23-1584 Pension Plan Amendments - Laserfiche WebLink

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SECTION IV: That Chapter 62, Pensions and Retirement, Article I, Police Officers' and Firefighters' Pension Plan, of the Code of Ordinances of the City of Casselberry, Section 62-2026, Military Service Prior to Employment, is hereby amended to read as follows: Sec. 62-2026. — Military service prior to employment The years or fractional parts of years that a Police Officer or Firefighter serves or has served on active duty in the military service of the Armed Forces of the United States, the United States Merchant Marine or the United States Coast Guard, voluntarily or involuntarily and honorable or under honorable conditions, prior to first and initial employment with the City Police Department or City Fire Department shall be added to his years of Credited Service provided that: (1) The member contributes to the Fund the sum that he would have contributed, based on his Salary and the member contribution rate in effect at the time that the Credited Service is requested, had he been a Member of the System for the years or fractional parts of years for which he is requesting credit plus amounts actuarially determined such that the crediting of service does not result in any cost to the Fund plus payment of costs for all professional services rendered to the Board in connection with purchase of years of Credited Service. (2) Multiple requests to purchase Credited Service pursuant to this section may be made at any time prior to retirement. (3) Payment by the Member of the required amount shall be made within six months of his request for credit, but no later than the retirement date, and shall be made in one lump surn payment upon receipt of which Credit Service shall be given or the member may elect to make payment for the requested credited service over a period of time as provided for in paragraph (6) below. (4) The maximum credit under this section shall be three (3) years. (5) Credited Service purchased pursuant to this section shall not count toward vesting or eligibility for not -in-line of duty disability benefits. (� In Lieu of the lump sum payment provided for in paragraph (3) above, a member may elect to make payments over a period of time in order to fully pay the amount provided in paragraph (1). The member shall be required to notify the board in writing, of his election to make payments in the manner provided for in this paragraph. The payment plan provided for in this paragraph shall be subject to the following terms: a. The principal amount to be paid shall be determined as set forth in paragraph 1 above. b. The original principal amount shall be amortized over the period beginning with the first payment and ending no later than sixty (60) months from the date of the first payment.