(A) (1) Members of the retirement system shall make regular contributions to the trust fund at a rate equal to 8.6% of their respective annual earnings, except for firefighter members who, effective October 1, 2004, shall contribute 11.6% of their respective annual earnings. Firefighter member contributions shall be reduced to 0.5% after 25 years of service and upon reaching the maximum benefit of 80% and shall be increased to 11.6% if the member continues in employment and does not enter DROP upon reaching the normal retirement date. Eligible employees, as a condition of membership, shall agree in writing on becoming a member to make the contributions specified herein. The contributions shall be deducted from earnings before the earnings are paid.
(‘58 Code, § 11.51)
(2) Effective September 26th, 1989, the city shall assume and pay future member contributions in lieu of payroll deductions from member’s earnings. No member shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the city directly to the retirement system. All such contributions by the city shall be deemed and considered as a part of each member’s accumulated contributions and subject to all provisions of the retirements system pertaining to accumulated contributions of the members. The city shall immediately deposit all such contributions following each pay period. This city “pick up” of contributions shall be the result of an 8.6%, or 11.6% for firefighter members on or after October 1, 2004, reduction of each member’s base pay and is intended to comply with Section 414(H)(2) of the Internal Revenue Code. Base pay for purposes of overtime pay, pay supplements, and retirement benefit calculations shall not be reduced.
(Ord. 89-95, passed 9-19-89; Am. Ord. 2006-9, passed 12-13-05; Am. Ord. 2015-19, passed 1-13-15)
(B) Any money received or receivable by reason of 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 under no circumstances more than five days after receipt, in the trust fund comprising part of this system. Effective for plan years beginning October 1, 2015 and later, all annual premium tax revenues received pursuant to F.S. Chapter 185, up to $876.088, plus one-half of any amount received in excess of $876,088 shall be used to reduce the employer's actuarially determined contribution to the system. The other one-half of any annual amount of Chapter 185 premium tax revenues received in excess of $876,088 shall be used to fund the supplemental "share plan" retirement benefit for police officers as provided in § 34.0605. In addition, one-half of the accumulated excess Chapter 185 premium tax reserve account as of October 1, 2015 ($107,581) shall be used to pay down the unfunded liability of the system attributable to police officers, and the other one-half of the accumulated excess Chapter 185 premium tax reserve account as of October 1, 2015 ($107,581) shall be used to fund the supplemental "share plan" retirement benefit for police officers as provided in § 34.0605. (‘58 Code, § 11.52) (Ord. 2017-30, passed 2-28-17)
(C) So long as this system is in effect, the city shall make an annual contribution to the trust fund, payable at least quarterly, 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 amount necessary for the year to maintain the system on a sound actuarial basis as shown by the most recent actuarial valuation and report for the system. The total cost for 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 commencing on October 1, 1972.
('58 Code, §11.53)
(D) 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 contributions plus 3% interest.
('58 Code, §11.54)
(E) All money which has been refunded by the members' contributions and the city's contributions, and money from all outside sources such as private contributions or those contributions made by the state or any other firms, corporations, or companies being invested into any basic or secondary pension plan for the retirement of any employee which shall be included in this fund, including any interest gathered by these monies, shall be transferred into this fund to be known as The Pompano Beach Police and Firemen's Pension Fund, no later than 30 days after this fund becomes law.
(‘58 Code, § 11.55) (Ord. 72-59, passed 8-15-72; Am. Ord. 73-11, passed 1-3-73; Am. Ord. 2000-73, passed 9-12-00)