23-1584 Pension Plan Amendments - Laserfiche WebLink

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(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 sum 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 (8) below. (4) The maximum credit under this Section for service other than with the City of Casselberry shall be five years of credited service and shall count for all purposes, except vesting and eligibility for not -in-line of duty disability benefits. There shall be no maximum purchase of credit for prior service with the City of Casselberry and such credit shall count for all purposes, including vesting. (5) In no event, however, may credited service be purchased pursuant to this Section for prior service with any other public employer, if such prior service forms or will form the basis of a retirement benefit or pension from a different employer's retirement system or plan as set forth in subsection62 20 5(k)(2- 62-2015(1)(2). (6) For purposes of determining credit for prior service as a firefighter as provided for in this section in additional to service as a firefighter in this state, credit may be given for federal, other state, or county service if the prior service is recognized by the Division of State Fire Marshal, as provided under F.S. Ch. 633, or the firefighter provides proof to the Board that such service is equivalent to the service required to meet the definition of a firefighter under Section 62-2001. (7) For purposes of determining credit for prior service as a police officer as provided for in this section, in additional to service as a police officer in this state, credit may be given for federal, other state, or county service if the prior service is recognized by the Criminal Justice Standards and Training Commission within the Department of Law Enforcement, as provided under Chapter 943, Florida Statutes, or the police officer provides proof to the Board that such service is equivalent to the service required to meet the definition of a police officer under Section 62-2001. (8) 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 for 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 followingterms: rms' a. The principal amount to be paid shall be determined as set forth in para rg aph 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. C. Payments shall consist of principal and interest at a rate equal to the actuarially assumed rate of return on plan investments.