§ 2-55. Supplemental retirement benefit.

There is hereby created a supplemental retirement benefit to be funded and payable as follows:

(1)

By the payment to the supplemental retirement benefit fund seventy-five (75) percent of the City of Lauderhill Firefighters' Retirement Trust Fund's prior years actuarial gain remaining after the application of payments of variable benefits provided in section 2-43(h) hereof and fifty (50) percent of the annual chapter 175 premium tax revenues received by the city in accordance with F.S. ch. 175, as provided in subsection 2-58(b); and

(2)

The supplemental retirement benefit shall be paid in equal monthly installments, effective October 1 to retirees or their beneficiaries (when the retiree is deceased). The benefit will be paid to the beneficiaries of eligible retirees as defined in subsection (9) below upon the retiree's death, but only if the retiree retired or was eligible to retire as of September 30, 2016 (i.e., grandfathered). For all other individuals who retire on or after October 1, 2016 and who were not eligible to retire until on or after October 1, 2016, the benefit shall terminate upon their death. The annual payments to a retiree shall not exceed one (1) year's payment of the premium cost of the individual retiree health insurance provided by the city, for the previous September 30.

(3)

The first supplemental retirement benefit shall be paid effective October 1, 2003, if money is available to pay it.

(4)

The amount of the supplemental retirement benefit shall be determined as follows. Each October 1, the board shall determine the total amount of funds available in the supplemental benefit fund. The board shall also determine the total number of current retirees and vested participants in the plan. The total funds available in the supplemental retirement benefit fund shall be divided by the total number of retirees and vested participants, and the quotient shall be the annual supplemental benefit paid to each retiree in monthly installments. In no event shall the total supplemental benefit paid to a retiree exceed the annual premium, paid by the city for individual health insurance coverage. All funds not distributed to retirees shall remain in the supplemental retirement benefit fund.

(5)

For each year, fifty (50) percent of the annual chapter 175 premium tax revenue plus the remaining actuarial gain shall be placed in a "future benefit reserve account" to be used for additional future benefits to the retirees or retirees and their designated beneficiaries. The amount of money presently in the future benefit reserve account, plus any additional money added to it, may be used to pay the supplemental benefit provided for in this section 2-55, or for any future benefit to be later determined through negotiations between the city and the union.

(6)

Participants in the DROP, though included in paragraph (4), the purposes of calculating the annual supplemental benefit, are not eligible for the supplemental retirement benefits, until such time as they separate from service.

(7)

The creation of the supplemental retirement benefit account and the future benefit reserve account are for bookkeeping purposes. The monies in said accounts may be commingled with all the other assets of the trust.

(8)

Administrative rules and regulations. The board of trustees shall have authority to promulgate administrative rules and regulations for the carrying out of the supplement retirement benefit.

(9)

The supplemental retirement benefit will be paid only to those eligible persons who retired on or after October 1, 2000.

(Ord. No. 02O-11-178, § 2, 12-9-02; Ord. No. 07O-04-126, § 2, 5-14-07; Ord. No. 17O-01-103, § 3, 2-13-2017; Ord. No. 17O-10-152, § 4, 11-13-2017)