§ 33.689. ALLOCATION OF CHAPTER 185 PREMIUM TAX REVENUES; RETIREMENT BENEFIT ENHANCEMENT.

(A)

Effective October 1, 1994 through the effective date of this ordinance, the benefits paid to eligible retirees or their beneficiaries shall be adjusted as provided in this Section. For the purpose of this Section, "eligible retirees" are members who retired or terminated employment after September 30, 1993, and whose date of hire as a City Police Officer was twenty-five (25) or more years prior to the benefit adjustment date. The benefits payable under the system to all eligible retirees or their beneficiaries shall be based on the amount of insurance premium tax revenues received by the City for the preceding plan year pursuant to F.S. ch. 185. A minimum benefit increase of one percent per year will be provided, regardless of the amount of premium tax revenues received by the City.

(B)

Notwithstanding any other provision of this Section, effective September 8, 2016 all annual premium tax moneys received pursuant to F.S. ch. 185, up to the amount received during the 2013 calendar year six hundred six thousand five hundred ninety-five dollars ($606,595.00) shall be used to offset the cost of current benefits by reducing the City's annual required contribution to the system.

(C) By mutual agreement of the City and police union, effective September 8, 2016, all accumulated excess F.S. ch. 185 premium tax revenues held in reserve and any other F.S. ch. 185 premium tax money that is not allocated to pay for pension benefits shall be used to pay down the unfunded actuarial accrued liability of the system attributable to police officers.

(D)

The annual benefit adjustment provided under this Section shall be compounded annually (i.e. the increase shall be based on the benefits received by plan members and beneficiaries at the end of the preceding plan year). The benefits payable under the system to all eligible retirees or their beneficiaries shall be adjusted annually on the anniversary of the retiree's first benefit payment. Disability retirees and their beneficiaries are not eligible to receive the retirement benefit enhancement.

(E)

Notwithstanding any other provision of this Section 33.689, effective July 7, 2015 no further benefit enhancement or benefit adjustment shall be paid to police officer retirees, other than the one percent per year benefit increase provided in subsection (A) above.

(Ord. No. 17-16 , § 2, passed 10/4/16)

Editor's note

Ord. No. 17-16 , § 2, passed Oct. 4, 2016, amended § 33.689 in its entirety to read as herein set out. Former § 33.689 pertained to retirement benefit enhancement and derived from Ord. No. 85-93, passed Jan. 25, 1994; Ord. No. 29-99, passed Aug. 17, 1999; Ord. No. 16-12, § 8, passed June 19, 2012; and Ord. No. 10-15, § 5, passed July 7, 2015.