§ 2-88.2. Definitions.

The following words and phrases as used in this part shall have the following meanings:

Accumulated contributions shall mean the sum of all amounts deducted from a member's compensation or picked up on behalf of a member, together with regular interest.

Active membership shall mean membership in the retirement plan as an employee.

Actuarial equivalent shall mean a benefit having the same present actuarial value as the benefit it replaces as of the date the payment commences as the normal form of benefit. The board, in consultation with the actuary, shall adopt a uniform policy.

And shall have a conjunctive meaning.

Beneficiary shall mean any person, other than a retired member, receiving a retirement allowance or other benefit from the retirement plan. A retired member shall be referred to as a retiree.

Benefit shall mean a retirement allowance or other payment provided by the retirement plan.

Board shall mean the board of trustees of the retirement plan.

City shall mean the City of Lauderhill, Florida.

Compensation shall mean a member's fixed monthly compensation.

Credited service shall mean membership credit upon which a member's eligibility to receive benefits under the retirement plan is based or upon which the amount of such benefits is to be determined, measured in years and completed months. This term shall be interchangeable with covered service and covered employment.

Early service retirement shall mean a member's withdrawal from service under circumstances permitting the payment of a retirement benefit before such member is eligible for normal service retirement under the terms of this plan.

Employee shall mean a confidential or management employee presently employed by the city, other than police officers or firefighters, as determined by the public employees relations commission. A confidential or management employee who is reclassified in a position covered by another city sponsored plan shall be transferred to the appropriate plan for that position. Elected officials of the city shall also be included as employees. Service as an employee in this plan shall also be referred to as covered employment.

Final monthly compensation shall mean a member's average monthly rate of compensation from the city during the sixty (60) consecutive months of employment which is greater than the total of any other sixty (60) consecutive months; provided that if a member has been employed for fewer than sixty (60) months in a position covered by this plan, such average shall be taken over the period of actual credited service.

Fund shall mean the City of Lauderhill Confidential and Managerial Employee Defined Benefit Retirement Fund.

May shall mean a permissive term.

Member shall mean a confidential or management employee, including elected officials of the city, actively employed by the city for whom contributions to the retirement plan are made as required by this part.

Option shall mean one (1) of several choices available to members with respect to the manner in which a retirement allowance may be paid.

Pension shall mean a series of periodic payments, payable in monthly installments for a period of not less than the life of the member.

Pick-up amounts shall mean employer contributions derived from a member's earnable compensation through a reduction in the member's earnable compensation.

Plan year shall mean the period from October 1 through September 30 of the following year.

Qualified military service means any service in the uniformed service (as defined in chapter 43 of title 38, United States Code) by any individual if such individual is entitled to reemployment rights under such chapter with respect to such service (Section 414(u)(5) of the Internal Revenue Code).

Retirement shall mean a member's withdrawal from active service with an immediate retirement benefit granted to the member pursuant to the provisions of this part.

Retirement allowance shall mean a pension provided by the retirement plan.

Retirement plan shall mean the City of Lauderhill Confidential and Managerial Employee Defined Benefit Retirement Plan.

Management or confidential employee shall mean a person assigned on a regular, full-time basis to a position so designated by the Florida Public Employees Relations Commission, other than a police officer or firefighter. This definition shall also include elected officials of the city.

Service retirement shall mean a member's retirement from active service under circumstances permitting immediate payment of a retirement allowance without reduction because of age or length of service. Service retirement shall be considered normal retirement.

Trustee shall mean a member of the board of trustees of the retirement plan.

USERRA means Uniformed Services Employment and Reemployment Rights Act (P.L. 103-353).

Vested benefit shall mean an immediate or deferred benefit to which a member has gained a nonforfeitable right under the provisions of this part.

Vesting shall mean seven (7) years of credited service before the member is entitled to retirement benefits.

(Ord. No. 02O-09-165, § 1, 12-9-02; Ord. No. 17O-07-129, § 2, 8-28-2017; Ord. No. 18O-01-102, § 1, 1-29-2018)