§ 2-61. Definitions.

As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meanings indicated:

Accumulated contributions means a member's own contributions plus interest and contributions picked up on behalf of a member.

Actuarial equivalence or actuarial equivalent means that any benefit payable under the terms hereof in a form other than the normal form of benefit shall have the same actuarial present value on the date payment commences as the normal form of benefit. For purposes of establishing the actuarial present value of any form of payment, all future payments shall be discounted for interest and mortality by using seven (7) percent interest and the 1971 Group Annuity Mortality Tables for Males, with ages set ahead five (5) years in the case of disability retirees.

Agreement means this written instrument setting forth the provisions of the retirement system.

Average monthly earnings means one-twelfth ( 1/12 ) of the arithmetic average of annual earnings for the highest consecutive five (5) years of the ten (10) full years immediately preceding the actual retirement or termination date of a member; provided, that if a member shall have been employed for fewer than five (5) years such average shall be taken only over the period of his actual employment.

Beneficiary means the person or persons entitled to receive benefits hereunder at the death of a member who has or have been designated in writing by the member and filed with the board. If no such designation is in effect at the time of death of the member, or if no person so designated is living at that time, the beneficiary shall be the member's estate.

Board means the board of trustees, which shall administer and manage the system herein provided and serve as trustee of the fund.

City means the City of Lauderhill, Florida.

City council means the City Council of the City of Lauderhill, Florida.

Continuous service means uninterrupted service (expressed as years and completed months), from the date a member last entered employment, including the initial period of probationary employment, until the date his employment shall be terminated by death, disability, retirement, resignation or discharge; provided, however, the continuous service of any member shall not be deemed to be interrupted by:

(1)

Any authorized leave of absence or paid vacation not in excess of six (6) months, provided that all members similarly situated in similar circumstances shall be treated alike pursuant to uniform, nondiscriminatory rules.

(2)

Any service, voluntary or involuntary, in the Armed Forces of the United States, provided the member is legally entitled to re-employment under federal law applicable to such re-employment, and provided further, that said member shall apply for re-employment with three (3) months following termination of such service.

However, no credit for benefits under the system shall be allowed for any period of leave of absence or military service in excess of six (6) months.

Earnings means basic compensation paid by the city to a member, but excluding overtime, bonuses and any other nonregular payment.

Effective date means July 1, 1977, the date on which this division and system became effective.

Firefighter means any person employed by the city on a permanent basis on or after July 1, 1977, and who is classified by the city as a firefighter.

Fund or trust means the trust fund established herein as part of the system.

General employee means any person other than a firefighter, who is employed on a permanent basis on or after July 1, 1977, and any person serving as a member of the city commission.

Member means a general employee or firefighter who fulfills the prescribed participant requirements.

Pick-up or picked up means the city shall pay the amount of the member's contribution and then deduct that amount from the member's earnings before income tax and Social Security taxes are deducted, and as further defined in section 2-68(a)(1). No member subject to such agreement shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the city directly to the plan. The amount of member contributions "picked up" or paid by the city will be added to the amount distributed on a current basis in order to determine earnings for benefit calculation purposes.

Police officer, as defined in Florida Statutes Chapter 185, shall not be a member of this retirement system, but rather shall be a member of the retirement system created by the city pursuant to Florida Statutes Chapter 185.

Spouse shall mean the lawful wife or husband of a member.

System means the City of Lauderhill Retirement System as contained herein, and all amendments thereto.

Tier one members shall mean those members of the plan who were hired on or before December 10, 2012.

Tier two members shall mean those members of the plan who were hired after December 10, 2012, and prior to and including January 12, 2015.

Tier three members shall mean those members of the plan who were hired after January 12, 2015.

(Ord. No. 77-121, § 1, 6-2-77; Ord. No. 83-112, § 1(1), 3-14-83; Ord. No. 87-157, § 1, 11-9-87; Ord. No. 88-100, § 1, 2-8-88; Ord. No. 91-208, § 1, 1-13-92; Ord. No. 93-111, § 1, 1-25-93; Ord. No. 94-125, § 1, 7-25-94; Ord. No. 15O-03-107, § 2, 4-13-15)