§ 12-47. Prior service credit.

(a)

Credited service includes; time worked as a paid full time firefighter, as defined in § 175.032(8)(a), Florida Statutes, for the city prior to the effective date of the Plan, as set forth in this Article, and pursuant to subsection (b) of this section, so long as the firefighter is not entitled to receive a benefit for such other prior service as a firefighter. Credited service shall not be granted for time worked prior to the effective date of the Plan, in a code enforcement position. The Plan actuary shall calculate the full actuarial cost of purchasing prior firefighters service awarded under this subsection.

(b)

Those persons who are members as of the effective date shall have the option of transferring by way of rollover into the plan from their city 401(a) retirement account the amount necessary to purchase all prior service credit in the plan. Only 401(a) account balances attributable to prior firefighter service with the city may be used to purchase service credit in the plan. Those persons who rollover their entire 401(a) account balance attributable to firefighter service with the city shall have their normal service retirement benefit calculated using a three and one-quarter (3.25) per cent multiplier for prior service credit granted under this article. Those persons who do not transfer their 401(a) account balance to the plan shall have their normal service retirement benefit calculated using a two and one-quarter (2.25) per cent multiplier for prior service credit granted under this article. If the member's 401(a) account balance exceeds the amount necessary to purchase all prior firefighter service with the city, the member shall only be required to transfer the amount necessary to purchase the prior service in order to receive a three and one-quarter (3.25) per cent multiplier for the prior service granted under this article.

(c)

Members who did not elect to buy back service credits pursuant to section (b) above as of June 1, 2003 and who were members as of the effective date of the plan, shall be afforded a one (1) time opportunity to buy back past service credits on or before April 1, 2004. The plan actuary shall calculate the full actuarial cost of purchasing prior firefighter service awarded under this section; however, the full cost of the actuarial calculation shall be at the sole expense of the member.

(d)

Members who were hired from the City of Parkland as full time firefighters on March 1, 2004, shall be afforded a one-time opportunity to buy back past service credits in order to receive a three and one-quarter (3.25) per cent multiplier for the prior service granted under this article on or before July 1, 2004. The plan actuary shall calculate the full actuarial cost of purchasing prior firefighter service awarded under this section; however, the full cost of the actuarial calculation shall be at the sole expense of the member.

(e)

Credited service shall also include certain Military service as provided for in section 12-49.

(f)

Notwithstanding the above, any member employed as of January 1, 2009 may increase the multiplier for service prior to the plan effective date to three and one-half (3.5) per cent, by paying the full cost to the plan by June 30, 2009.

(g)

A purchase by a member under subsection (f) to increase the multiplier for prior certified service with the City of Coral Springs Fire Department prior to the plan effective date to three and one-half (3.5) per cent may be completed by means of any of the following (or a combination thereof):

(1)

A lump-sum, after-tax payment, subject to the limits of Section 415(n) of the Internal Revenue Code;

(2)

An eligible rollover distribution from a 401(a) qualified plan, a 403(a) annuity plan, a government 457(b) plan, a 403(b) tax- sheltered annuity plan, or a 408(a) or 408(b) individual retirement account or annuity, as permitted under the Internal Revenue Code;

(3)

A trustee-to-trustee transfer from a Code Section 457(b) governmental plan or a Code Section 403(b) plan permitted under the Internal Revenue Code as a transfer for "permissive service credit" as defined by Code Section 415(n); or

(4)

A trustee-to-trustee transfer from a Code Section 401(a) plan.

(Ord. No. 2003-101, § 2(Art. VII), 3-4-03; Ord. No. 2004-101, § 2, 3-2-04; Ord. No. 2004-112, § 2, 6-15-04; Ord. No. 2005-107, § 2, 4-12-05; Ord. No. 2008-122, § 2, 12-16-08; Ord. No. 2008-123, § 2, 1-6-09; Ord. No. 2009-107, § 2, 7-7-09)