§ 16-45. 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 five (5) percent of their compensation. 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 employer 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. Member contributions shall cease if a member's accrued benefit reaches the seventy-five thousand dollars ($75,000.00) cap set forth in section 16-46

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

    (b) City contributions. So long as this plan is in effect, the city shall make an annual contribution to the fund in one (1) or more installments in an amount equal to the difference in each year, between the total aggregate member contributions for the year and the total cost for the year, in a manner which is authorized under the provision of F.S. part VII ch. 112, 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 accrued past service liability over a thirty (30) year period, commencing with the fiscal year in which the initial effective date of this plan occurs. The city, from its records and the reports of the actuary, shall determine the amount of any contributions to be made by it to fund under the terms of the plan. In this regard, the city may place full reliance upon all reports, opinions, tables, valuations, certificates and computations the actuary furnishes the city.

    (c) 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 of trustees, and may not be used to reduce what would have otherwise been required city contributions.

    (d) Return of overpayment member or beneficiary. Any overpayments or underpayments 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. Overpayments shall be charged against payments next succeeding the correction. Underpayments shall be made up from the fund.

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

(Ord. No. 99-02, § 2, 5-4-99; Ord. No. 2003-39, § 2, 12-2-03; Ord. No. 2013-14, § 1, 9-17-13)