Fort Walton Beach Council agenda — 03-25-08 workshop agenda — reading text

878 retirement benefit payable with respect to a member shall be deemed not to 879 exceed the limitations set forth in this Section if the benefits payable, with respect 880 to such member under this system and under all other qualified defined benefit 881 pension plans to which the City contributes, do not exceed ten thousand dollars 882 10, 000.00) for the applicable plan year and for any prior plan year and the City 883 has not at any time maintained a qualified defined contribution plan in which the 984 member participated. Page 30  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan 885 h) Reduction of Benefits. Reduction of benefits and/or contributions to all plans, 886 where required, shall be accomplished by first reducing the Member' s benefit 887 under. any defined benefit plans in which the member participated, such reduction S88 to be made first with respect_to the plan in which member most recently accrued 889 benefits and thereafter in such priority as shall be determined by the Board and 890 the plan administrator of such other plans, and next, by reducing or allocating forfeitures for defined contribution plans in which. the member 891 excess 892 participated, such reduction to be made first with respect to the plan in which 893 member most recently accrued benefits and thereafter in such priority as shall be 894 established by the Board and the plan administrator for such other plans; 895 provided, however, that necessary reductions may be made in a different manner 896 and priority pursuant to the agreement of the Board and the plan administrator of 897 all other plans covering such member. 998 i) Cost -of-Living Adjustments. The limitations as stated in subsections a, b, c and f 9 of this Section shall be adjusted to the time payment of a benefit begins in 900 accordance with any cost -of-living adjustments prescribed by the Secretary of the 901 Treasury pursuant to section 415( d) of the Code. 902 j) Additional Limitation on Pension Benefits. Notwithstanding anything herein to 903 the contrary: 904 1. The normal retirement benefit or pension payable to a retiree who 905 becomes a member of the system and who has not previously participated 906 in such system, on or after January 1, 1980, shall not exceed one hundred 907 percent ( 100 %) of his Average Final Compensation. However, nothing 908 contained in this section shall apply to supplemental retirement benefits or 909 to pension increases attributable to cost -of-living increases or adjustments. 910 2. No member of the system shall be allowed to receive a retirement benefit 911 or pension which is in part or in whole based upon any service with 912 respect to which the member is already receiving, or will receive in the 913 future, a retirement benefit or pension from a different employer' s system Page 31  Final Version 9/ 30/ 02 FWB General Employees' Retirement Plan f 914 or plan. This restriction does not apply to social security benefits or 915 federal benefits under Chapter 67, Title 10, U.S. Code. 916 917 Section 17 -22. Distribution of Benefits. a form of 918 1) Notwithstanding any other provision of this Plan to the contrary, 919 retirement income payable from this Plan after the effective date of this ordinance, shall satisfy 920 the following conditions: 921 a) If any retirement income is payable before the member' s death, 922 1. It shall either be distributed or commence to the member not later than 923 April 1 of the calendar year following the later of the calendar year in 924 which the member attains age seventy and one -half ( 70 1 /z) years or the 925 calendar year in which he retires, 926 2. The distribution shall commence not later than the calendar year defined 927 in paragraph A above and ( 1) shall be paid over the life of the member or 8 over the lifetimes of the member and his spouse, issue. or dependent, or (2) ti 929 shall be paid over the period extending not beyond the life expectancy of 930 the member and his spouse, issue or dependent. form income payment has commenced in 931 3. Where a of retirement 932 accordance with the preceding paragraphs and the member dies before his 933 entire interest in the Plan has been distributed, the remaining portion of 934 such interest in the Plan shall be distributed no less rapidly than under the 935 form of distribution in effect at the time of the member' s death. 936 b) If the member' s death occurs before the distribution of his interest in the Plan has 937 commenced, his entire interest in the Plan shall be distributed within five years of 938 his death, unless it is to be distributed in accordance with the following rules: 939 1. The member' s remaining interest in the Plan is payable to his spouse, 940 issue or dependent; 941 2. The remaining interest is to be distributed over the life of the spouse, issue 942 or dependent or over a period not extending beyond the life expectancy of X43 the spouse, issue or dependent; and Page 32  Final Version 9/ 30/ 02 r FWB General Employees' Retirement Plan 944 3. Such distribution begins within one year of the member' s death unless the 945 member' s spouse, issue or dependent shall receive the remaining interest 946 in which case the distribution need not begin before the date on which the 947 member would have attained age seventy and one -half (70 -1/ 2) years, and 948 if the spouse, issue or dependent dies before the distribution to the spouse, 949 issue, or dependent begins, this Section shall be applied as if the spouse, 950 issue or dependent were the Plan member. 951 952 Sec. 17 -23. Direct transfers of eligible rollover distributions. 953 ( 1) This section applies to distributions made on or after January 1, 1993. 954 Notwithstanding any provision of the system to the contrary that would otherwise limit a 955 distributee' s election under this section, a distributee may elect, at the time and in the manner 956 prescribed by the board, to have any portion of an eligible rollover paid directly to an eligible 957 retirement plan specified by the distributee in a direct rollover. ig( 2) An eligible rollover distribution is any distribution of all or any portion of the 959 balance to the credit of the distributee, except that an eligible rollover distribution does not 960 include: any distribution that is one of a series of substantially equal periodic payments (not less 961 frequently than annually) made for life (of life expectancy) of the distributee or the joint lives (or 962 joint life expectancies) of the distributee and the distributee' s designated beneficiary, or for a 963 specified period of ten ( 10) years or more; any distribution to the extent such distribution is section 401( a)( 9) of the Internal Revenue Code; and the portion of any 964 required under 965 distribution that is not includable in gross income. Any portion of any distribution which would 966 be includible in gross income will be an eligible rollover distribution if the distribution is made 967 to an individual retirement account described in section 408( a), to an individual retirement 968 annuity described in section 408( b) or to a qualified defined contribution plan described in 969 section 401( a) or 403( a) that agrees to separately account for amounts so transferred, including 970 separately accounting for the portion of such distribution which is not so includible. 971 ( 3) An eligible retirement plan is an individual retirement account described in 972 section 408( a) of the Internal Revenue Code, an individual retirement annuity described in 73 section 408( b) of the Internal Revenue Code, an annuity plan described in section 403( a) of the Page 33