23-1584 Pension Plan Amendments - Laserfiche WebLink

Home Browse Search

(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, and the fiscal year is considered the determination period. 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 for all members, 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, as provided for in Treas. Reg. Section 1.401(a)(17) -1(b)(3) iii)(B). 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 IL• That Chapter 62, Pensions and Retirement, Article I, Police Officers' and Firefighters' Pension Plan, of the Code of Ordinances of the City of Casselberry, is hereby amended by amending Section 62-2004, Finances and Fund Management (f)(10) to read as follows: (f) (10) Any overpayments or underpayments from the Fund to a Member, Retiree or Beneficiary caused by errors of computation shall be adjusted with interest at a rate per annum approved by the Board in such a marmer that the Actuarial Equivalent of the benefit to which the Member, Retiree or Beneficiary was correctly entitled, shall be paid. Overpayments shall be charged against payments next succeeding the correction or collected in another manner if prudent. Notwithstanding the foregoing, the board shall have the discretion to not seek recovery of inadvertent overpayments from benefit recipients or other parties including the City, based on the circumstances of the overpayment on a case-by-case basis, provided that any such actions are consistent with the provisions of the Secure Act 2.0 applicable to govermnental plans with regard to inadvertent benefit overpayments and any applicable guidance subsequently issued by the Treasury and the Internal Revenue Service. Underpayments shall be made up from the Fund in a prudent manner.