§ 12-45. Contributions.

(a)

The city shall pick-up, rather than deduct from each member's pay, beginning with the first date of membership in the plan, the sum of eight hundred seventy-five hundredths (8.75) per cent of the earnings of firefighters. The member contribution amount will decrease to five (5) per cent of earnings upon completion of twenty-five (25) years of service credit and attainment of the eighty-seven and one-half (87.5) per cent maximum benefit. The member contribution amount will be eight and three-fourths (8.75) per cent of earnings upon completion of thirty (30) years of service credit. These contributions, although designated as member contributions, shall be paid by the city and treated as picked-up contributions under Section 414(h)(2) of the Internal Revenue Code. The member shall have no right to receive the picked-up amounts directly instead of having them paid to the plan.

(b)

On the date that this Ordinance becomes effective, member contributions shall be increased to 15.04%, of the earnings of the firefighter, which is an increase of 6.29% of the earnings of the firefighters. Also on the date this Ordinance becomes effective, $787,791.00, of accumulated excess Chapter 175 premium tax revenue shall be used to reduce the employee contribution back to 8.75% of firefighter earnings, which is the level it was prior to the effective date of this Ordinance. The use of the accumulated excess Chapter 175 premium tax revenue to reduce the employee contribution back to the level in effect prior to the adoption of this Ordinance shall result in credit against the city's contribution in the amount of $480,437.00 for fiscal year ending September 30, 2015, and a credit against the city's contribution in the amount of $146,907.00, for fiscal year ending September 30, 2016 and a credit of $160,447.00 for fiscal year ending September 30, 2017.

(c)

All benefits payable under this plan are in lieu of a refund of accumulated contributions. In any event, however, each member or designated beneficiary shall be guaranteed the payment of benefits at least equal in total amount to one hundred twenty (120) payments.

(d)

Any monies received or receivable by reason of the laws of the State of Florida for the express purpose of funding or paying for retirement benefits for firefighters shall be deposited into the fund immediately, but in no event later than five (5) business days of receipt by the city.

(e)

The city shall make such contribution, on not less than a quarterly basis, under the Florida Protection of Public Employee Retirement Benefits Act and Chapter 175, Florida Statutes, which together with contributions picked-up on behalf of members, plan earnings and state insurance premium tax rebates, will maintain the fund on a sound actuarial basis, as determined by the board in conjunction with its actuary.

(f)

Expenses, charges and fees attributable to the management of the plan shall be paid from the fund.

(g)

The city shall have no right, title or interest in the fund or in any part thereof, and no contribution made thereto shall revert to the city, except such part of the fund, if any, which remains therein after the satisfaction of all liabilities to persons entitled to benefits under the plan.

(Ord. No. 2003-101, § 2(Art. V), 3-4-03; Ord. No. 2011-111, § 3, 6-21-11; Ord. No. 2011-102, § 2, 2-15-11; Ord. No. 2014-124, § 2, 11-5-14; Ord. No. 2017-120, § 2, 12-6-17)