§ 12-42. Definitions.

The following words and phrases as used in this article shall have the following meanings:

Accumulated contributions shall mean the sum of all amounts deducted from a member's compensation or picked up on behalf of a member, including interest.

Actuarial equivalent shall mean that any benefit payable under the terms of this system other than the normal form of benefit shall have the same actuarial present value on the date the payment commences as the normal form of benefit. The actuarial equivalence shall be adopted by the board with the advice of the actuary for the plan.

And shall have a conjunctive meaning.

Beneficiary shall mean any person receiving a retirement allowance or other benefit from the retirement plan.

Benefit shall mean a retirement allowance or other payment provided by the retirement plan.

Board or board of trustees shall mean the board of trustees of the retirement plan.

City shall mean the City of Coral Springs, Florida.

Credited service shall mean membership credit upon which a member's eligibility to receive benefits under the retirement plan is based or upon which the amount of such benefits is to be determined. Service is defined as years and completed months.

Deferred vested member shall mean a member no longer employed by the city but who has earned the right to a retirement benefit under the terms of the plan.

Disability shall mean the permanent and total incapacity to perform regular and continuous duties as a firefighter for the City of Coral Springs.

Early service retirement shall mean a member's withdrawal from service under circumstances permitting the payment of a retirement benefit before such member is eligible for normal service retirement.

Earnable compensation shall mean the fixed monthly compensation of a firefighter. The annual limit on compensation imposed by section 401(a)(17) of the Internal Revenue Code, as adjusted for cost of living increases under section 401(a)(17)(B) of the Internal Revenue Code, shall apply to the earned income of each non-eligible participant to the extent required by guidelines issued by the Internal Revenue Service. The limit imposed by section 401(a)(17) of the Internal Revenue Code shall not apply to an eligible participant. For the purposes of this paragraph, an eligible participant is any individual who first became a member of the retirement plan before January 1, 1996. A non-eligible participant is any member who is not an eligible participant.

Effective date shall mean February 8, 2003. [It should be noted that the retirement plan has retroactive effective date of December 31, 2002.]

Employee shall mean a person employed on a full time basis by the city as a firefighter. Employee shall not mean a volunteer firefighter.

Final monthly compensation shall mean a member's average monthly rate of earnable compensation from the city during the three (3) years of employment which is greatest within the last ten (10) years of employment; provided that if a member has been employed for fewer than three (3) years, such average shall be taken over the period of actual employment.

Firefighter shall mean any person who is certified as a firefighter in accordance with the provisions of section 633.35, Florida Statutes, and whose duty it is to extinguish fires, to protect life, and to protect property.

Fund shall mean the City of Coral Springs Firefighters Retirement Plan.

May shall mean a permissive term.

Member shall mean a person actively employed by the city for whom contributions to the retirement plan are made as required by the plan.

Minimum vesting shall mean ten (10) years of credited service or age fifty-six (56) with three (3) years of credited service for those individuals that are members of the plan as of the effective date or ten (10) years of credited service for those individuals who become members after the effective date, before the member is entitled to retirement benefits except for service-incurred disability retirement income or service-incurred death benefits.

Option shall mean one (1) of several choices available to members with respect to the manner in which a retirement allowance may be paid.

Pension shall mean a series of periodic payments, usually for life, payable in monthly installments.

Pick-up amounts shall mean employer contributions derived from a member's earnable compensation through a reduction in the member's earnable compensation.

Plan year shall mean the period from October 1 through September 30 of the following year.

Retirement shall mean a member's withdrawal from active service with a benefit granted to the member pursuant to the provisions of the plan.

Retirement allowance shall mean a pension provided by the retirement plan.

Retirement plan or plan shall mean the City of Coral Springs Firefighters Retirement Plan.

Service shall mean active service as a full time, paid firefighter employee of the City of Coral Springs.

Service retirement shall mean a member's retirement from active service under circumstances permitting payment of a retirement allowance without reduction because of age or length of service and without special qualifications such as disability. Service retirement shall be considered normal retirement.

Spouse shall mean the lawful husband or wife of a member or retiree at the time benefits commence, unless a new designation has been made in writing to the board in accordance with the provisions of this plan. This section shall be interpreted under Florida choice of law rules.

Trustee shall mean a member of the board of trustees of the retirement plan.

Vested benefit shall mean an immediate or deferred benefit to which a member has gained a non-forfeitable right under the provisions of the plan.

(Ord. No. 2003-101, § 2(Art. II), 3-4-03; Ord. No. 2003-107, § 2, 4-15-03; Ord. No. 2011-111, § 2, 6-21-11)