by James Coulter
(A previous version of this article was published on February 19, 2025. That version erroneously implied that the pension distributions were not available for withdrawal until age 73. The ordinance being considered by the City would allow eligible parties to delay the minimum distribution requirements for their pension until 73 if they should so choose. Lake Wales Daily apologizes for the error.)
Retirees from the Lake Wales police and fire departments may be able to delay receipt of the minimum distribution requirement of their pensions to 73 years of age if the City of Lake Wales approves a minimum age increase.
At their workshop meeting on Wed. Feb. 12, 2025, Lake Wales City Commissioners reviewed two ordinances pertaining to the city’s municipal firefighter’s and police officer’s pension plans. Both ordinances would raise the age requirement for which retirees would be able to receive their minimum benefits from 72 to 73.
These increases are in accordance with the Consolidated Appropriations Act, which was signed into law by President Joe Biden on Dec 29, 2022. According to the city agenda memo, this act “provides for an increase in ages for required minimum distributions from qualified plans.”
As the memo states: “For many years, retirees were required to begin receiving benefits once they had retired and reached age 70 ½. The first Secure Act, passed in 2019, raised that age to 72. Section 107 of the Secure 2.0 Act of 2022 has further extended the allowable tax deferral by again raising the age by which retired participants must begin to receive benefits.”
Commissioner Carol Gillespie inquired whether there was a choice in the matter. Human Resources Director Sandra Davis replied that retirees would have a choice of when to withdraw, until they reach the minimum age requirement. As for the City, he explained, it does not have a choice to increase the age requirement, as it is required through the Act.
City commissioners were to vote on the ordinance at their city commission meeting on Tues. Feb. 18. at 6 PM at Lake Wales City Hall, located at 201 W Central Ave.
