1995-13 GE Pension Providing for Direct Transfers of Rollover DistributionsORDINANCE NO. 13-95
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM
BEACH, FLORIDA, AMENDING DIVISION 3, PENSION AND CERTAIN OTHER
BENEFITS FOR GENERAL EMPLOYEES, OF CHAPTER 2 OF THE CODE OF
ORDINANCES OF THE VILLAGE BY ADDING A SECTION 2-157 PROVIDING FOR
DIRECT TRANSFERS OF ELIGIBLE ROLLOVER DISTRIBUTIONS; AND, PROVIDING
FOR THE REPEAL OF ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT
HEREWITH AND PROVIDING FOR AN EFFECTIVE DATE.
BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA:
Section 1. Section 2-157 is hereby added to Division 3,
Pension and certain other benefits for general employees, of
' Chapter 2 of the Code of Ordinances of the Village and to read as
follows:
~~Section 2-157. DIRECT TRANSFERS OF ELIGIBLE ROLLOVER
DISTRIBUTION.
1. General
This Section applies to distributions made on or
after January 1, 1993. Notwithstanding any provision of the System
to the contrary that would otherwise limit a distributee's election
under this Section, a distributee may elect, at the time and in the
manner prescribed by the Board, to have any portion of an eligible
rollover distribution paid directly to an eligible retirement plan
specified by the distributee in a direct rollover.
2. Definition
A. Eligible Rollover Distribution: An eligible
rollover distribution is 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 Code; and the portion of any
distribution that is not includible in gross
income.
B. Eligible Retirement Plan: An eligible
retirement plan is an individual retirement
account described in section 408(a) of the
Code, an individual retirement annuity
described in section 408 (b) of the Code, an
annuity plan described in section 403(a) of the
Code, or a qualified trust described in section
401(a) of the Code, that accepts the
distributee's eligible rollover distribution.
However, in the case of an eligible rollover
distribution to the surviving Spouse, an
eligible retirement plan is an individual
retirement account or individual retirement
annuity.
C. Distributee: A distributee includes an
' employee or former employee. In addition, the
employee's or former employee's surviving
Spouse is a distributee with regard to the
interest of the Spouse.
D. Direct Rollover: A direct rollover is a
payment by the plan to the eligible retirement
plan specified by the distributee."
Section 2. All Ordinances or parts of Ordinances in
conflict herewith are hereby repealed.
Section 3. This Ordinance shall take effect immediately
upon passage.
PLACED ON FIRST READING THIS 9th DAY OF March 1995
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' L READING AND PASSED THIS 23rd DAY OF
PLACED ON SECOND, FINA
March _ 1995.
MAYOR
(VILLAGE SEAL)
ATTEST:
VILLAGE C ERK
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