15-1431 Amending Police-Fire Pension Plan

Home Browse Search

CITY OF CASSELBERRY POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN Sec. 62 -2001. - Definitions. (a) 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, any payment representing interest and any required actuarially calculated payments for the purchase of such Credited Service 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 RP2000 Combined Healthy Unisex Mortality Table with disabled lives set forward five (5) years and an interest rate of eight percent (8.0 %). This definition matey be amended by the City, pursuant to the recommendation of the Board, determined —en the basis ftetuarial— 4eii using assumptions adopted by the Board with the advice of the plan's actuary, such that benefit ^^'^. � ' s actuarial assumptions are not subject to City discretion. Average Final Compensation means 1/12 of the average Salary of the five best years of the last ten years of Credited Service prior to Retirement, termination, or death, or the career average as a full -time Police Officer or Firefighter, whichever is greater. A year shall be 12 consecutive months. Beneficiary 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. City means City of Casselberry, Florida. Code means the Internal Revenue Code of 1986, as amended from time to time. County means Seminole County, Florida. Credited Service means the total number of years and fractional parts of years of service as a Police Officer or Firefighter with Member contributions, when required, omitting intervening years or fractional parts of years when such Member was not employed by the City as a Police Officer or Firefighter. "Fractional parts of years" shall mean a fraction whose numerator is the number of completed days and whose denominator is 365. A Member may voluntarily leave his Accumulated Contributions in the Fund for a period of five years after leaving the employ of the Police OF Fife Department or County Fire Service pending the possibility of being reemployed as a Police Officer er Fifefight-e-+, without losing credit for the time that he was a Member of the System. If a vested Member leaves the employ of the Police Department or Fire Depal*"' °N* County Fire Service, his Accumulated Contributions will be returned only upon his written request. If a Member who is not vested is not reemployed as a Police Officer or- i� �' er- with the Police or Fire Department within five years, his Accumulated Contributions, if $1,000.00 or less, shall be returned. If a Member who is not vested is not reemployed within five years, his Accumulated Contributions, if more than