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Ord 17-07~ ~. ORDINANCE NO. 17-07 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AMENDING CHAPTER 35, "EMPLOYEE POLICIES AND BENEFITS", SUBHEADING "RETIREMENT PLAN", OF THE CODE OF ORDINANCES OF THE CITY OF DELRAY BEACH, FLORIDA, BY AMENDING SECTION 35.097, "RETIREMENT INCOME; BASIS, AMOUNT AND PAYMENT", PROVIDING FOR DIRECT ROLLOVERS TO AN INDIVIDUAL RETIREMENT ACCOUNT BY A NONSPOUSE BENEFICIARY; PROVIDING A GENERAL REPEALER CLAUSE; A VALIDITY CLAUSE; AND AN EFFECTNE DATE. NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DELRAY BEACH AS FOLLOWS: Section 1. That Chapter 35, "Employee Policies and Benefits", subheading, "Retirement Plan", of the Code of Ordinances of the City of Delray Beach is hereby amended by amending section 35.097, "Retirement Income; Basis, Amount and Payment", subsection (L), "Direct Transfers of Eligible Rollover Distributions", to read as follows: Sec. 35.097. RETIREMENT INCOME: BASIS, AMOUNT AND PAYMENT. (L) Direct Transfers of Eligible Rollover Contributions. (1) General. This subsection ~ applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the system to the contrary that would otherwise limit a distributee's election under this subsection Seeman, a distributee may elect, at the time and in the manner prescribed by the Board, to have any portion of an eligible rollover paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (2) Definitions. Eligible rollover distribution. 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: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for 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 ten (10) years or more; any / \ distribution to the extent such distribution is required under Section 401 (a) (9) of the Internal Revenue Code; and the portion of any distribution that is not includable in gross income. Eligible retirement plan. An eligible retirement plan is an individual retirement account described in Section 408(a) of the Internal Revenue Code, an individual retirement annuity described in Section 408(b) of the Internal Revenue Code (other than an endowment contract), and annuity plan described in Section 403(a) of the Internal Revenue Code, qualified trust described in Section 401 (a) of the Internal Revenue Code, an eligible deferred compensation plan described in Section 457(b) of the Internal Revenue Code which is maintained by an eligible employer described in Section 457(e)(1)(A) of the Internal Revenue Code, or an annuity contract described in Section 403(b) of the Internal Revenue Code, that accepts the distributee's eligible rollover distribution. Distributee. Includes an employee or former employee. In addition, the employee's or former employee's surviving spouse is a distributee with regard to the interest of the spouse. Direct rollover. A payment by the plan to the eligible retirement plan specified by the distributee. (3) Rollovers or Transfers into the Fund. On or after the effective date of Ordinance No. 57-02 Qan. 7, 2003], the fund will accept member rollover cash contributions and/or direct cash rollovers of distributions for the purchase of credited service pursuant to Section 35.093(E), as follows: the plan will accept either a direct rollover of an eligible rollover distribution or a member contribution of an eligible rollover distribution from a qualified plan described in Section 403(a) of the Internal Revenue Code, from an annuity contract described in Section 403(b) of the Internal Revenue Code, or from an eligible plan under Section 457(b) of the Internal Revenue 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. (4) Direct Rollover to an IRA b~ Nonspouse Beneficiary. In accordance with. Section 829 of the Pension Protection Act of 2006, on and after the effective date of this ordinance the plan will allow a designated nonspouse beneficiary to make a direct rollover of a distribution from the plan to an individual retirement account orindividual retirement account or annui~ described in Section 408(adescribed in Section or~ the Internal Revenue Code. Section 2. That all ordinances or parts of ordinances in conflict herewith be, and the same are hereby repealed. 2 ORD NO. 17-07 Section 3. That if any section, subsection, paragraph, sentence ox word or other provision of this ordinance, or any portion thereof, or its application to any person or circumstance, be declared by a court of competent jurisdiction to be invalid or unconstitutional, such decision shall not affect the validity of any other section, subsection, paragraph, sentence or word or provision or -its application to other persons or circumstances and shall not affect the validity of. the remainder hereof as a whole or part thereof other than the part declared to be invalid. Section 4. That this ordinance shall become effective immediately upon passage on second and final reading. PASSED AND ADOPTED in regular session on second and final reading on this 15` day of Mav, 2007. .~ O`, ATTEST: MAYOR ~. City Clerk First Reading: ~ `~ O Second Reading: ORD NO. 17-07 MEMORANDUM TO: MAYOR AND CITY COMMISSIONERS FROM: CITY MANAGER SUBJECT: AGENDA ITEM # ~ ~' C -REGULAR MEETING OF MAY 1, 2007 ORDINANCE NO.17-07 -NON-SPOUSE BENEFICIEARIES DATE: APRIL 13, 2007 ITEM BEFORE COMMISSION This ordinance is before Commission for second reading to amend Chapter 35, "Employee Policies and Benefits", Subheading "Retirement Plan", of the Code of Ordinances of the Ciry of Delray Beach, Florida, by amending Section 35.097, "Retirement Income; Basis, Amount, and Payment", providing for direct rollovers to an individual retirement account by anon-spouse beneficiary. BACKGROUND At the first reading on April 17, 2007, the Commission passed Ordinance No. 17-07. FUNDING SOURCE N/A RECOMMENDATION Recommend approval of Ordinance No. 17-07 on second and final reading. S:\City Clerk\AGENDA COVER MEMOS\Ordinance Agenda Memos\Ord 17-07 Ascend Chptr 35 Empbyee Polioea and Benefim Retirement Plan 2nd A.eading.05.01.07.doc MEMORANDUM TO: MAYOR AND CITY COMMISSIONERS FROM: Susan A. Ruby, City Attorney DATE: April 12, 2007 SUBJECT: AGENDA ITEM # 12 . ~ -REGULAR MEETING OF APRIL 17, 2007 ORDINANCE 17-07 -NON-SPOUSE BENEFICIARIES ITEM BEFORE COMMISSION This item is before the City Commission for approval of Ordinance 17-07 amending chapter 35, "Employees Policies and Benefits", Subheading "Retirement Plan", of the Code of Ordinances by amending section 35.097, "Retirement Income; Basis, Amount and Payment", providing for direct rollovers to an individual retirement account by anon-spouse beneficiary. BACKGROUND This ordinance reflects changes to the Pension Protection Act of 2006 which allows for a designated non-spouse beneficiary to make a direct rollover of a distribution from the plan to an individual retirement account or annuity. FUNDING SOURCE N/A RECOMMENDATION Recommend approval of Ordinance 17-07 on first reading. cc: Doug Smith, Assistant City Manager Chevelle Nubin, City Clerk Joe Safford, Finance Director Karen Schell, Pension Coordinator ORDINANCE NO. 17-07 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AMENDING CHAPTER 35, "EMPLOYEE POLICIES AND BENEFITS", SUBHEADING "RETIREMENT PLAN", OF THE CODE OF ORDINANCES OF THE CITY OF DELRAY BEACH, FLORIDA, BY AMENDING SECTION 35.097, "RETIREMENT INCOME; BASIS, AMOUNT AND PAYMENT", PROVIDING FOR DIRECT ROLLOVERS TO AN INDNIDUAL RETIREMENT ACCOUNT BY A NONSPOUSE BENEFICIARY; PROVIDING A GENERAL REPEALER CLAUSE; A VALIDITY CLAUSE; AND AN EFFECTNE DATE. NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DELRAY BEACH AS FOLLOWS: Section 1. That Chapter 35, "Employee Policies and Benefits", subheading, "Retirement Plan", of the Code of Ordinances of the City of Delray Beach is hereby amended by amending section 35.097, "Retirement Income; Basis, Amount and Payment", subsection (L), "Direct Transfers of Eligible Rollover Distributions", to read as follows: Sec. 35.097. RETIREMENT INCOME: BASIS. AMOUNT AND PAYMENT. (L) Direct Transfers of Eligible Rollover Contributions. (1) General. This subsection $eetieg applies to distributions made on or after January 1, 1993. Notwithstanding any provision of the system to the contrary that would otherwise limit a distributee's election under this subsection $eetiet~, a distributee may elect, at the time and in the manner prescribed by the Board, to have any portion of an eligible rollover paid directly to an eligible retirement plan specified by the distributee in a direct rollover. (2) Definitions. Eligible rollover distribution. 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: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for 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 ten (10) years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Internal Revenue Code; and the portion of any distribution that is not includable in gross income. Eligible retirement plan. An eligible retirement plan is an individual retirement account described in Section 408(a) of the Internal Revenue Code, an individual retirement annuity described in Section 408(6) of the Internal Revenue Code (other than an endowment contract), and annuity plan described in Section 403(a) of the Internal Revenue Code, qualified trust described in Section 401(a) of the Internal Revenue Code, an eligible deferred compensation plan described in Section 457(6) of the Internal Revenue Code which is maintained by an eligible employer described in Section 457(e)(1)(A) of the Internal Revenue Code, or an annuity contract described in Section 403(6) of the Internal Revenue Code, that accepts the distributee's eligible rollover distribution. Distributee. Includes an employee or former employee. In addition, the employee's or former employee's surviving spouse is a distributee with regard to the interest of the spouse. Direct rollover. A payment by the plan to the eligible retirement plan specified by the distributee. (3) Rollovers or Transfers into the Fund. On or after the effective date of Ordinance No. 57-02 Qan. 7, 2003], the fund will accept member rollover cash contributions and/or direct cash rollovers of distributions for the purchase of credited service pursuant to Section 35.093(E), as follows: the plan will accept either a direct rollover of an eligible rollover distribution or a member contribution of an eligible rollover distribution from a qualified plan described in Section 403(a) of the Internal Revenue Code, from an annuity contract described in Section 403(6) of the Internal Revenue Code, or from an eligible plan under Section 457(6) of the Internal Revenue 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. ~4) Direct Rollover to an IRA by Nonspouse Beneficiary. In accordance with Section 829 of the Pension Protection Act of 2006. on and after the effective date of this ordinance the plan will allow a designated nonspouse beneficiary to make a direct rollover of a distribution from the glan to an individual retirement account or annuity described in Section 408~a,) or (b) of the Internal Revenue Code. Section 2. That all ordinances or parts of ordinances in conflict herewith be, and the same are hereby repealed. 2 ORD NO. 17-07 Section 3. That if any section, subsection, paragraph, sentence or word or other provision of this ordinance, or any portion thereof, or its application to any person or circumstance, be declared by a court of competent jurisdiction to be invalid or unconstitutional, such decision shall not affect the validity of any other section, subsection, paragraph, sentence or word or provision or its application to other persons or circumstances and shall not affect the validity of the remainder hereof as a whole or part thereof other than the part declared to be invalid. Section 4. That this ordinance shall become effective immediately upon passage on second and final reading. PASSED AND ADOPTED in regular session on second and final reading on this day of , 2007. ATTEST: MAYOR City Clerk First Reading Second Reading ORD NO. 17-07 CC'. ~a.v~e(dc~ (d'~~ www.bocanews.com • Boca Raton/Delray $each News -Friday/Saturday April 20-21 2007 13 CITY OF OELpAY BEACH,FLORIDA NOTICE OF PUBLIC HEARING A PUBLIC HEARNG will be held on the following proposed ordinances at 7:00 p.m. on TUESDAY, MAY 1, 2007 ar at any conOnuation of such meeting which is set by the Commission), in the City. Commission Chambers, 700 N.w 1st Avenue, Delray Beach, Fbr- ida, at which time the City Commission wAl consider their adoption. The pro- posed ordinances may be inspected at the Ofike of the City Clerk at City Hall, 100 N.W. tst Avenue, Delray Beach, Fonda, between the hats of 6:00 a.m. and 5:00 p.m., Monday through Friday, ekcepl hdidays. All interested parties are invited to aaend and be heard with respect b the pro- posed ordinances. OROINANCE N0.74-07 AN ORDINANCE OF THE CITY COM- MISSION OF THE CITY OF DELRAY BEACH, FLORIDA, AMENDING OR- DINANCE 76-06 BY AMENDING SUBSECTIONS 4.6.7(yl)(8), 'RESIDENTIAL', TO PROVIDE AD- DITIONAL CLARIFICATION RE- GARDING RESIDENTIAL REAL ES- TATE SIGNS, (H)(g), 'WINDOW SIGNS', TO PROVIDE CLARIFICA- TION REGARDING SIZE OF SIGNS, (H)(f0), 'TEMPORARY SIGNS', TO PROHIBIT TEMPORARY NON-COM- MERCIAL SIGNS IN PUBLIC RIGHTS OF WAY CONTIGUOUS TO PUBLIC PROPERTY AND PROVIDE TIME LIMITS FOR REMOVAL; PROVIDING A SAVING CLAUSE, A GENERAL RE- PEALER CLAUSE, AND AN EFFEC- TIVE GATE. ORDINANCE NO. 17.07 AN ORDINANCE OF THE CITY COM- MISSION OF THE CITV OF-DELRAY BEACH, FLORIDA, AMENDING CHAPTER 35, 'EMPLOYEE POLI- CIES AND BENEFITS', SUBHEAD- ING 'RETIREMENT PIAN', OF THE_ CODE OF ORDINANCES OF THE CITY OF DEIAAY BEACH, FLOF3IDA, IBY AMENDING SECTION 35.697, "RETIREMENT INCOME; BASIS, 'AMOUNT AND PAYMENT", PROVID- ING FOR DIRECT ROLLOVERS TO 'AN INDIVIDUAL RETIREMENT AC- COUNT BV A NONSPOUSE BENE- FICIARY; PROVIDING A GENERAL REPEALER CLAUSE; A VALIDITY 'CLAUSE; AND AN EFFECTIVE 'DATE. (Please be advised that it a person tle- jcides to appeal any decision made by !the City Commission with respect to .any matter consitlered al these hear- Togs, Such person may neetl to ensure i that a verbatim record include; the !testimony and evitlence upon which ;the appeal is to be based. The City does not provide nor prepare such record. pursuant to F.S. 286.0105. CRY OF DEIRAY BEACH Chevelle D. Nubin. CMC City Clerk PUBLISH: Friday, Apn120, 2007 Boca Ramn/Delray Beach News