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 Port Orange
 Code of Ordinances
 Chapter 54. PERSONNEL
 Article V. POLICE PENSION FUND

  § 54-130. Benefit level.  

Latest version.

  • (a)

    Calculation of benefit amount.

    (1)

    For participants retiring on or after the effective date of the ordinance from which this article is derived, a participant's normal monthly benefit level shall be the product of the vesting credits earned multiplied by three percent of average final compensation, plus the applicable amount as follows:

    a.

    Two hundred dollars per month if the participant retires with ten vesting credits, provided that participants retiring on or after October 1, 2002 must have 20 vesting credits to receive this benefit, except that any participant in the employment of the city on October 1, 2002 who had attained age 50 and had at least ten vesting credits on that date shall upon retirement be granted this benefit.

    b.

    An additional $20.00 per month for each vesting credit earned by the participant in addition to ten vesting credits, up to a maximum additional amount of $400.00 per month, provided that participants retiring on or after October 1, 2002 must have $20.00 vesting credits to receive this benefit, except that any participant in the employment of the city on October 1, 2002 who had attained age 50 and had at least ten vesting credits on that date shall upon retirement be granted this benefit.

    c.

    The maximum total benefit amount provided under subsections (a) and (b) of this subsection shall not exceed $600.00 per month.

    d.

    Notwithstanding the provisions of subparagraphs a. and b. above, participants who are employed and not participating in the DROP on January 31, 2011, must attain 25 vesting credits to be eligible for the benefits provided in subparagraphs a. and b. above.

    e.

    Notwithstanding the provisions of subparagraphs a. and b. above, participants who are hired after January 31, 2011, and earn at least ten vesting credits shall, upon retirement, be eligible for an additional benefit equal to $100.00 per month; and an additional benefit of $10.00 per month for each vesting credit earned by the participant in excess of ten vesting credits, up to a maximum of $100.00; subject to a total maximum additional benefit amount of $200.00 per month.

    (2)

    For participants retiring before October 1, 1993, the monthly benefit level shall be the product of the vesting credits earned multiplied by two percent of average final compensation, plus the applicable amounts provided in subparagraphs (a), (b) and (c) of paragraph (1), above, plus a cost-of-living adjustment which shall commence on January 1, 1994. Effective January 1, 1994, the pension benefit payable to any participant who retired prior to October 1, 1993, shall be increased by the percentage by which the Consumer Price Index (urban wage earner as calculated by the United States Department of Labor) increased between July of the immediately preceding year as compared to July of the prior year. These cost-of-living adjustments shall be made annually until the participant's benefit level reaches the amount provided in subsection (a) (1), above, at which time such cost-of-living adjustments shall cease, except as provided in paragraph (4) below. In no event shall the pension benefit payable to participants who retired before October 1, 1993, exceed the benefit level that is the product of the vesting credits earned by such participants multiplied by three percent of average final compensation, plus the applicable cost of living adjustment provided in paragraph (4), below, plus the applicable amounts provided in subparagraphs (a), (b) and (c) of paragraph (1), above.

    (3)

    The actual benefit amount is determined by making the adjustment, if any, for early retirement and for the form of benefit which the participant selects in accordance with this pension plan.

    (4)

    Notwithstanding paragraph (2) of this subsection, effective October 1, 2001, all then current and future retirees who retire before October 1, 2002, including disability retirees, shall be granted a cost-of-living adjustment annually, equal to one percent of their then-current annuity amount, commencing on the January 1 following the first anniversary of the retiree's annuity commencement. For a DROP retiree, the increase shall be granted commencing on the January 1 following the first anniversary of the annuity commencement that begins at the end of the DROP period. Effective October 1, 2002, all current and future participants retiring on or before January 31, 2011, who have attained 20 vesting credits shall be annually granted a cost-of-living (COLA) increase of three percent of their then-current annuity amount, except that any participant in the employment of the city on October 1, 2002 who had attained age 50 and had at least ten vesting credits on that date shall upon retirement be granted such annual three percent COLA commencing:

    a.

    Upon the 61st month following commencement of DROP participation or receipt of pension benefits for participants who retired or entered the DROP upon or after attaining age 45 and earning 25 vesting credits or upon after attaining age 50 and earning 20 vesting credits;

    b.

    Upon the later of the 61st month following commencement of DROP participation or receipt of pension benefits or the first day of the month after or upon which the participant attains age 59 for participants who retired upon or after attaining age 48 and earning 20 vesting credits, except employees hired on or after January 1, 2003, shall not be eligible for these increases;

    c.

    On the first day of the month after or upon which the participant attains age 59 for participants who separated from city employment after earning 20 vesting credits but before being eligible to receive pension benefits; except employees hired on or after January 1, 2003, shall not be eligible for these increases;

    d.

    Upon the 61st month following the commencement of disability benefits. The one percent annual cost-of-living adjustment shall not be paid to participants who retire on or after October 1, 2002, or to any participant eligible to receive a three-percent cost-of-living increase.

    (5)

    Notwithstanding the provisions of paragraph (4) above, participants who are employed and not participating in the DROP on January 31, 2011, must attain 25 vesting credits to be eligible for a cost-of-living (COLA) increase. The annual COLA for such participants shall be equal to three percent of their then current annuity amount, and shall commence on the first day of the month after the participant attains age 59.

    (6)

    Notwithstanding the provisions of paragraph (4) above, participants hired after January 31, 2011, shall not be eligible for a cost-of-living adjustment.

    (7)

    For participants who are employed and not participating in the DROP on January 31, 2011, and for participants hired after that date, the maximum total benefit amount provided under section 54-130 shall not exceed $95,000.00, inclusive of any cost of living adjustments to which the member may be entitled.

(Ord. No. 1993-43, § 10, 9-28-93; Ord. No. 1994-12, § 1, 5-3-94; Ord. No. 2001-47, § 5, 7-24-01; Ord. No. 2002-59, §§ 4, 5, 2-18-03; Ord. No. 2007-51, § 1, 10-2-07; Ord. No. 2011-2, § 6, 1-31-11; Ord. No. 2011-3, § 3, 2-15-2011; Ord. No. 2015-38 , § 1, 12-1-2015)