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

  § 54-137. Funding.  

Latest version.

  • (a)

    Generally. The plan shall be funded by contributions from participants, contributions from the city, and the amount derived from the premium taxes provided in F.S. § 185.08, and other income sources as authorized by law.

    (b)

    Participant contributions. All participants who are employed and not participating in the DROP on January 31, 2011, shall make regular contributions at the rate of seven and one-half percent of compensation, which shall be deposited in the fund immediately after each pay period. All participants hired after January 31, 2011, shall make regular contributions at the rate of eight percent of compensation. If a participant has not made contributions for any period of covered service, the participant must pay retroactive contributions for that period in order to receive vesting credit for that period. Such retroactive contributions shall be made over a period of time equal to the period of time for which contributions were not made unless the participant selects a shorter period. All retroactive contributions due must be paid in full prior to retirement. The city agrees to assume and pay participant contributions in lieu of direct contributions by the participant and such contributions shall accordingly be paid into the fund on behalf of the participants. No participant subject to such agreement shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the city directly to the fund. All such contributions by the city shall be deemed and considered as part of the participant's accumulated contributions and subject to all sections of this fund pertaining to accumulated contributions of participants. The intent of this language is to comply with section 414(h)(2) of the Internal Revenue Code.

    (c)

    State contributions. The fund shall receive the premium taxes collected and disbursed pursuant to F.S. §§ 185.08 and 185.10, which monies shall be deposited into the fund immediately, but in no event later than five days of receipt in lieu of which the city may direct that said premium taxes collected be deposited directly into the plan. In conjunction with the city's adoption of an ordinance implementing this pension plan pursuant to F.S. § 185.35, the board of trustees, with the approval of a majority of city police officers, and the city have acknowledged and agreed that the insurance premium tax revenues received pursuant to F.S. § 185.10 shall be deposited into and become an integral part of this fund, and not used for any other purpose. In accordance with F.S. § 185.35. the city and the union representing city police officers have mutually agreed that all annual premium tax revenues received pursuant to Chapter 185 and all accumulated excess Chapter 185 premium tax revenues as of October 1, 2016 shall be used to offset the city's pension contributions.

    (d)

    City contributions. The city shall contribute to the plan on at least a quarterly basis an amount which, together with the contributions derived from participants and the amount derived from premium taxes and other income sources as authorized by law, will be sufficient to meet the normal cost of the plan and to fund the actuarial deficiency over a period of not more than 30 years, as determined by an actuarial valuation conducted by an actuary who may be retained by the city.

    (e)

    Basis of payments from pension plan. All benefits and expenses shall be paid in accordance with the provisions of this pension plan and consistent with Florida Statutes and the Internal Revenue Code.

(Ord. No. 1993-43, § 17, 9-28-93; Ord. No. 1999-60, § 7, 1-18-00; Ord. No. 2000-43, § 4, 9-26-00; Ord. No. 2002-59, § 6, 2-18-03; Ord. No. 2011-2, § 7, 1-31-11; Ord. No. 2017-32 , § 1, 12-12-17)