When any former employee of the city is reemployed, he or she will become a member of the plan upon reemployment as a full-time permanent general city employee. When a former employee of the city is reemployed and said employee had withdrawn contributions previously made to the plan, he or she may have forfeited credited service reinstated upon satisfaction of each of the following conditions:
(1) The break in city employment is not more than sixty (60) months; and
(2) The plan is paid the total amount previously withdrawn (consisting of accumulated member contributions plus any interest previously paid by the plan on those contributions). This total amount is brought forward with interest for the total number of months from the date of withdrawal to the date of repayment, calculated to the nearest month. This calculated amount equals the amount to be repaid to the plan in a lump sum. The interest to bring forward the total amount will be at the equivalent compound monthly rate derived from the earning rate assumed by the actuary in the most recent actuarial valuation submitted to the Division of Retirement pursuant to F.S. Chapter 112, part VII.
(3) Repayment of withdrawn contributions, interest thereon, and administrative processing fee, must be made no later than one (1) year from the date the fund’s actuary delivers a repayment calculation to the employee.
(4) The application is made within one (1) year of reemployment by the city. Should a member fail to make application within one (1) year of reemployment for the purchase of prior city time, then the member may within five (5) years of reemployment by the city request the purchase of the prior city time. This time may be purchased at the full actuarial impact of the purchase of service, plus the cost of the actuarial services to calculate the buyback.
When a former employee of the city is reemployed and said employee had previously terminated his or her employment with a vested right to a deferred annuity, provided he or she had not withdrawn contributions previously made to the plan, he or she will again become a member of the plan as of the date of his or her reemployment as a full- time permanent general city employee. The credited service which such reemployed member had accumulated as of the date of his or her prior termination of employment shall be reinstated and he or she shall accrue additional credited service from the date of his or her reemployment. Any benefits to which such reemployed member subsequently becomes entitled shall be based on the sum of his or her credited service prior to his or her previous termination of employment plus credited service subsequently to his or her reemployment.
(Code 1958, § 21-38; Ord. No. 96-04, § 1, 3-5-96; Ord. No. 98-02, § 1, 1-20-98; Ord. No. 98-12, § 1, 4-21-98; Ord. No. 15-008, § 3, 3-2-15)