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2022-O-17 - General Employees Retirement Plan - Amendment ORDINANCE NO.2022-0-17 AN ORDINANCE OF THE CITY OF EDGEWATER, FLORIDA, AMENDING THE CITY OF EDGEWATER GENERAL EMPLOYEES' RETIREMENT PLAN BY MODIFYING ARTICLE VI (WHEN BENEFITS START AND DISTRIBUTION OF BENEFITS), BY AMENDING SUBSECTION (C) OF SECTION 6.04 (ELECTION PROCEDURES); PROVIDING FOR FILING WITH THE DIVISION OF RETIREMENT; PROVIDING FOR CONFLICTING PROVISIONS, SEVERABILITY, APPLICABILITY; PROVIDING FOR CODIFICATION; PROVIDING FOR AN EFFECTIVE DATE AND FOR ADOPTION. WHEREAS, the City Council of the City of Edgewater, Florida has determined, based on recommendation of the Board of Trustees of the Edgewater General Employees' Retirement Plan as requested by the retirees, that the General Employees' Retirement Plan should be amended at Section 6.04 of the Plan Document to permit the retirees to change their joint �1 annuitant up to twice after retirement. NOW,THEREFORE,BE IT ENACTED by the City Council of the City of Edgewater Florida,that: PART A. AMENDING THE CITY OF EDGEWATER GENERAL EMPLOYEES' RETIREMENT PLAN BY MODIFYING ARTICLE VI (WHEN BENEFITS START AND DISTRIBUTION OF BENEFITS), BY AMENDING SECTION 6.03 (OPTIONAL FORMS OF DISTRIBUTION) TO READ AS FOLLOWS: SECTION 6.03--OPTIONAL FORMS OF DISTRIBUTION. (a) Retirement Benefits. The optional forms of retirement benefit shall be the following: (i) a straight life annuity; (ii) single life annuities with certain periods of 5, 10, or 15 years; (iii) a single life annuity with modified cash refund of the Participant's Required Contribution Account; and (iv) survivorship life annuities with survivorship percentages of 50%, 66 2/3%,75%,or 100%. The benefit payable under any optional form available above (other than the Normal Form) shall be the Actuarial Equivalent of the benefit that would otherwise be payable to the Participant under the Normal Form on his Retirement /0811 Date. If the Participant's Retirement Date is before his Normal Retirement Date, the benefit payable under any optional form other than(i)a nondecreasing annuity payable for a period of not less than the life of the Participant or (ii) an annuity p&u&4 passages are deleted. 1 Underlined passages are added. 2022-0-17 that decreases during the life of the Participant merely because of(a) the death of the survivor annuitant (but only if the reduction is not below 50% of the benefit payable before the death of the survivor annuitant), or (b) the cessation or reduction of Social Security supplements or qualified disability payments (as defined in Code Section 401 (a) ( 11 )), shall not be less than the Actuarial Equivalent of the benefit that would otherwise be payable to the Participant under the Normal Form on his Normal Retirement Date. Election of an optional form is subject to the election provisions of the ELECTION PROCEDURES SECTION of this article and the distribution requirements of Article VII. Any annuity contract distributed shall be nontransferable. The optional form of benefit chosen at retirement cannot be chansed after the receipt of the first benefit. PART B. AMENDING THE CITY OF EDGEWATER GENERAL EMPLOYEES' RETIREMENT PLAN BY MODIFYING ARTICLE VI (WHEN BENEFITS START AND DISTRIBUTION OF BENEFITS), BY AMENDING SUBSECTION (C) OF SECTION 6.04 (ELECTION PROCEDURES) TO READ AS FOLLOWS: SECTION 6.04—ELECTION PROCEDURES. (c) Election. The Participant, Beneficiary, or spouse may make an election at any time during the election period. The Participant, Beneficiary, or spouse may revoke the election made (or make a new election)at any time and any number of times during the election period. (1) Election Period for Retirement Benefits. A Participant may make an election as to retirement benefits at any time before the Annuity Start Date. After the Annuity Start Date. a Participant mage his or her election of Beneficiary or Contingent Annuitant only twice. Any Participant who desires to change his or her Beneficiary or Contingent Annuitant shall file with the Board of Trustees a notarized notice of such change either by registered letter or on such form as is provided by the Plan Administrator. U2on receipt of a completed change of beneficiary or contingent annuitant form or such other notice. the Board of Trustees shall adjust the Participant's monthly benefit by the application of actuarial tables and calculations using the Plan's definition of Actuarial Equivalence and there is no impact to the plan. Unless evidence of good health is provided, the beneficiary or annuitant being removed will be assumed deceased by the actuary in determining the actuarially ee uivalent amount of the revised monthly payment. No retiree's current benefits shall be increased as a result of the change of beneficiary. (2) Election Period for Death Benefits. A Participant may make an election as to death benefits at any time before he dies. The spouse's election period begins on the date the Participant dies and ends on the date benefits begin. The Beneficiary's election period begins on the date the Participant dies and ends passages are deleted. 2 Underlined passages are added. 2022-0-17 eoo*� on the date benefits begin. If a Participant has a spouse who is entitled to a Preretirement Survivor Annuity his election period as to the preservation of retirement option death benefit begins 90 days before the first day of the Plan Year in which the Participant reaches his Normal Retirement Date. PART C. FILING WITH THE DIVISION OF RETIREMENT Upon adoption, a copy of this Ordinance shall be filed with the Division of Retirement of the Florida Department of Management Services. PART D. CONFLICTING PROVISIONS All conflicting ordinances and resolutions, or parts thereof in conflict with this ordinance are hereby superseded by this ordinance to the extent of such conflict. PART E. SEVERABILITY AND APPLICABILITY If any portion of this ordinance is for any reason held or declared to be unconstitutional, inoperative, or void, such holding shall not affect the remaining portions of this ordinance. If this ordinance or any provisions thereof shall be held to be inapplicable to any person, property, or circumstances, such holding shall not affect its applicability to any other person, property or circumstance. PART F. CODIFICATION. Provisions of this ordinance shall be incorporated in the Code of Ordinances of the City of Edgewater, Florida, and the word "ordinance", may be changed to "section", "article", or other appropriate word, and the sections of this ordinance may be renumbered or relettered to accomplish such intention; provided,however,that Parts C through F shall not be codified. PART G. EFFECTIVE DATE This ordinance shall take effect upon adoption. /"4�N 9-tRiAk-thFeag#passages are deleted. 3 Underlined passages are added. 2022-0-17 PART H. ADOPTION . After Motion to approve by Councilman Powers, and Second by Councilwoman Power, the vote on first reading of this ordinance which was held on August 1, 2022, was as follows: AYE NAY Mayor Mike Thomas x Councilwoman Christine Power x Councilwoman Gigi Bennington x Councilwoman Debbie Dolbow x Councilman Jonah Powers X After Motion to approve by WI U-)CCQ.Yr)C"-) ?Qt otj�I and Second by ��_(` i_ rvY�r� 0�'V� r�r- c�Yl the vote on second reading/public hearing of this ordinance which was held on,�V,Qbf t"YI)RA 1 2-, 1 DZZ was as follows: AYE NAY Mayor Mike Thomas y Councilwoman Christine Power X Councilwoman Gigi Bennington Councilwoman Debbie Dolbow X Councilman Jonah Powers CeF...k,h.,.....w passages are deleted. 4 Underlined passages are added. 2022-0-17 PASSED AND DULY ADOPTED this clay of�1� P� �.P ,2022. CITY COUNCIL OF THE CITY OF EDGEWATER, F ORIDA r a, Mike Th mas i a S f P Mayo 1 6T r Bonnie Zlotnik, C City Clerk For the use and reliance only by the City of Edgewater, Florida Approved as to form and legality by: Aaron R.Wolfe,Esquire City Attorney Doran,Sims, Wolfe&Yoon Approved by the City Council of the City of Edgewater at a meeting held on this LZlay of,`14b4f -32022 under Agenda Item No 8 0. Wig#passages are deleted. Underlined passages are added. 2022-0-17 - t ! �'� �' G�. . r � tel' :?,.. •1 r �_ � � �� `� �r` ~�.V���.