(A) Each member entitled to a normal, early, or disability retirement benefit shall have the right at any time prior to his retirement to elect to have his benefit payable under any one of the options set forth below in lieu of benefits otherwise provided herein, and to revoke those elections at any time prior to actual retirement. The value of optional benefits shall be actuarially equivalent to the value of benefits otherwise payable. The member shall not be entitled to change a benefit option after the date of cashing or depositing the first retirement check.
(B) The member shall make the election by written request to the Board the request being retained in the Board’s file.
(1) Option 1: Joint and contingent survivor option. A retiring member may elect to receive a retirement benefit during his lifetime and have the retirement benefit (or a designated percentage of 25%, 50%, 66-2/3% or 75% thereof) continued after his death to and during the lifetime of his designated beneficiary. The election of Option 1 shall be null and void if the designated beneficiary dies before the member’s retirement.
(2) Option 2: Ten years certain and life thereafter. A retiring member may elect to receive a retirement benefit with 120 monthly payments guaranteed. If, after retiring, the member should die before the 120 monthly payments are made, benefits will continue to be paid to his beneficiary for the balance of the 120-month period. After expiration of the 120 monthly payments guaranteed, should the retired member be then alive, payments shall be continued during his remaining lifetime. Effective for terminations on and after March 19, 1999, this shall be the normal form of benefit.
(3) Option 3: Life-only annuity option. Effective as of March 12, 1999, a retiring member may elect to receive a monthly retirement benefit during his lifetime, with no survivor benefits payable.
(4) Option 4: Joint and last survivor option. Effective as of March 12, 1999, a retiring member may elect to receive a monthly retirement benefit during the joint lifetime of the member and his designated beneficiary and, following the death of either the member or his designated beneficiary, a percentage (either 50%, 66-2/3%, 75% or 100%, as elected) of such monthly benefit continued to the survivor for the life of the survivor.
(5) Option 5: Other. Retirement benefits may be paid in any form, excluding lump sum, approved by the Board, so long as actuarial equivalence with benefits otherwise payable is maintained.
(C) A deferred retirement option plan (“DROP”) is hereby created at no cost and with no liability to the city. An employee who is a member of the pension system and would be eligible to receive a service retirement pension under the city’s retirement system and has attained “Normal Retirement Status,” as specified in § 34.43 of this code, shall be eligible to participate in the Deferred Retirement Option Plan (“DROP”). A member who elects to enter the DROP shall have no recourse against the city for any claims with respect to the DROP payments or the DROP plan. Upon entering the DROP plan, a member will be required to provide to the city a letter of resignation dated the last day allowed by the DROP ordinance.
(1) Election to participate in the DROP must be exercised within the first five years of eligibility for the DROP for a maximum number of years as specified in subsection (3) below. Election to participate must be made in writing in a time and manner determined by the Board.
(2) A DROP account shall be created for each member who elects to participate in the DROP. A DROP account shall consist of amounts transferred to the DROP under § 34.52(C)(5) and earnings on those amounts, plus after-tax contributions to the DROP by employees under § 34.52(C)(6) and earnings on those amounts. Amounts transferred to the employee’s DROP accounts, under § 34.52(C)(5), shall be accounted for separately from amounts contributed to his DROP account under § 34.52(C)(6).
(3) The duration and participation in the DROP shall be specified and shall not exceed eight years from the first date of eligibility for normal retirement, as chosen by the member, pursuant to § 34.43 of this subchapter. Firefighter members who attain eligibility for normal retirement before reaching their 50th birthday may elect entry into the DROP no later than the date of their 50th birthday in order to enjoy a full eight years of participation in the DROP. For firefighter members employed as of the date of this amendment, and who were hired after the attainment of their 30th birthday, DROP entry for such members shall be no later than the date upon which they have completed 20 years of eligible service in order to enjoy a full participation in the DROP. For police officers employed as of the date of this amendment and who were hired after the attainment of their 25th birthday, DROP entry for such members shall be no later than the date upon which they have completed 25 years of eligible service in order to enjoy a full participation in the DROP.
(a) A member, who would be ineligible to participate in the DROP because he/she exceeded the final date of participation based on subsection (3) above, may nevertheless participate in the DROP for a maximum of two years if he/she elects to participate in the DROP within one year of the adoption of this section and incorporation of the DROP into the System.
(b) Notwithstanding subsection (3) above, employees who elect to participate in the DROP within 30 calendar days of the adoption of this section and would be entitled to participate in the DROP for more than two years, but less than five years, the duration of their participation shall be calculated as of October 1, 1996 for determining the eligible term of participation.
(4) Election to participate in the DROP shall preclude a member from accruing additional benefits under the Pension Fund and shall cease the accrual of the number of credited years of continuous service under the System, as of the date of such election. For pension benefit purposes, all calculations for average monthly earnings shall be based on the continuous years of credited service preceding the commencement of participation in the DROP.
(5) Upon election to participate in the DROP, monthly retirement benefits that would have been payable had the member terminated employment and elected to receive monthly pension payments shall be made into the member's DROP account. Payments to the member's DROP account shall be made on a monthly basis for the term of a member's participation in the DROP, but shall not exceed 60 months. DROP payments contributed to a member's DROP account shall, as chosen by the member or upon election to participate in the DROP, which may be changed annually during the month of September. A member's DROP account shall earn or lose interest as follows:
(a) Members participating in the DROP on April 30, 2010, shall be eligible to elect between earning at the same rate and frequency as in the Pension Fund, less reasonable and necessary administrative expenses, or an annual fixed interest rate of 8% on future payments to the member's DROP account and on all or any portion of the member's DROP account balance.
(b) Members hired prior to May 1, 2010, and not currently participating in the DROP on April 30, 2010, shall be eligible to elect between earning at the same gross rate and frequency as the Pension Fund or guaranteed return based upon the Pension Funds gross rate of return. The guaranteed return shall be calculated as follows:
1. If the Pension Fund's gross rate of return is less than 5%, then the member's DROP account shall earn 5%.
2. If the Pension Fund's gross rate of return is more than 8%, then the member's DROP account shall earn 8%.
3. If the Pension Fund's gross rate of return is between 5% and 8%, then the member's DROP account shall earn the same as the Pension Fund's gross rate of return.
(c) For members hired after April 30, 2010, the member's DROP account shall earn or lose interest at the same gross rate of return and frequency as the Pension Fund.
During a member’s participation in the DROP, he or she shall not be paid any amounts from the System, except as otherwise provided in § 34.52(C)(11) below.
(6) A member may make after-tax contributions to the DROP only during the first calendar year of his/her participation in the DROP. After-tax contribution shall be made in a time and manner determined by the Board.
(7) After-tax contributions made to the DROP shall be invested by the Board. Such contributions shall be credited quarterly to the member’s DROP account with the actual net investment return on the assets in which such amounts are invested by the Board. After-tax contributions and the earning thereon shall be accounted for separately from the contributions by the Pension Fund to the DROP. Members or their beneficiaries may withdraw, at their discretion, the amounts of the after-tax contributions, with earnings, any time on or after termination of employment, but no later than the required beginning date, as defined in § 34.64(E).
(8) Termination of participation in the DROP shall occur when a member participating in the DROP:
(a) Elects in writing, in a time and manner determined by the Board, to cease participation in the DROP. A member who elects to terminate his participation in the DROP under this subsection shall not be permitted to again become a participant in the DROP.
(b) Realizes the maximum participation period. If a member’s employment is not terminated at the end of the maximum participation period, authorized by this section, interest credits and DROP payments into the member’s DROP account shall cease.
(c) Terminates his employment as a police officer or firefighter; or
(d) Dies. A member who dies prior the commencement of his/her distribution of DROP payments shall be treated as a member who dies after becoming vested prior to the commencement of retirement under the pension plan, pursuant to § 34.47 of this subchapter. The Board may require and rely upon proof of death and such evidence of the right of any beneficiary or other person to receive the value of a deceased member’s DROP account as the Board may deem proper and its determination of the right of that beneficiary or other person to receive payment shall be conclusive.
(9) Upon termination of participation in the DROP, amounts shall cease to be transferred from the Retirement System to the member’s DROP account. Upon termination, a member of the DROP may choose to receive the balance of their DROP account either immediately after such termination or to defer such payment until the latest date permitted under 26 USC 401(a)(9), as may be amended from time to time. Payments may not be made from the DROP until a member’s employment is terminated. After termination of employment, members may obtain DROP payments in the form of a lump sum, installment, or an annuity. Distribution of a member’s DROP account shall begin as soon as administratively practicable following the member’s termination of employment.
(10) The assets of the DROP shall be managed by the Board. The Board may appoint a subcommittee with such powers as they shall determine; may adopt such administrative procedures and regulations as they may deem desirable for the conduct of the affairs and duties if under the DROP. A member of the Board shall not vote on any question relating exclusively to himself. The Board shall maintain or cause to be maintained records showing the operations and conditions of the DROP, including records showing the individual balances in each DROP account. The Board shall prepare or cause to be prepared and distributed to employees participating in the DROP and other individuals or filed with the appropriate governmental agencies, as the case may be, all necessary descriptions, reports, and date required to be distributed or filed for the DROP pursuant to the Internal Revenue Code, and any other applicable laws. The Board may pay reasonable and necessary expenses of administering DROP's assets, from funds of the DROP.
(11) DROP loans authorized. A DROP loan program is hereby approved for members who are DROP participants and retirees at the maximum amount permitted by IRS regulations. The DROP loan program shall be administered in accordance with a loan policy adopted by the Board of Trustees. The loan policy shall comply with all applicable IRS rules and regulations governing such loans. No interest shall be earned or paid by the Plan on funds loaned from a DROP account for the period of withdrawal until repaid. Members or retirees shall pay interest as determined by the Plan on any outstanding loan balance amount.
(12) Compliance with Internal Revenue Code Sections 414(k) and 414(i). To the extent required under the Internal Revenue Code, the DROP under the System shall be treated as a defined contribution plan to the extent that the member's benefits under the System are based on the member's DROP account. The amount of "annual additions" (as such term is defined in Section 415(c)(2) of the Internal Revenue Code and Treasury Regulations §1.415(c)-1(b)) which may be allocated under the DROP to a member's DROP account for a "limitation year" may not exceed the maximum permissible amount under Section 415(c)(1) of the Internal Revenue Code and Treasury Regulations §1.415(c)-1(a)(1) (the "Annual Maximum Amount"). For purposes hereof, the term "limitation year" means the 12-month period beginning on January 1. In addition, for purposes of determining a member's Annual Maximum Amount, the member's compensation shall be determined in compliance with Treasury Regulations §1.415(c)-2.
(D) Career Anniversary Pension Retirement Incentive Option.
(1) For police officer members who elect to retire or enter the DROP upon, no earlier than attainment of age 50 with ten years of service and no later than completion of 20 years of service regardless of age as set forth in § 34.43, shall receive the benefits as set forth below.
(2) In order to receive the following benefits, firefighter members who were members of the plan on June 18, 2003, when Ordinance No. 1443 took effect, must retire or enter the DROP upon but not after attaining 20 years of service unless they, before attaining 20 years of service, have attained age 50 with ten years of service, in which case the member must retire or enter the DROP no earlier than attainment of age 50 with ten years of service and no later than attainment of 20 years of service. Firefighter members who entered the pension fund after June 18, 2003 will receive the following benefits if they elect to retire or enter the DROP upon, but not after, attaining the earlier of the normal retirement age of 20 years of service or age 50 with ten years of service as set forth in § 34.43.
(a) The amount of the benefit shall be 4%, rather than the 3% set forth in § 34.43(C), of average monthly earnings for the highest two years of continuous service multiplied by years of continuous service, subject in any event to a maximum of 80% of average monthly earnings for the highest two years of continuous service.
For police officer members hired on or before April 30, 2010, the benefit multiplier shall be 4% for continuous service accrued on or before April 30, 2010 and 3.5% for continuous service accrued after April 30, 2010.
For police officer members hired after April 30, 2010, the benefit multiplier shall be 3% for each year of continuous service and average final compensation shall be the average of the highest two years of continuous service, subject in any event to a maximum of 80% of average final compensation.
For firefighter members, effective April 30, 2010, the benefit multiplier shall be 4% for service accrued on or before April 30, 2010. For any continuous service accrued by a firefighter on or after May 1, 2010:
1. If a firefighter member was hired on or prior to June 18, 2003, the benefit multiplier shall be 4% for each year of continuous service accrued prior to May 1, 2010 and the benefit multiplier shall be 3.5% for each year of continuous service accrued on or after May 1, 2010. The firefighter shall be eligible to retire or enter the DROP, as set forth in § 34.52, upon reaching a benefit of 80% of average earnings; attainment of age 50 with a minimum of ten years of continuous service; or upon completion of 20 years of service regardless of age. If the firefighter's service with the city terminates prior to either: (1) reaching age 50 with at least ten years of continuous service; or (2) completion of 20 years of continuous service regardless of age, the firefighter's benefit multiplier for each year of creditable service shall be reduced to 3%, and the ten-year vesting requirement shall continue to apply.
2. If a firefighter member is hired after June 18, 2003, and prior to May 1, 2010, the benefit multiplier shall be 4% for each year of continuous service accrued prior to May 1, 2010, and the benefit multiplier shall be 3.5% for each year of continuous service accrued on or after May 1, 2010. The firefighter shall remain eligible to be an active employee of the city until such time as the firefighter's benefit equals the maximum benefit the firefighter would have been entitled to under the provisions of the Plan in effect on April 30, 2010. (By way of example only, a firefighter member hired at age 35 after June 18, 2003 would have been eligible to retire at age 50 with 15 years of credited service with a 4% multiplier, resulting in a benefit equal to 60% of earnings. The same employee would remain eligible for active participation until such 60% benefit is achieved with the reduced multiplier of 3.5% for credited service earned after April 30, 2010.) The firefighter is eligible to retire or enter the DROP upon reaching the maximum benefit calculated in accordance with the preceding sentence or attainment of age 50 with a minimum of ten years of continuous service. If the firefighter's service with the city terminates prior to either: (1) reaching age 50 with at least ten years of continuous service; or (2) completion of 20 years of continuous service regardless of age, the firefighter's benefit multiplier for each year of creditable service shall be reduced to 3%, and the ten-year vesting requirement shall continue to apply.
3. If a firefighter member is hired after April 30, 2010, the amount of the benefit multiplier shall be 3% of average monthly earnings for the highest two years of continuous service and the maximum benefit shall be 80% of the firefighter's average monthly earnings for the highest two years of continuous service.
(b) For firefighter members hired on or after April 1, 2006 the amount of the benefit shall be as calculated in division (D)(1)(a) of this section and shall in no event exceed 98% of average monthly regular wages for the same highest two years of continuous service selected above and as defined in § 34.36(A)(4) and (18).
(3) Prior to May 1, 2010, "earnings," for purposes of calculating any benefits pursuant to the Career Anniversary Pension Retirement Incentive Option set forth in this section, shall include paymentfor up to 1,000 hours of accrued unused leave as set forth in "earnings" as defined in § 34.36(A)(10). Effective May 1, 2010, accrued leave earned by a member on or after May 1, 2010 shall not be included as part of the member's "earnings" for purposed of calculating the member's benefit under the system.
(4) Negotiated Adjustment to Pension Income.
(a) For firefighter retirees:
1. Effective April 1, 2005, and April 1st of each year thereafter, retirees, their beneficiaries and DROP participants will receive either a 2% increase to their retirement benefit or an adjustment equal to the total percentage increase in base wages, excluding performance or merit adjustments provided in the collective bargaining agreement to bargaining unit members, for the city fiscal year commencing the preceding October 1st, whichever is greater. This increase shall be applied to all monthly benefit payments for all participants (including retirees and DROP participants) and beneficiaries who were receiving benefits for at least one year from June 18, 2003.
2. Upon retirement, firefighter members who were hired on or after April 1, 2006 shall receive a fixed 3% increase to their monthly retirement benefit on April 1 of each year following retirement. Effective May 1, 2010, firefighters who were hired prior to May 1, 2010 and retire or enter the DROP after April 30, 2010, or their beneficiaries, shall receive a 2% cost-of-living adjustment on April 1 of each year following retirement. Firefighters hired on or after May 1, 2010, and retire or enter the DROP, or their beneficiaries, shall receive a 1.5% cost-of-living adjustment on April 1 of each year following retirement.
3. Firefighter members who were hired prior to April 1, 2006 and retirees and DROP participants who were hired prior to April 1, 2006 shall within 60 days from the effective date of this section irrevocably elect to receive the negotiated adjustment to pension income as set forth in either division (D)(3)(a) or (b) of this section.
(b) For police officer retirees:
1. Effective October 1, 2009, and October 1 of each year thereafter, retirees who retired on or after October 1, 2003, or are participating in the DROP on or after October 1, 2003, or their beneficiaries, will receive a 1.5% increase to their retirement benefit. This increase shall be applied to all monthly benefit payments for all participants (including retirees and DROP participants) and beneficiaries who were receiving benefits for at least one year from March 17, 2003. For those receiving benefits for less than one year from the first cost of living adjustment, the increase shall be prorated.
2. Effective October 1, 2009, and October 1st of each year thereafter, retirees who retired or entered the DROP on or after October 1, 2006 or their beneficiaries will receive a 3% increase to their retirement benefit. This increase shall be applied to all monthly benefit payments for all participants (including retirees and DROP participants) and beneficiaries who were receiving benefits for at least one year from October 1, 2008. Effective May 1, 2010, police officers who were hired prior to May 1, 2010, and retire or enter the DROP after April 30, 2010, and their beneficiaries, shall receive a 2% cost-of-living adjustment on October 1 each year following retirement. Police officers hired on or after May 1, 2010, who retire or enter the DROP, and their beneficiaries, shall receive a 1.5% cost-of-living adjustment on October 1 of each year following retirement.
(c) For those firefighter and police officer retirees receiving benefits for less than one year from the first cost of living adjustment, the annual increase shall be prorated.
(5) Enhanced benefit incentive.
(a) Firefighter members who, as of June 18, 2003, have already attained the normal retirement age set forth in § 34.43(A)(6) shall have 60 days from June 18, 2003 to irrevocably elect the incentive set forth in divisions (D)(1) through (D)(3) above. Firefighter members who, as of June 18, 2003, have attained the normal retirement age set forth in § 34.43(A)(7) but have not yet attained 20 continuous years of service shall have the option of electing this incentive any time between June 18, 2003 and attaining the normal retirement age set forth in § 34.43(A)(6). Election of the incentive shall be irrevocable and require a firefighter member with more than 20 continuous years of service, at his or her option, to participate in the DROP retroactively to normal retirement age or five years, whichever is less. This will result in the immediate retirement (termination of fire department employment) of those firefighter members who, upon June 18, 2003, elect this incentive and have 25 or more continuous years of service. In the event a firefighter member who has already attained the normal retirement age set forth in § 34.43(A)(6) decides not to elect this incentive, then retirement benefits shall remain as set forth prior to this amendment.
(b) Police officer members who, as of March 17, 2004, have already attained the normal retirement age of 20 years of service or 50 years of age and ten years of service shall have 30 days from March 17, 2004 to irrevocably elect the incentive set forth in subsections (D)(1) through (3) above. Police officer members who, as of March 17, 2004, have attained the normal retirement age of 50 years of age and ten years of service, but have not yet attained 20 continuous years of service shall have the option of electing this incentive any time between March 17, normal retirement age of 20 years of service. Election of the incentive shall be irrevocable and require a police officer member with more than 20 continuous years of service, at his or her option, to participate in the DROP retroactively to normal retirement age or five years, whichever is less. This will result in the immediate retirement (termination of police department employment) of those police officer members who, upon March 17, 2004, elect this incentive and have 25 or more continuous years of service. In the event a police officer member who has already attained the normal retirement age decides not to elect this incentive, then retirement benefits shall remain as set forth prior to this amendment.
(6) Firefighter members enrolled in the DROP as of June 18, 2003 shall have the option, within 60 days of that date, and police officer members enrolled in the DROP as of March 17, 2004 shall have the option within 30 days of March 17, 2004, to elect this incentive, excluding § 34.52(D)(2), retroactively to their attainment of normal retirement age or five years, whichever is less (including the period of DROP participation). In the event a current DROP participant decides not to elect this incentive, then the member's retirement benefits and DROP terms shall remain unchanged.
(7) Firefighter members who did not contribute 10.4% as of October 1, 2002, shall have the option to receive the incentive above if they make an irrevocable election in writing within ten days of March 19, 2003 to retroactively pay contributions at the net rate of 10.4% plus interest at 8%, compounded annually. The payment must be made in a lump sum by certified check or trustee to trustee transfer received by the system within 30 days following notification of amount due. If the member has reached normal retirement age set forth in § 34.43(A)(6), the incentive will be applied retroactively. This will result in the immediate retirement (termination of fire department employment) of those firefighter members who, upon June 18, 2003, elect this incentive and have 25 or more years of credited service.
(8) For purposes of this division (D) only, “termination of fire department employment” shall mean termination of fire department employment from a bargaining unit position and thereafter not being rehired, retained, engaged, employed or contracted by the city to perform duties that were previously performed by the member or by other firefighter members while the member was employed by the city in said bargaining unit covered position.
(9) For purposes of this division (D) only, “Termination of Police Department Employment” shall mean termination of Police Department employment and thereafter not being rehired, retained, engaged, employed or contracted with the city to perform duties that were previously performed by the police officer member or by other police officer members while the police officer member was employed by the city.
(E) In service distribution. Notwithstanding any other provision of this Code of Ordinances to the contrary:
(1) A retired member who has terminated employment with the city may be re-employed by the city in a “non-bargaining unit position”, provided the retired member has satisfied the conditions for full retirement under § 34.43 (“normal retirement age”) based solely on satisfaction of one of the service requirements set forth therein (e.g. 20 years of continuous service regardless of age) and is re-employed by the city after such retirement in a non-bargaining unit position. In such an event, the re-employed member shall continue to receive retirement benefits from this Plan and continued earnings on the member’s DROP account, and may also elect to receive payments from the member’s DROP account.
(2) In the event that any such re-employed member shall be returned to employment as a certified police officer or firefighter as defined in F.S. Ch. 175 and Ch. 185 in a position requiring more than 30 hours of work per week and 52 weeks of schedules work per year, the re-employed member shall continue to receive retirement benefits from this Plan as provided in division (E)(1) above, shall again become a contributing member of the Plan for the period of re-employment. Upon separation from the city following the period of re-employment, the benefits earned during the period of re-employment shall be calculated separately and shall be in addition to the benefits earned during the initial period of employment. No benefits earned during any period of full time re-employment shall affect the level of benefits earned during the initial period of employment.
(3) A member shall become 100% vested in his or her benefits provided by the system upon attaining normal retirement age.
(F) (1) The City, effective April 1, 2018, will offer an eight year DROP to a Police Officer Member who has not already entered DROP or those currently in DROP. The DROP account balance, for the first five years of the DROP ("Bucket 1") would be based on your date of hire (hires prior to May 1, 2010, may elect either):
(a) The range of 5% to 8% based on gross market return guaranteed; or
(b) Gross market return; or for hires on or after May 1, 2010, gross market return).
(2) For years six and beyond, the rate would be gross market return ("Bucket 2"). All Police Officer DROP participants hired prior to May 1, 2010, who do not elect to participate beyond the initial 60 month plan, may elect either:
(a) The range of 5% to 8% based on gross market return guaranteed; or
(b) Gross market return as currently included in the city's pension plan.
(3) All Police Officer DROP participants hired prior to May 1, 2010, who elect to participate beyond the initial 60 month plan, may elect either:
(a) The range of 5% to 8% based on gross market return guaranteed; or
(b) Gross market return on Bucket 1 and shall be eligible to elect between earning at the same gross rate and frequency as the Pension Fund or guaranteed return based upon the Pension Funds gross rate of return, until the tenth anniversary of separation of service from the city.
(4) For those Police Officer members who elect to participate in the DROP program beyond 60 months, shall either withdraw all DROP funds from their plan by the tenth anniversary of separation of service from the city, or have the option to leave the DROP balance in the city pension plan and receive the net plan rate of return (market rate of return - gross investment return less investment/administrative expenses) (all DROP funds remaining within the Plan would move to “Bucket 2”). By the tenth anniversary of separation of service, members will make the decision regarding how much, if any, DROP funds remain within the plan.
(5) For those Police Officer members who elect to participate in the DROP program beyond 60 months, a new pension contract would have to be executed by the city and the member. Members must notify the city a minimum of three months prior to close of the 60 month DROP period, if they elect to extend their DROP participation beyond the initial 60 month DROP period.
(G) A 401(a) Retirement Plan for the city’s police officer and firefighter members is hereby established pursuant to F.S. §§ 175.351 and 185.35. The city and the applicable collective bargaining groups have agreed that the city shall be allowed to utilize all premium tax revenues to offset the city’s funding of its annual required contribution of the Plan, thus no funds will be deposited into the 401(a) Plan unless mutually agreed to by the city and each of the collective bargaining units. To the extent the city and the respective collective bargaining groups agree that any premium insurance tax revenues are to be deposited in the 401 (a) Plan in accordance with F.S. § 175.351(6) and F.S. § 185.35(6), the city and the respective collective bargaining groups will determine the terms of distribution, investment, and vesting in such funds. At all times, the 401(a) Plan shall be administered in compliance with all state and federal laws, rules, and regulations applicable to such plans, including but not limited to the Internal Revenue Code, the U.S. Department of Labor, or other such applicable regulatory agencies.
(‘69 Code, § 5-161) (Ord. 557, passed 2-19-81; Am. Ord. 1198, passed 12-18-96; Am. Ord. 1249, passed 1-7-98; Am. Ord. 1353, passed 9-20-00; Am. Ord. 1360, passed 12-20-00; Am. Ord. 1443, passed 6-18-03; Am. Ord. 1480, passed 3-17-04; Am. Ord. 1509, passed 2-17-05; Am. Ord. 1521, passed 8-3-05; Am. Ord. 1572, passed 2-21-07; Am. Ord. 1581, passed 5-16-07; Am. Ord. 1669, passed 8-4-10; Am. Ord. 1693, passed 6-15-11; Am. Ord. 1705, passed 10-5-11; Am. Ord. 1767, passed 1-15-14; Am. Ord. 1774, passed 4-9-14; Am. Ord. 1900, passed 3-21-18; Am. Ord. 1915, passed 9-17-18; Am. Ord. 1916, passed 9-17-18)