§ 13-12. Contributions.

(a)

Member contributions.

(1)

Amount. For service on or after October 1, 2012 and prior to December 16, 2015, members shall make mandatory regular contributions at a rate of eight (8) per cent of earnings. For service after December 15, 2015, members shall make mandatory regular contributions at a rate of nine and eight-tenths (9.8) per cent of earnings. Member contributions shall be deposited in the fund on at least a monthly basis. The city agrees to assume and pay (pick up) all member contributions in lieu of direct contributions by the members, such contributions shall accordingly be paid into the plan on behalf of the members. The city shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the city directly to the plan. All such contributions by the city shall be deemed and considered as part of the member's accumulated contributions and subject to all provisions of this plan pertaining to accumulated contributions of members. The intent of this language is to comply with IRC Section 414(h)(2). The member contributions amount shall apply only to service on or after October 1, 2012, except that members who have attained twenty (20) years of service as of October 1, 2012 shall contribute at the member contributions plus rate. No member shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the city to the fund.

(2)

Interest. Interest shall be credited annually (on the first day of each plan year) to member contributions at a rate of three (3) per cent per annum.

(3)

Guaranteed refund. All benefits payable under this plan are in lieu of a refund or accumulated contributions. In any event, however, each member shall be guaranteed the payment of benefits on his behalf at least equal in total amount to his accumulated contributions.

(b)

Member contributions plus.

(1)

Amount. Members of the plan shall make mandatory regular contributions at a rate of nine and eight hundred seventy-five thousandths (9.875) per cent of earnings plus. Member contributions shall be deposited in the fund on at least a monthly basis. The city agrees to assume and pay (pick up) all member contributions in lieu of direct contributions by the members, such contributions shall accordingly be paid into the plan on behalf of the members. The city shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the city directly to the plan. All such contributions by the city shall be deemed and considered as part of the member's accumulated contributions and subject to all provisions of this plan pertaining to accumulated contributions of members. The intent of this language is to comply with IRC Section 414(h)(2). The member contributions plus amount shall apply only to service before October 1, 2012, except that members who have attained twenty (20) years of service as of October 1, 2012 shall contribute at the member contributions plus rate.

(2)

Interest. Interest shall be credited annually (on the plan anniversary date) to member contributions at a rate of three (3) per cent per annum.

(3)

Guaranteed refund. All benefits payable under this plan are in lieu of a refund or accumulated contributions. In any event, however, each member shall be guaranteed the payment of benefits on his behalf at least equal in total amount to his accumulated contributions.

(c)

State contributions. Any monies received or receivable by reason of laws of the State of Florida for the express purpose of funding or paying for retirement benefits for police officers shall be deposited in the fund within five (5) days of receipt by the city.

(d)

City contributions. So long as this plan is in effect, the city shall make an annual contribution to the fund in an amount at least equal to the difference in each year as between the total of aggregate member and state contributions for the year and the total cost for the year as shown by the most recent actuarial valuation and report for the plan. The total cost for any year shall be defined as the total of normal cost plus the additional amount sufficient to amortize the unfunded accrued past serviced liability over a forty-year period commencing with the effective date of the plan. City contributions shall be deposited in the fund on at least a quarterly basis. Any forfeiture arising shall serve solely to reduce future contributions to the plan.

(Ord. No. 94-153, § 1, 12-6-94; Ord. No. 2007-124, § 6, 12-11-07; Ord. No. 2012-112, § 4, 9-18-12; Ord. No. 2015-125, § 2, 12-16-15; Ord. No. 2017-104, § 2, 5-17-17)