(A) There shall be three kinds of contributions to the system:
(1) Member contributions. For certified firefighters members of the retirement system shall make regular contributions to the Pension Fund as a rate equal to the greater of 10.4% of their respective annual earnings or the actuarially determined amount for buyback. For certified police officer members of the retirement system shall make regular contributions to the Pension Fund at a rate equal to 10.4% of their respective annual earnings as of April 1, 1991. The contributions attributable to the period from April 1, 1991 to October 1, 1992 shall be paid to the pension fund in accordance with the payment schedule approved by the Pension Board, provided, however, repayment shall be completed within 24 months from the effective date of this section. All eligible employees, as a condition of membership, shall agree in writing on becoming a member to make the member contributions specified herein. These contributions shall be deducted from earnings before the earnings are paid, until the member had completed 26 and 2/3 years of continuous service, at which time payments stop. Member contributions shall be deposited into the fund each pay period.
(2) State contributions. Any monies received or receivable by reason of the laws of the state for the express purpose of funding and paying for retirement benefits for police officers and firefighters of the city shall be deposited, immediately and in no event more than five days after receipt, in the Pension fund comprising part of this system.
(3) City contributions. So long as this system is in effect, the city shall make an annual contribution to the Pension Fund in an amount equal to the difference in each year as between the total of aggregate member contributions for the year plus state contributions for the year, and the total cost for the year as shown by the most recent actuarial valuation and report for the system, such contributions shall be deposited into the fund in accordance with § 34.37(B) herein. The total cost for any year shall be defined as the total normal cost for and expenses of the Board, plus the additional amount sufficient to amortize the unfunded accrued past service liability over not more than a 40-year period commencing with the effective date of this system, and not more than a 30-year period for additional (new) benefits. The City Commission and the Board will undertake a study of funding alternatives that will reduce the cost to the city.
(B) Buyback. Subject to the limitations of Internal Revenue Code Section 415(n), a member shall be provided with credit for periods of service not otherwise taken into account under the plan if the member voluntarily contributes to the plan in an amount (as determined by the Board, in its sole discretion) equal to the amount necessary to fund the benefit attributable to such period of service reduced by any city contribution with respect to such service. Buyback shall be permitted only with respect to periods of service with the city during which time the member was not permitted to participate in the plan because he/she had attained age 36. To receive credit for such service, the member must submit a written election indicating his intent to do so, along with the payment representing the appropriate amount of the required contribution. Service shall not become effective prior to full payment of such contribution.
(C) All retirement, death, and disability benefits payable under this system are in lieu of a refund of member contributions. In any event, however, each member shall be guaranteed the payment of benefits at least equal in total amount to his accumulated member contributions plus 3% simple interest.
(D) All monies which have been funded by member contributions and the city’s contributions, and monies from all outside sources such as private contributions or those contributions made by the state or any other firms, corporations, or companies invested into any basic or secondary pension plan for the retirement of any employee who shall be included in the Pension Fund, including any interest gathered by these monies, shall be transferred into the Pension Fund to be known more fully as the Pembroke Pines Firefighter’s and Police Officer’s Retirement Fund. All beneficiaries and retired members presently receiving benefits from Bankers Life shall continue to receive these benefits under this system.
(‘69 Code, § 5-1612 (Ord. 557, passed 2-19-81; Am. Ord. 967, passed 9-19-91; Am. Ord. 1014, passed 11-4-92; Am. Ord. 1353, passed 9-20-00; Am. Ord. 1480, passed 3-17-04)