(A) Member contributions.
(1) Tier 1 member contributions amount. Each Tier 1 member shall be required to make regular contributions to the Fund in the amount of 8% of his or her compensation. Tier 1 member contributions picked up by the city on behalf of the Tier 1 member shall be deposited with the Board immediately after each pay period. The contributions made by each Tier 1 member to the Fund shall be designated as employer contributions pursuant to section 414(h) of the Internal Revenue Code. Such designation is contingent upon the contributions being excluded from the Tier 1 members' gross income for Federal Income Tax purposes. For all other purposes of the system, such contributions shall be considered to be Tier 1 member contributions.
(2) Tier 2 member contributions amount. Each Tier 2 member hired on or after July 16, 2009 shall be required to make regular contributions to the Fund in the amount of 9.5% of his or her compensation, effective the first full pay period on or after March 20, 2019. Tier 2 member contributions picked up by the city on behalf of the Tier 2 member shall be deposited with the Board immediately after each pay period and shall be designated as employer contributions pursuant to section 414(h) of the Internal Revenue Code. Such designation is contingent upon the contributions being excluded from the Tier 2 member's gross income for federal income tax purposes. For all other purposes, such contributions shall be considered to be Tier 2 member contributions.
(3) Method. Such contributions shall be made by payroll deduction.
(B) State contributions. Any monies received or receivable by reason of laws of the State of Florida, for the express purpose of funding and paying for retirement benefits for Firefighters of the city shall be deposited in the Fund comprising part of this system immediately and under no circumstances more than five days after receipt by the city.
(C) City contributions. So long as this system is in effect, the city shall make quarterly contributions to the Fund in an amount equal to the difference in each year, between the total aggregate member contributions for the year, plus state contributions for such year, and the total cost for the year, as shown by the most recent actuarial valuation of the system. The total cost for any year shall be defined as the total normal cost plus the additional amount sufficient to amortize the unfunded past service liability as provided in F.S. Ch. 112, Part VII.
(Ord. O-2010-30, passed 7-21-10; Am. Ord. O-2011-26, passed 9-7- 11; Am. Ord. O-2019-08, passed 3-20-19)