West Palm Beach |
Code of Ordinances |
Chapter 62. PERSONNEL AND RETIREMENT |
Article III. PENSIONS AND RETIREMENT |
Division 3. DEFINED CONTRIBUTION RETIREMENT SYSTEM |
§ 62-132. Definitions.
The following words, terms, and phrases, when used in this division, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
414(h) Pick-up contributions means mandatory contributions that all participants must make pursuant to section 414(h) of the code. 414(h) pick-up contributions are picked up by the city in accordance with section 414(h)(2) and are treated as employer contributions for federal income tax purposes, but are considered "wages" for purposes of FICA and FUTA.
Account means a separate record established and maintained under the trust for each participant. The record shall include the participant's city contribution account and participant contribution account subaccounts created pursuant to section 62-134, plus any participant loan account and rollover account sub accounts created pursuant to subsections 62-137(d) and 62-139(f), respectively. Each subaccount created pursuant to section 62-134 shall include any earnings of the trust and adjustments for withdrawals, distributions and realized and unrealized gains and losses allocable thereto. The term "account" may also refer to any of such separate subaccounts.
Accounting date means each business day that the New York Stock Exchange is open for trading and such other dates as may be determined by the administrative committee for valuing the trust's assets.
Administrative committee means the committee consisting of:
(1)
The finance director as chairperson.
(2)
One management employee appointed by the mayor.
(3)
The human resources director or designee.
(4)
Two employees who are participants of this retirement plan and elected by the participants for two-year staggered terms.
The administrative committee shall be the named fiduciary of the plan, and plan administrator of the plan and the board of trustees of the plan as provided in F.S. §§112.656(2), 112.66(3) and 112.66(8), respectively.
Beneficiary means the person or persons designated by the participant who shall receive any benefits payable under the plan in the event of the participant's death. A participant may designate primary and contingent beneficiaries. Where no designated beneficiary survives the participant, the participant's beneficiary shall be his surviving spouse or, if none, his estate.
City means the City of West Palm Beach, Florida.
Code means the Internal Revenue Code of 1986, as amended from time to time.
Disability. An employee shall have a disability if he is disabled within the meaning of the city's long term disability plan.
Earnings means for each participant, the participant's base salary, including longevity compensation, actually paid to the participant by the city on account of services performed during the plan year, plus any contributions made pursuant to a salary reduction agreement which are not included in the participant's gross income under sections 125, 132(f)(4), 402(e)(3), 402(h)(1)(B), 403(b), 414(h)(2), or 457(b) of the code, but excluding overtime compensation, bonuses, allowances, special awards and any other extra remuneration. However, for plan years beginning on or after January 1, 2002, the annual earnings of each participant taken into account beginning on or after January 1, 2002, the annual earnings of each participant taken into account in determining all benefits provided under the plan for any plan year shall not exceed $200,000.00, as adjusted for increases in the cost of living in accordance with section 401(a)(17)(B) of the code. Beginning with earnings after December 31, 2008, pursuant to code section 414(u)(7) and (12), the definition of earnings includes amounts paid by the city as differential wages to participants who are absent from employment while in qualified military service.
Effective date, January 4, 1995. The effective date of this amendment and restatement of the plan shall be September 18, 2002, except that any provisions contained in this division that are required to be effective with respect to this plan (or any other plan merged into this plan pursuant to this restatement) as of an earlier date in order to satisfy the requirements of section 401(a) of the code shall be effective as of that earlier date.
Employee means any individual employed by the city as a common-law employee on a permanent basis who is receiving earnings from the city for personal services, exclusive of the following:
(1)
Persons whose services are compensated on a contractual basis;
(2)
Persons employed on an original probationary, or a part-time, temporary or seasonal basis;
(3)
Members of boards or commissions, officers, or employees receiving no salary;
(4)
Persons whose regular employment with the city is for less than 20 hours per week on a continuous basis, 52 weeks per year;
(5)
Participants of any of the city-sponsored defined benefit retirement systems, other than participants whose benefits have been frozen under the employees' defined benefit retirement system; provided, however, that any individual described in this clause (5) shall be considered to be an employee solely for the purposes of determining his or her eligibility for contributions under subsection 62-134(a)(1)b. hereof, and his or her entitlement to receive benefits hereunder that result from those contributions;
(6)
Any otherwise eligible classified or unclassified employee of the city who is a participant of a collective bargaining unit that has not consented to participate in the plan; and
(7)
Any person classified by the city as an independent contractor for the period he performs services for the city as an independent contractor, whether or not such person is subsequently reclassified by a court of law or regulatory body as a common-law employee of the city for such period.
Notwithstanding anything in this plan to the contrary, the mayor and city commissioners shall be deemed to be employees for the purposes of this plan.
Normal retirement age means the date on which an employee attains age 55.
Participant means any person participating in the plan as provided in section 62-133.
Plan means the city defined contribution retirement plan as set forth in this division and as amended from time to time.
Plan year means the 12 consecutive-month period beginning each January 1 and ending each December 31.
Service provider means the contractor or person appointed by the city pursuant to subsection 62-138(a) to administer the plan's day-to-day operations. The city may, in accordance with contract provisions, remove any contractor or person as service provider at any time by notice in writing to such contractor or person, in which case the city shall name another contractor or person or persons to act as service provider.
Trust means the trust established under the trust agreement entered into under section 62-135 to hold the assets of the plan.
(Ord. No. 4306-10, § 1, 2-22-2011)