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Fireghters' Pension Fund Page 1 of 10 ARTICLE IV. PENSIONS FOR FIREFIGHTERS* *Cross reference-Excise tax on fire and tornado insurers for firefighters retirement, 23-3. Sec. 18-179. Application. All other provisions of F.S. Chapter 175 shall meet all the requirements and be fully applicable, except for the provisions of this article, to the City of Boynton Beach Municipal Firefighters Pension Trust Fund. The increased pension benefits in the same percentage of increase as provided for by this article shall apply to all firefighters now receiving retirement benefits and all firefighters eligible for retirement benefits but not now retired, under the provisions of the City of Boynton Beach Municipal Firefighters Pension Trust Fund, F.S. Chapter 175. A retiree receiving a joint and survivor form of benefit shall be permitted to change his or her beneficiary, as provided in F.S. §§ 175.171 and 175.333. (Code 1958, § 21-95; Ord.No. 89-26, § 1, 9-19-89; Ord. No. 00-19, § 6, 6-6-00) Sec. 18-180. Monthly retirement income. (a) The amount of monthly retirement income payable to a firefighter who retires on or after the firefighter's normal retirement date shall be an amount equal to the number of the firefighter's years of credited service multiplied by three (3%)per cent of such firefighter's average final compensation. (b) In no event may a member's annual benefit exceed the lesser of: (1) Ninety thousand dollars ($90,000.00) (adjusted for cost of living in accordance with Internal Revenue Code (IRC) Section 415(d), but only for the year in which such adjustment is effective); or (2) One hundred (100)per cent of the average annual compensation for the member's three (3) highest paid consecutive years; however, benefits of up to ten thousand dollars ($10,000.00) a year can be paid without regard to the one hundred (100)per cent limitation if the total retirement benefits payable to a member under all defined benefit plans (as defined in IRC, Section 141(j))maintained by the city for the present and any prior.year do not exceed ten thousand dollars ($10,000.00) and the city has not at any time maintained a defined contribution plan (as defined in IRC, Section 414(i)), in which the employee was a member. If a member has less.than ten(10) years of service with the city, the applicable limitation in paragraph (1) or paragraph (2) of this subsection shall be reduced by multiplying such limitation by a fraction, not to exceed one (1). The numerator of such fraction shall be the number of years, or part thereof, of service with the city; the denominator shall be ten (10)years. For purposes of this subsection, "annual benefit"means a benefit payable annually in the form of a straight life annuity with no ancillary or incidental benefits and with no member or rollover contributions. To the extent that ancillary benefits are provided, the limits set forth in paragraphs (1) and (2) above will be reduced actuarially, using an interest rate assumption equal to the greater of five (5) percent or the rate used for actuarial equivalence, to reflect such ancillary benefits. If distribution of retirement benefits begins before age sixty-two (62), the dollar limitation as http://www.amlegal.com/nxt/gateway.dll/Florida/boynton/partiicodeofordinances/chapter 1... 4/17/2008 Page 2 of 10, described in paragraph (1) shall be reduced actuarially using an interest rate assumption equal to the • greater of five (5)percent of the interest rate used for actuarial equivalence; however, retirement benefits shall not be reduced below seventy-five thousand dollars ($75,000.00) if payment of benefits begins at or after age fifty-five (55) and not below the actuarial equivalent of seventy-five thousand dollars ($75,000.00) if payment of benefits begins before age fifty-five (55). For a member with fifteen (15) or more years of service with the city, the reductions described above shall not reduce such member's benefit below fifty thousand dollars ($50,000.00) (adjusted for cost of living in accordance with IRS Section 415(d), but only for the year in which such adjustment is effective). If retirement benefits begin after age sixty-five (65), the dollar limitation of paragraph (1) shall be increased actuarially by using an interest assumption equal to the lesser of five (5) percent or the rate used for actuarial equivalence. For purposes of this subsection, the "average annual compensation for a member's three (3) highest paid consecutive years" shall mean the member's greatest aggregate compensation during the period of three (3) consecutive calendar years in which the individual was an active member of the plan. The sum of the defined benefit fraction and the defined contribution fraction for all qualified plans of the city for each common participant shall not exceed one (1.0). (Code 1958, § 21-91; Ord.No. 89-26, § 1, 9-19-89; Ord. No. 92-44, § 1, 9-2-92; Ord. No. 93-16, § 1, 6- 15-93; Ord. No. 99-28, § 1, 9-21-99) Sec. 18-180.1. Computation of monthly retirement income in the instance of early retirement. The benefit payable for early retirement shall be the same as determined for normal retirement, as set forth in section 18-180, less three (3) per cent for each year or portion thereof of which the member's actual retirement date precedes she date which would have been the member's normal retirement date had such member remained in full-time employment with the city. (Ord. No. 84-39, § 1, 10-3-84; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 00-19, § 2, 6-6-00) Sec. 18-180.2. Cost of living increase. (a) Effective December 1, 2011, an automatic two percent (2%) annual cost of living adjustment (COLA) is created for all members who retire or enter into the DROP on or after December 1, 2006. Payment of annual COLA benefits shall not begin until five (5) years after retirement or entry into the DROP. As of each October first, retirees in pay status and beneficiaries receiving monthly survivorship benefits on behalf of deceased members, shall have their benefits adjusted annually, following the five (5)-year delay. Retirees eligible to receive annual COLA benefits shall include all retirees electing early retirement and all disability retirees who enter pay status on or after December 1, 2006. (b) Every third year following adoption of this section, an actuarial evaluation of the cost of this benefit (two percent (2%) COLA adjustment for retirees) will be provided to the city by the Pension Plan's actuary, or other actuary designated by the city at it's option. In the event the projected cost of the benefit increases over the projected cost for fiscal year 2006-2007,the Pension Plan shall be further amended to provide that the increased costs will be offset by (1) an increase in the five percent (5%) employee contribution provided herein, or (2) use of Chapter 175 funds, or (3)reduction of the cost of living (COLA) benefit for non-retired members, or any combination of(1), (2) or (3), as recommended by the Pension Board in consultation with the membership. Notwithstanding any provision to the contrary, COLA benefits under this paragraph shall not be reduced for retirees. (c) In years where the actuarial evaluation described above determines that the cost of the COLA benefit is less than the projected cost for the benefit for fiscal year 2006-2007, the actuarial savings shall http://www.amlegal.com/nxt/gateway.d11/Florida/boynton/partiicodeofordinances/chapterl... 4/17/2008 Page 3 of 1U be recognized in a contribution reserve account within the Pension Plan. Any savings accumulated in the contribution reserve account shall be held in trust to be used to offset unanticipated COLA costs in future years. (Ord. No. 06-092, § 2, 12-5-06) Sec. 18-181. Investments. The investment powers and authority of the Board of Trustees of the Municipal Firefighters Pension Trust Fund shall be in accordance with F.S. § 175.071, provided, however: (a) The aggregate investment of fund assets in: (1) Obligations of the United States or obligations guaranteed as to principal and interest by the government of the United States; and (2) County bonds containing a pledge of the full faith and credit of the county involved, bonds of the division of bond finance of the department of general services, or of any other state agency, which have approved as to legal and fiscal sufficiency by the state board of administration; and (3) Obligations of any municipal authority issued pursuant to the laws of this state; provided, however, that for each of the five (5) years next preceding the date of investment the income of such authority available for fixed charges shall have been not less than 1.5 times its average annual fixed- charges requirement over the life of its obligations; and (4) Bonds or other certificates of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state or organized territory of the United States or the District of Columbia; shall not at cost exceed seventy (70%)percent of the fund's assets; nor shall more than ten (10%) percent of the fund's assets be invested in the bonds or other certificates of indebtedness of any one issuing company; nor shall the aggregate of such investment in any one issuing company exceed three (3) percent of the outstanding bonds or other certificates of indebtedness of that company. Fund assets may be invested in investment grade bonds with not greater than ten percent(10%) of the fixed income portfolio to hold an investment rating of Baa. (b) The aggregate investment of fund assets in the common stock or capital stock issued by a corporation organized under the laws of the United States, any state, or organized territory of the United States or District of Columbia shall not at cost exceed seventy (70%)percent of the fund's assets; nor shall more than five (5) percent of the fund's assets be invested in common stock or capital stock of any one issuing company; nor shall the aggregate of such investment in any one issuing company exceed three (3) percent of the outstanding bonds or other certificates of indebtedness of that company. (c) The Board of Trustees may retain in cash and keep unproductive of income such amount of the fund as it may deem advisable, having regard for the cash requirements of the fund. (d) The Board of Trustees may cause any investment in securities held by it to be registered in or transferred into its name as trustee or into the name of such nominee as it may direct or it may retain them unregistered and in form permitting transferability, but the books and records shall at all times show that all investments are part of the fund. http://www.amlegal.com/nxt/gateway.dll/Florida/boynton/partiicodeofordinances/chapterl... 4/17/2008 Page 4 of 10 (Code 1958, § 21-92; Ord. No. 82-36, § 1, 10-6-82; Ord. No. 83-39, § 1, 12-20-83; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 95-41, § 1, 11-21-95; Ord. No. 02-005, § 1, 2-5-02; Ord. No. 06-037, § 2, 5-2-06) Sec. 18-181.1. Investment authority. Pursuant to F.S. § 175.071(1)(b), the Board may invest the assets of the plan in any lawful investment, real or personal, as provided in F.S. § 215.47, except as otherwise limited by law. Consistent with F.S. § 175.071, the Board of Trustees may also invest up to ten percent (10%) of plan assets, at cost, in foreign securities. Subsequent amendments to F.S. Ch. 175, which expand the scope of permissible investments shall be incorporated herein upon adoption by the Florida Legislature. (Ord. No. 94-52, § 3, 12-20-94; Ord. No. 06-037, § 3, 5-2-06; Ord. No. 07-010, § 2, 5-15-07) Sec. 18-182. Disability retirement benefits. (a) Service incurred. Any member who receives a medically substantiated service connected injury, disease or disability, which injury, disease or disability totally and permanently disables such member to the extent that, in the opinion of the board of trustees, the member is wholly prevented from rendering useful and efficient service as a firefighter, shall receive a monthly benefit equal to sixty-six and two-thirds (66 2/3) per cent of the member's basic rate of earnings in effect on the date of disability. Such benefit shall be payable on the first day each month, commencing on the first day of the month following the latter to occur of the date on which the disability has existed for three (3) months and the date the board of trustees approved the payment of such retirement income. In the event of recovery prior to the otherwise normal retirement date, credit for service during the period of disability shall be granted for purposes of subsequent retirement benefits. The amount of the disability benefit payable from the fund shall be reduced by any amounts paid or payable as disability benefits from workers' compensation and the federal social security system. The reduction for social security benefits shall be in the amount of the primary insurance amount (PIA) only, and future increase, if any, in the disabled member's social security disability benefit shall not serve to reduce any further the disability benefit from the fund. The reduction for social security shall terminate upon the attainment of age sixty-five (65). For purposes of compliance with Chapter 175, Florida Statutes, service-incurred disability benefits shall not be offset below 42% of average final compensation. (b) Nonservice incurred. Any member with ten (10)years of continuous service who receives a nonservice incurred injury, illness, disease or disability, and which illness, injury, disease or disability totally and permanently disables such member to the extent that, in the opinion of the board of trustees, the member is wholly prevented from rendering useful and efficient service as a firefighter, shall receive from the fund in equal monthly installments an amount equal to two and one-half(2'/2) per cent of that member's average final compensation for each year of continuous service until death or recovery from disability, whichever shall first occur; Such benefit shall be payable on the first day of each month, commencing on the first day of the month following the latter to occur of the date on which the disability has existed for three (3) months and the date the board of trustees approved the payment of such retirement income. For purposes of compliance with F.S. Chapter 175, the minimum nonservice- incurred disability benefit shall be 25% of average final compensation. (c) Medical board. Whenever it becomes necessary for the board to avail itself of the services of physicians in the case of an application for disability retirement, the board shall designate a medical board to be composed of three (3)physicians. The medical board shall arrange for and pass upon the medical examinations required under the provisions of this section, shall investigate all essential statements or certificates made by or on behalf of a member in connection with an application for http://www.amlegal.com/nxt/gateway.dll/Florida/boynton/partiicodeofordinances/chapter 1... 4/17/2008 Page 5 of 10 disability retirement and shall report in writing to the board its conclusions and recommendations upon all matters referred to it. The payment for such services shall be determined by the board. (d) Return to active duty from disability retirement. In the event a member who has been retired on a pension on account of permanent and total incapacity regains health and is found by the medical board designated by the board to be in such physical and mental condition as to meet the requirements of the personnel department for such service as a firefighter of the city, the board shall order the pension discontinued, and such person shall be ordered to resume active duty in the city at the same rate of compensation currently in effect for the member's pay grade. The board shall review periodically, in its discretion, the condition of any member receiving a pension of disability and if there is substantial evidence that the retired member is capable of performing service acceptable to the city as a firefighter, such member shall be ordered to resume active duty and the member's pension shall be discontinued. (e) Disability exclusions. No member shallbe granted a disability pension upon a showing to the satisfaction of the board: (1) That the disability resulted from an intentionally self- inflicted wound, injury or ailment, or (2) That the disability resulted from the use of narcotics, drugs or alcoholic beverages, or (3) That the disability resulted from a member's participation or involvement in riot, insurrection or unlawful assembly, or (4) That the disability resulted from a member's participation or involvement ill the commission of a crime or unlawful act, or (5) That the disability resulted from injury or disease sustained by the firefighter while serving in any armed forces. (f) Further disability provisions. Each member applying for a service incurred disability benefit from this fund shall be required to apply for disability benefits under social security, and, if applicable, workers' compensation. Furthermore, each person granted a service incurred disability benefit shall be required to submit to the board, no later than March first of each year, a statement showing the monthly amount of social security (PIA only) and workers' compensation benefits received by such person as of March first. Willful refusal by such persons to comply with these requirements shall be grounds for the termination of or non-approval of disability benefits from this system. However, the board shall exercise its discretion in each case. (g) Survivor's benefit. If any member with at least ten (10)years of continuous service shall die prior to retirement or other termination of employment with the city, a death benefit shall be payable to the deceased member's spouse. The benefit shall equal two and one-half(2'/2)per cent of average final compensation for each year of continuous service. It shall be payable in equal monthly installments commencing the first day of the month following the date of death and ceasing upon the death or remarriage of the spouse. (h) Payment options. Disability retirees shall be entitled to choose any optional form of payment provided in § 175.171, Florida Statutes. (Code 1958, § 21-93; Ord. No. 78-7, § 1, 3-7-78; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 00-19, § 3, 6-6- 00) http://www.amlegal.com/nxt/gateway.dll/Florida/boynton/partiicodeofordinances/chapter 1... 4/17/2008 Page 6of10 Sec. 18-183. Average final compensation defined; average annual compensation defined. (a) Average final compensation, for the purpose of calculating entitlement to benefits under this plan, shall mean the average cash compensation exclusive of bonuses and incentive pay received by a firefighter during the three highest years of the last ten years of creditable service prior to retirement. (b) Average annual compensation, for the purposes of determining compliance of provisions of the Internal Revenue Code, shall mean the member's greatest aggregate compensation during the period of three (3) consecutive calendar years in which the individual is an active member of the plan. This provision relates solely to calculation of maximum pension earnings in section 18-180(b) of the Code of Ordinances and shall not be applicable to the determination of average final compensation as defined in section 18-183(a) or referred to in the determination of monthly retirement income in section 18-180(a). (Code 1958, § 21-94; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 93-16, § 2, 6-15-93; Ord. No. 00-19, § 4, 6-6-00; Ord. No. 02-005, § 1, 2-5-02) Sec. 18-184. Ex officio membership of the fire chief on the board of trustees. Notwithstanding any other provision of this chapter, there is hereby created an ex officio, non-voting position on the board of trustees which shall be occupied by the fire chief. The ex officio board member shall have the opportunity to participate in all board discussions and activities but shall not be counted for the purpose of a quorum nor shall the ex officio member be entitled to move or second the adoption of any issue or vote on any matter before the board. The ex officio member shall receive all official board communications and shall be eligible to attend fiduciary education opportunities otherwise authorized for voting trustees. (Ord. 98-39, § 1, 9-15-98) Editor's note-Before the enactment of Ord. No. 98-39 on September 15, 1998, the former§ 18-184, which pertained to additional creditable service for years spent on the volunteer force of the city's fire department, was repealed by Ord. No. 94-11, §1, adopted May 3, 1994. This previous§18-184 was derived from the 1958 Code, §21-96; Ord. No. 79-23, Art. I, adopted Aug. 7, 1979; and Ord No. 89- 26, § 1, adopted Sept. 19, 1989. Sec. 18-184.1. Thirteenth Check. (a) Thirteenth check supplement created. A benefit is hereby created to be provided in the form of a thirteenth monthly retirement payment to each beneficiary and retiree of the Plan. Payment shall only be made in those years in which an actuarial gain has been determined to exist by the Board of Trustees, following consultation with the actuary to the Board. (b) Determination of actuarial gains. The actuary for the Retirement Fund shall perform an annual calculation to determine on the basis of all actuarial factors used to measure the Plan whether or not the Plan has sustained an actuarial gain or loss. The actuary shall report annually at a special meeting of the Board regarding the actuarial gain or loss for the year. Once certified by the actuary, the Board shall notify retirees regarding the availability of a thirteenth check payment for the year. In any year in which the Board of Trustees, following consultation with the actuary, determines that no actuarial gain has occurred, no benefit shall be payable. In years in which the Plan's actuarial gain is sufficient to support the payment of a thirteenth check, the payment shall be made in December. http://www.amlegal.com/nxt/gateway.d11/Florida/boynton/partiicodeofordinances/chapter 1... 4/17/2008 Page 7 of 10 (c) Creation of thirteenth check fund. Following the determination of actuarial gain, a fund is hereby created, within the assets of the Retirement System, which shall consist of the portion of the actuarial gain attributable to retirees and beneficiaries. This portion shall be equal to the total actuarial gain multiplied by the ratio of the present value of benefits for retirees and beneficiaries to the present value of all future benefits for all members of the System. The fund shall be co-mingled with other assets of the System but shall be measured for accounting purposes as a separate fund within the Retirement System for the exclusive purpose of providing benefits under this section. (d) Distribution of benefits; limitations. In any year in which the Board determines that a distribution may be made in accordance with the provisions of this section, a supplemental benefit shall be paid in the form of a thirteenth monthly pension payment to each retiree or beneficiary of a deceased retiree. The payment for each retiree shall be determined by the Board, but the total amount payable may not exceed the thirteenth check fund. (e) Non-guarantee of benefits. By acceptance of a supplemental benefit under this section, each retiree and beneficiary acknowledges that they have no right, title or interest in any such benefits except as may be determined by the Board of Trustees. The payment of a thirteenth check in any year shall not create any right, title or interest in any person to the payment of a thirteenth check in any other year. The Board of Trustees reserves the exclusive right to alter the manner of payment of this benefit or, to decline the payment of such benefit in any year in which the Board, in the exercise of its fiduciary responsibility and its sole discretion, determines it is in the best interest of the Plan to forego such payment. (f) Rule-making authority. The Board of Trustees shall have authority to make such uniform rules as it deems appropriate to facilitate the payment of benefits under this system. (Ord. No. 02-005, § 3, 2-5-02) Sec. 18-185. Normal retirement date. The normal retirement date of each firefighter will be the first day of the month coinciding with, or next following, the earlier of the date on which such firefighter has attained and completed twenty (20) years of service, regardless of age, or at fifty-five (55) years of age with ten(10)years of service. There is no age requirement for a normal retirement. (Ord. No. 81-33, § 1, 10-12-81; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 00-19, § 1, 6-6-00) Sec. 18-186. Payroll deductions; Employee, State and City contributions. Effective November 27, 2006, the City of Boynton Beach shall deduct from all firefighters entitled to the benefits of the article, twelve percent (12%) from each installment of salary of each firefighter so long as such firefighter shall hold office or be employed. Said amount shall be so deducted and be deposited to the Boynton Beach Firemen's Pension Fund. Payroll deductions shall be deposited in the trust fund immediately, after each pay period. Any monies received or receivable by reason of laws of the state for the express purpose of funding and paying for retirement benefits for firefighters of the City shall be deposited in the trust fund comprising part of this plan. Any such amount shall be deposited in the fund immediately, and under no circumstances more than five (5) days after receipt by the City. The City shall make annual contributions to the trust fund, as needed, in an amount at least equal to the difference each year between the total member contributions plus state contributions for the year, less the total cost for the year as shown by the most recent actuarial valuation for the system. The City's http://www.amlegal.com/nxt/gateway.dll/Florida/boynton/partiicodeofordinances/chapter 1... 4/17/2008 Page 8 of 10 contribution, if so required, shall be deposited on at least a quarterly basis. (Ord. No. 81-33, § 2, 10-12-81; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 00-19, § 5, 6-6-00; Ord.No. 06- 092, § 3, 12-5-06) Sec. 18-187. Accounting. The trust fund shall operate on a fiscal year basis, the fiscal year commencing October 1st, and ending September 30th. (Ord. No. 90-24, § 1, 8-7-90) Sec. 18-188. Required distributions. In no event may a member's retirement benefit be delayed the later of the April first(1st) following the calendar year in which he attains age seventy and one-half(70'/2) or April first (1st) of the year following the calendar year in which he retires. When a distribution of the participant's entire interest is not made in a lump sum, the distribution will be made in one (1) or more of the following ways: over the life of the participant: over the life of the participant and designated beneficiary; over a period certain not extending beyond the life expectancy of the participant; or over a period certain not extending beyond the joint life and last survivor expectancy of the participant and a designated beneficiary. If distribution has commenced before the participant's death, the remaining interest will be distributed at least as rapidly as under the method of distribution being used as of the date of the participant's death. The method of distribution, if the participant dies before distributions commence, must satisfy the following requirements: (a) Any remaining portion of the participant's interest that is not payable to a beneficiary designated by the participant will be distributed within five (5) years after the participant's death; and (b) Any portion of the participant's interest that is payable to a beneficiary designated by the participant will be distributed either: (i) Within five (5) years after the participant's death; or (ii) Over the life of the beneficiary, or over a period certain not extending beyond the life expectancy of the beneficiary, commencing not later than the end of the calendar year following the calendar year in which the participant died, (or, if the designated beneficiary is the participant's surviving spouse, commencingnot later than the end of the calendar year following the calendar year in which the participant would have attained age seventy and one-half(70'/2). (Ord. No. 90-24, § 1, 8-7-90; Ord. No. 93-16, § 3, 6-15-93) See. 18-189. Repeal or termination of fund. In the event of the termination or partial termination of this plan, each participant's accrued pension benefit shall become nonforfeitable (one hundred (100)percent) to the extent funded. At such time, the fund shall be appropriated and distributed in accordance with Chapter 175.351, Florida Statutes. http://www.amlegal.com/nxt/gateway.d11/Floridalboynton/partiicodeofordinances/chapter 1... 4/17/2008 Page 9 of 10 (Ord. No. 93-16, § 3, 6-15-93) § 18-190. Purchase of Military/Fire Service Credit. Upon entry into the Plan, members shall be permitted to purchase up to an additional five (5)years of credited service based upon(i) service as a full-time firefighter employed by a city, county, state, federal or other public agency or(ii)military service in the Armed Forces of the United States. Temporary, auxiliary, reserve, volunteer or private agency service shall not apply. Service credit purchased under the provisions of this section shall not count for vesting purposes. Prior service shall not be granted until the member has paid to the Pension Fund the actuarial cost of the service purchased, as determined by the actuary for the Plan. Members purchasing service credit shall provide the Board of Trustees with proof of prior service with honorable separation. No service credit may be purchased if the member is receiving or will receive any other retirement benefit based on this service. The Board shall establish a uniform rule for the implementation of this provision. The contribution by the member of the actuarially determined cost of the buyback may be made in one lump sum or may be made by payroll deductions in installments for a period of time which shall not exceed the number of years being purchased. A member electing to make installment payments shall be charged interest based on the actuarially assumed rate of return for the Plan. A member making installment payments shall complete all required payments prior to payment of any benefit under this section. A member who terminates service prior to vesting in the Plan shall be entitled to a refund, without interest, of all money paid to buyback prior military or fire service. (Ord. No. 01-46, § 1, 8-7-01) § 18-191 Limitation on compensation. Compensation in excess of the limitations set forth in Section 401(a)(17) of the Internal Revenue Code shall be disregarded. The limitation on compensation for "eligible employees" shall not be less than the amount which was allowed to be taken into account under the Plan as in effect on July 1, 1993. For this purpose, an "eligible employee" is an individual who was a member of the Pension Plan before the first plan year beginning after September 30, 1996. (Ord. No. 96-35, § 1, 7-16-96) Sec. 18-192. Transfer of accumulated leave. (a) Members eligible to receive accumulated sick leave, accumulated vacation leave or any other accumulated leave payable upon separation may elect, not later than December 31st of the calendar year prior to the year of retirement or entry into the DROP, to have the leave transferred to the Plan. For purposes of this section,the term "separation" shall mean termination of service as a firefighter with the City. Members on whose behalf leave has been transferred may elect one of the following distribution options within thirty (30) days of separation. Members failing to elect a distribution option within thirty (30) days of separation will be deemed to have elected option 1 below: (1) Receive a lump sum equal to the transferred leave balance, or http://www.amlegal.com/nxt/gateway.dll/Florida/boynton/partiicodeofordinances/chapter 1... 4/17/2008 Page 10 of 10 (2) Transfer the entire amount of the transferred leave balance directly to any eligible retirement plan, or (3) Purchase additional service credit as may permitted by the Code. If the leave balance exceeds the cost of the service credit purchased, the balance shall be paid to the member in a lump sum, or (4) Transfer the entire amount of the transferred leave into the member's DROP account. (b) Members who fail to elect a transfer not later than December 31st of the calendar year prior to the year of retirement or entry into the DROP will receive payment in a lump sum at time of separation with all attendant tax consequences. (c) If a member on whose behalf the City makes a transferred leave balance to the Plan dies after retirement or other separation, but before making an election, as provided, or after making an election but before any distribution is made, the election option shall be void. In such an event, any person who would have received a death benefit had the member died in service immediately prior to the date of retirement or other separation, shall be entitled to receive an amount equal to the transferred leave balance in a lump sum. In the case of a surviving spouse or former spouse, an election may be made to transfer the leave balance to an eligible retirement plan in lieu of the lump sum payment. Failure to make such an election by the surviving spouse of former spouse with sixty (60) days of the member's death, will be deemed an election to receive a lump sum payment. (d) The Board, by rule, shall have the authority to enact administrative rules for purposes of administering the provisions of this section, consistent with the Federal tax laws in effect on the date of transfer. No such rule shall conflict with the provisions of this section. (e) Members electing to enter into the DROP shall be required to preserve a balance of one hundred and twenty (120) hours of sick leave and one hundred and twenty (120) hours of vacation leave at the time of entry into the DROP. (f) The value of the leave transferred shall be determined in accordance with applicable city personnel policies or collective bargaining agreements. (Ord. No. 01-63, § 1, 12-18-01) Secs. 18-193, 18-194. Reserved. 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L... .; ' Ciatr constituti:on'-1iiroitruition View statutes Search Statutes Constitution Laws of Florida Order Select Year: FOTO <GoI The 2002 Florida Statutes Title XII Chapter 175 View Entire Chapter MUNICIPALITIES FIREFIGHTER PENSIONS 175.061 Board of trustees; members; terms of office; meetings; legal entity; costs; attorney's fees.--For any municipality, special fire control district, chapter plan, local law municipality, local law special fire control district, or local law plan under this chapter: (1) In each municipality and in each special fire control district there is hereby created a board of trustees of the firefighters' pension trust fund, which shall be solely responsible for administering the trust fund. Effective October 1, 1986, and thereafter: (a) The membership of the board of trustees for a chapter plan shall consist of five members, two of whom, unless otherwise prohibited by law, shall be legal residents of the municipality or special fire control district, who shall be appointed by the governing body of the municipality or special fire control district, and two of whom shall be full-time firefighters as defined in s. 175.032 who shall be elected by a majority of the active firefighters who are members of such plan. With respect to any chapter plan or local law plan that, on January 1, 1997, allowed retired firefighters to vote in such elections, retirees may continue to vote in such elections. The fifth member shall be chosen by a majority of the previous four members as provided for herein, and such person's name shall be submitted to the governing body of the municipality or special fire control district. Upon receipt of the fifth person's name, the governing body of the municipality or special fire control district shall, as a ministerial duty, appoint such person to the board of trustees as its fifth member. The fifth member shall have the same rights as each of the other four members appointed or elected as herein provided, shall serve as trustee for a period of 2 years, and may succeed himself or herself in office. Each resident member shall serve as trustee for a period of 2 years, unless sooner replaced by the governing body at whose pleasure he or she shall serve, and may succeed himself or herself as a trustee. Each firefighter member shall serve as trustee for a period of 2 years, unless he or she sooner leaves the employment of the municipality or special fire control district as a firefighter, whereupon a successor shall be chosen in the same manner as an original appointment. Each firefighter may succeed himself or herself in office. (b) The membership of boards of trustees for local law plans shall be as follows: 1. If a municipality or special fire control district has a pension plan for firefighters only, the provisions of paragraph (a) shall apply. 2. If a municipality has a pension plan for firefighters and police officers, the provisions of paragraph (a) shall apply, except that one member of the board shall be a firefighter as defined in s. 175.032 and one member of the board shall be a police officer as defined in s. 185.02, respectively elected by a majority of the active firefighters or police officers who are members of the plan. 3. Any board of trustees operating a local law plan on July 1, 1999, which is combined with a plan for general employees shall hold an election of the firefighters, or firefighters and police officers, if included, to determine whether a plan is to be established for firefighters only, or for firefighters and police officers where included. Based on the election results, a new board shall be established N. as provided in subparagraph 1. or subparagraph 2., as appropriate. The municipality or fire control 'district shall enact an ordinance or resolution to implement the new board by October 1, 1999. The newly established board shall take whatever action is necessary to determine the amount of ,/www.flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&Search String=&... 7/3/2003 statutes->View Statuteu->2007- CH0175->8ection 061: flsenate.gov Page 2 of 2 assets vvhch is attributable to firefighters, or firefighters and police officers where included. Such assets shall include all employer, employee, and state contributions made by or on behalf of � fig| ters, urfirefighters and police officers where included; and any investment income derived from such contributions. All such moneys shall be transferred into the newly established retirement plan, as directed by the board. With respect to any board of trustees operating a local law plan on June 30, 1986, nothing in this paragraph shall permit the reduction of the membership percentage of firefighters, or of firefighters and police officers where a joint or mixed fund exists. (c) Whenever the active firefighter membership of a closed chapter plan or closed local law plan as provided in s. 175.371 falls below 10, an active firefighter member seat may be held by either a retired member or an active firefighter member of the plan who is elected by the active and retired members of the plan. If there are no active or retired firefighters remaining in the plan or capable of serving, the remaining board members may elect an individual to serve in the active firefighter seat. Upon receipt of such person's name, the legislative body of the municipality or special fire control district shall, as a ministerial duty, appoint such person to the board of trustees. This paragraph applies only to those plans that are closed to new members under s. 175.371(2), and does not apply to any other municipality or fire control district having a chapter or local law plan. (2) The trustees shall by a majority vote elect from their number a chair and a secretary. The secretary of the board shall keep a complete minute book of the actions, proceedings, or hearings of the board. The trustees shall not receive any compensation as such, but may receive expenses and per diem as provided by Florida law. (3) The board of trustees shall meet at least quarterly each year. (4) Each board of trustees shall be a legal entity with, in addition to other powers and responsibilities contained herein, the power to bring and defend lawsuits of every kind, nature, and description. (5) In any judicial proceeding or administrative proceeding under chapter 120 brought under or pursuant to the provisions of this chapter, the prevailing party shall be entitled to recover the costs thereof, together with reasonable attorney's fees. (6) The provisions of this section may not be altered by a participating municipality or special fire control district operating a chapter plan or local law plan under this chapter. History.--s. 1, ch. 63-249; s. 2, ch. 81-168; s. 3, ch. 86-41; s. 1S, ch. 93-1Q3; s. Q1g, ch. A5- 147; s. 5, ch. 99'1; s. 3, ch. I002'66. Welcome • Session • Committees • Senators • Information Center • Statutes and Constitution • Lobbyist Information Disclaimer: The information othis is unverified.The journals or printed bills of the respective chamber should be consulted for official purposes. Copyright©2000-2003 State of Florida. Contact us. Privacy Statement