The Pension Fund shall consist of monies derived from the following sources:
(A) There shall be transferred to the Pension Fund of this system all monies paid by the city and employees into any other pension and retirement system of the city on account of employees of the Fire and Police Departments who are eligible for membership in this system on February 19, 1981 and who elect to become members according to the terms of this subchapter. The funds to be transferred, together with interest thereon to the date of transfer, shall be credited against the city’s liability for creditable service prior to February 19, 1981 of persons who become members of the system created by this subchapter.
(B) The city shall, in lieu of any other annual prior service payments set forth, pay into this Fund, in payments no less than quarterly, the amount that is actuarially determined to be necessary to amortize the unfunded prior service liability for all benefits provided for under this subchapter, at a uniform rate, over a period not exceeding 40 years. So long as this system is in effect, the city shall make quarterly contributions for the year plus state contributions for the year and the amount necessary for the year to maintain the system on a sound actuarial basis as shown by the most recent actuarial valuation report. The total cost of any year shall be defined as the total of normal cost plus the additional amount sufficient to amortize the accrued past service liability over a 40-year period on October 1, 1990.
(C) Member contributions shall be deposited to the Fund each pay period.
(1) The member contribution shall be equal to 10.4% of the annual earning of the eligible employees.
(2) Effective October 1, 2015, the contribution for police officer members hired on or after May 1, 2010 will be reduced from 10.4% to 7.0% of the annual earnings of such eligible police officer members.
(D) Any monies received or receivable by reason of laws of the state, for the purpose of providing for and funding of benefits for firefighters and police officers of the city shall be deposited immediately and in no event more than five days after receipt, in the Trust Fund comprising part of the system.
(E) There shall be an actuarial valuation prepared by the actuary at least every three years. The city shall make adjustments in its contributions as shall be shown to be required by obligations of this Pension Fund, over and above the personal contributions forthcoming from the members, which are declared to be the liability and obligation of the city.
(F) Nothing in this subchapter shall be construed to prevent the City Commission from appropriating monies from the General Funds or from any Special Funds of the city. Furthermore, the city shall have the right and power to designate the sources of revenue from the Pension Fund created by this subchapter, including certain fines and forfeitures for violations of the city ordinances. No monies raised by taxation or otherwise provided for the Pension Fund shall be used other than for the purpose of this subchapter.
(G) The city and the unions that represent members have entered into mutual agreements regarding the use of Insurance Premium Tax Revenue (“IPTR”) as required by the Chapter No. 2015-39. Laws of Florida such that all IPTR, whether base premium tax revenue or additional premium tax revenue, received by the city will be used to reduce the city’s annual required contribution to the City Pension Fund for Firefighters and Police Officers.
(‘69 Code, § 5-151) (Ord. 557, passed 2-19-81; Am. Ord. 829, passed 3-4-87; Am. Ord. 967, passed 9-19-91; Am. Ord. 1353, passed 9-20-00; Am. Ord. 1480, passed 3-17-04; Am. Ord. 1824, passed 9-16-15; Am. Ord. 1915, passed 9-17-18)