Fort Walton Beach Council agenda — 02-22-11 regular — reading text

calendar years beginning after December 31, 2000, compensation will also include any elective amounts that are not includible in the gross income of the emnlovee by reason of Code Section 132( f)(4). Page 26 of'53 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'/ 2 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 Lal 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 bb) 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( c)- 2( g)( 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 usinLy 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 l- 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 a participation in the Plan; or 0 N C. the termination of the Member's service with the City. 1) a 2. If the payment of a Member's retirement income cannot begin on the date required UL ILL 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, a the payment of the Member's benefit shall begin not later than sixty (60) days after the date on which M the amount can be ascertained or the Member is located, whichever is applicable. Any such 0 payment shall be made retroactive to a date which is not earlier than the date on which the payment ti of the Member's benefit was scheduled to begin but which is not later than the date specified under M 00 subsection 1 of this Section. v SECTION 18 7. MINIMUM DISTRIBUTION OF BENEFITS. L 0 III / L • A I I = I I I KIM W rill 10112 4 8 R" M 4 11 MOIL" 0 1011119 CAAMIN t • • • • • • •• T Like's NO Oil Liu r e t t i rt// t n 11 1R • Q1 1A7 /l l i Jl`irl: / l 2 t, 9 11t9,k" W71Lotw 0ge1 - ti M V- WON i 11111111 ItVAGNOV i ; L 0 E t v M r Q 11111111111111111111 7, AllMOW 1111 Lotoi go I Fall Page 28 of 53 Pages  0 1 LVOLIA I" Is 191" Will!awls a ra I I I I I I tim Is It" XONQ105 I I M I I Iv011 = rJ I I SLER 1Lj- ffl_ jMM KIM I ffft-W% l 91918 ii N-13-