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 Port Orange
 Code of Ordinances
 Chapter 54. PERSONNEL
 Article IV. FIRE AND RESCUE PENSION FUND

  § 54-81. Contributions.  

Latest version.

  • (a)

    Member contributions.

    (1)

    Amount. Each member of the system shall be required to make regular contributions to the fund in the amount of one-half of one percent of his salary through December 31, 2012, except as otherwise provided in this subsection (1). Effective January 1, 2013, each member of the system hired before December 4, 2012, shall be required to make regular contributions to the fund in the amount of seven and one-half percent of salary. Each member of the system hired on or after December 4, 2012, shall be required to make regular contributions to the fund in the amount of eight percent of salary. Member contributions withheld by the city on behalf of the member shall be deposited with the board immediately after each pay period, but in any event, not more than five days following the pay period. 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 member's gross income for federal income tax purposes. For all other purposes of the system, 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 firefighters of the city, shall be deposited in the fund comprising part of this system immediately and under no circumstances more than five days after receipt by the city. In conjunction with the city's adoption of an ordinance implementing this system pursuant to F.S. § 175.351, the board of trustees, with the approval of a majority of city firefighters, and the city have acknowledged and agreed that the insurance premium tax revenues received pursuant to F.S. § 175.101 shall be deposited into and become an integral part of this fund, and not used for any other purpose. The city and union representing city firefighters have mutually agreed that all revenues received pursuant to F.S. ch. 175 and all accumulated excess chapter 175 premium tax revenues as of October 1, 2016 shall be used to offset the city's pension contributions.

    (c)

    City contributions. So long as this system is in effect, the city shall make quarterly contributions to the fund in an amount equal to the difference, in each year, between the total aggregate member contributions for the year, plus state contributions which are legally available to offset city funding for such year, and the total cost for the year, as shown by the most recent actuarial valuation of the system. 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 as provided in Part VII, F.S. ch. 112.

    (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.

(Ord. No. 2007-29, § 1, 9-18-07; Ord. No. 2012-36, § 2, 12-20-2012; Ord. No. 2014-3, § 2, 3-18-2014; Ord. No. 2018-3 , § 1, 3-6-2018)