7034-02
ORDINANCE NO. 7034-02
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, AMENDING CHAPTER 2, ADMINISTRATION,
DIVISION 5, POLICE OFFICERS PENSION PLAN,
SUBDIVISION II, SUPPLEMENTARY PENSION AND
RETIREMENT PLAN, OF THE CODE OF ORDINANCES OF
THE CITY OF CLEARWATER; AMENDING SECTION 2.471,
DEFINITIONS; AMENDING SECTION 2-480, DIRECT
TRANSFERS OF ELIGffiLE ROLLOVER DISTRIBUTIONS;
PROVIDING FOR SEVERABILITY OF PROVISIONS;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH
AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
SECTION 1: That Chapter 2, Administration, Division 5, Police Officers Pension Plan,
Subdivision II, Supplementary Pension and Retirement Plan, of the Code of Ordinances of the City
of Clearwater, is hereby amended by amending Section 2.471, Definitions, by amending the
definitions of "Eligible retirement plan" and "Eligible rollover distribution", to read as follows:
Eligible retirement plan means an individual retirement account described in section 408(a)
of the Internal Revenue Code, an individual retirement annuity described in section 408(b) of the
Internal Revenue Service Code, an annuity plan described in section 403(a) of the Internal Revenue
Service Code, an ~lig.ible ~ef~ed compe~s~tion plan describe~ in s~ctio~.~~~(jq ~j~~(l)~e~:~
Revenue Code whlcp IS mamtaIned by an elIgIble employer descnbed In se~ I .5 ( ( .
Internal.Revenue Code ~d which agrees ~ sep.aratel~ account for amo~: ~~s~~~~~:-;; ~i~pi;
from thIS plan. an annUIty contract descnbed m section 403 (b) of the I e I e C or a
qualified trust described in section 401(a) of the Internal Revenue Service Code, that accepts the
distributee's eligible rollover distribution. lIowe'\1e1, This definition shall also apply in the case of
an eligible rollover distribution to the surviving spouse, an eligible Ietirement plan is an individtIal
I eti! emcnt account 01 indi v idual I etiI cmcnt aunuity.
Eligible rollover distribution means any distribution of all or any portion of the balance to
the credit of the distributee, except that an eligible rollover distribution does not include: any
distribution that is one of a series of substantially equal periodic payments (not less frequently than
annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life
expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period
of ten years or more; any distribution to the extent such distribution is required under section
401(a)(9) of the Internal Revenue Service Code; and the portion of any distribution that is not
includable in gross income. Any portion of any distribution which would be includible in gross
income will be an eligible rollover distribution if the distribution is made to an in~i~l~~~1:~i:~~~t
account described in section 408(a). to an individual retirement annuity d~s~~ibe i e t:-;;ir~~~"t~
or to a qualified dermed contribution plan described in section 401(f\) or 403(~j th; _
s~p~tell acco~nt ~o~ amo~ts S? transfe~ect includin~ sepa~ate~y a~~~~~~~~~~.~: i~fl~~ or~~~~
dIstrIbutIOn whIch IS IncludIble m gross Income and the portl~~ ~f s hIS
includible.
SECTION 2: That Chapter 2, Administration, Division 5, Police Officers Pension Plan,
Subdivision II, Supplementary Pension and Retirement Plan, of the Code of Ordinances of the City
of Clearwater, is hereby amended by amending Section 2.480, Direct transfers of eligible rollover
distributions, to read as follows:
I
Ordinance 7034-02