Fort Walton Beach Ordinance — 1837 - Restate Fire Fighters Pension Trust Fund — reading text

8, or pre- retirement death benefits paid pursuant to Section 7. 7. Participation in Other Defined Benefit Plans. The limit of this Section with respect to any Member who at any time has been a Member in any other defined benefit plan as defined in Code Section 414( j) maintained by the City shall apply as if the total benefits payable under all City defined benefit plans in which the Member has been a Member were payable from one plan. 8. Ten Thousand Dollar ($ 10, 000) Limit. Notwithstanding the foregoing, the retirement benefit payable with respect to a Member shall be deemed not to exceed the limit set forth in this Section if the benefits payable, with respect to such Member under this Plan and under all other qualified defined benefit pension plans to which the City contributes, do not exceed ten thousand dollars ($ 10, 000) for the applicable Plan Year and for any prior Plan Year and the City has not any time maintained a qualified defined contribution plan in which the Member participated. 9. Reduction of Benefits. Reduction of benefits and/ or contributions to all plans, where required, shall be accomplished by first reducing the Member's benefit under any defined benefit plans in which Member participated, such reduction to be made first with respect to the plan in which Member most recently accrued benefits and thereafter in such priority as shall be determined by the Board and the plan administrator of such other plans, and next, by reducing or allocating excess forfeitures for defined contribution plans in which the Member participated, such reduction to be made first with respect to the plan in which Member most recently accrued benefits and thereafter in such priority as shall be established by the Board and the plan administrator for such other plans provided, however, that necessary reductions may be made in a different manner and priority pursuant to the agreement of the Board and the plan administrator of all other plans covering such Member. 10. Service Credit Purchase Limits. A. Effective for permissive service credit contributions made in limitation years beginning after December 31, 1997, if a Member makes one or more contributions to purchase permissive service credit under the Plan, as allowed in Section 23. 3. and 23. 4., then the requirements of this Section will be treated as met only if: the requirements of Code Section 415( b) are met, determined by treating the accrued benefit derived from all such contributions as an annual benefit for purposes of Code Section 415( b), or Page 25 of 53 Pages  the requirements of Code Section 415( c) are met, determined by treating all such contributions as annual additions for purposes of Code Section 415( c). For purposes of applying subparagraph ( 1), the Plan will not fail to meet the reduced limit under Code Section 415( b)( 2)( c) solely by reason of this subparagraph ( 3), and for purposes of applying subparagraph ( 2) the Plan will not fail to meet the percentage limitation under Section 415( c)( 1)( B) of the Code solely by reason of this subparagraph ( 3). B. For Durmoses of this subsection the term " permissive service credit" means service credit recognized by the Plan for purposes ofcalculating a Member's benefit under the plan, which such Member has not received under the plan, and which such Member may receive only by making a voluntary additional contribution, in an amount determined under the Plan, which does not exceed the amount necessary to fund the benefit attributable to such service credit. Effective for permissive service credit contributions made in limitation years beginning after December 31, 1997, such term may, if otherwise provided by the Plan, include service credit for periods for which there is no performance of service, and, notwithstanding clause B.( 2), may include service credited in order to provide an increased benefit for service credit which a Member is receiving under the Plan. C. For purposes of applying the limits in this subsection 10., only and for no other purpose, the definition of compensation where applicable will be compensation actually paid or made available during a calendar year, except as noted below and as permitted by Treasury Regulations Section 1. 415( c) - 2, or successor regulations. Unless another definition of compensation that is permitted by Treasury Regulations Section 1. 415( c) -2, or successor regulation, is specified by the Plan, compensation will be defined as wages within the meaning of Code Section 3401( a) and all other payments of compensation to an employee by an employer for which the employer is required to fuinish the employee a written statement under Code Sections 6041( d), 6051( a)( 3) and 6052 and will be determined without regard to any rules under Code Section 3401( a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed ( such as the exception for agricultural labor in Code Section 3401( a)( 2). However, for calendar years beginning after December 31, 1997, compensation will also include amounts that would otherwise be included in compensation but for an election under Code Sections 402( h)( 1)( B), 402( k), or 457( b). For calendar 125( a), 402( e)( 3), years beginning after December 31, 2000, compensation will also include any elective amounts that are not includible in the gross income of the employee by reason of Code Section 132( f)(4). Page 26 of53 Pages  For limitation years beginning on and after January 1, 2007, compensation for the calendar year will also include compensation paid by the later of 2' /z months after an employee' s severance from employment or the end of the calendar year that includes the date of the employee' s severance from employment if: a) the payment is regular compensation for services during the employee's regular working hours, or compensation for services outside the employee's regular working hours ( such as overtime or shift differential), commissions, bonuses or other similar payments, and, absent a severance from employment; the payments would have been paid to the employee while the employee continued in employment with the employer; or b) the payment is for unused accrued bona fide sick, vacation or other leave that the employee would have been able to use if employment had continued. Back pay, within the meaning of Treasury Regulations Section 1. 415( 0-2( 0(8), shall be treated as compensation for the limitation year to which the back pay relates to the extent the back pay represents wages and compensation that would otherwise be included under the definition of "Salary" in Section 1, Definitions. D. Notwithstanding any other provision of law to the contrary, the Board may modify a request by a Member to make a contribution to the Plan if the amount of the contribution would exceed the limits provided in Code Section 415 by using the following methods: If the law requires a lump sum payment for the purchase of service credit, the Board may establish a periodic payment deduction plan for the Member to avoid a contribution in excess of the limits under Code Sections 415( c) or 415( n). If payment pursuant to subparagraph ( 1) will not avoid a contribution in excess of the limits imposed by Code Section 415( c), the Board may either reduce the Member's contribution to an amount within the limits of that section or refuse the Member's contribution. 11. Additional Limitation on Pension Benefits. Notwithstanding anything herein to the contrary: A. The normal retirement benefit or pension payable to a Retiree who becomes a Member of the Plan and who has not previously participated in such Plan, on or after January 1, 1980, shall not exceed one hundred percent ( 100 %) of his Average Final Compensation. However, nothing contained in this Section shall apply to supplemental retirement benefits or to pension increases attributable to cost -of-living increases or adjustments. B. No Member of the Plan shall be allowed to receive a retirement benefit or pension which is in part or in whole based upon any service with respect to which the Member is already receiving, or will receive in the future, a Page 27 of53 Pages  retirement benefit or pension from a different employer's retirement system or plan This restriction does not apply to social security benefits or federal benefits under Chapter 67, Title 10, U.S. Code. SECTION 1-7 6. COMMENCEMENT OF BENEFITS. 1. Unless the Member otherwise elects, with such election being in writing and to the Trustees and specifying the form of retirement income and date on which the retirement income is to commence, the payment benefits under the Plan to the Member shall commence not later than the 60th day after the close of the Plan Year in which the latest of the following events occur: A. the attainment by the Member of age 65; B. the 10th anniversary of the date on which the Member commenced participation in the Plan; or C. the termination of the Member's service with the City. 2. If the payment of a Member's retirement income cannot begin on the date required under subsection 1 of this Section because the Trustees either cannot ascertain the amount of the Member's retirement income or cannot locate the Member after making reasonable efforts to do so, the payment of the Member's benefit shall begin not later than sixty (60) days after the date on which the amount can be ascertained or the Member is located, whichever is applicable. Any such payment shall be made retroactive to a date which is not earlier than the date on which the payment of the Member's benefit was scheduled to begin but which is not later than the date specified under subsection 1 of this Section. SECTION 19 7. MINIMUM DISTRIBUTION OF BENEFITS.