15-1431 Amending Police-Fire Pension Plan

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2002, may not exceed $200,000, as adjusted for cost -of- living increases in accordance with Internal Revenue Code Section 401(a)(17)(B). Compensation means compensation during the fiscal year. The cost -of- living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year. If the determination period consists of fewer than 12 months, the annual compensation limit is an amount equal to the otherwise applicable annual compensation limit multiplied by a fraction, the numerator of which is the number of months in the short determination period, and the denominator of which is 12. Ifthe compensation for any prior determination period is taken into account in determining a Member's contributions or benefits for the current Plan Year, the compensation for such prior determination period is subject to the applicable annual compensation limit in effect for that prior period. The limitation on compensation for an "eligible employee" shall not be less than the amount which was allowed to be taken into account hereunder as in effect on July 1, 1993. "Eligible employee" is an individual who was a Member before the first Plan Year beginning after December 31, 1995. Spouse means the lawful wife °`- husband of ^ Member's or Retiree's spouse under applicable law at the time benefits become payable. System means the City of Casselberry Police Officers' and Firefighters' Pension Plan as contained herein and all amendments thereto. (b) Masculine gender. The masculine gender, where used herein, unless the context specifically requires otherwise, shall include both the feminine and masculine genders. Sec. 62 -2002. - Membership. (a) Conditions of eligibility. All Police Officers and Firef;ght ^ who are employed by the City on or after January 1, 1996 and all Firefighters as of October 1, 2015 who elect, as a result of the merger, to remain Members of this System shall become or remain Members of this System as a condition of employment. After October 1, 2015, there shall be no new Firefighter Members. Notwithstanding the previous paragraph, any Fife Ghie a new employee who is hired as the Police Chief may, within 60 day-s-9 upon his employment as the Police Chief or Fire C— +r'e-f, notify the Board and the City, in writing, of his election to not be a Member of the System. Current employees of the City who are selected to become Police Chief are not eligible for the opt -out provided for herein. In the event of such election, any n °°,,,,,,,l ^ + °a Contributions p returned to the Pefiee Chief or Fire Chief and he shall be barred from participation in the System. Thereafter, contributions to the plan in accordance with Sec. 62- 2005 shall not be required he shall not be eligible to be elected as a Member Trustee on the Board or vote for a Member Trustee, and he shall not be eligible for any other benefit from the plan. (b) Designation of beneficiary. Each Police Officer and Firefighter shall complete a form prescribed by the Board providing for the designation of a Beneficiary or Beneficiaries. 4 NNW._ 4