5723-95 ORDINANCE NO. 5723-95
AN 0RDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
RELATING TO THE CLEARWATER POLICE OFFICERS' PENSION
TRU$T FUND; AMENDING SECTION 2.471, CODE OF ORDINANCES,
TO I3D CEr TIONS; AMENDING SECTION 2.4-74, CODE O
ORDINANCES, TO SPECIFY THAT THE AGGREGATE OF INVESTMENTS
IN COMMON CSR CAPITAL STOCK OR CONVERTIBLE SECURITIES NOT
EXCEED GS% OF FUND' S ASSETS; AMENDING SECTION 2.475,
CODE OF ORDINANCES,, TO CLARIFY THAT A FINDING O
DISABILITY BY THE EMPLOYEES' PENSION PLAN MAY BE
EVIDENCE OF DISABILITY UNDER THE POLICE OFFICERS'
PENSION PLAN; ADDING SECTION 2.480, CODE OF ORDINANCES,
TO PROVIDE FOR DIRECT TRANSFERS OF ELIGIBLE ROLLOVER
DISI^RIBUTIONS AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITE' COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA THAT:
Section 1. Section 2.471., Code of Ordinances, is amended to read as
follows:
Set. 2.471. Definitions.
The follow [rig words, terms and phrases, when used in this subdlivision,
shall have the meanings ascribed to them in this section , except were the
context clearly indicates a different meaning.
"Board" means the board of trustees of the police officers pension trust
fund as provided for in this subdivision.
"'Elicible rollover distribution" means :any distribution of all or any
oortion of the balance to the credit of the distribdtee= except that an el igible
rollover distribution does not include: any, distribution that is one of series
of substanti'a�ll y equal periodic payments (not less frequently than annua' l made
for the life or 'life exoectancy) of the distributee 'or the pint lives (or .joint
life expectancies) of the distri'butee and the distributee's delsiunated
beneficiary, or fqr a 'specified Deriod of ten years- or more anvidistribution to
the extent such distribution is reg_uired under section 401(a)(9) of the Internal
Revenue Service io_de. and thp nortion of anv distrihi,tinn that is not irrludihle
iC� r�SS ia�GCb1�9�„
Eligible retirement Oan" means an individual retirement account described
in section 408(a) of the Internal Revenue Service Code an individual retirement
annuity described in section 408(b) of the Internal Revenue Service Code, cin
nn L,i p 1 a de>t! i bed i n sect i a n 403 a of the I nterrba l Revenue Service Code ,
Lra. Tied trust descr°ibed irs ion 401(x) of the Internal Revenuer Service
Co-d �--that�acci�s the distribu .ee' s eible rollover distribution. However,
iM the case_ of an eligible rollover distribution to the surviving scouse, an
ell ible retirement Galan is an individual retirement account or individual
retirement annui,t
"Distribuaee'" means an employee or former employee. In addition, the
emDloveels or former employee' s survivig spouse is a distributee with regard to
the interest of t`e s odse, �.
"Direct rollover" means a oayment by the plan to the eligible retirement
s�s ecifie 5. t aie dlstributde.
"Net credit" means the amount standing to the credit of a participant' s
share account as at the end of the preceding fiscal year.
Section -2. Section 2.474(1)(c)3, Code of Ordinances, is amended tap read
as follows:
Sec, 2.474. Same - dower and authority..
(1) The board of trustees; shall have power and authority to `-invest and
reinvest the assets of the pension fund in.
(a) Time or savings accounts or a national bank, a state bank incurred b
the federal deposit insurance corporation, or a savings, building and loan
association insured by the federal savings and loan insurance corporation;
(b) Obligations of the United States or obligations guaranteed as to
principal and interest y the United States,
(c) Coon stocks, preferred stocks and bonds and other evidence of
indebtedness issued or guaranteed by a corporation organized under the laws of
the united States, any state', or organized territory of the United States or the
District of Columbia, provided.
1. The corporation is listed in any one or more of the recognized
national stock` exchangesA
2. The clorpor°ation meets the standards set forth in section
185,05(1)(b) , Florida Statutes, as the same may be amended from time to time; and
3. The board of trustees, shall not invest more than five (5) per cent
of its assets in the common stock or capital stock of any one issuing company nor
shall the aggregate! investment on any one issuing company exceed five (5) per
cent of the outstanding capital stook of that company, -,,.-r shall the aggregate
of its investments in comnion or capital stock or convertible securities
t1 = ,; at :cast exceed sixty-five X55) percent of 'the fazed°s
assets.
Section 3. Section 2,475, Code of Ordinances, is amended to read as
-follows:
Sec. 2.475, Death and disability benefits.
(1) If a participant shall die while employed by the city, his
beneficiary or estate shall be entitled to the accumulations standing to the
credit of the deceased participant, irrespective of the age or years of credited
service of the participant.
,.._-
(2) ilpon satisfactory proof to the hoard of trustees of toted and
permanent job-re i ated d i sab i I i ty wh i ch renders the aff ected part i c i pat i ng 1 ember
unable to perform the duties and functions of a police officer, a participant
will be entitled to receive his outstanding shares on the date of retirement.
In the event that the City of Clearwater Employees ' Pension Plan has dete min_: d
than a police ° off i�c =r his become perianent`l y i ncapac�tated throu_qh' i n.ir r or
t I iness contracted': in the I ine of duty. such de#.�-_rmination ma be consiM�n.ed as
proof of a„_dob-re ted disability under this Police Officers' Pension
Se ction 4. Section 2.480, Code of Ordinances, is added to read as follows;
Seca 2.482. Q tt transfers of eligible <rollover distributions.
This section spokes to distributions made on or after January 1 . , 199 aA
otw thstandino an )rovision of the system to the contrary that would oth .rwise
limit a distri`buteeks election under this section a `dstributee may ewer„mat
the time:e and in the manner prescribed by the board, to have any oortion of
el i _ible 'rol lover, distribution paid directly to an el sj le retires eta fir— l a
jp�tcfied by fhe Ciistributee in a” direct rollover.
Section . This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING January 5, 1995
PASSED ON SECOND AND FINAL READING
AND ADOPTED January 19, 1095
R. a Garvey
Mayor-Commissioner
Attest:
c
Cynt, i a F. Goudeau
Cityt.lerk
Approved as to fora and
legal sufficiency:
f' 1
'All
Robert if Surette
AssistaM ity Attorney
J