§ 16-235. Contributions.  

Latest version.
  • (a) Member contributions.

    (1) Amount. Each member of the plan shall be required to make regular contributions to the fund in the amount of a portion of his or her wages as established by contract between the city and the bargaining unit. Member contributions withheld by the city on behalf of the member shall be deposited with the board at least monthly. The contributions made by each member to the fund shall be designated as city contributions pursuant to section 414(h) of the Code. Such designation is contingent upon the contributions being excluded from the members' gross income for federal income tax purposes. For all other purposes of the plan, such contributions shall be considered to be member contributions.

    (2) Method. Such contributions shall be made by payroll deduction.

    (b) State contributions. Any monies received or receivable by reason of laws of the state for the express purpose of funding and paying for retirement benefits for police officers of the city shall be deposited in the trust fund comprising part of this system immediately, and under no circumstances more than five (5) days after receipt by the city.

    (c) City contributions. So long as this system is in effect, the city shall make quarterly contributions to the trust fund in an amount equal to the difference in each year between the total aggregate member contributions for the year, plus state contributions for such year, and the total cost for the year, in a manner which is authorized under the provision of Part VII of Chapter 112, Florida Statutes, or its successor. The total cost for any year shall be defined as the total normal cost plus the additional amount sufficient to amortize the unfunded past service liability over a thirty (30) year period, commencing with the fiscal year in which the effective date of this system occurs.

    (d) Other contributions. Private donations, gifts and contributions may be deposited to the fund, but such deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from these sources may be used only for additional benefits for members, as determined by the board, and may not be used to reduce what would have otherwise been required city contributions.

    (e) Return of overpayment member or beneficiary. Any overpayment or underpayment from the fund to a member or beneficiary caused by errors of computation shall be adjusted with interest at a rate per annum approved by the board. Overpayment shall be charged against payments next succeeding the correction. Underpayment shall be made up from the fund.

    (f) Rollover contributions. The plan does not permit member rollover contributions, or voluntary contributions other than the mandatory contribution required pursuant to the plan.

(Ord. No. 98-19, § 2, 10-20-98; Ord. No. 2004-08, § 2, 5-18-04)