§ 54-124. Vesting.

(a)

Vesting schedules. A participant shall have a 100 percent vested right to a normal retirement benefit at normal retirement age upon:

(1)

Earning ten vesting credits; or

(2)

The termination or partial termination of this pension plan (to the extent funded as of such date).

(b)

Vesting credits. A participant shall earn one vesting credit for each complete year of service. A participant may lose vesting credits as provided in section 54-125. The total number of vesting credits earned and retained shall determine whether a participant has a vested right to a pension benefit.

(c)

Limitation on changes in vesting schedules. No amendment shall reduce a participant's vested right to a normal retirement benefit at the time such amendment is adopted, or, if later, at the time such amendment is effective.

(d)

Vesting of benefits. No participant, beneficiary or other person shall have any vested right to a pension benefit unless the participant has met the requirements for vesting as provided in this section.

(e)

Purchase of credits for prior military or law enforcement service. Additional credited service may be purchased by a participant for full-time employment as a law enforcement officer and active duty in the military service of the Armed Forces of the United States, voluntarily or involuntarily, prior to the date of first or initial employment with the city, in accordance with the following provisions:

(1)

Military credit. Years and months that a participant has served in the military service shall be added to years of credited service, provided that the participant did not receive a dishonorable discharge from the Armed Forces and did not receive credited service for such years and months from any other governmental or military retirement or pension system.

(2)

Law enforcement credit. Years and months that a participant met the criteria set forth in F.S. § 185.02(11), shall be added to years of credited service, provided that the participant did not receive credited service for such years and months for any other governmental pension system.

(3)

The participant shall contribute to the fund the full actuarial cost of prior military or law enforcement service, as determined by the plan actuary, plus the cost of any actuarial calculations required.

(4)

The purchase of credited service under this section shall be paid in a lump-sum payment or by a pretax trustee-to-trustee transfer of amounts in a participant's deferred compensation account (Internal Revenue Code § 457). The purchase must be made prior to retirement or entry into the DROP, whichever is earlier.

(5)

The maximum service credit that may be purchased by a participant under this subsection (e) for prior military and law enforcement service combined shall be four years.

(6)

Effective on January 31, 2011, credited service purchased pursuant to this subsection (e) shall not be counted towards vesting.

(Ord. No. 1993-43, § 4, 9-28-93; Ord. No. 2001-47, § 1, 7-24-01; Ord. No. 2002-59, § 3, 2-18-03; Ord. No. 2011-2, § 2, 1-31-11)