TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: An Ordinance of the City of North Port, Florida, Amending the Code of the City of North Port, Florida, by Amending Chapter 2, Article V, Division 5 - Police Officers' Pensions; Providing for Conflicts; Providing for Severability; Providing for Codification; and Providing an Effective Date.
Recommended Action
Continue Ordinance 2020-35 to second reading on October 13, 2020.
Recommended Action for Second Reading
Approve Ordinance 2020-35.
Background Information
Ordinance No. 2020-35 amends Chapter 2, Article V, Division 5 of the City's code pertaining to North Port Police Officer Pensions to address changes to the Internal Revenue Code, state law, and to clarify language. Significant changes include the following:
1. Section 2-262. This section is amended to reorganize and better identify police officers who may be eligible to apply for disability benefits.
2. Section 2-271. This section is amended to add subsection (j) - Missing Benefit Recipients. In accordance with recent changes to applicable IRS rules and guidance, plans are required to have an approved method for locating terminated individuals who are due benefits from the plan.
3. Section 2-283. This section is amended to remove subsection (f)(4) - Prevention of Escheat, and to re-number the remaining subsections. The language from subsection (f)(4) is being moved to Section 2-271(j) and expanded in accordance with IRS guidance to apply to all benefit recipients rather than just DROP recipients.
4. Section 2-285. This section is amended to comply with requirements of the Florida Retirement System under state law regarding qualification requirements applicable to the reemployment of a retired police officer, and to reflect that the pension is a closed plan with new hires entering the Florida Retirement System.
Ordinance No. 2020-35 has been reviewed by the City Attorney's Office a...
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