§ 2-2.3. Retirement system for city commissioners who retire or resign after May 2, 1989, but are vested as of July 1, 1991, and who do not qualify for section 2-2.2 above.

(a)

Retirement system. A retirement system for city commissioners of the City of Coral Springs who retire or resign after May 2, 1989, but are vested as of July 1, 1991, is hereby established, subject to the following conditions:

(1)

No commissioner shall be eligible to receive retirement benefits until they have completed ten (10) years of continuous service on the Coral Springs City Commission.

(2)

No commission shall commence receiving the retirement benefit until they have retired or resigned, and have reached the age of fifty-five (55) years.

(3)

Retirement benefits shall be a monthly payment equal to one-half (½) of the full amount of the monthly salary received by a commissioner at the time of their retirement or resignation.

(4)

Retirement benefits shall cease upon death of the commissioner.

(5)

No commissioner shall be eligible for more than one (1) retirement benefit under this plan, regardless of the number of years served. For purposes of this section, continuation of city health insurance shall not be considered a retirement benefit.

(b)

Funding source. There is hereby appropriated sufficient revenue to fund this retirement system on a sound actuarial basis.

(c)

Plan administrator. The plan administrator for this retirement system shall be the director of finance for the City of Coral Springs.

(d)

Vesting. Although commissioners shall not begin receiving this retirement benefit until they retire or resign and have reached the age of fifty-five (55) years, their right to this retirement benefit is deemed to have vested upon their completion of ten (10) years of continuous service as a Coral Springs City Commissioner.

(Ord. No. 89-194, § 1, 3-20-90; Ord. No. 91-125, § 1, 7-2-91)