19-1509 Amending Chapter 62 Article 1 - Police Officers' & Firefighters' Pension Plan

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(d) Forfeitures. Any Member who has less than six (6) years of Credited Service if the Member was hired before September 15, 2013 or eight (8) years of Credited Service if the Member was hired on or after September 15, 2013 and who is not otherwise eligible for payment of benefits after termination of employment with the City as provided for in subsection (e) shall forfeit his individual Member share account or the non-vestedForfeited amounts shall be redistributed included and used as part of the Chanter 175 and 185 tax revenues for future allocations to theotherindividual Member Share Accounts on each valuation date in accordance with the formula set forth in subsection (c)(1). SECTION VI: That Chapter 62, Pensions and Retirement, Article XVIII, Police Officers' and Firefighters' Pension Plan, of the Code of Ordinances of the City of Casselberry, is hereby amended by amending Section 62-2031, Firefighters' Deferred Retirement Option Plan, subsections (f)(8) through (f)(13), to read as follows: (H 8) Written Elections, Notification. a. Any elections, notifications or designations made by a Member pursuant to the provisions of the DROP shall be made in writing and filed with the Board in a time and manner determined by the Board under rules uniformly applicable to all employees similarly situated. The Board reserves the right to change from time to time the manner for making notifications, elections or designations by Members under the DROP if it determines after due deliberation that such action is justified in that it improves the administration of the DROP. In the event of a conflict between the provisions for making an election, notification or designation set forth in the DROP and such new administrative procedures, those new administrative procedures shall prevail. Ordinance 19-1509 Page 7 of 9 r - :. UtZO.tg&'A ,.K"IMagagal imam,:. D I= BtVMBJRVLIAKIKOIN (H 8) Written Elections, Notification. a. Any elections, notifications or designations made by a Member pursuant to the provisions of the DROP shall be made in writing and filed with the Board in a time and manner determined by the Board under rules uniformly applicable to all employees similarly situated. The Board reserves the right to change from time to time the manner for making notifications, elections or designations by Members under the DROP if it determines after due deliberation that such action is justified in that it improves the administration of the DROP. In the event of a conflict between the provisions for making an election, notification or designation set forth in the DROP and such new administrative procedures, those new administrative procedures shall prevail. Ordinance 19-1509 Page 7 of 9