CITY COUNCIL AGENDA ITEM
Memo Date: October 28, 2020
Agenda Date: November 10, 2020
Prepared By: Tammy B. Gemmati, PHR, Administrative Services Director
Through: Stockton E. Whitten, City Manager
Requested Action:
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Approval of Ordinance No. 18-2020/2nd and Final reading: Related to Amending Chapter 2, Administration, Article VII Police Officers' Retirement Plan due to legislative and Internal Revenue Code compliance changes amending Section 2-196, Benefit Amounts and Eligibility; Section 2-197, Pre-Retirement Death; Section 2-200, Optional Forms of Benefits; Section 2-206, Minimum Distribution of Benefits; Section 2-207, Miscellaneous Provisions; Providing for incorporation into the Code; Providing for severability of provisions; Repealing all ordinances and resolutions in conflict herewith and providing an effective date...End
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BACKGROUND:
The City of Cocoa has an established Police Officers' Retirement Plan in accordance with Chapter 185, Florida Statutes for the benefit of the City's Police Officers.
In December 2019, United States Congress and President Trump signed into law the "Setting Every Community Up for Retirement Enhancement (SECURE) Act. This Act includes a number of federal tax law changes with the most significant change to increase the age for required minimum distributions in retirement plans from 70 1/2 to 72.
The SECURE Act was presented and discussed at the August 19, 2020 pension board meeting and then the board's pension attorney Stu Kaufman of Office of Klausner, Kaufman, Jensen, and Levinson drafted an ordinance proposing code changes under Chapter 2, Administration, Article VII Police Officers' Retirement Plan of the City's Code. Also, included in the plan's proposed changes was to add a section that would allow the board to adopt an administrative policy to allow plan amendments related to Internal Revenue Code without taking an ordinance change to council.
This proposed ordinance was submitted to the Cit...
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