Lake Wales (Current through Ordinance 2023-17, Adopted 7-05-2023) |
Code of Ordinances |
Chapter 16. Pensions And Retirement |
Article IV. Municipal Police Officers' Pension Plan And Trust Fund |
§ 16-253. Prior police officer service.
Unless otherwise prohibited by law, and except as provided for in section 16-231, the years or fractional parts of years that a police officer previously served as a police officer with the city during a period of previous employment and for which period accumulated contributions were withdrawn from the fund, shall be added to his or her years of credited service provided that:
(1) The police officer contributes to the fund the sum that he or she would have contributed, based on his or her salary and the member contribution rate in effect at the time that the credited service is requested, had he or she been a member of this system for the years or fractional parts of years for which he or she is requesting credit, plus amounts actuarially determined, such that the crediting of service does not result in any cost to the fund, plus payment of costs for all professional services rendered to the board in connection with the purchase of years of credited service.
(2) Payment by the police officer of the required amount shall be made within six (6) months of his or her request for credit and shall be made in one (1) lump sum payment to the board, upon receipt of which credited service shall be given.
(3) The maximum credit under this section shall be five (5) years of credited service and shall count for all purposes.
(Ord. No. 98-19, § 2, 10-20-98; Ord. No. 2004-08, § 2, 5-18-04; Ord. No. 2010-25, §§ 2, 3, 10-19-10)