97-899 Police Officers' & Firefighters' Pension Plan Amendments

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CITY OF CASSELBERRY POLICE OFFICERS' AND FIREFIGIITERS' PENSION PLAN SECTION 62-481. DEFINITIONS. 1. As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated: Accumulated Contributions means a Member's own contributions without interest. For those Members who purchase Credited Service with interest or at no cost to the System, only that portion of any payment representing the amount attributable to Member contributions based on the applicable Member contribution rate, shall be included in Accumulated Contributions. Act means the Employee Retirement Income Security Act of 1974 (P.L. 93-406) and any regulations issued thereunder by the Department of Labor and the Internal Revenue Service, as that Statute and these regulations shall be amended. Actuarial Equivalent means a benefit or amount of equal value, based upon the 1983 Group Annuity Mortality Table and an interest rate of eight percent (8 %) per annum. Average Final Compensation means one-twelfth (1/12) of the average Salary of the five (5) best years of the last ten (10) years of Credited Service prior to Retirement, termina- tion, or death, or the career average as a full-time Police Officer or Firefighter, whichever is greater. A year shall be twelve (12) consecutive months. Benef ciarvciarv means the person or persons entitled to receive benefits hereunder at the death of a Member who has or have been designated in writing by the Member and filed with the Board. If no such designation is in effect, or if no person so designated is living, at the time of death of the Member, the Beneficiary shall be the estate of the Member. Board means the Board of Trustees, which shall administer and manage the System herein provided and serve as trustees of the Fund. Citv means City of Casselberry, Florida. Code means the Internal Revenue Code of 1986, as amended from time to time. -1-