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(A) In accordance with F.S. Chapter 185, there is hereby established a defined contribution plan component (share plan) to provide special benefits to eligible police officer members, such benefits to be funded solely and entirely by Chapter 185 premium tax revenues, as set forth herein.
(B) Effective October 1, 2015, one-half of the accumulated excess Chapter 185 premium tax reserve account as of October 1, 2015 ($107,581); and one-half of the annual premium tax revenues received from the State of Florida pursuant to F.S. Chapter 185, that exceed the amount received for calendar year 2012 ($876,088), shall be used to the share plan.
(C) The premium tax revenues allocated to fund the share plan shall be credited to eligible member share accounts and distributed to eligible members in a manner approved by a majority of eligible police officer members and the Florida Division of Retirement.
(Ord. 2017-30, passed 2-28-17)