§ 22-1402. Definitions.

   In addition to the definitions set forth in subsection 1-103(1) and Section 22-105 of the Code, the following definitions apply to this Chapter, unless the context plainly requires otherwise: 192

   (1)   Account. The individual account established to record the Member's Account Balance under the DC Plan. A Member's Account may consist of one or more subaccounts.

   (2)   Account Balance. The amount allocated to a Member's Account for the benefit of such Member under the terms of the DC Plan.

   (3)   DC Plan. The City of Philadelphia Employees Defined Contribution pension plan and all subsequent amendments thereto.

   (4)   Eligible Retirement Plan. 193 Any of the following: (a) an individual retirement account described in Tax Code Section 408(a); (b) an individual retirement annuity described in Tax Code Section 408(b); (c) an annuity plan described in Tax Code Section 403(a); (d) a qualified trust described in Tax Code Section 401(a); (e) an annuity contract described in Tax Code Section 403(b); and (f) an eligible plan under Tax Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state, and which accepts the Member's Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the non-spousal or non-Life Partner beneficiary of a member, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.

   (5)   Eligible Rollover Distribution. Any distribution of all or any portion of the balance of a qualified plan described in Tax Code Section 401(a) or 403(a), an annuity described in Tax Code Section 403(b), or an eligible deferred compensation plan described in Tax Code Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. The above notwithstanding, an Eligible Rollover Distribution does not include: (a) 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 Member or the joint lives (or joint life expectancies) of the Member and the Member's beneficiary, or for a specified period of ten years or more; (b) any distribution to the extent such distribution is required under Tax Code Section 401(a)(9); (c) the portion of any distribution which consists of after-tax employee contributions; and (d) any distribution which is made upon the hardship of the member.

   (6)   457 Plan. The City of Philadelphia Deferred Compensation Plan, an eligible deferred compensation plan established pursuant to Section 457(b) of the Tax Code for the purpose of investing Member Contributions. 194

   (7)   Fund. An investment vehicle maintained or offered under the DC Plan.

   (8)   Member. An employee who becomes a member of the DC Plan pursuant to Section 22-1403. This definition shall not apply to the lower case term "member", which has been defined in subsection 22-105(23). 195

   (9)   Member Contribution. The voluntary contribution a Member makes to the 457 Plan Defined Contribution Subaccount. 196

   (10)   Normal Retirement Age. Attainment of age 50 for police and fire employees; attainment of age 60 for all other employees. 197

   (11)   Qualified Plan. Any retirement plan covering employees within the United States which is qualified under Tax Code Section 401(a) and whose assets are held by a trust exempt from taxation under Tax Code Section 501.

   (12)   Trust. The City of Philadelphia Employees Defined Contribution Pension Trust established in connection with the funding of the DC Plan.

   (13)   Valuation Date. The last day of each calendar quarter in the Retirement System Year and each other date as may be established by the Board as a valuation date for purposes of the DC Plan.

 

Notes

192	Amended, Bill No. 161013 (approved December 9, 2016).
193	Amended, Bill No. 130224 (approved May 8, 2013).
194	Amended, Bill No. 161013 (approved December 9, 2016).
195	Amended, Bill No. 161013 (approved December 9, 2016).
196	Added and subsequent subsections renumbered, Bill No. 161013 (approved December 9, 2016).
197	Amended, Bill No. 100780 (approved February 8, 2011). See note 4 for effective date provisions.