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

  § 54-138. Miscellaneous provisions.  

Latest version.

  • (a)

    Construction. The terms and conditions of this pension plan shall be construed subject to the purposes and provisions of the ordinance establishing the plan, and subject to state law, the Internal Revenue Code and all other applicable laws.

    (b)

    Standards of proof. The board of trustees shall be the sole judge of the standards of proof required in any case. In the application and interpretation of this pension plan, the decisions of the board of trustees shall be final and binding on the participants and beneficiaries.

    (c)

    Benefits not assignable. The right of any person to any payment under this pension plan shall not be subject to assignment, alienation or voluntary or involuntary transfer, except that the recipient of any monthly benefit may authorize the board of trustees to withhold from the monthly benefit those funds necessary to pay for the benefits being received through the city, to pay the certified bargaining agent of the city, and to make any payments for child support or alimony, and to pay for accident, health, and long-term care insurance premiums for the recipient, the recipient's spouse and the recipient's dependents and, to the fullest extent permitted by law, shall not be subject to attachment, execution, garnishment, sequestration or other legal or equitable process. If any person attempts to assign, transfer or dispose of such right, or if an attempt is made to subject such right to such process, such assignment, transfer or disposition shall be null and void. The pension fund shall not incur liability for participation in this permissive program if its actions are taken in good faith.

    (d)

    Forfeitures. Forfeitures and dividends shall not be used to increase the benefits that any participant would otherwise receive under the pension plan at any time prior to the termination of the pension plan or the complete discontinuance of contributions to the pension plan, but shall be anticipated in determining the costs under the pension plan.

    (e)

    Merger. This pension plan shall not merge or consolidate with any other pension plan, or transfer any assets or liabilities to any other pension plan, unless each participant in this pension plan will receive a benefit immediately after such merger, consolidation or transfer (if the pension plan then terminated) which is at least equal to the benefit the participant was entitled to immediately before such merger, consolidation or transfer (if the pension plan had terminated).

    (f)

    Termination of pension plan. In the event of termination of the pension plan, the board of trustees shall determine the date of distribution and the asset value required to fund all of the nonforfeitable benefits. The board shall inform the city if additional assets are required, in which event, the city shall continue to financially support the retirement plan until all nonforfeitable benefits have been fully funded. In the event of termination of the pension plan, the board of trustees shall make provision out of the pension fund for the payment of any and all obligations of the fund, including expenses incurred up to the date of termination of the fund and the expenses incidental to such termination, file all notices or reports in connection therewith as may be required by applicable law, and distribute the remaining asset in accordance with F.S. § 185.37, the Internal Revenue Code, and all other applicable laws.

    (g)

    Incorporation of state and federal law by reference. This pension plan is maintained for the exclusive purpose of providing benefits to participants and beneficiaries, and is intended to satisfy all the requirements of Florida Statutes and the Internal Revenue Code. If any requirements of such laws have been omitted, they shall be deemed to be incorporated in this article by reference.

    (h)

    Amendment of pension plan. This pension plan may be amended at any time by the city council, provided that such amendment complies with the Internal Revenue Code, Florida Statutes and other applicable laws. The board of trustees may make recommendations to the city council concerning proposed pension plan amendments.

    (i)

    Purchase of insurance for fiduciaries. The city or the board of trustees may purchase insurance for pension fund fiduciaries to cover liability or losses incurred by reason of acts or omissions of the fiduciaries.

(Ord. No. 1993-43, § 18, 9-28-93; Ord. No. 1994-12, § 7, 5-3-94; Ord. No. 2000-43, § 5, 9-26-00; Ord. No. 2007-15, § 1, 4-17-07; Ord. No. 2010-23, § 5, 9-7-2010)