Ordinance No. 2024-02 Amending Code Section 36-31 for Compliance with the Secure 2.0 Act - January 9, 2024 CITY OF AVENTURA ORDINANCE NO. 2024-02
AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING
CHAPTER 36 "RETIREMENT", ARTICLE II "POLICE PENSION PLAN
AND TRUST FUND", BY AMENDING SECTION 36-31 "COMPLIANCE
WITH INTERNAL REVENUE CODE", TO PROVIDE FOR COMPLIANCE
WITH THE SECURE 2.0 ACT; PROVIDING FOR REPEAL; PROVIDING
FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Aventura (the "City") maintains a defined benefit pension
plan for its certified police officers, which is known as the City of Aventura Police Officers'
Retirement Plan ("Retirement Plan"), and which is codified in Chapter 36 of the City Code;
and
WHEREAS, the Setting Every Community Up for Retirement Enhancement
("SECURE") 2.0 Act, signed into law on December 29, 2022 as part of the Consolidated
Appropriations Act, 2023, amended the definition of "Required Beginning Date" under
Section 401(a)(9) of the Internal Revenue Code; and
WHEREAS, amendments to the Retirement Plan are necessary to conform the
Retirement Plan to the requirements of the SECURE 2.0 Act; and
WHEREAS, the Board of Trustees of the City of Aventura Police Officers'
Retirement Plan has recommended an amendment to the Retirement Plan to comply with
the SECURE 2.0 Act; and
WHEREAS, the trustees of the City of Aventura Police Officers' Retirement Plan
have requested and approved the amendments provided herein as being in the best
interests of the participants and beneficiaries and improving the administration of the
Retirement Plan, and
WHEREAS, the City Commission has received and reviewed an actuarial impact
statement related to this change and is attached as such; and
WHEREAS, the City Commission deems it to be in the public interest to provide
this change to the Retirement Plan for its police officers.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA':
Words in str eeu type are deletions from exist text and word in underline type are additions to existing
text.
City of Aventura Ordinance No. 2024-02
Section 1. That each of the above-stated recitals are hereby adopted and
confirmed.
Section 2. That Chapter 36 "Retirement," Article II "Police Pension Plan and
Trust Fund," Section 36-31 , "Compliance with the Internal Revenue Code", subparagraph
(b), Required beginning date, and (c), Required minimum distributions, of the City Code
of Ordinances be amended as follows:
Sec. 36-31. — Internal Revenue Code Compliance.
(b) Required beginning date. Notwithstanding any other provision of
the plan, i payment of a participant's retirement benefits miter the plan shall
E)FnrnenrGe not later than thepar iiGip required beginning date,0
is defined Notwithstanding any other provision of the Plan, payment of a
participant's retirement benefits under the Plan shall commence not later
than the participant's Required Beginning Date, which effective January 1 ,
2023 is defined as the later of 1 and 2 below:
(1) With regard to distributions re��d to he made to
v-rrcrr—r"regard�`" � � cc� �nT�acr� —a
partiteant `" reaGhes age }70 1`ham re january
,20:
April 02rc�ril 1 of the Galencn year yeaat next the
� Galeendar
year on hiGh the par iioip�attains er�aatta�n age
of 701,42 years; er April 1 of the Calendar year that next follows
the Galend;;, dear in which the participant retires whichever
0
is--Fate-rWith regard to a participant who reached age 70 '/2 prior
to January 1, 2020, April 1 of the calendar year that next follows
the calendar year in which the participant attained the age of
70'/2 years; or
with regard to a participant who attained age 70 '/2 on or after
January 1, 2020, and age 72 prior to January 1, 2023, April 1 of
the calendar year that next follows the calendar year in which
the participant attained the age of 72 years; or
with regard to a participant who attains age 72 on or after
January 1 , 2023, in accordance with the Secure 2.0 Act and any
technical corrections thereto; or
(2) With regard to distributions pions required to be made en a aftee
jaani�r-2020 to a par iioiipanT who reaches the age of
en r after sate: April 1 of the-Galer�year thati--next
follows the Calendar dear in which the participant attains er will
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City of Aventura Ordinance No. 2024-02
attain the age of 72 years or Aril 1 of the Golendar year that
0
next follows the nolendar year in which the nortiGinont retiree
whinheyer is late April 1 of the calendar year that next follows
the calendar year in which the participant retires.
(c) Required minimum distributions.
(1) Required beginning date. The participant's entire interest will
be distributed, or begin to be distributed, to the participant no
later than the participant's required beginning date as defined
in subsection (b) of this section 36-31 .
(2) Death of participant before distributions begin.
(A) If the participant dies before distributions begin, the
participant's entire interest will be distributed, or begin
to be distributed, no later than as follows:
(i) If the participant's surviving spouse is the
participant's sole designated beneficiary, then
distributions to the surviving spouse will begin
by December 31 of the calendar year
immediately following the calendar year in which
the participant died, or by December 31 of the
calendar year in which the participant would
have attained age his or her required
beginning date, if later.
Section 3. Repeal. All sections or parts of sections of the Code of Ordinances
of the City of Aventura, all ordinances or parts of ordinances, and all resolutions or parts
of resolutions in conflict herewith, be and the same are hereby repealed to the extent of
such conflict.
Section 4. Severability. Should any section or provision of this Ordinance, or
any paragraph, sentence or word, be declared by a Court of competent jurisdiction to be
invalid, such decision shall not affect the validity of the remainder hereof, as a whole or a
part hereof, other than the part declared to be invalid.
Section 5. Inclusion in the Code. It is the intention of the City Commission of
the City of Aventura that the provisions of this Ordinance shall become and be made a
part of the Code of Ordinances of the City of Aventura and that the sections of this
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City of Aventura Ordinance No. 2024-02
Ordinance may be renumbered or relettered and the word "ordinance" may be changed
to "Chapter", "Section", "Article", or such other appropriate word or phrase, the use of
which shall accomplish the intentions herein expressed.
Section 6. Effective Date. This Ordinance shall be effective upon passage by
the City Commission on second reading.
The foregoing Ordinance was offered by Commissioner Joel who moved its
adoption on first reading. This motion was seconded by Commissioner Friedland
and upon being put to a vote, the vote was as follows:
Commissioner Amit Bloom Yes
Commissioner Rachel S. Friedland Yes
Commissioner Billy Joel Yes
Commissioner Dr. Linda Marks Yes
Commissioner Michael Stern Yes
Vice Mayor Paul A. Kruss Yes
Mayor Howard S. Weinberg Yes
The foregoing Ordinance was offered by Commissioner Joel, who moved its
adoption on second reading. This motion was seconded by Vice Mayor Kruss
upon being put to a vote, the vote was as follows:
Commissioner Amit Bloom Yes
Commissioner Rachel S. Friedland Yes
Commissioner Billy Joel Yes
Commissioner Dr. Linda Marks Yes
Commissioner Michael Stern Yes
Vice Mayor Paul A. Kruss Yes
Mayor Howard S. Weinberg Yes
PASSED on first reading this 7th day of November, 2023.
PASSED AND ADOPTED on second reading this 9th day of January, 2024.
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City of Aventura Ordinance No. 2024-02
•
•.� : OWARD S. WEINBERG, ES
� MAYOR
ry o& z
ATTEST:
ELLISA L. HORVA MMC
CITY CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
-71,1 '1 )
ROBERT MEYERS
CITY ATTORNEY
WEISS SEROTA HELFMAN COLE + BIERMAN, P.L.
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