West Palm Beach |
Code of Ordinances |
Chapter 62. PERSONNEL AND RETIREMENT |
Article III. PENSIONS AND RETIREMENT |
Division 4. DEFERRED COMPENSATION PLAN |
§ 62-157. 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:
Account means a separate record established and maintained under the trust for each participant. The record shall include the participant's contribution account sub-account created pursuant to section 62-159, plus any loan account and rollover account subaccounts created for the participant pursuant to sections 62-162 and 62-159, respectively, and the participant's designated Roth contributions. The participant's contribution account, and rollover account, Roth contributions, and Roth rollovers (including in-plan Roth rollovers), if any, shall include any earnings of the trust and adjustments for withdrawals, distributions and realized and unrealized gains and losses allocated thereto. The term "account" may also refer to any of such separate sub-accounts.
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 plan administrator for valuing the trust's assets.
Advisory committee means the following persons shall constitute the plan's advisory committee:
(1)
One employee representing and selected by each union except that the two unions representing sworn police officers shall be represented by only one employee;
(2)
One employee representing and selected by the nonunion represented employees;
(3)
One employee representing the human resources department and selected by the human resource director; and
(4)
One employee representing management and selected by the mayor.
The advisory committee as more specifically set forth in section 62-163(j) of the plan provides recommendations to the plan administrator regarding the investments of the plan's assets.
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 name 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.
Compensation means a participant's W-2 earnings for services performed for the city as an employee for that plan year, increased by any amounts deferred during the plan year under this plan and any retirement plan sponsored by the city and by any reductions during the plan year pursuant to a cafeteria plan under section 125 of the code or a qualified transportation fringe under section 132(f) of the code. Beginning with compensation after December 31, 2008, pursuant to code section 414(u)(7) and (12), the definition of compensation 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 1, 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 457(b) 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)
Members of boards, commissions or committees and officers or employees receiving no salary; and
(3)
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 division to the contrary, the mayor and city commissioners shall be deemed to be employees for purposes of this plan.
Enrollment form means the form completed by the employee to participate in the plan and defer a portion of his compensation and have it credited to his account under the plan.
Normal retirement age means the date the participant attains age 70½ unless the participant elects an alternate normal retirement age in accordance with the provisions of subsection (1) of this definition.
(1)
At any time prior to the participant's separation from employment or, if earlier, the participant's use of the special catch-up limitation of section 62-159(d), the participant, by written notice filed with the plan administrator, may elect an alternate normal retirement age as follows:
a.
Any age which is: (i) on or after the earliest age at which the participant has the right to retire and receive an immediate, unreduced benefit from a city-defined benefit pension plan covering the participant or age 55 if the participant does not participate in such plan; and (ii) on or before the date the participant attains age 70½;
b.
For a participant who continues in the service of the city after attaining age 70½ or after the age selected under subsection (1)a of this definition, such later age as elected by the participant; provided, however, that such age is not later than the participant's actual separation from employment with the city; or
c.
For any participant who is a qualified police or firefighter, as defined in section 415(b)(2)(H)(ii)(I) of the code, any age that is between age 40 and age 70½.
(2)
If a participant continues to provide services to the city as an employee either: (i) after age 70½ without having elected a normal retirement age; or (ii) after the alternate normal retirement age elected by the participant, such participant's normal retirement age shall be the date of the participant's actual separation from employment with the city.
Notwithstanding anything in this section to the contrary, once a participant has, to any extent, used the special catch-up limitation of section 62-159(e), his normal retirement age shall be determined solely by reference to the age used for section 62-159(e) and may not be changed thereafter.
Participant means any employee who has elected to defer his compensation under the plan.
Plan means the city deferred compensation plan as set forth in this division and as amended from time to time.
Plan administrator means the city's finance director. The plan administrator shall be the named fiduciary of the plan.
Plan sponsor means the city, which shall retain fiduciary responsibility for the administration of the plan.
Plan year means the 12-consecutive-month period beginning each January 1 and ending each December 31.
Separation from employment means the date a participant retires, dies or otherwise ceases to be an employee of the city in accordance with the city's established practices.
Service provider means the contractor or person appointed by the city pursuant to section 62-163(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 62-160(a) to hold the assets of the plan.
(Ord. No. 4319-11, § 1, 2-22-2011; Ord. No. 4544-15, § 2, 4-27-2015)