23-1584 Pension Plan Amendments - Laserfiche WebLink

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c. Payments shall consist of principal and interest at a rate equal to the actuarial — assumed rate of return on plan investments. d. Payments shall be made by payroll deduction from each paycheck on an after- tax hacic e. In the event that a member dies, retires, including entry into the Deferred Retirement Option Plan (DROP) or otherwise terminates his employment, without having made full payment of the principal amount necessary to receive all credited service requested, the member shall receive so much of the credited service requested, determined using_ procedures established by the actuary, which could be purchased with the amount of principal paid by the member to the date of his death or termination of employment. f In the event that the member's employment is terminated for any reason and he is not entitled to any benefit from the system other than the return of the amounts he has had deducted from his paycheck as his normal contribution to the system, the amounts which the member has paid pursuant to this subsection to purchase additional credited service, shall be returned to him including all interest paid however, no interest shall accrue on amounts paid to purchase service SECTION V: 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 62-2027, Prior Police or Fire Service, is hereby amended to read as follows: Sec. 62-2027. — Prior police or fire service. Unless otherwise prohibited by law, and except as provided for in Section 62-2001, the years or fractional parts of years that a Member previously served as a full-time police officer or firefighter with the City during a period of previous employment and for which period acetiunulated contributions were withdrawn from the fund, or the years and fractional parts of years that a Member served as a full-time police officer for any other municipal, county or state law enforcement department or as a full-time firefighter for any other municipal, county or special district fire department in the State of Florida 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.