordinances is hereby amended to read as follows: Sec. 16 -23. Limitation of pension benefit na „men +Compliance with the Internal Revenue Code. LIM .. Page 6 of 27 Ord. No. 21 -13 -2168 I ATM .. IBM IV . .- . .... _ e I ATM .. IBM Page 7 of 27 IV . .- 614 1111AIN .. -. 'an-sadite Page 7 of 27 IV . .- 614 1111AIN Page 7 of 27 614 1111AIN -. 'an-sadite - . . .- -. -- - mom==. -. .. .. . IMIZIIIIIII.". Page 7 of 27 Ord. No. 21 -13 -2168 �W.Tzm. 11122M _ r .. "N. . • I .._ _ _ r _ r IsTMAIMAT �W.Tzm. 11122M . • I . • _ _ _ r — . u . • pa-mum + u _ _ • • . • _ 1 • .. • _ • Page 8 of 27 . • I . • _ — . • . _ . _ • . • . _ • . IS _ . • _ . •• . • . • _ Weitz FM _ • ITTMICIM "M • _ + u _ _ • • . • _ 1 • .. • _ • Page 8 of 27 Ord. No. 21 -13 -2168 .. . I . . r Awl .. - - - M-e .. MMCM .. NIM -• - - - - -• r . .. - IMM".TKF- - ".- - expeGtanGy benefiGuary _ i it later than 0•- . - r . + .. 0 •_ _ . .. . _ I.0 JI, _ _ . r . . m • • .. _ . IMMIHIMMIMI • r _ . . _ r . _ .. .. _ • .. .. •- - - - - .. milli - - - "13FAMMIYAWC - e - - e• -- - • - - - - - - MIMM_. .. Page 9 of 27 r Awl .. - - - M-e .. MMCM .. NIM Page 9 of 27 • e - - - M-e -• - - - - -• r . .. - IMM".TKF- - ".- - expeGtanGy benefiGuary _ i it later than 0•- . - r . + • lateF date 0 •_ _ . _ .. . _ I.0 JI, _ _ . r . . m • • .. _ . IMMIHIMMIMI • r _ . . _ r . _ .. .. _ • .. .. Page 9 of 27 Ord. No. 21 -13 -2168 r r r (a) Maximum Amount of Retirement Income. (1) The limitations of this Subsection (a) shall apply in limitation years beginning on or after July 1, 2007, except as otherwise provided herein, and are intended to comply with the requirements of the Pension Protection Act of 2006 and shall be construed in accordance with said Act and guidance issued thereunder. The provisions of this Subsection (a) shall supersede any provision of the Plan to the extent such provision is inconsistent with this Subsection. The Annual Pension as defined in Paragraph (2) below otherwise payable to a Member at any time shall not exceed the Dollar Limitation for the Member multiplied by a fraction whose value cannot exceed one the numerator of which is the Member's number of years (or part thereof, but not less than one year) of service with the City and the denominator of which is 10. For this purpose, no more than one year of service may be credited for any Plan Year. If the benefit the Member would otherwise accrue in a limitation year would produce an Annual Pension in excess of the Dollar Limitation, the benefit shall be limited (or the rate of accrual reduced) to a benefit that does not exceed the Dollar Limitation. (2) "Annual Pension" means the sum of all annual benefits, payable in the form of a straight life annuity. Benefits payable in any other form shall be adjusted to the larger of: a. For limitation years beginning on or after July 1, 2007 (I) the straight life annuity (if any) payable to the Member under the Plan commencing at the same Annuity Starting Date as the Member's form of benefit, or (II) the actuarially equivalent straight life annuity commencina at the same Annuitv Startina Date, computed using a 5.00% interest rate and the mortality basis prescribed in Code Section 415(b)(2)(E)(v). Page 10 of 27 Ord. No. 21 -13 -2168 b. For limitation years beginning before July 1, 2007 (1) the actuarially equivalent straight life annuity commencing at the same Annuity Starting Date, computed using the interest rate and mortality basis specified by the Board of Trustees for determining Actuarial Equivalence under the Plan for the particular form of payment, or (11) the actuarially equivalent straight life annuity commencing at the same Annuity Starting Date, computed using a 5.00% interest rate and the mortality basis prescribed in Code Section 415(b)(2)(E)(v). No actuarial adjustment to the benefit shall be made for benefits that are not directly related to retirement benefits (such as a qualified disability benefit, preretirement incidental death benefits, and postretirement medical benefits); or the inclusion in the form of benefit of an automatic benefit increase feature, provided the form of benefit is not subject to $417(e)(3) of the Internal Revenue Code and would otherwise satisfy the limitations of this Subsection (a), and the amount payable under the form of benefit in any Limitation Year shall not exceed the limits of this Subsection (a) applicable at the annuity starting date, as increased in subsequent years pursuant to § 415(d) of the Code. For this purpose, an automatic benefit increase feature is included in a form of benefit if the form of benefit provides for automatic, periodic increases to the benefits baid in that form. 3) "Dollar Limitation" means. effective for the first limitation vear beginning after January 1, 2001, $160,000, automatically adjusted under Code Section 415(d), effective January each year, as published in the Internal Revenue Bulletin, and payable in the form of a straight life annuity. The new limitation shall apply to limitation years ending with or within the calendar year of the date of the adjustment, but a Member's benefits shall not reflect the adjusted limit prior to January 1 of that calendar year. The Dollar Limitation shall Page 11 of 27 Ord. No. 21 -13 -2168 be further adjusted based on the age of the Member when the benefit begins as follows: a. For Annuity Starting Dates in limitation years beginning on or after July 1, 2007 (1) If the Annuity Starting Date for the Member's benefit is after age 65 (i) If the Plan does not have an immediately commencing straight life annuity payable at both age 65 and the age of benefit commencement The Dollar Limitation at the Member's Annuity Starting Date is the annual amount of a benefit payable in the form .of a straight life annuity commencing at the Member's Annuity Starting Date that is the actuarial equivalent of the Dollar Limitation with actuarial equivalence computed using a 5.00% interest rate assumption and the mortality basis prescribed in Code Section 415(b)(2)(E)(v) for that Annuity Starting Date (and expressing the Member's age based on completed calendar months as of the Annuity Starting Date). (ii) If the Plan does have an immediately commencing straight life annuity payable at both age 65 and the age of benefit commencement The Dollar Limitation at the Member's Annuity Starting Date is the lesser of (aa) the Dollar Limitation multiplied by the ratio of the annual amount of the adjusted immediately commencing straight life annuity under the Plan at the Member's Annuity Starting Date to the annual amount of the adjusted immediately commencing straight life annuity under the Plan at age 65, both Page 12 of 27 Ord. No. 21 -13 -2168 determined without applying the limitations of this Subsection (a), and (bb) the limitation determined under Subclause (3)a.(1)(i) of this Subsection(a). For this purpose, the adjusted immediately commencing straight life annuity under the Plan at the Member's Annuity Starting Date is the annual amount of such annuity payable to the Member, computed disregarding the Member's accruals after age 65 but including actuarial adjustments even if those actuarial adjustments are used to offset accruals; and the adjusted immediately commencing straight life annuity under the Plan at age 65 is the annual amount of such annuity that would be payable under the Plan to a hypothetical Member who is age 65 and has the same Accrued Benefit as the Member. (II) Except with respect to a Member who is a "Qualified Member" as defined in Section 415(b)(2)(H) of the Code, for benefits (except survivor and disability benefits as defined in Section 415(b)(2)(1) of the Code), if the Annuity Startina Date for the Member's benefit is before age 62 (i) If the Plan does not have an immediately commencing straight life annuity payable at both age 62 and the age of benefit commencement The Dollar Limitation at the Member's Annuity Starting Date is the annual amount of a benefit payable in the form of a straight life annuity commencing at the Member's Annuity Starting Date that is the actuarial equivalent of the Dollar Limitation with actuarial equivalence computed using a 5.00% interest rate assumption and the mortality basis Page 13 of 27 Ord. No. 21 -13 -2168 prescribed in Code Section 415(b)(2)(E)(v) for that Annuity Starting Date (and expressing the Member's age based on completed calendar months as of the Annuity Starting Date). (ii) If the Plan does have an immediately commencing straight life annuity payable at both age 62 and the age of benefit commencement The Dollar Limitation at the Member's Annuity Starting Date is the lesser of (aa) the Dollar Limitation multiplied by the ratio of the annual amount of the adjusted immediately commencing straight life annuity under the Plan at the Member's Annuity Starting Date to the annual amount of the adiusted immediately commencing straight life annuity under the Plan at age 62, both determined without applying the limitations of this Subsection (a), and (bb) the limitation determined under Subclause (3)a.(II)(i) of this Subsection b. For Annuity Starting Dates in limitation years beginning before July 1, 2007 Page 14 of 27 Ord. No. 21 -13 -2168 Age as of Annuity Starting Date: Adjustment of Dollar Limitation: Over 65 The smaller of: (a) the actuarial equivalent of the limitation for age 65, computed using the interest rate and mortality basis specified by the Board of Trustees for determining actuarial equivalence under the Plan, or (b) the actuarial equivalent of the limitation for age 65, computed using a 5.00% interest rate and the mortality basis prescribed in Code Section 415(b)(2)(E)(v). Any increase in the Dollar Limitation determined in accordance with this paragraph shall not reflect a mortality decrement between age 65 and the age at which benefits commence if benefits are not forfeited upon the death of the Member. If any benefits are forfeited upon death, the full mortality decrement is taken into account. 62 to 65 No adjustment. Less than 62 The smaller of: (a) the actuarial equivalent of the limitation for age 62, computed using the interest rate and mortality basis specified by the Board of Trustees for determining actuarial equivalence under the Plan, or (b) the actuarial equivalent of the limitation for age 62, computed using a 5.00% interest rate and the mortality basis prescribed in Code Section 415(b)(2)(E)(v). This adjustment shall not apply to any "Qualified Member" as defined in Section 415(b)(2)(H), nor to survivor and disability benefits as defined in Section 415(b)(2)(1) of the Code. (4) With respect to Subclause (3)(A)(1)(i), Subclause (3)(A)(11)(i) and Subparagraph (3)(B) above, no adjustment shall be made to the Dollar Limitation to reflect the probability of a Member's death between the Annuity Starting Date and age 62, or between age 65 and the Annuity Starting Date, as applicable, if benefits are not forfeited upon the death of the Member prior to the Annuity Starting Date. To the extent benefits are forfeited upon death before the Annuity Starting Date, such an adjustment shall be made. For this purpose, no forfeiture shall be treated as occurring upon the Page 15 of 27 Ord. No. 21 -13 -2168 Member's death if the Plan does not charge Members for providing a qualified preretirement survivor annuity, as defined in Code Section 417(c), upon the Member's death. (5) The term "limitation year" is the 12 month period which is used for application of the limitations under Code Section 415 and shall be the calendar year. (6) The limitations set forth in this Subsection (a) shall not apply if the Annual Pension does not exceed $10,000 provided the Member has never DarticiDated in a Defined Contribution Plan maintained by the City. (7) Cost -of- living adjustments in the Dollar Limitation for benefits shall be limited to scheduled annual increases determined by the Secretary of the Treasury under Section Subsection 415(d) of the Code. (8) In the case of a Member who has fewer than 10 years of participation in the Plan. the Dollar Limitation set forth in Paragraph (3) of this Subsection (a) shall be multiplied by a fraction - (i) the numerator of which is the number of years (or part thereof) of participation in the Plan, and (ii) the denominator of which is 10. (9) Any portion of a Member's benefit that is attributable to mandatory Member contributions (unless picked -up by the Citv) or rollover contributions. shall be taken into account in the manner prescribed in the regulations under Section 415 of the Code. (10) Should any Member participate in more than one defined benefit plan maintained by the City, in any case in which the Member's benefits under all such defined benefit Dlans (determined as of the same age) would exceed the Dollar Limitation applicable at that age, the accrual of the Member's benefit under this Plan shall be reduced so that the Member's combined benefits will equal the Dollar Limitation. 11) For a Member who has or will have distributions commencing at more than one annuity starting date, the Annual Benefit shall be determined as of each such annuity starting date (and shall satisfy the limitations of this Section as of each such date), actuarially adjusting for past and Page 16 of 27 Ord. No. 21 -13 -2168 future distributions of benefits commencing at the other annuity starting dates. For this purpose, the determination of whether a new starting date has occurred shall be made without regard to § 1.401(a) -20, Q &A 10(d), and with regard to §1.415(b)1(b)(1)(iii)(B) and (C) of the Income Tax Regulations. 12) The determination of the Annual Pension under Paraaraah (2)a.(I) of this Subsection (a) shall take into account (in the manner prescribed by the regulations under Section 415 of the Code) social security supplements described in § 411(a)(9) of the Internal Revenue Code and benefits transferred from another defined benefit plan, other than transfers of distributable benefits pursuant §-1.411(d) -4, Q &A -3(c) of the Income Tax Regulations. (13) The above limitations are intended to comply with the provisions of Section 415 of the Code, as amended, so that the maximum benefits provided by plans of the City shall be exactly eaual to the maximum amounts allowed under Section 415 of the Code and regulations thereunder. If there is any discrepancy between the provisions of this Subsection (a) and the provisions of Section 415 of the Code and regulations thereunder, such discrepancy shall be resolved in such a way as to give full effect to the provisions of Section 415 of the Code. The value of any benefits forfeited as a result of the application of this Subsection (a) shall be used to decrease future employer contributions. (14) For the purpose of applying the limitations set forth in Sections 401(a)(17) and 415 of the Internal Revenue Code, Compensation shall include any elective deferral (as defined in Code Section 402(a)(3) of the Internal Revenue Code). and any amount which is contributed or deferred by the employer at the election of the Member and which is not includible in the gross income of the Member by reason of Section 125 or 457 of the Internal Revenue Code. For limitation years beginning on and after January 1, 2001, for the purposes of applying the limitations described in this Subsection (a), compensation paid or made available during such limitation years shall include elective amounts that are not includible in the gross income of the Member by reason of Section 132(f)(4) of the Internal Revenue Code. For limitation vears on or after July 1. 2007. compensation shall Page 17 of 27 Ord. No. 21 -13 -2168 include payments that otherwise qualify as compensation and that are made by the later of: (a) 2 and '/2 (two and one - half) months after severance from employment with the employer, and (b) the end of the limitation year that includes the date of severance. (b) Required Beginning Date. Notwithstanding any other provision of the Plan, payment of a participant's retirement benefits under the Plan shall commence not later than the participant's Required Beginning Date, which is defined as the later of: -April 1 of the calendar year that next follows the calendar year in which the participant attains or will attain the age of 70'/2 years; or -April 1 of the calendar year that next follows the calendar year in which the participant retires. (c) Required Minimum Distributions. (1) Required Beginninq Date. The participant's entire interest will be distributed, or begin to be distributed, to the participant no later than the participant's Required Beginning Date as defined in Subsection (b) of this Section 16 -23. (2) Death of participant Before Distributions Begin. a. If the participant dies before distributions begin, the participant's entire interest will be distributed, or begin to be distributed no later than as follows: (1) If the participant's surviving spouse is the participant's sole designated beneficiary, then distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the participant died, or by December 31 of the calendar year in which the participant would have attained age 70Y2, if later. If the participant's survivina spouse is not the participant's sole designated beneficiary, then distributions to the designated beneficiary will begin by December 31 of the calendar vear immediatelv Page 18 of 27 Ord. No. 21 -13 -2168 following the calendar year in which the participant died. (III) If there is no designated beneficiary as of September 30 of the year following the year of the participant's death, the participant's entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the participant's death. b. The participant's entire interest shall be distributed as follows: (1) Participant Survived by Designated Beneficiary. If the participant dies before the date distribution of his or her interest begins and there is a designated beneficiary, the participant's entire interest will be distributed, beginning no later than the time described in Subparagraph (2)a. above, over the life of the designated beneficiary or over a period certain not exceeding: (i) unless the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age as of the beneficiary's birthday in the calendar year immediately following the calendar year of the participant's death; or (ii) if the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age as of the beneficiary's birthday in the calendar year that contains the annuity starting date. (11) No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the participant's death, distribution of the participant's entire interest will be completed by December 31 of the calendar year Page 19 of 27 Ord. No. 21 -13 -2168 containinq the fifth anniversary of the participant's death. C. Death of Surviving Spouse Before Distributions to Surviving Spouse Begin. In any case in which (i) the participant dies before the date distribution of his or her interest begins, (ii) the participant's surviving spouse is the participant's sole designated beneficiary, and (iii) the surviving spouse dies before distributions to the surviving spouse begin, Subparagraphs (2)a. and 2b. above shall apply as though the surviving spouse were the participant. (3) Requirements For Annuity Distributions That Commence During participant's Lifetime. a. Joint Life Annuities Where the Beneficiary Is Not the participant's Spouse. If the participant's interest is beinq distributed in the form of a joint and survivor annuity for the joint lives of the participant and a nonspousal beneficiary, annuity payments to be made on or after the participant's Required Beginning Date to the designated beneficiary after the participant's death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the participant using the table set forth in Q &A -2 of Section 1.401(a)(9) -6 of the Treasury regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the participant and a nonspousal beneficiary and a period certain annuity, the _requirement in the preceding sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain. b. Period Certain Annuities. Unless the participant's spouse is the sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain for an annuity distribution commencing during the participant's lifetime may not exceed the applicable distribution period for the participant under the Uniform Lifetime Table set forth in Section 1.401(a)(9) -9 of the Treasury regulations for the calendar year that contains the annuity starting date. If the annuity starting date precedes the year in which the participant reaches age 70, the applicable distribution period for the participant is the distribution period for aae 70 under the Uniform Lifetime Page 20 of 27 Ord. No. 21 -13 -2168 Table set forth in Section 1.401(a)(9) -9 of the Treasury regulations plus the excess of 70 over the age of the participant as of the participant's birthday in the year that contains the annuity starting date. If the participant's spouse is the participant's sole designated beneficiary and the form of distribution is a period certain and no life annuity, the period certain may not exceed the longer of the participant's applicable distribution period, as determined under this Subparagraph (3)b., or the joint life and last survivor expectancy of the participant and the participant's spouse as determined under the Joint and Last Survivor Table set forth in Section 1.401(a)(9) -9 of the Treasury regulations, using the participant's and spouse's attained ages as of the participant's and spouse's birthdays in the calendar year that contains the annuity starting date. (4) Form of Distribution. Unless the participant's interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first distribution calendar year distributions will be made in accordance with Subparagraphs (4)a., (4)b. and (4)c. below. If the participant's interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury regulations. Any part of the participant's interest which is in the form of an individual account described in Section 414(k) of the Code will be distributed in a manner satisfying the requirements of Section 401(a)(9) of the Code and the Treasury regulations that apply to individual accounts. a. General Annuity Requirements. If the participant's interest is paid in the form of annuity distributions under the Plan, payments under the annuity will satisfy the following requirements: (1) the annuity distributions will be paid in periodic payments made at intervals not longer than one year; (II) the distribution period will be over a life (or lives) or over a period certain, not longer than the distribution period described in Paragraphs (2) or (3) above, whichever is applicable, of this Subsection (c); Page 21 of 27 Ord. No. 21 -13 -2168 (III) once payments have begun over a period certain, the period certain will not be changed even if the period certain is shorter than the maximum permitted; (IV) payments will either be non - increasing or increase only as follows: (i) by an annual percentage increase that does not exceed the annual percentage increase in a cost -of- living index that is based on prices of all items and issued by the Bureau of Labor Statistics; (ii) to the extent of the reduction in the amount of the participant's payments to provide for a survivor benefit upon death, but only if the beneficiary whose life was being used to determine the distribution period dies or is no longer the participant's beneficiary pursuant to a qualified domestic relations order within the meaning of Section 414(p) of the Code; (iii) to provide cash refunds of employee contributions upon the participant's death; or (iv) to pay increased benefits that result from a Plan amendment. b. Amount Required to be Distributed by Required Be iq nning Date. The amount that must be distributed on or before the participant's Required Beginning Date (or, if the participant dies before distributions begin, the date distributions are required to begin under Subparagraph (2)a.(I) or (2)a.(II), whichever is applicable) is the payment that is required for one payment interval. The second payment need not be made until the end of the next payment interval even if that payment interval ends in the next calendar year. Payment intervals are the periods for which payments are received, e.g., bi- monthly, monthly, semi- annually, or annually. All of the participant's benefit accruals as of the last day of the first distribution calendar year will be included in the calculation of the amount of the annuity Page 22 of 27 Ord. No. 21 -13 -2168 payments for payment intervals ending on or after the participant's Required Beginning Date. C. Additional Accruals After First Distribution Calendar Year. Any additional benefits accruinq to the participant in a calendar year after the first distribution calendar year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. (5) For purposes of this Subsection (c), distributions are considered to begin on the participant's Required Beginning_ Date. If annuity payments irrevocably commence to the participant (or to the participant's Surviving Spouse) before the participant's Required Beginning Date (or, if to the participant's Surviving Spouse, before the date distributions are required to begin in accordance with Subparagraph (2)a. above), the date distributions are considered to beain is the date distributions actuallv commence. (6) Definitions. a. Designated beneficiary. The individual who is designated as the beneficiary under the Plan and is the designated beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9) -4 of the Treasury reaulations. b. Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the participant's death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the participant's Required Beginning Date. For distributions beginning after the participant's death, the first distribution calendar year is the calendar year in which distributions are required to begin pursuant to Paragraph (2) of this Subsection (c). C. Life expectancy. Life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9) -9 of the Treasury regulations. (d) (1) 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 Page 23 of 27 Ord. No. 21 -13 -2168 the 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. (2) Definitions The following definitions apply to this Section: a. Eligible rollover distribution: An 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: (I ) 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 10 years or more; (II) any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; (III) the portion of any distribution which is made upon the hardship of the member; and (IV) the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities), provided that a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after -tax Employee contributions which are not includible in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. Page 24 of 27 Ord. No. 21 -13 -2168 (3) Eligible retirement plan: An eligible retirement plan is an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a ) of the Code, an annuity contract described in Section 403(b) of the Code, a qualified trust described in Section 401 (a) of the Code, an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan, or, with respect to distributions on or after January 1, 2008, a Roth IRA (subject to the limitations of Code Section 408A(c)(3)) that accepts the distributee's eligible rollover distribution. (4) Distributee: A distributee includes an Employee or former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's or former Employee's spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse. Furthermore, effective January 1, 2007, a surviving designated beneficiary as defined in Section 401(a)(9)(E ) of the Code who is not the surviving spouse and who elects a direct rollover to an individual retirement account described in Section 408(a) of the Code or an individual retirement annuity described in Section 408(b) of the Code shall be considered a distributee. (5) Direct rollover. A direct rollover is a payment by the Plan to the eliaible retirement plan specified by the distributee. (e) Notwithstanding any other provision of this Plan, the maximum amount of anv mandatory distribution, as defined in Section 401(a)(31) of the Code, payable under the Plan shall be $1000. (f ) Compensation Limitations Under 4O1(a)(17): In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the annual compensation of each participant taken into account under the Plan shall not exceed the EGTRRA annual compensation limit for limitation years beginning after December 31, 2001. The EGTRRA annual compensation limit is $200,000, as adjusted by Page 25 of 27 Ord. No. 21 -13 -2168 1St Reading - 9/3/13 2nd Reading — 9/17 /1 3 READ AND APPROVED AS TO FORM: COMMISSION VOTE: 5 -0 LANG U.AG,E; LEGALITYN Mayor Stoddard: Yea EXEGU ON THER OF Vice Mayor Liebman: Yea Commissioner Newman: Yea Commissioner Harris: Yea `> Commissioner Welsh: Yea CITY Page 27 of 27 Ord. No. 21 -13 -2168 the Commissioner for increases in the cost of living in accordance with Section 401(a)(17)(B) of the Code. The cost -of- living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which Compensation is determined (determination period) beginning in such calendar year. If a determination period consists of fewer than 12 months, the EGTRRA annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12. Any reference in the Plan to the limitation under Section 401 (a)(17) of the Code shall mean the EGTRRA annual compensation limit set forth in this provision. (g) At no time prior to the satisfaction of all liabilities under the plan with respect to members and their spouses or beneficiaries, shall any part of the corpus or income of the fund be used for or diverted to any purpose other than for their exclusive benefit. Section 6. If any section, clause, sentence or phrase of this ordinance is for any reason held invalid or unconstitutional by a court of competent jurisdiction, the holding shall not affect the validity of the remaining portions of this ordinance. Section 7. All ordinances or parts of ordinances in conflict with the provisions of this ordinance are repealed. Section 8. This Ordinance shall take effect upon adoption. PASSED AND ADOPTED this 1 7th day of September , 2013. CITY CLERK APPROVED: MAYOR Page 26 of 27 MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Miami -Dade County, Florida STATE OF FLORIDA COUNTY OF MIAMI -DADE: Before the undersigned authority personally appeared MARIA MESA, who on oath says that he or she is the LEGAL CLERK, Legal Notices of the Miami Daily Business Review f /k/a Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Miami -Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of CITY OF SOUTH MIAMI PUBLIC HEARING - SEPTEMBER 17, 2013 in the XXXX Court, was published in said newspaper in the issues of 09/06/2013 Affiant further says that the said Miami Daily Business Review is a newspaper published at Miami in said Miami -Dade County, Florida and that the said newspaper has heretofore been continuously published in said Miami -Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office in Miami in said Miami -Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he or she has neither paid nor promised any person, firm or corporation any discount, r ton or refund for the purpose of se�IS dvertisement for publication in the said Swor and subscribed before me this 06 day of SEPT R A.D. 2013 (SEAL) MARIA MESA personally known to me o.......... �:. MERCEDES ZALDIVAR ,a, oP 1 MY COMMISSION #FF029736 . ?r e"' June 20. 2017 Ioridallota Service.com Miami Herald Page 1 of 1 Publication: Miami Herald; Date: Sep 8, 2013; Section: Nbrs - South East (Pinecrest, Coconut Grove, Fa. MIAMI HERALD t4iamiHerald.com SE SUNDAY, SEPTEMBER 8, 20)3 1 7SE Select a Service Sunday Discount S0 U THM0T0RS 1,Y._Q..r, (1S-1 $ Sant 161 Street in Miami 1 (866)475 -75W 1 Soufttaldaoar CITY OF SOUTH MiAMI COURTESY NOTICE NOTWE IS HEREBY gi drat tlae City Cortunizyion of the M of South Mire., Fbdda .vil e..d d Pow. Headn#A at im reg.y« Cdy Caranrfm4- moefing add sduled for Trreaday%. Sepfeanber 17, 2013, b4nrim9 at 7�00pzn., in tho City Co n ns;w Cfbmbon, 6130 Sunaet flrivo, W eonaidor the Wmi g ham(sf, ARe -k,0, nn V-.I.gth.CitYtAanagwto —WkOto .—V--t withB=.do Podia. do, E gLkeard K. firm, )debtor, Gnaw. 8 P-h do, PA., fa, _'ices ate —lewd in a rinn whh the Cdy of South W..rs cornplim-v ii) the SEG'a «d« d.Aed May 22.201& A R-oMdion of fl a City of South W—i r.tdkg W a request to avow for the creation d pan sk 1 through 5v on prupody.P T-4ybeated at 0150 SW 86th Street; 0120W 00th Street and (0405W eGIZU -L South Muni, Ftoddswittinan Wt 3; Low Density Singlcrarah R sidenlial Zoning Dss A as parmzWd by pr -Worm pad.;nba to -YU— of PW .0 forth in S"- 2 4&!@) of tw City of floods Miami land D.W.Pmrnl God, and Salim 284 or the Mi- J-Dndo County Coda; for the pspa ofeanslm. ing f+o"v fora 694 dos w- ARcaolotionoftheEby oran.dCdyCmanwsianofthsQtyofSmM s1 ,Fiwida,makhgcata'n.6rd'np; desh„s++.tin0 real Wr "ty at 0701 RN n2u Au"«M, SnA' Mini, Fl-331A.3, a gro s n," Ptmpradl. Sector 370.00(2)0,). Florida Statute., Wr h bltailan and rad- dopmrr.tf«tlnpur.- ofStt;6_0" "' 578.601 RotidaSafute; pmvrcivg an etfalive dateard a6"'s. purposes. r An Orckhance Am r k g Sa- 1 &14(* Sa, 18-18; Sac. t0.19; Sao. 10-22; and Sa. 10 -23, 017h. 1i. Soutb M'mmi fe-d.. Plan To Provide I. Cow With iba to -ml Hevc n.e Coda An Oidin mated W a roqunt for on amct %wA W Rho City of South Miami Comydwrak a Futuna Lsad Use M4 , arnendng the Ag y orned ,roporty aosen.Mart* Ochs -rally refined to as the Mad'is- Sramre redzvelopnvrA yrestf, Who —nb— 09- 4025-ow-MM DS4025 -0000602; end W 4025tb5-0o90, hwdo -sol and u d.,ignaton at Swjk Fmb Re.ideMiai to MwkiTcatky fi do" W alkW W eddalonai rcaidontisl dnoffig o an witlun 010 Madison 5c oars Muod4lx De ebpmaM P.)acL An Qd rowed W a request M o zen:ig mop amcxAnent W the City of Sash Miami olli w zo w)g map, W n-voo the Agency d Pmpedy saserabbgo rdar.d to as the Madson Squaw r<4—lo assort fwealb fora number 09- 4M- DOD-0a50; 09- 4075'-0008857 and 09- 4025 - 0010030, from a cwmd : aii+g de k..Km of'RS -4' r— gI.Fomayf W tha'HM -1 a' p-- lle, v M.M- Fanidy Residential) to allow for additional ...id -W dweffmg unit. within V. Madison S4rme W. W -Uwe Dovetopmad Projoet . ALLederasted parties are ewded W attend and aria be heard Maria M. Menendez, GMG City Clerk twsmnt to FlaAda s4hAos 26aa105, ere Gb, huoby adi:rc me P06a 1h it a Pnaa decidra W S4» u0' od-m made by 0.p�ros�ee*G�'�d, Aar�jxpsa%aetmarP__mwn0001dgrtam ._bsaa;nt.t1dmawxa:markeot WhO,mvdrg;deaW tarn sad VeBY,.od Paean mayroad to.. btw tavnbstinmmddirapacoedigs tsmab vrHdrnepod Modes Hwtviinwy xd evitaicahpan vrkd.Iho appeal h b bpt>arvd Remembering My Grandfather on His 1001' Birthday WCAMMN EWS SMBI This summer, at the age of thirty, ) tad my my first segeiy.ltvas early. tice m«mrg and} found myselfindacaz Mhmyladrerdtivugaaassthe Jul'a TuNe Causeway sbaigM lino a dart omitwus loud that seemed to eagull Act Miami Beach irchtiisg ML Sinai Hospi M wine I was about to fare irwiial hernia surgery. J.taswe entered fire G— nick Ambutalmy Surgical Ceder the M- ort Wood up and ithegan to pour only as it do k fAL,,d on a hsedduiy mond g. Sitttgin the Yraiting mom � abort solin I foal myself re&rtkv onmyw..d dr; Mamasmeammrt M.D. tGand mo. edtdzprdessioral andcivic imwhement on M.mi Bead.. Bum on ft wvwt:ik of Wcagoin 1913, Grmd- di ddysws tha prodvAotimmigiatirpatents from IideanaandlV.,A Haoftm PrDsabodbaw rdimemedat ,,rich he was at one tune attended as one of He physicians for Resident ftoosorell atVhlarRead Hospital. Ha firdshod Rtes ra idenyatSWtl. Bach Hospital .40.1. met Ns Mme wifo• Mary Marino Abed, a registered nersa. Theywwe married and moved bmi to Chicago bean the m r ,&d ,,hare to go a positionynUn the VA Hospital in Dmeney, 61irw¢ GfanW.61yrryicldy became Mort of Staff of Psychiatry and Namology in the nod 1950 he requested a tram4er to dwVA Hospital in Gerd Galles HoridT. MV1ho Itiltemm Hold. Ile taugld psy Avy at it. uriyeulyof Mi-WJx #sort Memorial Hospital and in 1956 opened an office in Nordin Miami as can't two practicing psldiatrists in the Mani ases. C.rdd3 klywas watt publish d .lea&ng peer4enenedjoumals, such as, The Journal of the Awritan MediwlAss9ciatim and 1haAmelnranJmamal of Ft;ydiairy, mamyd fis erodes ca fount mdim ".. He was a formueha in tlectrocanvulsf+e (ECR ad H1Pnoys therapies. lA 19M he became a Chaner Life Member at Mt Sinai Huse* wfne he sermon waH and pacticed psychiatry unhl g0, early 1900x. It ..doet fig Yeats ptacticim reeddee he had taspitai pdwlegas BY St FardsHospital, North Slane hospital and North Mwml General in addition to ML 5mai. As I at in thewarorg to^ I dwughtcf Grmrldaddyys name in fAatabbyol N De Hksch Meyer Toner and few Fat m a5dee has come, in pa4from peW;a hue him 6randdxW&W in 20M M the ago of ninety: Ila went in fora hem. cyeradac muh like ft one I was tohava, hod M rester woke up. As far tact as I can mmemW tre ahrayskoda hem.becausa at the puss he weufd always swat He talked abaulhT ha Fad Iiusd with d since ha was thiMs. fla aid he nurser Fare ores 6oH (3ub.search d ma to drive, f «makirgme w1wrOorism. He mt poke mock b.IYA.be did Am at sometfdng. He was from diffmant ea. Ho %w2d commurkale by news clips and to gstort notason his typ,- dier.I remember he wouldran'mam Awt Ns W1,11mod V%%ingup in MW W. ftboderofh hillan and Indiana He took me 0,1 guar,, hearOgs and gaBnmgs on Miami ale ' iarehe spent tmre pr5h4v [at more green spam and more paling on the Beach He neYorspoke ft rite's I.— wee many. He raised fen ahildranand always managed to Ewe way tobelp his seven Danddtl k. wt— be U#t in 'fn ways . He9ano me strmgtti and geidlrc as only grandparent low- horn to qw. 0. this Grandpar- ents NY I ask Win all fake lime to remember our grandparents, Most 01.11 am prmtl to call Metm Simonsen my GranidaSfyl In loving memoryaimy Grandir. mis Wh Lessner, Mw inoSimomon, Melvin Simonson, MazSis,m and 114amyLessee. ADKA167 http : / /digital.olivesoftwarc.com /Default /Scripting /PagePrint .asp ?skin= Miam1A &AppName... 9 /13/2013