17-1461 Amending Chapter 62 - Definition of Salaries

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earnings. Members who have reached age fifty-five (55) and completed six (6) or more years of credited service, or completed twenty-five (25) years of credited service, regardless of age on September 15, 2013, shall not be subject to the above 300 -hour limitation on overtime. Compensation in excess of the limitations set forth in section 401(a)(17) of the Code as of the first day of the Plan Year shall be disregarded for any purpose, including employee contributions or any benefit calculations. The annual compensation of each member taken into account in determining benefits or employee contributions for any Plan Year beginning on or after January 1, 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. If the 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. SECTION II: Codification: It is the intention of the City Commission of the City of Casselberry, Florida, and it is hereby ordained that the provisions of this Ordinance shall become and be made a part of the Code of Ordinances of the City of Casselberry, Florida; that the Sections of this Ordinance may be renumbered or re -lettered to accomplish such intention, that the word "Ordinance," may be changed to "Section," "Article," or other appropriate word. SECTION III: Conflicts: All Ordinances or parts of Ordinances in conflict with any provisions of this Ordinance are hereby repealed. SECTION IV: Severability: If any section or portion of a Section of this Ordinance proves to be invalid, unlawful or unconstitutional, it shall not be held to invalidate or impair the validity, force, or effect of any other Section or part of this Ordinance. SECTION V: Effective Date: This Ordinance shall become effective ten (10) days after its passage and adoption. Ordinance 17-1461 Page 2 of 3