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<br />CITY OF CASSELBERRY <br />POLICE OFFICERS' AND FIREFIGHTERS' PENSION PLAN <br /> <br />SECTION 62-481. DEFINITIONS. <br /> <br />I. As used herein, unless otherwise defined or required by the context, the following <br />words and phrases shall have the meaning indicated: <br />Accumulated Contributions means a Member's own contributions without interest. Forthose <br /> <br />Members who purchase Credited Service with interest or at no cost to the System, any payment <br />representing interest and any required actuarially calculated payments for the purchase of such <br />Credited Service shall be included in Accumulated Contributions. <br /> <br />Act means the Employee Retirement Income Security Act of 1974 (P.L. 93-406) and any <br />regulations issued thereunder by the Department of Labor and the Internal Revenue Service, as that <br />Statute and these regulations shall be amended. <br /> <br />Actuarial Eauivalent means a benefit or amount of equal value, based upon the 1983 Group <br />Annuity Mortality Table and an interest rate of eight percent (8%) per annum. <br />Average Final Compensation means one-twelfth (1/12) of the average Salary of the five (5) <br />best years of the last ten (10) years of Credited Service prior to Retirement, termination, or death, <br />or the career average as a full-time Police Officer or Firefighter, whichever is greater. A year shall <br />be twelve (12) consecutive months. <br /> <br />Beneficiarv means the person or persons entitled to receive benefits hereunder at the death <br /> <br />of a Member who has or have been designated in writing by the Member and filed with the Board. <br />Ifno such designation is in effect, or if no person so designated is living, at the time of death of the <br />Member, the Beneficiary shall be the estate of the Member. <br />Board means the Board of Trustees, which shall administer and manage the System herein <br />provided and serve as trustees of the Fund. <br />Citv means City of Casselberry, Florida. <br />Code means the Internal Revenue Code of 1986, as amended from time to time. <br /> <br />Credited Service means the total number of years and fractional parts of years of service as <br />a Police Officer or Firefighter with Member contributions, when required, omitting intervening years <br /> <br />1 <br />