§ 2-77. Contributions.

(a)

Effective October 1, 2000, the city shall pick-up, rather than deduct from each member's pay, beginning with the date of employment, six (6) percent of the member's basic compensation. Effective October 1, 2001, the city shall pick-up, rather than deduct from each member's pay, beginning with the date of employment, seven (7) percent of the member's basic compensation. Effective October 1, 2002, the city shall pick-up, rather than deduct from each member's pay, beginning with the date of employment, eight (8) percent of the member's basic compensation. Effective October 1, 2004, the city shall pick-up, rather than deduct from each member's pay, beginning with the date of employment, nine (9) percent of the member's pensionable compensation. Effective October 1, 2005, the city shall pick-up, rather than deduct from each member's pay, beginning with the date of employment, ten (10) percent of the member's pensionable compensation. The monies so picked-up shall be deposited in the Fund immediately after each pay period. An account record shall be maintained continuously for each member. Pick-up contributions shall continue until death, disability or termination of service, whichever shall occur first. Contributions shall remain in the Fund unless withdrawn as provided in the plan. No member shall have the option to choose to receive the contributed amounts directly instead of having them paid by the city directly to the plan. All such pick-up contributions by the city shall be deemed and be considered as part of the member's accumulated contributions and subject to all provisions of the plan pertaining to accumulated contributions of members. The intent of this provision is to comply with Section 414(h)(2) of the Internal Revenue Code. For the purpose of accruing and calculating pension benefits, Social Security benefits, overtime compensation, percentage increases to base pay, supplemental percentage payments for particular assignments, education, experience, longevity, years of service, payroll steps, licensure or training, and for paying Social Security taxes, and for such other purposes except as specified in this plan, the amount of employee contributions "picked-up" or paid by the city will be added to the amount distributed on a current basis in order to determine total wages, salary, pay or compensation.

(b)

All benefits payable under this plan are in lieu of a refund of accumulated contributions. In any event, however, each member shall be guaranteed the payment of benefits at least equal in total amount to the member's accumulated contributions.

(c)

Any monies received or receivable by reason of the laws of the State of Florida for the express purpose of funding or paying for retirement benefits for police officers shall be deposited into the fund within five (5) business days of receipt by the city. State monies shall be used to provide extra benefits to police officers over and above those provided to general employees of the city.

(d)

The city shall make such contribution under the Florida Protection of Public Employee Retirement Benefits Act and F.S. ch. 185, which together with contributions picked-up on behalf of members, plan earnings and state insurance premium tax rebates, will maintain the fund on a sound actuarial basis, as determined by the board in conjunction with its actuary. The city's contributions shall be deposited at least quarterly.

(e)

Expenses, charges and fees attributable to the management of the plan shall be paid from the fund.

(f)

The city shall have no right, title or interest in the fund or in any part thereof, and no contribution made thereto shall revert to the city, except such part of the fund, if any, which remains therein after the satisfaction of all liabilities to persons entitled to benefits under the plan.

(Ord. No. 00O-3-15, § 2, 5-8-00; Ord. No. 00O-12-85, § 1, 12-18-00; Ord. No. 02O-06-129, § 1, 6-24-02; Ord. No. 04O-11-230, § 1, 12-13-04)