HB 859

1	A bill to be entitled
2	An act relating to the West Palm Beach Police Pension Fund
3	of the City of West Palm Beach, Palm Beach County;
4	amending chapter 24981 (1947), Laws of Florida, as
5	amended; revising the definition of the term "salary";
6	authorizing other fiduciary designees to sign fund drafts;
7	clarifying an exception relating to the adoption of
8	experience tables and interest rates; providing for the
9	adjustment of benefits when changing joint annuitants or
10	beneficiaries; removing the requirement for a spouse's
11	consent to waive a joint and survivor benefit; providing
12	for quarterly adjustment of share accounts; providing an
13	exception to an exclusion for disabled members; revising
14	provisions relating to the payment of certain death
15	benefits; providing for bimonthly refund repayments;
16	requiring the board of trustees to identify and report any
17	holdings in a scrutinized company; requiring divestiture
18	of certain securities within a specified time; limiting
19	board liability relating to such divestiture; removing a
20	provision specifying notice requirements for certain board
21	meetings; authorizing the withholding of certain
22	retirement funds for certain purposes upon request of a
23	retiree; reducing the amount of small retirement income
24	that may be paid in a lump sum; authorizing certain city
25	police officers to recontribute to the fund; revising
26	provisions relating to determination of creditable service
27	for members who die or become disabled while on active
28	duty military service; providing for distribution of the
29	fund in the event of termination of the pension plan;
30	providing an effective date.
31
32	Be It Enacted by the Legislature of the State of Florida:
33
34	Section 1.  Section 16 of chapter 24981 (1947), Laws of
35	Florida, as amended, is amended to read:
36	Section 16.  West Palm Beach Police Pension Fund.-
37	(1)  Creation of fund.-There is hereby created and
38	established a special fund for the police officers of the City
39	of West Palm Beach to be known as the West Palm Beach Police
40	Pension Fund. All assets of every description held in the name
41	of the West Palm Beach Police Pension and Relief Fund and in the
42	name of the West Palm Beach Pension Fund have been and continue
43	to be combined.
44	(2)  Definitions.-The following words or phrases, as used
45	in this act, shall have the following meanings, unless a
46	different meaning is clearly indicated by the context:
47	(a)  "Actuarial equivalent value," "actuarial equivalence,"
48	or "single sum value" means the stated determination using an
49	interest rate of 8.25 percent per year and the 1983 Group
50	Annuity Mortality Table.
51	(b)  "Beneficiary" means any person, except a retirant, who
52	is entitled to receive a benefit from the West Palm Beach Police
53	Pension Fund or the West Palm Beach Police Pension and Relief
54	Fund, as applicable.
55	(c)  "Board of Trustees" or "Board" means the Board of
56	Trustees provided for in this act.
57	(d)  "City" means the City of West Palm Beach, Florida.
58	(e)  "Department" means the Police Department in the City
59	of West Palm Beach.
60	(f)  "Enrolled actuary" means an actuary who is enrolled
61	under Subtitle C of Title III of the Employee Retirement Income
62	Security Act of 1974 and who is a member of the Society of
63	Actuaries or the American Academy of Actuaries.
64	(g)  "Final average salary" means the average of the
65	monthly salary paid a member in the 3 best years of employment.
66	In no event shall any one year, beginning January 1, 2005,
67	include more than 400 hours of overtime. Prior to January 1,
68	2005, individual years may include more than 400 hours of
69	overtime.
70	(h)  "Fund" or "Pension Fund" means the West Palm Beach
71	Police Pension Fund or the West Palm Beach Pension and Relief
72	Fund, as applicable.
73	(i)  "Member" or "participant" means any person who is
74	included in the membership of the Fund in accordance with
75	subsection (6).
76	(j)  "Pension" means a monthly amount payable from the Fund
77	throughout the future life of a person, or for a limited period
78	of time, as provided in this act.
79	(k)  "Police officer" means any person who is elected,
80	appointed, or employed full time by the City, who is certified
81	or required to be certified as a law enforcement officer in
82	compliance with section 943.14, Florida Statutes, who is vested
83	with authority to bear arms and make arrests, and whose primary
84	responsibility is the prevention and detection of crime or the
85	enforcement of the penal, criminal, traffic, or highway laws of
86	the state. This definition includes all certified supervisory
87	and command personnel whose duties include, in whole or in part,
88	the supervision, training, guidance, and management
89	responsibilities of full-time law enforcement officers, part-
90	time law enforcement officers, or auxiliary law enforcement
91	officers, but does not include part-time law enforcement
92	officers or auxiliary law enforcement officers as the same are
93	defined in subsections (6) and (8) of section 943.10, Florida
94	Statutes.
95	(l)  "Qualified health professional" means a person duly
96	and regularly engaged in the practice of his or her profession
97	who holds a professional degree from a university or college and
98	has special professional training or skill regarding the
99	physical or mental condition, disability, or lack thereof, upon
100	which he or she is to present evidence to the Board.
101	(m)  "Qualified public depository" means any bank or
102	savings association organized and existing under the laws of
103	Florida and any bank or savings association organized under the
104	laws of the United States that has its principal place of
105	business, or a branch office, in Florida which is authorized
106	under the laws of Florida or the United States to receive
107	deposits in Florida; that meets all of the requirements of
108	chapter 280, Florida Statutes; and that has been designated by
109	the Treasurer of the State of Florida as a qualified public
110	depository.
111	(n)  "Retirant" means any member who retires with a pension
112	from the Fund.
113	(o)  "Retirement" means a member's withdrawal from Police
114	Department employment as a police officer with a pension payable
115	from the Fund.
116	(p)  "Salary" means the fixed monthly compensation paid to
117	a member; compensation shall include those items as have been
118	included as compensation in accordance with past practice.
119	However, the term shall not be construed to include lump sum
120	payments for accumulated leave. On and after January 1, 2003,
121	salary shall mean total cash remuneration paid by the City to a
122	police officer for services rendered excluding lump sum payments
123	for accumulated leave such as accrued vacation leave, accrued
124	sick leave, and accrued personal leave. Effective January 1,
125	2005, overtime hours earned and paid in excess of 400 hours in
126	any 26 consecutive pay periods shall be excluded from the
127	definition of salary; prior to January 1, 2005, all overtime
128	hours earned and paid shall be included in the definition of
129	salary and shall not be limited by any cap. This definition of
130	compensation shall not include off-duty employment performed for
131	vendors other than the City of West Palm Beach per Article 30,
132	Pension Plan and Section 5 of the collective bargaining
133	agreement between the Palm Beach County Police Benevolent
134	Association and the City of West Palm Beach. Beginning with
135	salary paid after December 31, 2008, and pursuant to s.
136	414(u)(7) of the Internal Revenue Code, "salary" includes
137	amounts paid by the City as differential wages to members who
138	are absent from employment while in qualified military service.
139	(q)  "Service" or "service credit" means the total number
140	of years, and fractional parts of years, of employment of any
141	police officer, omitting intervening years, and fractional parts
142	of years, when such police officer was not employed by the City.
143	No member shall receive credit for years, or fractional parts of
144	years, of service for which the member has withdrawn his or her
145	contributions to the Fund. It is further provided that a member
146	may voluntarily leave his or her contributions in the Fund for a
147	period of 5 years after leaving the employ of the Department,
148	pending the possibility of being rehired by the Department,
149	without losing credit for the time he or she has participated
150	actively as a police officer. Should he or she not be re-
151	employed as a police officer with the Department within 5 years,
152	his or her contributions shall be returned without interest. In
153	determining the aggregate number of years of service of any
154	member, years of service for prior police officer or military
155	service, as well as intervening military service, may be added,
156	provided the member meets the requirements of subsection (35) 35
157	of the Plan.
158	(r)  The masculine gender includes the feminine and words
159	in the singular with respect to persons shall include the plural
160	and vice versa.
161	(3)  Board of Trustees of Police Pension Fund.-
162	(a)  Board of Trustees created.-There is hereby created a
163	Board of Trustees, which shall be solely responsible for
164	administering the West Palm Beach Police Pension Fund. The Board
165	shall be a legal entity, with the power to bring and defend
166	lawsuits of every kind, nature, and description and shall be
167	independent of the City to the extent required to accomplish the
168	intent, requirements, and responsibilities provided for in this
169	act. The Board shall consist of five trustees, as follows:
170	1.  Two legal residents of the City, who shall be appointed
171	by the City. Each resident trustee shall serve as a trustee for
172	a period of 2 years, unless sooner replaced by the City, at
173	whose pleasure he or she shall serve, and may succeed himself or
174	herself as a trustee.
175	2.  Two police officers, who shall be elected by a majority
176	of the police officers who are members of the Fund. Elections
177	shall be held under such reasonable rules and regulations as the
178	Board shall from time to time adopt.  Each member-trustee shall
179	serve as trustee for a period of 2 years, unless he or she
180	sooner ceases to be a police officer in the employ of the
181	Department, whereupon the members shall choose his or her
182	successor in the same manner as the original appointment. Each
183	member-trustee of the Fund may succeed himself or herself as a
184	trustee.
185	3.  A fifth trustee, who shall be chosen by a majority of
186	the other four trustees. This fifth person's name shall be
187	submitted to the City, which shall, as a ministerial duty,
188	appoint such person to the Board as a fifth trustee.  The fifth
189	person shall serve as trustee for a period of 2 years, and may
190	succeed himself or herself as a trustee.
191	(b)  Board vacancy; how filled.-In the event a trustee
192	provided for in subparagraph (a)2. ceases to be a police officer
193	in the employ of the Department, he or she shall be considered
194	to have resigned from the Board. In the event a trustee provided
195	for in subparagraph (a)2. shall resign, be removed, or become
196	ineligible to serve as a trustee, the Board shall, by
197	resolution, declare the office of trustee vacated as of the date
198	of adoption of said resolution. If such a vacancy occurs in the
199	office of trustee within 90 days of the next succeeding election
200	for trustee, the vacancy shall be filled at the regular election
201	for the next term; otherwise, the vacancy shall be filled for
202	the unexpired portion of the term, as provided in subparagraph
203	(a)2. In the event a trustee provided for in subparagraph (a)1.
204	or subparagraph (a)3. shall resign, be removed, or become
205	ineligible to serve as a trustee, the Board shall, by
206	resolution, declare the office of trustee vacated as of the date
207	of adoption of said resolution. The trustee's successor for the
208	unexpired portion of said trustee's term shall be chosen in the
209	same manner as an original appointment.
210	(c)  Board meetings; quorum; procedures.-The Board shall
211	hold meetings regularly, at least one in each quarter year, and
212	shall designate the time and place thereof. At any meeting of
213	the Board, three trustees shall constitute a quorum. Each
214	trustee shall be entitled to one vote on each question before
215	the Board and at least three concurring votes shall be required
216	for a decision by the Board at any of its meetings. The Board
217	shall adopt its own rules of procedure and shall keep a record
218	of its proceedings. All public records of the Board shall be
219	kept and maintained as required by law. All meetings of the
220	Board shall be open to the public and shall be held as required
221	by law.
222	(d)  Board chair.-The Board shall elect from among the
223	trustees a chair.
224	(e)  Board secretary.-The Board shall elect from among the
225	trustees a secretary. The secretary shall keep a complete minute
226	book of the actions, proceedings, and hearings of the Board.
227	(f)  Compensation.-The trustees of the Fund shall not
228	receive any compensation for their services as such, but may
229	receive expenses and per diem as provided by law.
230	(4)  Professional and clerical services.-
231	(a)  Pension administrator.-The pension administrator of
232	the Fund shall be designated by the Board and shall carry out
233	its orders and directions.
234	(b)  Custodian of funds.-All moneys and securities of the
235	Fund may be deposited with the cash management coordinator of
236	the City, acting in a ministerial capacity only, who shall be
237	bonded and shall be liable in the same manner and to the same
238	extent as he or she is liable for the safekeeping of funds for
239	the City. However, any funds and securities deposited with the
240	cash management coordinator shall be kept in a separate fund by
241	the cash management coordinator or clearly identified as funds
242	and securities of the Fund. In lieu thereof, the Board shall
243	deposit the Funds and securities in a qualified public
244	depository designated by the Board.
245	1.  The cash management coordinator or other designated
246	qualified public depository shall receive all moneys due said
247	Fund from all sources whatsoever. All tax revenue received
248	pursuant to the provisions of chapter 185, Florida Statutes,
249	shall be deposited into the Fund no more than 5 days after
250	receipt. Member contributions withheld by the City on behalf of
251	a member shall be deposited in the Fund immediately.
252	2.  The Board may issue drafts upon the Fund pursuant to
253	this act and rules and regulations prescribed by the Board,
254	provided that such drafts shall be issued in accordance with
255	generally accepted accounting procedures, American Institute of
256	Certified Public Accountants guidelines, and rules of the State
257	of Florida Auditor General. All such drafts shall be
258	consecutively numbered and signed by the chair and secretary, or
259	other fiduciary designee, and each draft shall, upon its face,
260	state the purpose for which it is drawn. For this purpose, the
261	chair and secretary shall be bonded. The cash management
262	coordinator or other depository shall retain such drafts when
263	paid, as permanent vouchers for disbursements made, and no money
264	shall be otherwise drawn from the Fund. Payments from the Fund
265	shall be made only upon a specific or general motion or
266	resolution previously adopted by the Board authorizing such
267	payment or payments.
268	(c)  Legal counsel.-The City Attorney shall give advice to
269	the Board in all matters pertaining to its duties in the
270	administration of the Fund whenever requested, shall represent
271	and defend the Board as its attorney in all suits and actions at
272	law or in equity that may be brought against it, and shall bring
273	all suits and actions in its behalf that may be required or
274	determined upon by said Board. However, if the Board so elects,
275	it may employ independent legal counsel at the Fund's expense
276	for the purposes set forth in this act.
277	(d)  Actuary.-The Board shall designate an enrolled actuary
278	who shall be its technical advisor and who shall perform such
279	other actuarial services as are required.
280	(e)  Certified public accountant.-The Board shall employ,
281	at its expense, a certified public accountant to conduct an
282	independent audit of the Fund. The certified public accountant
283	shall be independent of the Board and the City.
284	(f)  Additional professional, technical, or other
285	services.-The Board shall have the authority to employ such
286	professional, technical, or other advisors as are required to
287	carry out the provisions of this act.
288	(5)  Reports; experience tables; regular interest.-
289	(a)  Reports.-The pension administrator shall keep, or
290	cause to be kept, such data as shall be necessary for an
291	actuarial valuation of the assets and liabilities of the Fund.
292	(b)  Experience tables; regular interest; adoption of
293	same.-The Board shall, from time to time, adopt such mortality
294	and other tables of experience, and a rate or rates of interest,
295	as required to operate the Fund on an actuarial basis, except as
296	provided in subsection (34).
297	(6)  Membership.-All police officers in the employ of the
298	Department shall be included in the membership of the Fund, and
299	all persons who hereafter become police officers in the employ
300	of the City shall thereupon become members of the Fund. Except
301	as otherwise provided in this act, should any member cease to be
302	a police officer in the employ of the Department, he or she
303	shall thereupon cease to be a member and his or her credited
304	service at that time shall be forfeited. In the event such
305	person is re-employed in the Department as a police officer, he
306	or she shall again become a member. His or her forfeited service
307	shall be restored to the member's credit, provided that he or
308	she returns to the Fund the amount he or she might have
309	withdrawn, together with regular interest from the date of
310	withdrawal to the date of repayment. Upon the member's
311	retirement or death, he or she shall thereupon cease to be a
312	member.
313	(7)  Service credit.-Pursuant to appropriate rules and
314	regulations, the Board shall determine and credit the amount of
315	service to which each member shall be credited, consistent with
316	the provisions of this act and chapter 185, Florida Statutes.
317	(8)  Age and service requirements for retirement.-
318	(a)  Normal retirement.-Upon written application filed with
319	the Board, any member may retire and receive the applicable
320	pension provided for in paragraph (9)(a), provided that the
321	member has attained age 50 and has at least 20 years of credited
322	service, has attained age 55 and has at least 10 years of
323	credited service, or has at least 25 years of continuous
324	credited service, regardless of age.
325	(b)  Vested deferred retirement.-A member who leaves the
326	employ of the Department with 10 or more years of credited
327	service and who is not eligible for any other retirement benefit
328	under this act shall be entitled to the pension provided for in
329	this subsection. Payments of this pension shall begin the first
330	day of the calendar month following the month in which his or
331	her application is filed with and accepted by the Board on or
332	after attainment of age 50 years. If applicable, the amount of
333	the pension shall be determined in accordance with the early
334	retirement provisions below.
335	(c)  Early retirement.-Any member may retire from the
336	service of the Department as of the first day of any calendar
337	month which is prior to the member's normal retirement date but
338	subsequent to the date as of which he or she has both attained
339	the age of 50 and completed 10 years of credited service. In the
340	event of early retirement, the monthly amount of retirement
341	income payable shall be computed as described in paragraph
342	(9)(a), taking into account his or her credited service to his
343	or her date of actual retirement and his or her final average
344	salary as of such date. The amount of retirement income shall be
345	actuarially reduced to take into account the member's younger
346	age and earlier commencement of retirement income benefits. The
347	early retirement reduction shall be 3 percent for each year by
348	which the member's age at retirement preceded the member's
349	normal retirement age.
350	(9)  Retirement pension calculation.-
351	(a)  Upon retirement eligibility as provided in subsection
352	(8), a member shall receive a monthly pension. The pension shall
353	be the following, as applicable:
354	1.  A member who has more than or equal to 12 years and 6
355	months of service at October 1, 1999, and who was actively
356	employed by the Department on or after October 1, 1999, shall
357	receive a benefit equal to the greater of the following:
358	a.  Three percent of final average salary multiplied by the
359	number of years, and fraction of a year, of credited service
360	earned from April 1, 1987, plus 2.5 percent of final average
361	salary multiplied by the number of years, and fraction of a
362	year, of credited service earned prior to April 1, 1987, up to a
363	total of 26 years, plus 1 percent of the final average salary
364	multiplied by the number of years, and fraction of a year, of
365	credited service which is in excess of 26 years;
366	b.  Two and one-half percent of final average salary
367	multiplied by the number of years, and fraction of a year, of
368	credited service, not to exceed 26 years, plus 1 percent of the
369	final average salary multiplied by the number of years, and
370	fraction of a year, of credited service which is in excess of 26
371	years; or
372	c.  The sum of the following:
373	(I)  Two and one-half percent of final average salary
374	multiplied by the number of years, and fraction of a year, of
375	credited service earned through September 30, 1988; and
376	(II)  Two percent of final average salary multiplied by the
377	number of years, and fraction of a year, of credited service
378	earned on and after October 1, 1988.
379
380	However, in no event shall the benefit be less than 2 percent
381	per year of credited service.
382	2.  A member who has more than 12 years and 6 months of
383	service and who has entered the DROP on or before October 1,
384	1999, and who was actively employed by the Department on October
385	1, 1999, shall receive a benefit equal to the greater of the
386	following:
387	a.  Three percent of final average salary multiplied by the
388	number of years, and fraction of a year, of credited service
389	earned in the 12 years and 6 months prior to entering the DROP,
390	plus 2.5 percent of final average salary multiplied by the
391	number of years, and fraction of a year, of credited service
392	earned prior to that date which is 12 years and 6 months prior
393	to entering the DROP, up to a total of 26 years, plus 1 percent
394	of the final average salary multiplied by the number of years,
395	and fraction of a year, of credited service which is in excess
396	of 26 years. The one-half percent enhancement to the accrual
397	rate shall also be applied retroactively to the date of entering
398	the DROP, or 2 years, whichever is less, provided that the
399	retroactive application shall include principal only and not any
400	earnings thereon. An example of the calculation described in
401	this sub-subparagraph is set forth in the collective bargaining
402	agreement between the City of West Palm Beach and the Police
403	Benevolent Association, Certified Unit No. 825, October 1, 1998-
404	September 30, 2001;
405	b.  Two and one-half percent of final average salary
406	multiplied by the number of years, and fraction of a year, of
407	credited service, not to exceed 26 years, plus 1 percent of the
408	final average salary multiplied by the number of years, and
409	fraction of a year, of credited service which is in excess of 26
410	years; or
411	c.  The sum of the following:
412	(I)  Two and one-half percent of final average salary
413	multiplied by the number of years, and fraction of a year, of
414	credited service earned through September 30, 1988; and
415	(II)  Two percent of final average salary multiplied by the
416	number of years, and fraction of a year, of credited service
417	earned on and after October 1, 1988.
418
419	However, in no event shall the benefit be less than 2 percent
420	per year of credited service.
421	3.  A member who has less than 12 years and 6 months of
422	service on October 1, 1999, and who was actively employed by the
423	Department on or after October 1, 1999, shall receive a benefit
424	equal to the greater of the following:
425	a.  Three percent of final average salary multiplied by the
426	number of years, and fraction of a year, of credited service up
427	to a total of 26 years, plus 1 percent of the final average
428	salary multiplied by the number of years, and fraction of a
429	year, of credited service which is in excess of 26 years;
430	b.  Two and one-half percent of final average salary
431	multiplied by the number of years, and fraction of a year, of
432	credited service, not to exceed 26 years, plus 1 percent of the
433	final average salary multiplied by the number of years, and
434	fraction of a year, of credited service which is in excess of 26
435	years; or
436	c.  The sum of the following:
437	(I)  Two and one-half percent of final average salary
438	multiplied by the number of years, and fraction of a year, of
439	credited service earned through September 30, 1988; and
440	(II)  Two percent of final average salary multiplied by the
441	number of years, and fraction of a year, of credited service
442	earned on and after October 1, 1988.
443
444	However, in no event shall the benefit be less than 2 percent
445	per year of credited service.
446	4.  A member who terminated employment, retired on a vested
447	deferred benefit, or retired on or before October 1, 1999, shall
448	receive a benefit equal to the greater of the following:
449	a.  Two and one-half percent of final average salary
450	multiplied by the number of years, and fraction of a year, of
451	credited service not to exceed 26 years, plus 1 percent of the
452	final average salary multiplied by the number of years, and
453	fraction of a year, of credited service which is in excess of 26
454	years; or
455	b.  The sum of the following:
456	(I)  Two and one-half percent of final average salary
457	multiplied by the number of years, and fraction of a year, of
458	credited service earned through September 30, 1988; and
459	(II)  Two percent of final average salary multiplied by the
460	number of years, and fraction of a year, of credited service
461	earned on and after October 1, 1988.
462
463	The 3-percent benefit accrual factor for active employees in
464	subparagraphs (a)1., 2., 3., and 4. is contingent on and subject
465	to the adoption and maintenance of the assumptions set forth in
466	subsection (34). If such assumptions are modified by
467	legislative, judicial, or administrative agency action and the
468	modification results in increased City contributions to the
469	Pension Fund, the 3-percent benefit accrual factor for active
470	employees in subparagraphs (a)1., 2., and 3. shall be
471	automatically decreased prospectively from the date of the
472	action, to completely offset the increase in City contributions.
473	However, in no event shall the benefit accrual factor in
474	subparagraphs (a)1., 2., 3., and 4. be adjusted below 2.5
475	percent.
476
477	To the extent that the benefit accrual factor is less than 3
478	percent for active members with less than 12 years and 6 months
479	of service on October 1, 1999, the supplemental pension
480	distribution calculation under subparagraph (12)(a)2. shall be
481	adjusted for employees who retire or enter the DROP after
482	October 1, 1999. The adjustment shall be to decrease the minimum
483	return of 8.25 percent needed to afford the supplemental pension
484	distribution, where the amount of the reduction is zero if an
485	employee has been credited with 12 years and 6 months of service
486	or more with the 3-percent benefit accrual factor or 1.25
487	percent if an employee has been credited with no more than a
488	2.5-percent benefit accrual factor. If an employee has been
489	credited with less than 12 years and 6 months of service at the
490	3-percent benefit accrual factor, then the accumulated amount
491	over 2.5 percent for each year of service divided by one-half
492	percent divided by 12.5 subtracted from 1 multiplied by 1.25
493	percent is the reduction from 8.25 percent. An example of the
494	calculation of the minimum return for the supplemental pension
495	distribution as herein described is set forth in the collective
496	bargaining agreement between the City of West Palm Beach and the
497	Police Benevolent Association, Certified Unit No. 145 and
498	Certified Unit No. 825, October 1, 1998-September 30, 2001.
499	(b)  Payment of benefits.-
500	1.  First payment.-Service pensions shall be payable on the
501	first day of each month. The first payment shall be payable the
502	first day of the month coincident with or next following the
503	date of retirement or death, provided the member has completed
504	the applicable age and service requirements.
505	2.  Last payment.-The last payment shall be the payment due
506	next preceding the member's death, except that payments shall be
507	continued to the designated beneficiary (or beneficiaries) if a
508	10-year certain benefit, a joint and survivor option, or
509	beneficiary benefits, as applicable, are payable.
510	(c)  Normal form of retirement income; 10-year certain
511	benefit.-
512	1.  Married member.-The normal form of retirement benefit
513	for a married member or for a member with dependent children or
514	parents shall be a pension and death benefits. The pension
515	benefit shall provide monthly payments for the life of the
516	member. Thereafter, death benefits shall be paid to the
517	beneficiary designated by the member as provided in subsection
518	(17).
519	2.  Unmarried member.-The normal form of retirement benefit
520	for an unmarried member without dependent children or parents
521	shall be a 10- year certain benefit. This benefit shall pay
522	monthly benefits for the member's lifetime. In the event the
523	member dies after his or her retirement but before receiving
524	retirement benefits for a period of 10 years, the same monthly
525	benefit shall be paid to the beneficiary (or beneficiaries) as
526	designated by the member for the balance of such 10-year period
527	or, if no beneficiary is designated, to heirs at law, or estate
528	of the member, as provided in section 185.162, Florida Statutes.
529	(d)  Optional forms of retirement income.-
530	1.a.  In the event of normal, early, or disability
531	retirement, in lieu of the normal form of retirement income
532	payable as specified in paragraph (c), and in lieu of the death
533	benefits as specified in subsection (17), a member, upon written
534	request to the Board and subject to the approval of the Board,
535	may elect to receive a retirement income of equivalent actuarial
536	value payable in accordance with one of the following options:
537	(I)  Lifetime option.-A retirement income of a larger
538	monthly amount, payable to the member for his or her lifetime
539	only.
540	(II)  Joint and survivor option.-A retirement income of a
541	modified monthly amount, payable to the member during the joint
542	lifetime of the member and a dependent joint pensioner
543	designated by the member, and following the death of either of
544	them, 100 percent, 75 percent, 66-2/3 percent, or 50 percent of
545	such monthly amounts, payable to the survivor for the lifetime
546	of the survivor.
547	b.  The member, upon electing any option of this paragraph,
548	shall designate the joint pensioner or beneficiary (or
549	beneficiaries) to receive the benefit, if any, payable in the
550	event of his or her death, and shall have the power to change
551	such designation from time to time; but any such change shall be
552	deemed a new election and shall be subject to approval by the
553	Board. Such designation shall name a joint pensioner or one or
554	more primary beneficiaries where applicable. If a member has
555	elected an option with a joint pensioner or beneficiary and his
556	or her retirement income benefits have commenced, he or she may
557	thereafter change the designated joint pensioner or beneficiary
558	only twice. Any retired member who desires to change his or her
559	joint pensioner or beneficiary shall file with the Board a
560	notarized notice of such change. Upon receipt of a completed
561	change of joint pensioner form or such other notice, the Board
562	shall adjust the member's monthly benefit by the application of
563	actuarial tables and calculations developed to ensure that the
564	benefit paid is the actuarial equivalent of the present value of
565	the member's current benefit and there is no impact to the Plan.
566	c.  The consent of a member's joint pensioner or
567	beneficiary to any such change shall not be required. However,
568	the spouse of a married member must consent to any election to
569	waive a joint and survivor benefit by signing the election
570	before a notary public. The spouse's written consent must
571	acknowledge the effect of such a waiver. Consent of the spouse
572	shall not be required if the spouse cannot be located, or for
573	such other circumstances as may be prescribed by regulations of
574	the Secretary of the Treasury. Any consent by a spouse shall be
575	effective only with respect to such spouse.
576	d.  For any other changes of beneficiaries, the Board may
577	request such evidence of the good health of the joint pensioner
578	who is being removed as it may require; and the amount of the
579	retirement income payable to the member upon the designation of
580	a new joint pensioner shall be actuarially redetermined, taking
581	into account the ages and sex of the former joint pensioner, the
582	new joint pensioner, and the member. Each such designation shall
583	be made in writing on a form prepared by the Board, and, on
584	completion, shall be filed with the Board. In the event that no
585	designated beneficiary survives the member, such benefits as are
586	payable in the event of the death of the member subsequent to
587	his or her retirement shall be paid as provided in subparagraph
588	(c)2.
589	2.  Retirement income payments shall be made under the
590	option elected in accordance with the provisions of this
591	paragraph and shall be subject to the following limitations:
592	a.  If a member dies prior to his or her normal retirement
593	date or early retirement date, whichever first occurs,
594	retirement benefits shall be paid in accordance with subsection
595	(17).
596	b.  If the designated beneficiary (or beneficiaries) or
597	joint pensioner dies before the member's retirement, the option
598	elected shall be canceled automatically and a retirement income
599	of the normal form and amount shall be payable to the member
600	upon his or her retirement as if the election had not been made,
601	unless a new election is made in accordance with the provisions
602	of this paragraph or a new beneficiary is designated by the
603	member prior to his or her retirement.
604	c.  If a member continues in the employ of the Department
605	after meeting the age and service requirements set forth in
606	paragraph (8)(a) and dies prior to retirement and while an
607	option provided for in this paragraph is in effect, monthly
608	retirement income payments shall be paid, under the option, to a
609	beneficiary (or beneficiaries) designated by the member in the
610	amount or amounts computed as if the member had retired under
611	the option on the date on which his or her death occurred.
612	3.  No member may make any change in his or her retirement
613	option after the date of cashing or depositing the first
614	retirement check.
615	(e)  Designation of beneficiary.-
616	1.  Each member may, on a form provided for that purpose,
617	signed and filed with the Board, designate a beneficiary (or
618	beneficiaries) to receive the benefit, if any, which may be
619	payable in the event of the member's death; and each designation
620	may be revoked by such member by signing and filing with the
621	Board a new designation of beneficiary form. However, after the
622	benefits have commenced, a retirant may change his or her
623	designation of a joint annuitant or beneficiary only twice. If
624	the retirant desires to change his or her joint annuitant or
625	beneficiary, he or she shall file with the Board a notarized
626	notice of such change either by registered letter or on a form
627	as provided by the Board. Upon receipt of a completed change of
628	joint annuitant form or such other notice, the Board shall
629	adjust the member's monthly benefit by the application of
630	actuarial tables and calculations developed to ensure that the
631	benefit paid is the actuarial equivalent of the present value of
632	the member's current benefit.
633	2.  Absence or death of beneficiary.-If a deceased member
634	failed to name a beneficiary in the manner prescribed in
635	subparagraph 1., or if the beneficiary (or beneficiaries) named
636	by a deceased member predeceases the member, death benefits, if
637	any, which may be payable under this act on behalf of such
638	deceased member may be paid, in the discretion of the Board, to:
639	a.  The spouse or dependent child or children of the
640	member;
641	b.  The dependent living parent or parents of the member;
642	or
643	c.  The estate of the member.
644	(10)  Cost-of-living adjustments.-
645	(a)  The following words and phrases as used in this
646	subsection mean:
647	1.  Unadjusted amount of retirement benefit.-The amount of
648	retirement benefit that would be paid a retiree or beneficiary
649	of the provisions if this subsection were not applicable.
650	2.  Consumer price index.-The consumer price index for
651	urban wage earners and clerical workers as published by the
652	United States Department of Labor, Bureau of Labor Statistics.
653	Should the Bureau of Labor Statistics adopt a new base or modify
654	the method of computation of the consumer price index so as to
655	render it unsuitable, the Board shall make appropriate
656	adjustments. The Board shall choose another index which it
657	determines to be appropriate if the consumer price index is no
658	longer published.
659	3.  Retirement benefit effective date.-The date as of which
660	payments of a retirement benefit first commence. A new effective
661	date does not occur when a retiree dies and a retirement
662	allowance is paid to a beneficiary.
663	4.  Base month.-The more recent of the month of October
664	1976, the month and year of the retirement benefit effective
665	date, or the month and year in which the retiree attains age 64
666	years.
667	(b)  Subject to the limitations stated in this subsection,
668	the unadjusted amount of the retirement benefit for retirees 65
669	years of age or older shall be increased each January 1,
670	beginning January 1, 1977. The retirement benefit shall increase
671	by 3 percent multiplied by the number of complete years from the
672	later of:
673	1.  January 1, 1976;
674	2.  The retirement benefit effective date; or
675	3.  The first day of the month after attainment of age 65
676	years
677
678	to January 1 of the year in which the adjustment is being made.
679	(c)  The accumulated adjustments to a retirement benefit
680	after January 1, 1977, expressed as a percentage of the
681	unadjusted amount of retirement allowance, shall not exceed the
682	percentage increase in the consumer price index for the period
683	between the base month and the month of October in the year
684	preceding adjustment.
685	(d)  An adjustment shall not be made on any January first
686	if the amount of the adjustment is less than 1 percent of the
687	unadjusted amount of retirement benefit.
688	(11)  Chapter 185 share accounts.-
689	(a)  A separate individual member account shall be
690	established and maintained in each member's name effective
691	October 1, 1988.
692	(b)  Share account funding.-
693	1.  Chapter 185 moneys.-Each individual member account
694	shall be credited with the moneys received from chapter 185,
695	Florida Statutes, tax revenues in June 1988 and thereafter.
696	2.  Forfeitures.-In addition, any forfeitures as provided
697	in paragraph (e) shall be credited to the individual member
698	accounts in accordance with the formula set forth in paragraph
699	(c).
700	(c)  Quarterly annual allocation of accounts.-
701	1.  Moneys shall be credited to each individual member
702	account in an amount directly proportionate to the number of pay
703	periods for which the member was paid compared to the total
704	number of pay periods for which all members were paid, counting
705	the pay periods in the calendar year preceding the date for
706	which chapter 185, Florida Statutes, tax revenues were received.
707	2.  At the end of each fiscal quarter year (September 30),
708	each individual member account shall be adjusted to reflect the
709	earnings or losses resulting from investments, as well as
710	reflecting the costs, fees, and expenses of administration.
711	3.  Effective October 1, 2002, vested Participants have the
712	option to select between two methods to credit investment
713	earnings to their account. The method may be changed each year
714	effective October 1; however, the method must be elected prior
715	to October 1. The methods are:
716	a.  The investment earnings (or losses) credited to the
717	individual member accounts shall be the same percentage as are
718	earned (or lost) by the total investment earnings (or losses) of
719	the Fund as a whole, unless the Board dedicates a separate
720	investment portfolio for chapter 185, Florida Statutes, share
721	accounts, in which case the investment earnings (or losses)
722	shall be measured by the investment earnings (or losses) of the
723	separate investment portfolio.
724	b.  A fixed annual rate of 8.25 percent.
725	4.  Costs, fees, and expenses of administration shall be
726	debited from the individual member accounts on a proportionate
727	basis, taking the costs, fees, and expenses of administration of
728	the Fund as a whole, multiplied by a fraction, the numerator of
729	which is the total of the assets in all individual member
730	accounts and the denominator of which is the total of the assets
731	of the Fund as a whole. The proportionate share of the costs,
732	fees, and expenses shall be debited to each individual member
733	account on a pro rata basis in the same manner as chapter 185,
734	Florida Statutes, tax revenues are credited to each individual
735	member account (i.e., based on pay periods).
736	5.  If the entire balance of the individual member account
737	is withdrawn before September 30 of any year, there shall be no
738	adjustment made to that individual member account to reflect
739	either investment earnings (or losses) or costs, fees, and
740	expenses of administration.
741	(d)  Eligibility for benefits.-Any member who terminates
742	employment with the City, upon application filed with the Board,
743	shall be entitled to 100 percent of the value of his or her
744	individual member account, provided the member meets any of the
745	following criteria:
746	1.  The member is eligible to receive a pension as provided
747	in subsection (8);
748	2.  The member has 5 or more years of credited service and
749	is eligible to receive either:
750	a.  A nonduty disability pension as provided in paragraph
751	(14)(a); or
752	b.  Death benefits for nonduty death as provided in
753	paragraph (17)(a); or
754	3.  The member has any credited service and is eligible to
755	receive either:
756	a.  A duty disability pension as provided in subsection
757	(15); or
758	b.  Death benefits for death in the line of duty as
759	provided in paragraph (17)(b).
760	(e)  Forfeitures.-Any member who has less than 10 years of
761	credited service and who is not eligible for payment of benefits
762	after termination of employment with the City shall forfeit his
763	or her individual member account. The amounts credited to said
764	individual member account shall be redistributed to the
765	remaining individual member accounts in the same manner as
766	chapter 185, Florida Statutes, tax revenues are credited (i.e.,
767	based on pay periods).
768	(f)  Payment of benefits.-The normal form of benefit
769	payment shall be a lump sum payment of the entire balance of the
770	member's individual member account or upon the written election
771	of the member, upon a form provided by the Board; and payment
772	shall be made:
773	1.  Over 3 years in annual installments; or
774	2.  In monthly installments over the lifetime of the member
775	or until the entire balance is exhausted. The monthly amount
776	paid shall be determined by the Fund's actuary in accordance
777	with selections made by the member on a form provided by the
778	Board of Trustees.
779	(g)  Death of member.-If a member dies and is eligible for
780	benefits from the individual member account, the entire balance
781	of the individual member account shall be converted to the name
782	of the beneficiary designated in accordance with paragraph
783	(9)(e). The entire balance shall be paid out in a lump sum to
784	the beneficiary, at the discretion of the beneficiary. If the
785	designated beneficiary is the surviving spouse, the account may
786	remain with the Fund until the latest period specified under
787	subsection (30). These individual accounts shall not be eligible
788	for any further shares of the Chapter 185 moneys but shall be
789	credited with interest. If a member fails to designate a
790	beneficiary, or if the beneficiary predeceases the member, the
791	entire balance shall be converted, in the following order, to
792	the name or names of:
793	1.  The member's surviving children on a pro rata basis;
794	2.  If no children are alive, the member's spouse;
795	3.  If no spouse is alive, the member's surviving parents
796	on a pro rata basis; or
797	4.  If none are alive, the estate of the member.
798
799	The accounts which are converted to the names of the
800	beneficiaries shall have the right to name a successor
801	beneficiary. Any designated beneficiary, other than the
802	surviving spouse of the member, must take a distribution of the
803	entire share account balance by the end of 5 years following the
804	death of the member. Installment distributions which begin in
805	the calendar year of the member's death shall be treated as
806	complying with this 5-year distribution requirement, even though
807	the installments are not completed within 5 years after the
808	member's death.
809	(12)  Supplemental pension distribution.-
810	(a)  The Board of Trustees shall annually authorize a
811	supplemental pension distribution, the amount of which shall be
812	determined as of each September 30, as applicable.
813	1.  For employees who retired prior to October 1, 1999, the
814	amount of the distribution shall be equal to the actuarial
815	present value of future pension payments to those current
816	pensioners, multiplied by the positive difference, if any,
817	between the rate of investment return (not to exceed 9 percent)
818	and 7 percent, plus one-half of any investment earnings over 9
819	percent.
820	2.  For those employees who have more than 12-1/2 years of
821	service on and after October 1, 1999, or who are part of the
822	DROP on or after October 1, 1999, the amount of the distribution
823	shall be equal to the actuarial present value of future pension
824	payments to those pensioners multiplied by the positive
825	difference, if any, between the rate of investment return (not
826	to exceed 9 percent) and 7 percent, plus one-half of any
827	investment earnings over 9 percent.
828	3.  For those employees who have less than 12-1/2 years of
829	service as of October 1, 1999, the amount of the distribution
830	shall be equal to the actuarial present value of future pension
831	payments to those pensioners multiplied by the positive
832	difference, if any, between the rate of investment return (not
833	to exceed 9 percent) and 8.25 percent, plus one-half of any
834	investment earnings over 9 percent.
835	(b)  The actuary shall determine whether there may be a
836	supplemental pension distribution based on the following
837	factors:
838	1.  The actuary for the Pension Fund shall determine the
839	rate of investment return earned on the Pension Fund assets
840	during the 12-month period ending each September 30. The rate
841	determined shall be the rate reported in the most recent
842	actuarial report submitted pursuant to part VII of chapter 112,
843	Florida Statutes.
844	2.  The actuary for the Pension Fund shall, as of September
845	30, determine the actuarial present value of future pension
846	payments to current pensioners. The actuarial present values
847	shall be calculated using an interest rate of 7 percent per year
848	compounded annually, and a mortality table approved by the Board
849	of Trustees and as used in the most recent actuarial report
850	submitted pursuant to part VII of chapter 112, Florida Statutes.
851	3.  The supplemental pension distribution amount shall not
852	exceed accumulated net actuarial experience from all pension
853	liabilities and assets. If the net actuarial experience is
854	favorable, cumulatively, commencing with the experience for the
855	year ending September 30, 1991, after offset for all prior
856	supplemental distributions, the supplemental distribution may be
857	made. If the net actuarial experience is unfavorable,
858	cumulatively, commencing with the experience for the year ended
859	September 30, 1991, after offset for all prior supplemental
860	distributions, no supplemental distribution may be made, and the
861	City must amortize the loss until it is offset by cumulative
862	favorable experience.
863
864	If an actuarial report submitted as provided in this paragraph
865	is not state accepted prior to distribution, and if a deficiency
866	to the Pension Fund results, the deficiency shall be made up
867	from the next available supplemental pension distribution,
868	unless sooner made up by agreement between the Board of Trustees
869	and the City. No such deficiency shall be permitted to continue
870	for a period greater than 3 years from the date of payment of
871	the supplemental pension distribution which resulted from the
872	deficiency.
873	(c)  If the actuary determines there may be a supplemental
874	distribution, the Board of Trustees shall authorize a
875	"supplemental pension distribution," unless the administrative
876	expenses of distribution exceed the amount available for the
877	distribution.
878	(d)  Eligible persons are:
879	1.  Pensioners.
880	2.  Surviving spouses.
881	3.  Surviving dependent children.
882	4.  Pensioners' estates.
883	(e)  The supplemental pension distribution shall be
884	allocated among eligible persons based upon years of service in
885	the proportion that the eligible person's years of service bear
886	to the aggregate amount of years of service of all eligible
887	persons. Allocations for surviving spouses and surviving
888	dependent children who are eligible to receive supplemental
889	pension distributions shall be 66-2/3 percent of the years of
890	service earned by the pensioner. Maximum service credits shall
891	be 25 years. Allocations for duty-disability pensioners shall be
892	based upon 25 years of service. Allocations for duty-death
893	beneficiaries (surviving spouse and surviving dependent
894	children) shall be based upon 66-2/3 percent of 25 years of
895	service.
896	(f)  The supplemental pension distribution shall be made as
897	of April 1, 1992, and each April 1 thereafter. Each eligible
898	person shall be paid his or her allocated portion from the
899	preceding September 30. Eligible persons retired for less than 1
900	year are entitled to a pro rata share of their supplemental
901	pension distribution based on the number of months retired. A
902	pensioner's estate is entitled to a pro rata share of the
903	deceased retirant's supplemental pension distribution based on
904	the number of months that the deceased retirant received a
905	pension during the year ending the September 30 prior to the
906	retirant's death.
907	(13)  Deferred Retirement Option Plan (DROP).-
908	(a)  Eligibility to participate in the DROP.-
909	1.  Any member who is eligible to receive a normal
910	retirement pension may participate in the DROP. Members shall
911	elect to participate by applying to the Board of Trustees on a
912	form provided for that purpose.
913	2.  Election to participate shall be forfeited if not
914	exercised within the first 27 years of combined credited
915	service.
916	3.  A member shall not participate in the DROP beyond the
917	time of attaining 30 years of service and the total years of
918	participation in the DROP shall not exceed 5 years. For example:
919	a.  Members with 25 years of credited service at the time
920	of entry shall participate for only 5 years.
921	b.  Members with 26 years of credited service at the time
922	of entry shall participate for only 4 years.
923	c.  Members with 27 years of credited service at the time
924	of entry shall participate for only 3 years.
925	4.  Upon a member's election to participate in the DROP, he
926	or she shall cease to be a member and shall no longer accrue any
927	benefits under the Pension Fund, except for the benefits
928	provided under subsection (11), Chapter 185 share accounts. For
929	all Fund purposes, the member becomes a retirant, except that a
930	DROP participant shall continue to receive shares of the chapter
931	moneys in accordance with subsection (11), Chapter 185 share
932	accounts. DROP members shall also be eligible to vote as members
933	for purposes of election of the member-trustee. The amount of
934	credited service shall freeze as of the date of entry into the
935	DROP.
936	(b)  Amounts payable upon election to participate in DROP.-
937	1.  Monthly retirement benefits that would have been
938	payable had the member terminated employment with the Department
939	and elected to receive monthly pension payments shall be paid
940	into the DROP and credited to the retirant. Payments into the
941	DROP shall be made monthly over the period the retirant
942	participates in the DROP, up to a maximum of 60 months.
943	2.  Effective October 1, 2002, DROP Participants have the
944	option to select between two methods to credit investment
945	earnings to their account. The method may be changed each year
946	effective October 1; however, the method must be elected prior
947	to October 1. The methods are:
948	a.  Earnings using the rate of investment return earned (or
949	lost) on Pension Fund assets as reported by the Fund's
950	investment monitor. DROP assets are commingled with the Pension
951	Fund assets for investment purposes.
952	b.  A fixed rate of 8.25 percent.
953
954	However, if a police officer does not terminate employment at
955	the end of participation in the DROP, interest credits shall
956	cease on the balance.
957	3.  No payments shall be made from the DROP until the
958	member terminates employment with the Department.
959	4.  Upon termination of employment, participants in the
960	DROP shall receive the balance of the DROP account in accordance
961	with the following rules:
962	a.  Members may elect to begin to receive payment upon
963	termination of employment or defer payment of the DROP until the
964	latest day as provided under sub-subparagraph c.
965	b.  Payments shall be made in either:
966	(I)  Lump sum.-The entire account balance shall be paid to
967	the retirant upon approval of the Board of Trustees.
968	(II)  Installments.-The account balance shall be paid out
969	to the retirant in three equal payments paid over 3 years, the
970	first payment to be made upon approval of the Board of Trustees.
971	(III)  Annuity.-The account balance shall be paid out in
972	monthly installments over the lifetime of the member or until
973	the entire balance is exhausted. Monthly amount paid shall be
974	determined by the Fund's actuary in accordance with selections
975	made by the member on a form provided by the Board of Trustees.
976	c.  Any form of payment selected by a police officer must
977	comply with the minimum distribution requirements of s.
978	401(A)(9) of the Internal Revenue Code and is subject to the
979	requirements of subsection (30) (29) of this act; e.g., payments
980	must commence by age 70-1/2.
981	d.  The beneficiary of the DROP participant who dies before
982	payments from the DROP begin shall have the same right as the
983	participant in accordance with subsection (17).
984	e.  Costs, fees, and expenses of administration shall be
985	debited from the individual member accounts on a proportionate
986	basis, taking the cost, fees, and expenses of administration of
987	the Fund as a whole, multiplied by a fraction, the numerator of
988	which is the total assets in all individual member accounts and
989	the denominator of which is the total assets of the Fund as a
990	whole.
991	(c)  Loans from the DROP.-
992	1.  Availability of loans.-
993	a.  Loans are available to members only after termination
994	of employment, provided the member had participated in the DROP
995	for a period of 12 months.
996	b.  Loans may only be made from a member's own account.
997	c.  There may be no more than one loan at a time.
998	2.  Amount of loan.-
999	a.  Loans may be made up to a maximum of 50 percent of
1000	account balance.
1001	b.  The maximum dollar amount of a loan is $50,000, reduced
1002	by the highest outstanding loan balance during the last 12
1003	months.
1004	c.  The minimum amount of a loan is $5,000.
1005	3.  Limitations on loans.-Loans shall be made from the
1006	amounts paid into the DROP and the earnings thereon.
1007	4.  Term of loan.-
1008	a.  The loan must be for at least 1 year.
1009	b.  The loan shall be no longer than 5 years.
1010	5.  Loan interest rate.-
1011	a.  The interest rate shall be fixed at the time the loan
1012	is originated for the entire term of the loan.
1013	b.  The interest rate shall be equal to the prime rate
1014	published by an established local bank on the last day of each
1015	calendar quarter preceding the date of loan application.
1016	6.  Defaults on loans.-
1017	a.  Loans shall be in default if 2 consecutive months'
1018	repayments are missed or if a total of 4 months' repayments are
1019	missed.
1020	b.  Upon default, the entire balance becomes due and
1021	payable immediately.
1022	c.  If a loan in default is not repaid in full immediately,
1023	the loan may be canceled and the outstanding balance treated as
1024	a distribution, which may be taxable.
1025	d.  Upon default of a loan, a member shall not be eligible
1026	for additional loans.
1027	7.  Miscellaneous provisions.-
1028	a.  All loans must be evidenced by a written loan agreement
1029	signed by the member and the Board of Trustees. The agreement
1030	shall contain a promissory note.
1031	b.  A member's spouse must consent in writing to the loan.
1032	The consent shall acknowledge the effect of the loan on the
1033	member's account balance.
1034	c.  Loans shall be considered a general asset of the Fund.
1035	d.  Loans shall be subject to administrative fees to be set
1036	by the Board of Trustees.
1037	(14)  Nonduty disability pension.-
1038	(a)  Retirement.-Any member who entered the employ of the
1039	Department as a police officer after September 30, 1961, and who
1040	has 5 or more years of credited service, who becomes physically
1041	or mentally, totally and permanently disabled to perform the
1042	duties of a police officer, shall be retired with a pension
1043	provided for in this subsection upon his or her application, or
1044	upon the application of the Police Chief on his or her behalf,
1045	filed with the Board, provided that after a medical examination
1046	of the member made by or under the direction of the medical
1047	committee, the medical committee reports to the Board in writing
1048	whether:
1049	1.  The member is wholly prevented from rendering useful
1050	and efficient service as a police officer; and
1051	2.  The member is likely to remain so disabled continuously
1052	and permanently.
1053
1054	The Board may admit and consider any other evidence that will
1055	assist it in understanding the medical committee's report. The
1056	final decision as to whether a member meets the requirements for
1057	a nonduty disability pension rests with the Board and shall be
1058	based on substantial competent evidence on the record as a
1059	whole.
1060	(b)  Nonduty disability pension benefits; disability occurs
1061	after age and service eligibility.-A member whose retirement on
1062	account of disability, as provided in paragraph (a), occurs on
1063	or after the date he or she became eligible to retire under
1064	subsection (8) shall receive the applicable pension provided for
1065	in subsection (9).
1066	(c)  Nonduty disability pension benefits; disability occurs
1067	before age and service eligibility.-A member whose retirement on
1068	account of disability, as provided in paragraph (a), occurs
1069	prior to the date he or she would have become eligible to retire
1070	under paragraph (8)(a) shall receive a disability pension equal
1071	to the applicable pension payable in subsection (9), provided
1072	that:
1073	1.  If the member has less than 10 years of credited
1074	service, the disability pension shall not be less than 20
1075	percent of his or her final average salary as of his or her
1076	disability retirement date;
1077	2.  If the member has at least 10 years of credited
1078	service, the disability pension shall not be less than 25
1079	percent of his or her final average salary as of his or her
1080	disability retirement date; and
1081	3.  The disability pension shall be subject to the
1082	provisions of subsection (18).
1083	(15)  Duty disability pension.-
1084	(a)  Retirement.-Any member who becomes physically or
1085	mentally, totally and permanently disabled to perform the duties
1086	of a police officer by reason of a personal injury or disease
1087	arising out of and in the course of the performance of his or
1088	her duties as a police officer in the employ of the City shall
1089	be retired with a pension provided for in this subsection,
1090	provided that, after a medical examination of the member made by
1091	or under the direction of the medical committee, the medical
1092	committee reports to the Board in writing whether:
1093	1.  The member is wholly prevented from rendering useful
1094	and efficient service as a police officer; and
1095	2.  The member is likely to remain so disabled continuously
1096	and permanently.
1097
1098	The Board may admit and consider any other evidence that will
1099	assist it in understanding the medical committee's report. Any
1100	condition or impairment of health of a member caused by
1101	tuberculosis, hypertension, heart disease or hardening of the
1102	arteries, hepatitis, or meningococcal meningitis resulting in
1103	total or partial disability or death shall be presumed to be
1104	accidental and suffered in line of duty unless the contrary be
1105	shown by competent evidence. Any condition or impairment of
1106	health caused directly or proximately by exposure, which
1107	exposure occurred in the active performance of duty at some
1108	definite time or place without willful negligence on the part of
1109	the member, resulting in total or partial disability shall be
1110	presumed to be accidental and suffered in the line of duty,
1111	provided that such member shall have successfully passed a
1112	physical examination upon entering such service, which physical
1113	examination, including electrocardiogram, failed to reveal any
1114	evidence of such condition. In order to be entitled to the
1115	presumption in the case of hepatitis, meningococcal meningitis,
1116	or tuberculosis, the member must meet the requirements of
1117	section 112.181, Florida Statutes. The final decision as to
1118	whether a member meets the requirements for duty disability
1119	pension rests with the Board and shall be based on substantial
1120	competent evidence on the record as a whole.
1121	(b)  Duty disability pension benefits; disability occurs
1122	after age and service eligibility.-A member whose retirement on
1123	account of disability, as provided in paragraph (a), occurs on
1124	or after the date he or she becomes eligible to retire under
1125	subsection (8) shall receive the applicable pension provided for
1126	in subsection (9).
1127	(c)  Duty disability pension benefits; disability occurs
1128	before age and service eligibility.-A member whose retirement on
1129	account of disability, as provided in paragraph (a), occurs
1130	prior to the date he or she would become eligible to retire
1131	under subsection (8) shall receive a disability pension equal to
1132	the appropriate pension payable in subsection (9). The
1133	disability pension payable to age 55 shall not be less than two-
1134	thirds of his or her final average salary. Upon reaching age 55,
1135	the member shall begin receiving a pension computed in
1136	accordance with the applicable provisions of subsection (9). In
1137	calculating the new pension figure, the member shall be given
1138	service credit for the period he or she was in receipt of the
1139	disability pension provided for in this paragraph. Any pension
1140	payable under this subsection shall be subject to the provisions
1141	of subsection (18).
1142	(16)  Conditions applicable to all disability retirants.-
1143	(a)  Medical committee.-The medical committee provided for
1144	in subsections (14) and (15) shall consist of no less than two
1145	qualified health professionals, one of whom shall be designated
1146	by the Board, and one by the member. If deemed necessary by the
1147	Board, a third qualified health professional, selected by the
1148	two committee members previously designated, may be named to the
1149	medical committee. The member shall be responsible for the
1150	expenses of the qualified health professional he or she
1151	designates to serve on the medical committee. Expenses for any
1152	other medical examination required under this act shall be paid
1153	by the Fund. The medical committee shall report to the Board the
1154	existence and degree of permanent physical impairment of the
1155	member, if any, based upon the most recent edition of the
1156	American Medical Association's Guide to the Evaluation of
1157	Permanent Impairment, if applicable.
1158	(b)  Exclusions from disability pensions.-No disability
1159	pension shall be payable, either as a duty disability or as a
1160	nonduty disability, if the disability is the result of:
1161	1.  Excessive and habitual use by the member of drugs,
1162	intoxicants, or narcotics;
1163	2.  Injury or disease sustained by the member while
1164	willfully and illegally participating in fights, riots, or civil
1165	insurrections or while committing a crime;
1166	3.  Injury or disease sustained by the member while serving
1167	in any armed forces. This exclusion does not affect members who
1168	have become disabled as a result of intervening military service
1169	under the federal Heroes Earnings Assistance and Relief Tax Act
1170	of 2008 (H.R. 6081; P.L. 110-245);
1171	4.  Injury or disease sustained by the member after his or
1172	her employment has terminated;
1173	5.  Injury or disease sustained by the member while working
1174	for anyone other than the City and arising out of such
1175	employment; or
1176	6.  Injury or disease sustained by the member before
1177	employment with the City begins. This exclusion subparagraph
1178	applies only in the event of an application for a duty
1179	disability benefit injury or disease.
1180	(c)  Payment of disability pensions.-Monthly disability
1181	retirement benefits shall be payable as of the date the Board
1182	determines that the member was entitled to a disability pension;
1183	however, the first payment shall actually be paid on the first
1184	day of the first month after the Board determines such
1185	entitlement. Any portion due for a partial month shall be paid
1186	together with the first payment. The last payment shall be, if
1187	the member recovers from the disability prior to his or her
1188	normal retirement date, the payment due next preceding the date
1189	of recovery or, if the member dies without recovering from his
1190	or her disability, then the following shall apply:
1191	1.  Member with 10 or more years of service.-Death benefits
1192	as set forth in subsection (17) shall be paid.
1193	2.  Member with less than 10 years of service.-Payments
1194	shall be made until the member's death.
1195
1196	Any monthly disability retirement income payments due after the
1197	death of a disabled member shall be paid to the member's
1198	designated beneficiary (or beneficiaries) as provided in section
1199	185.162, Florida Statutes, or paragraph (9)(e) or subsection
1200	(17), as applicable.
1201	(d)  Normal form of disability retirement income.-
1202	1.  Duty or nonduty disability with 10 years of service.-
1203	a.  Married member.-The standard form of disability
1204	retirement benefit for a married member or for a member with
1205	dependent children or parents shall be a disability pension and
1206	death benefit. This form of benefit shall provide monthly
1207	payments for the life of the member as set forth in subsection
1208	(14) or subsection (15), as applicable, or the disability
1209	retiree may select optional forms of benefits in accordance with
1210	paragraph (9)(d). Thereafter, death benefits shall be paid as
1211	provided in subsection (17).
1212	b.  Unmarried member.-The standard form of disability
1213	retirement benefit for a member who is not married or who does
1214	not have dependent children or parents shall be a 10-year
1215	certain benefit. This benefit shall pay monthly benefits for the
1216	member's lifetime. In the event the member dies after his or her
1217	retirement but before he or she has received disability
1218	retirement benefits for a period of 10 years, the same monthly
1219	benefit shall be paid to the beneficiary (or beneficiaries) as
1220	designated by the member for the balance of such 10-year period.
1221	In the absence of a designated beneficiary, then the benefits
1222	shall be paid to the estate of the retiree.
1223	2.  Duty or nonduty disability with less than 10 years of
1224	service.-The standard form of disability retirement benefit
1225	shall provide monthly payments for the life of a member as set
1226	forth in subsection (14) or subsection (15), as applicable.
1227	Thereafter, beneficiary benefits shall be paid as provided in
1228	subsection (17), as applicable.
1229	(e)  Reexaminations of disability retirants.-At least once
1230	each year during the first 5 years following a member's
1231	retirement on account of disability, and at least once in each
1232	3-year period thereafter, the Board shall require any disability
1233	retirant who has not attained age 50 to undergo a medical
1234	examination by a physician designated by the Board. If the
1235	retirant refuses to submit to the medical examination, his or
1236	her disability pension may be suspended by the Board until his
1237	or her withdrawal of such refusal. If such refusal continues for
1238	1 year, all of his or her rights in and to a disability pension
1239	may be revoked by the Board. If, upon medical examination of
1240	such retirant, the physician reports to the Board that the
1241	retirant is physically able and capable of performing the duties
1242	of a police officer in the rank held by him or her at the time
1243	of his or her retirement, the retirant shall be returned to
1244	employment in the Department at a salary not less than the
1245	salary of the rank previously held by him or her. The disability
1246	pension shall then terminate.
1247	(f)  Credited service for disability retirant.-In the event
1248	a disability retirant is returned to employment in the
1249	Department, as provided in paragraph (e), he or she shall again
1250	become a member of the Fund and shall be restored the credited
1251	service at the time of the member's retirement. If he or she
1252	retired under a duty disability as provided in paragraph
1253	(15)(a), he or she shall be given service credit for the period
1254	he or she was in receipt of a disability pension. If the member
1255	retired under a nonduty disability as provided in paragraph
1256	(14)(a), then he or she shall not be given service credit for
1257	the period he or she was in receipt of a disability pension.
1258	(17)  Death benefits.-
1259	(a)  Nonduty death while employed by the department; 5
1260	years or more.-In the event a member who has 5 or more years of
1261	credited service dies, and the Board finds his or her death to
1262	have occurred as the result of causes arising outside the
1263	performance of his or her duties as a member, the following
1264	applicable pensions shall be paid:
1265	1.  A pension equal to two-thirds of the pension to which
1266	he or she would have been entitled under subsection (9) if he or
1267	she had retired the day preceding the date of his or her death,
1268	notwithstanding that he or she might not have satisfied a
1269	retirement age and service requirement stipulated in subsection
1270	(8), provided that the "widow's pension" shall not be less than
1271	one-seventh of the member's final average salary. Upon the
1272	surviving spouse's death, the pension shall terminate. Any
1273	pension payable under this paragraph shall be subject to the
1274	provisions of subsection (18).
1275	2.  In the event the deceased member does not leave a
1276	surviving spouse, or if the surviving spouse dies and the member
1277	leaves an unmarried child or children under age 18, each such
1278	child shall receive a pension of any equal share of the pension
1279	to which the said deceased member's surviving spouse was
1280	entitled or would have been entitled if he or she left a
1281	surviving spouse. Upon any such child's adoption, marriage,
1282	death, or attainment of age 18, the child's pension shall
1283	terminate and it shall be apportioned to the pensions payable to
1284	the said deceased member's remaining eligible children under the
1285	age of 18. In no case shall the pension payable to any such
1286	child exceed one-seventh of the deceased member's final average
1287	salary, nor shall it be less than $15 per month. A pension
1288	payable under this paragraph shall be subject to the provisions
1289	of subsection (18).
1290	3.  In the event the deceased member does not leave a
1291	surviving spouse or children eligible to receive a pension and
1292	the member leaves a parent or parents who the Board finds are
1293	dependent upon the member for at least 50 percent of his, her,
1294	or their financial support, each parent shall receive a pension
1295	of an equal share of the pension to which the member's surviving
1296	spouse would have been entitled if he or she had left a
1297	surviving spouse. Upon any such parent's remarriage or death,
1298	his or her pension shall terminate. Any pension payable under
1299	this paragraph shall be subject to the provisions of subsection
1300	(18).
1301	4.  In the event the deceased member does not leave a
1302	surviving spouse, children, or parents to receive a pension,
1303	then the death benefit, if any, shall be paid to the estate of
1304	the deceased member. Any retirement income payments due after
1305	the death of a vested member may, in the discretion of the
1306	Board, be paid to the member's designated beneficiary or
1307	beneficiaries.
1308
1309	In any of the above cases, the Board, in its discretion, may
1310	direct that the actuarial value of the monthly benefit be paid
1311	as a lump sum.
1312	(b)  Duty death.-In the event a member dies and the Board
1313	finds his or her death to be the natural and proximate result of
1314	a personal injury or disease arising out of and in the course of
1315	his or her actual performance of the duties as a police officer
1316	in the employ of the City, the following applicable pensions
1317	shall be paid:
1318	1.  Effective October 1, 2003, the surviving spouse shall
1319	receive a pension equal to two-thirds of the member's highest 12
1320	consecutive months' salary or the current top step police
1321	officer pay, whichever is greater. Upon the surviving spouse's
1322	death, the pension shall terminate. Any pension payable under
1323	this paragraph shall be subject to the provisions of subsection
1324	(18).
1325	2.  If, in addition to a surviving spouse, the deceased
1326	member leaves an unmarried child or children under age 18, each
1327	child shall receive a pension of $150 per month. Upon any
1328	child's adoption, marriage, death, or attainment of age 18, the
1329	child's pension shall terminate. Any pension payable under this
1330	paragraph shall be subject to the provisions of subsection (18).
1331	3.  In the event the deceased member does not leave a
1332	surviving spouse, or if the surviving spouse dies, and the
1333	member leaves an unmarried child or children under age 18, each
1334	such child shall receive a pension of an equal share of one-
1335	third of the deceased member's final average salary. Upon any
1336	such child's adoption, marriage, death, or attainment of age 18,
1337	the child's pension shall terminate and it shall be apportioned
1338	to the pensions payable to the deceased member's remaining
1339	eligible children under age 18. Any pension payable under this
1340	paragraph shall be subject to the provisions of subsection (18).
1341	4.  Any pensions payable, under subparagraphs 2. and 3.
1342	above, to any child under age 18 shall be paid to his or her
1343	legal guardian.
1344	5.  In the event the deceased member does not leave a
1345	surviving spouse or children under age 18 eligible to receive a
1346	pension provided for in subparagraph 1., subparagraph 2., or
1347	subparagraph 3., and the member leaves a parent or parents who
1348	the Board finds are dependent upon the member for at least 50
1349	percent of his, her, or their financial support, then each
1350	parent shall receive a pension of an equal share of one-third of
1351	the deceased member's final average salary. Upon any such
1352	parent's remarriage or death, his or her pension shall
1353	terminate. Any pension payable under this paragraph shall be
1354	subject to the provisions of subsection (18).
1355	6.  In the event the deceased member does not leave a
1356	surviving spouse, children, or parents eligible to receive a
1357	pension, then the death benefit, if any, shall be paid to the
1358	estate of the deceased member. Any retirement income payments
1359	due after the death of a vested member may, in the discretion of
1360	the Board, be paid to the member's designated beneficiary or
1361	beneficiaries.
1362
1363	In any of the above cases, the Board, in its discretion, may
1364	direct that the actuarial value of the monthly benefit be paid
1365	as a lump sum.
1366	(c)  Death after retirement.-Upon the death of a retirant,
1367	the following applicable pensions shall be paid, subject to the
1368	provisions of subsection (18):
1369	1.  The surviving spouse of the retirant shall receive a
1370	pension of two-thirds of the retirant's pension, provided that
1371	the retirant was receiving a pension under paragraph (9)(a).
1372	Upon the surviving spouse's death, the pension shall terminate.
1373	2.  In the event the deceased retirant does not leave a
1374	surviving spouse eligible to receive a pension, or if the
1375	surviving spouse dies and he or she leaves an unmarried child or
1376	children under age 18, each child shall receive a pension of an
1377	equal share of two-thirds of the deceased retirant's pension.
1378	Upon any child's adoption, marriage, death, or attainment of age
1379	18, the child's pension shall terminate and it shall be
1380	apportioned to the pensions payable to the deceased retirant's
1381	remaining eligible children under age 18. In no case shall the
1382	pension payable to any such child exceed 20 percent of the
1383	deceased retirant's pension, or be less than $15 per month.
1384	3.  In the event the deceased retirant does not leave a
1385	surviving spouse or children eligible to a pension provided for
1386	in subparagraphs 1. and 2. above, and he or she leaves a parent
1387	or parents who the Board finds are dependent upon the retirant
1388	for at least 50 percent of his, her, or their financial support,
1389	each parent shall receive a pension of an equal share of two-
1390	thirds of the deceased retirant's pension. Upon any parent's
1391	remarriage or death, his or her pension shall terminate.
1392	4.  In the event the deceased member does not leave a
1393	surviving spouse, children, or parents eligible to receive a
1394	pension, then the death benefit, if any, shall be paid to the
1395	estate of the deceased member. Any retirement income payments
1396	due after the death of a vested member may, in the discretion of
1397	the Board, be paid to the member's designated beneficiary or
1398	beneficiaries.
1399
1400	In any of the above cases, the Board, in its discretion, may
1401	direct that the actuarial value of the monthly benefit be paid
1402	as a lump sum.
1403	(18)  Workers' compensation offset.-The pension benefits
1404	payable under this act shall not be offset by any workers'
1405	compensation benefits payable as a result of the disability or
1406	death of a member, except to the extent that the total of the
1407	pension benefit and workers' compensation benefit exceeds the
1408	member's average monthly wage.
1409	(19)  Member's contributions; refunds.-
1410	(a)  Member's contributions.-
1411	1.  The member shall contribute 7 percent of his or her
1412	salary to the Fund. Effective the first full payroll period
1413	after January 1, 2005, the member shall contribute 9 percent of
1414	his or her salary to the Fund, which shall be deducted each pay
1415	period from the salary of each member in the Department.
1416	Effective the first full payroll period after January 1, 2006,
1417	the member shall contribute 10 percent of his or her salary to
1418	the Fund, which shall be deducted each pay period from the
1419	salary of each member in the Department. Effective the first
1420	full payroll period after January 1, 2007, the member shall
1421	contribute 11 percent of his or her salary to the Fund, which
1422	shall be deducted each pay period from the salary of each member
1423	in the Department. All amounts of member contributions that are
1424	deducted shall be immediately paid over to the Pension Fund. Any
1425	contribution amount over 7 percent is to be used to purchase
1426	eligibility for participation in the postretirement health
1427	insurance benefits.
1428	2.  The City shall cause the contributions provided for in
1429	subparagraph 1. to be deducted from the compensation of each
1430	member on each payroll, for each pay period, so long as he or
1431	she remains a member of the Fund. The member's contributions
1432	provided for herein shall be made, notwithstanding that the
1433	minimum compensation provided by law for any member is thereby
1434	changed. Each member shall be deemed to consent and agree to the
1435	deductions made and provided for herein. Payment of
1436	compensation, less said deductions, shall be a full and complete
1437	discharge and acquittance of all claims and demands whatsoever
1438	for the services rendered by him or her during the period
1439	covered by such payment, except as to benefits provided by this
1440	act. When deducted, each of said contributions shall be paid
1441	into the Fund and credited to the individual member from whose
1442	compensation said deduction was made.
1443	3.  In addition to the contribution deducted from the
1444	compensation of a member, as hereinbefore provided, a member
1445	shall deposit in the Fund, by a single contribution or by an
1446	increased rate of contribution, as approved by the Board of
1447	Trustees, the amount of previously withdrawn member
1448	contributions not repaid to the Fund, together with regular
1449	interest from the date of withdrawal to the date of repayment.
1450	In no case shall any member be given credit for service rendered
1451	prior to the date he withdrew his aggregate contributions until
1452	he or she repays to the member's deposit account all amounts due
1453	the account by such member.
1454	(b)  Refund of member's contributions.-
1455	1.  Should any member cease to be employed by the City as a
1456	police officer and not be entitled to a pension payable from the
1457	Fund, upon application to and approval by the Board, he or she
1458	shall be paid the aggregate contributions standing to his or her
1459	credit in the Fund, without interest, less any benefits paid to
1460	him or her. In accordance with paragraph (2)(q), a member who
1461	has ceased to be employed by the City as a police officer may
1462	elect to voluntarily leave his or her contributions in the
1463	member's deposit account for a period of up to 5 years, pending
1464	the possibility of being rehired by the Department. If the
1465	member is not reemployed at the expiration of 5 years following
1466	the date the member ceased to be employed by the City as a
1467	police officer, all contributions remaining in the member's
1468	deposit account shall be refunded without interest.
1469	2.  Upon the death of a member, if no pension becomes
1470	payable on account of his or her death, the aggregate
1471	contributions standing to the member's credit in the Fund at the
1472	time of death shall be paid to his or her designated
1473	beneficiary. If there be no such designated person surviving the
1474	member, his or her aggregate contributions shall be paid to his
1475	or her estate in accordance with subsection (17).
1476	3.  Repayments Payments of refunds of a member's aggregate
1477	contributions, in accordance with subsection (6) and as provided
1478	in this paragraph, may be made in bimonthly monthly installments
1479	according to such rules and regulations as the Board of Trustees
1480	shall from time to time adopt.
1481	(20)  Sources of revenue.-
1482	(a)  Contributions credited to Fund.-The contributions to
1483	be credited to the Fund shall consist of, but shall not be
1484	limited to, the following sources of revenue:
1485	1.  Taxes of insurance companies.-The moneys returned to
1486	the City as provided by chapter 185, Florida Statutes, shall be
1487	used to fund the share account benefit described in subsection
1488	(11). The City shall not opt out of participation in chapter
1489	185, Florida Statutes, or any similar statutory enactment unless
1490	exigent circumstances exist, such as the bankruptcy of the City
1491	or changes or amendments to the statute regarding extra
1492	benefits. If any statutory changes are made by the Legislature,
1493	the City and the Board shall renegotiate the impact of such
1494	changes, if necessary.
1495	2.  City contribution.-The City shall contribute to the
1496	Fund annually an amount which, together with the contributions
1497	from the members and the amount derived from the premium tax
1498	provided in chapter 185, Florida Statutes, and other income
1499	sources as authorized by law, shall be sufficient to meet the
1500	normal cost of the Fund and to fund the actuarial deficiency
1501	over a period of not more than 40 years, provided that the net
1502	increase, if any, in unfunded liability of the Fund arising from
1503	significant amendments or other changes shall be amortized
1504	within 30 plan years.
1505	3.  Member contributions.-As provided in subsection (19).
1506	4.  Gifts, etc.-All gifts, bequests, and devises when
1507	donated to the Fund.
1508	5.  Interest from deposits.-All accretions to the Fund by
1509	way of interest on bank deposits or otherwise.
1510	6.  Other sources.-All other sources of income now or
1511	hereafter authorized by law for the augmentation of the Fund.
1512	(b)  Actuarial valuations.-The Fund shall be actuarially
1513	evaluated at least once in each 3-year period.
1514	(21)  Investments.-
1515	(a)  The Board shall have the power and authority to invest
1516	and reinvest the moneys of the Fund and to hold, purchase, sell,
1517	assign, transfer, and dispose of any securities and investments
1518	held in the Fund, including the power and authority to employ
1519	counseling or investment management services. The aim of the
1520	investment policies shall be to preserve the integrity and
1521	security of Fund principal, to maintain a balanced investment
1522	portfolio, to maintain and enhance the value of the Fund
1523	principal, and to secure the maximum total return on investments
1524	that is consonant with safety of principal, provided that such
1525	investments and reinvestments shall be limited only by the
1526	investments permitted by the investment policy guidelines
1527	adopted by the Board in accordance with Florida law.
1528	Notwithstanding the foregoing, investments in foreign
1529	investments are limited in accordance with section
1530	185.06(1)(b)4., Florida Statutes.
1531	1.  The Board members must discharge these duties with
1532	respect to the Plan solely in the interest of the participants
1533	and beneficiaries and:
1534	a.1.  For the exclusive purpose of providing benefits to
1535	participants and their beneficiaries and defraying reasonable
1536	expenses of administering the Plan;
1537	b.2.  With the care, skill, prudence, and diligence under
1538	the circumstances then prevailing that a prudent person acting
1539	in a like capacity and familiar with such matters would use in
1540	the conduct of an enterprise of a like character and with like
1541	aims; and
1542	c.3.  By diversifying the investments of the Plan so as to
1543	minimize the risk of large losses, unless under the
1544	circumstances it is clearly prudent not to do so.
1545	2.  Notwithstanding any other provision of this subsection
1546	and as provided in section 215.473, Florida Statutes, the Board
1547	must identify and publicly report any direct or indirect
1548	holdings it may have in any scrutinized company, as defined in
1549	section 215.473, Florida Statutes. Beginning January 1, 2010,
1550	the Board must proceed to sell, redeem, divest, or withdraw all
1551	publicly traded securities it may have directly in any
1552	scrutinized company. The divestiture of any such security must
1553	be completed by September 10, 2010. The Board and its named
1554	officers or investment advisors may not be deemed to have
1555	breached their fiduciary duty in any action taken to dispose of
1556	any such security, and the Board shall have satisfactorily
1557	discharged the fiduciary duties of loyalty, prudence, and sole
1558	and exclusive benefit to the participants of the Pension Fund
1559	and their beneficiaries if the Board's actions are consistent
1560	with the duties imposed by section 215.473, Florida Statutes, as
1561	provided for in section 185.06(7), Florida Statutes, and the
1562	manner of the disposition, if any, is reasonable as to the means
1563	chosen. For purposes of determining which companies are
1564	scrutinized companies, the Board may utilize the list of
1565	scrutinized companies as developed by the State Board of
1566	Administration. No person may bring any civil, criminal, or
1567	administrative action against the Board of Trustees or any
1568	employee, officer, director, or advisor of such Pension Fund
1569	based upon the divestiture of any security pursuant to this
1570	subparagraph.
1571	(b)  Professional counsel.-Board shall be required to
1572	engage the services of professional investment counsel to assist
1573	and advise the Trustees in the performance of their duties.
1574	(c)  Restricted use of assets.-The assets of the Police
1575	Pension Fund shall be used only for the payment of benefits and
1576	other disbursements authorized by this act and shall be used for
1577	no other purpose.
1578	(d)  Performance evaluation and manager selection.-At least
1579	once every 3 years, the Board of Trustees shall retain an
1580	independent consultant professionally qualified to evaluate the
1581	performance of its professional money manager or investment
1582	counsel. The independent consultant shall make recommendations
1583	to the Board of Trustees regarding the selection of money
1584	managers for the next investment term. These recommendations
1585	shall be considered by the Board of Trustees at its next
1586	regularly scheduled meeting. The date, time, place, and subject
1587	of this meeting shall be advertised in a newspaper of general
1588	circulation in the municipality at least 10 days prior to the
1589	date of the hearing.
1590	(e)  Administrative expenses.-The administrative expenses
1591	of the Fund shall be paid by the Fund.
1592	(22)  Existing benefits continued.-This act, and any
1593	amendments hereto, shall not be construed to increase or
1594	decrease the benefits payable to, or on account of, any member
1595	who retired or died prior to October 1, 1987.
1596	(23)  Assignments prohibited; voluntary withholding.-
1597	(a)  The pensions or other benefits accrued or accruing to
1598	any person under the provisions of this act and the accumulated
1599	contributions and the cash securities in the Fund created under
1600	this act shall not be subject to execution or attachment or to
1601	any legal process whatsoever and shall be unassignable. However,
1602	pursuant to a court support order, the trustees may direct that
1603	retirement benefits be paid for alimony or child support in
1604	accordance with rules and regulations adopted by the Board of
1605	Trustees.
1606	(b)  Upon written request by the retiree, the Board may
1607	authorize the Plan administrator to withhold from the monthly
1608	retirement payment funds necessary to:
1609	1.  Pay for benefits being received through the City;
1610	2.  Pay the certified bargaining agent; or
1611	3.  Pay for premiums for accident, health, and long-term
1612	care insurance for the retiree's spouse and dependents.
1613
1614	A retirement plan does not incur liability for participation in
1615	this permissive program if the Board's actions are taken in good
1616	faith pursuant to section 185.05(6), Florida Statutes.
1617	(24)  Subrogation rights; loss of pension rights.-
1618	(a)  In the event a person becomes entitled to a pension or
1619	other benefits payable from the Fund as a result of an accident
1620	or injury caused by the act of a third party, the City shall be
1621	subrogated to the rights of the said person against such third
1622	person to the extent of the benefits which the City pays or
1623	becomes liable to pay hereunder.
1624	(b)  No person shall be entitled to a pension under this
1625	act who is convicted of a specified offense as provided in
1626	section 112.3173, Florida Statutes.
1627	(25)  Ordinances applicable.-All ordinances of the City
1628	applicable to chapter 185, Florida Statutes, are hereby made
1629	applicable to this act with equal force and effect. No proposed
1630	change or amendment to this act shall be adopted without the
1631	approval required by section 185.35(2), Florida Statutes.
1632	(26)  Review procedures.-
1633	(a)  The applicant for benefits under this act may, within
1634	20 days after being informed of the denial of his or her request
1635	for pension benefits, appeal said denial by filing a reply to
1636	the proposed order with the pension's coordinator. If no appeal
1637	is filed within the time period specified, then the proposed
1638	order shall be final.
1639	(b)  The Board of Trustees shall hold a hearing within 45
1640	days after the receipt of the appeal. Written notice of said
1641	hearing shall be sent by certified mail to the applicant 10 days
1642	prior to the hearing, at the address listed on the application.
1643	(c)  The procedures at the hearing shall be as follows:
1644	1.  All parties shall have an opportunity to respond, to
1645	present physical and testimonial evidence and argument on all
1646	issues involved, to conduct cross-examination, to submit
1647	rebuttal evidence, and to be represented by counsel. Medical
1648	reports and depositions may be accepted in lieu of live
1649	testimony, at the Board's discretion.
1650	2.  All witnesses shall be sworn.
1651	3.  The applicant and the Board shall have an opportunity
1652	to question all witnesses.
1653	4.  Formal rules of evidence and formal rules of civil
1654	procedure shall not apply. The proceedings shall comply with the
1655	essential requirements of due process and law.
1656	5.  The record in a case governed by this subsection shall
1657	consist only of:
1658	a.  A tape recording of the hearing, to be taped and
1659	maintained as part of the official files of the Board of
1660	Trustees by the pension's secretary.
1661	b.  Evidence received or considered.
1662	c.  All notices, pleadings, motions, and intermediate
1663	rulings.
1664	d.  Any decisions, opinions, proposed or recommended
1665	orders, or reports by the Board of Trustees.
1666	(d)  Within 5 days after the hearing, the Board shall take
1667	one of the following actions:
1668	1.  Grant the pension benefits by overturning the proposed
1669	order by majority vote.
1670	2.  Deny the benefits and approve the proposed order as a
1671	final order, after making any changes in the order that the
1672	Board feels is necessary.
1673	(e)  Findings of fact by the Board shall be based on
1674	competent, substantial evidence on the record.
1675	(f)  Within 20 calendar days after rendering its order, the
1676	Board of Trustees shall send by certified mail a copy of said
1677	order to the applicant.
1678	(g)  The applicant may seek review of the order of the
1679	Board of Trustees by filing a petition for writ of certiorari
1680	with the circuit court within 30 days.
1681	(27)  Lump sum payment of small retirement income.-
1682	Notwithstanding any provision of the Fund to the contrary, if
1683	the monthly retirement income payable to any person entitled to
1684	benefits hereunder is less than $30 or if the single sum value
1685	of the accrued retirement income is less than $1,000 $5,000 as
1686	of the date of retirement or termination of service, whichever
1687	is applicable, the Board of Trustees, in the exercise of its
1688	discretion, may specify that the actuarial equivalent of such
1689	retirement income be paid in lump sum.
1690	(28)  Pickup of member contributions.-Effective the first
1691	day of the first full payroll period of the first calendar
1692	quarter following receipt of a favorable determination letter
1693	from the Internal Revenue Service, the City shall pick up the
1694	member contribution required by this section. The contributions
1695	so picked up shall be treated as employer contributions in
1696	determining tax treatment under the United States Internal
1697	Revenue Code. The City shall pick up the member contributions
1698	from funds established and available for salaries, which funds
1699	would otherwise have been designated as member contributions and
1700	paid to the Fund. Member contributions picked up by the City
1701	pursuant to this subsection shall be treated for purposes of
1702	making a refund of members' contributions, and for all other
1703	purposes of this and other laws, in the same manner and to the
1704	same extent as member contributions made prior to the effective
1705	date of this section. The intent of this section is to comply
1706	with s. 414(H)(2) of the Internal Revenue Code.
1707	(29)  Internal Revenue Code limits.-
1708	(a)  In no event may a member's annual benefit exceed
1709	$160,000 (adjusted for cost of living in accordance with s.
1710	415(d) of the Internal Revenue Code).
1711	(b)  If a member has less than 10 years of service with the
1712	City, the applicable limitation in paragraph (a) shall be
1713	reduced by multiplying such limitation by a fraction, not to
1714	exceed 1. The numerator of such fraction shall be the number of
1715	years, or part thereof, of service with the City; the
1716	denominator shall be 10 years.
1717	(c)  For purposes of this subsection, "annual benefit"
1718	means a benefit payable annually in the form of a straight life
1719	annuity with no ancillary incidental benefits and with no member
1720	or rollover contributions. To the extent that ancillary benefits
1721	are provided, the limits set forth in paragraph (a) shall be
1722	reduced actuarially, using an interest rate assumption equal to
1723	the greater of 5 percent or the rate being used for actuarial
1724	equivalence, to reflect such ancillary benefits.
1725	(d)  If distribution of retirement benefits begins before
1726	age 62, the dollar limitation as described in paragraph (a)
1727	shall be reduced, using an interest rate assumption equal to the
1728	greater of 5 percent or the interest rate used for actuarial
1729	equivalence; however, retirement benefits shall not be reduced
1730	below $75,000 if payment of benefits begins at or after age 55
1731	and not below the actuarial equivalent of $75,000 if payment of
1732	benefits begins before age 55. For a member with 15 or more
1733	years of service with the City, the reductions described above
1734	shall not reduce such member's benefit below $50,000 (adjusted
1735	for cost of living in accordance with s. 415(d) of the Internal
1736	Revenue Code, but only for the year in which such adjustment is
1737	effective). If retirement benefits begin after age 65, the
1738	dollar limitation of paragraph (a) shall be increased
1739	actuarially by using an interest assumption equal to the lesser
1740	of 5 percent or the rate used for actuarial equivalence.
1741	(e)  Compensation in excess of limitations set forth in s.
1742	401(a)(17) of the Internal Revenue Code shall be disregarded.
1743	The limitation on compensation for an eligible employee shall
1744	not be less than the amount that was allowed to be taken into
1745	account hereunder as in effect on July 1, 1993. "Eligible
1746	employee" is an individual who was a member before the first
1747	plan year beginning after December 31, 1995.
1748	(30)  Required distributions.-
1749	(a)  In accordance with s. 401(a)(9) of the Internal
1750	Revenue Code, all benefits under this plan shall be distributed,
1751	beginning not later than the required beginning date set forth
1752	below, over a period not extending beyond the life expectancy of
1753	the police officers or the life expectancy of the police officer
1754	and a beneficiary designated in accordance with paragraph
1755	(9)(e).
1756	(b)  Any and all benefit payments shall begin by the later
1757	of:
1758	1.  April 1 of the calendar year following the calendar
1759	year of the member's retirement date; or
1760	2.  April 1 of the calendar year following the calendar
1761	year in which the member attains age 70-1/2.
1762	(c)  If an employee dies before his or her entire vested
1763	interest has been distributed to him or her, the remaining
1764	portion of such interest shall be distributed at least as
1765	rapidly as provided for under subsection (17).
1766	(31)(a)  Rollovers from qualified plans.-A member may roll
1767	over all or a part of his or her interest in another qualified
1768	plan to the Fund, provided all of the following requirements are
1769	met:
1770	1.  Some or all of the amount distributed from the other
1771	plan is rolled over to this plan no later than the 60th day
1772	after distribution was made from the Plan or, if distributions
1773	are made in installments, no later than the 60th day after the
1774	last distribution was made.
1775	2.  The amount rolled over to this Fund does not include
1776	any amount contributed by the member to the Plan on a post tax
1777	basis.
1778	3.  The rollover is made in cash.
1779	4.  The member certifies that the distribution is eligible
1780	for a rollover.
1781	5.  Any amount which the Trustees accept as a rollover to
1782	this Fund shall, along with any earnings allocated to them, be
1783	fully vested at all times.
1784
1785	A rollover may also be made to this Plan from an individual
1786	retirement account qualified under s. 408 of the Internal
1787	Revenue Code when the individual retirement account was merely
1788	used as a conduit for funds from another qualified plan and the
1789	rollover is made in accordance with the rules provided in
1790	subparagraphs 1.-5. Amounts rolled over may be segregated from
1791	other Fund assets. The trustees shall separately account for
1792	gains, losses, and administrative expenses of these rollovers as
1793	provided for in subsections (11) and (13). In addition, the Fund
1794	may accept the direct transfer of a member's benefits from
1795	another qualified retirement plan or an Internal Revenue Code
1796	section 457 plan. The Fund shall account for direct transfers in
1797	the same manner as a rollover and shall obtain certification
1798	from the member that the amounts are eligible for a rollover or
1799	direct transfer to this Fund.
1800	(b)  Transfer of accumulated leave.-
1801	1.  Members who are eligible to receive a lump-sum payment
1802	for accumulated leave payable upon separation and who have funds
1803	remaining after the contributions to the health savings account
1804	as required by the collective bargaining agreement shall have
1805	the remaining leave payment transferred to the Fund up to the
1806	amount permitted by law. Any additional amounts shall be paid
1807	directly to the member. Members on whose behalf leave has been
1808	transferred shall maintain the entire amount of the transferred
1809	leave balance in the DROP or Share Account.
1810	2.  If a member on whose behalf the City makes a
1811	transferred leave balance to the Plan dies after retirement or
1812	other separation, then any person who would have received a
1813	death benefit had the member died in service immediately prior
1814	to the date of retirement or other separation shall be entitled
1815	to receive an amount equal to the transferred leave balance in a
1816	lump sum. In the case of a surviving spouse or former spouse, an
1817	election may be made to transfer the leave balance to an
1818	eligible retirement plan in lieu of the lump sum payment.
1819	Failure to make such an election by the surviving spouse or
1820	former spouse within 60 days after the member's death shall be
1821	deemed an election to receive the lump sum payment.
1822	3.  The Board, by rule, shall prescribe the method for
1823	implementing the provisions of this paragraph.
1824	4.  Amounts transferred under this section shall remain
1825	invested in the Fund for a period of not less than 1 year.
1826	(32)  Rollover distributions.-
1827	(a)  This subsection applies to distributions made on or
1828	after January 1, 1993. Notwithstanding any provision of the Plan
1829	to the contrary that would otherwise limit a distributee's
1830	election under this subsection, a distributee may elect, at the
1831	time and in the manner prescribed by the Board of Trustees, to
1832	have any portion of an eligible rollover distribution paid
1833	directly to an eligible retirement plan specified by the
1834	distributee in a direct rollover.
1835	(b)  Definitions.-
1836	1.  "Eligible rollover distribution" is any distribution of
1837	all or any portion of the balance to the credit of the
1838	distributee, except that an eligible rollover does not include
1839	any distribution that is one of a series of substantially equal
1840	periodic payments (not less frequently than annually) made for
1841	the life (or life expectancy) of the distributee or the joint
1842	lives (or joint life expectancies) of the distributee and the
1843	distributee's designated beneficiary, or for a specified period
1844	of 10 years or more; any distribution to the extent such
1845	distribution is required under s. 401(a)(9) of the Internal
1846	Revenue Code; and the portion of any distribution that is not
1847	includable in gross income.
1848	2.  "Eligible retirement plan" is an individual retirement
1849	account described in s. 408(a) of the Internal Revenue Code, an
1850	individual retirement annuity described in s. 408(b) of the
1851	Internal Revenue Code, an annuity plan described in s. 403(a) of
1852	the Internal Revenue Code, or a qualified trust described in s.
1853	401(a) of the Internal Revenue Code that accepts the
1854	distributee's eligible rollover distribution. However, in the
1855	case of an eligible rollover distribution to the surviving
1856	spouse, an "eligible retirement plan" is an individual
1857	retirement account or individual retirement annuity.
1858	3.  "Distributee" includes an employee or former employee.
1859	In addition, the employee's or former employee's surviving
1860	spouse and the employee's or former employee's spouse or former
1861	spouse who is entitled to payment for alimony and child support
1862	under a domestic relations order determined to be qualified by
1863	this Fund are distributees with regard to the interest of the
1864	spouse or former spouse.
1865	4.  "Direct rollover" is a payment by the Plan to the
1866	eligible retirement plan specified by the distributee.
1867	(33)  Miscellaneous requirements.-
1868	(a)  No benefit of any kind shall be payable from the
1869	assets of the Pension Fund unless specifically provided for in
1870	this act; however, the Board of Trustees, with the approval of
1871	the City, may grant ad hoc benefits after a public hearing and
1872	acceptance by the state of an actuarial impact statement
1873	submitted pursuant to part VII of chapter 112, Florida Statutes.
1874	(b)  The City may not offset any part of its required
1875	annual contribution by the Fund's assets except as determined in
1876	an actuarial valuation, the report for which is determined to be
1877	state accepted pursuant to part VII of chapter 112, Florida
1878	Statutes.
1879	(c)  All provisions of this act and operations of the
1880	Pension Fund shall be carried out in compliance with part VII of
1881	chapter 112, Florida Statutes.
1882	(d)1.  It is unlawful for a person to willfully and
1883	knowingly make, or cause to be made, or to assist, conspire
1884	with, or urge another to make, or cause to be made, any false,
1885	fraudulent, or misleading oral or written statement or to
1886	withhold or conceal material information to obtain any benefit
1887	under this Plan.
1888	2.a.  A person who violates subparagraph 1. commits a
1889	misdemeanor of the first degree, punishable as provided in
1890	section 775.082 or section 775.083, Florida Statutes.
1891	b.  In addition to any applicable criminal penalty, upon
1892	conviction for a violation described in subparagraph 1., a
1893	participant or beneficiary of this Plan may, in the discretion
1894	of the Board of Trustees, be required to forfeit the right to
1895	receive any or all benefits to which the person would otherwise
1896	be entitled under this Plan. For purposes of this sub-
1897	subparagraph, "conviction" means a determination of guilt that
1898	is the result of a plea or trial, regardless of whether
1899	adjudication is withheld.
1900	(34)  Actuarial assumptions.-The following actuarial
1901	assumptions shall be used for all purposes in connection with
1902	this Fund, effective October 1, 1999:
1903	(a)  The assumed investment rate of return shall be 8.25
1904	percent.
1905	(b)  The period for amortizing current, future, and past
1906	actuarial gains or losses shall be 20 years.
1907
1908	The consequences of the change in assumptions in paragraphs (a)
1909	and (b) shall first take effect during the October 1, 1999-
1910	September 30, 2000, fiscal year of the City of West Palm Beach.
1911	To the extent that effective dates or legislative delays might
1912	influence the direct application to the October 1, 1999-
1913	September 30, 2000, fiscal year of the actuarial cost estimate
1914	dated March 24, 2000, there shall be a minimum contribution
1915	reserve established by the Pension Fund for the City of West
1916	Palm Beach. The reserve shall be credited with any amounts
1917	contributed to the Pension Fund by the City of West Palm Beach
1918	during the October 1, 1999-September 30, 2000, fiscal year in
1919	excess of $1,462,965. This amount has been determined by
1920	combining the contribution requirement from the September 30,
1921	1998, actuarial valuation report dated May 7, 1999, with the
1922	subsequent actuarial cost estimate dated March 24, 2000, both of
1923	which were prepared by the Fund's actuary.
1924	(35)  Other police officer or military service.-
1925	(a)  Prior police officer or military service.-Unless
1926	otherwise prohibited by law, the years, or fractional parts of
1927	years, that a member previously served as a police officer with
1928	the City during a period of employment and for which accumulated
1929	contributions were withdrawn from the fund, or the years, or
1930	fractional parts of years, that a member served as a police
1931	officer for this or any other municipal, county, state, or
1932	federal law enforcement office or any time served in the
1933	military service of the Armed Forces of the United States shall
1934	be added to the years of credited service, provided that the
1935	member contributes to the fund the sum that would have been
1936	contributed, based on the member's salary and the employee
1937	contribution rate in effect at the time that the credited
1938	service is requested, had the member been a member of this
1939	system for the years, or fractional parts of years, for which
1940	the credit is requested, plus the amount actuarially determined,
1941	such that the crediting of service does not result in any cost
1942	to the fund, plus payment of costs for all professional services
1943	rendered to the Board in connection with the purchase of years
1944	of credited service.
1945	1.  Payment by the member of the required amount may be
1946	made within 6 months after the request for credit and in one
1947	lump sum payment, or the member may buy back this time over a
1948	period equal to the length of time being purchased or 5 years,
1949	whichever is greater, at an interest rate which is equal to the
1950	Fund's actuarial assumption. A member may request to purchase
1951	some or all years of service.
1952	2.  The credit purchased under this subsection shall count
1953	for all purposes, except vesting.
1954	3.  In no event, however, may credited service be purchased
1955	pursuant to this section for prior service with any other
1956	municipal, county, state, or federal law enforcement office, if
1957	such prior service forms or will form the basis of a retirement
1958	benefit or pension from another retirement system or plan.
1959	4.  In the event that a member who is in the process of
1960	purchasing service suffers a disability and is awarded a benefit
1961	from the plan, the member shall not be required to complete the
1962	buyback. However, contributions made prior to the date the
1963	disability payment begins will be retained by the Fund.
1964	5.  If a member who has either completed the purchase of
1965	service or is in the process of purchasing service terminates
1966	before vesting, the member's contributions shall be refunded,
1967	including the buyback contributions.
1968	6.  A request to purchase service may be made at any time
1969	during the course of employment; however, the buyback is a one-
1970	time opportunity.
1971	7.  A member who previously served as a police officer with
1972	the City during a period of employment and for which accumulated
1973	contributions were withdrawn from the Fund may recontribute such
1974	withdrawn contributions plus interest from the date of
1975	withdrawal to the date of repayment in accordance with
1976	subsection (6).
1977	(b)  Intervening military service.-In determining the
1978	creditable service of any police officer, credit for up to 5
1979	years of the time spent in the military service of the Armed
1980	Forces of the United States shall be added to the years of
1981	actual service without employee contribution, if:
1982	1.  The police officer is in the active employ of the
1983	municipality prior to such service and leaves a position, other
1984	than a temporary position, for the purpose of voluntary or
1985	involuntary service in the Armed Forces of the United States.
1986	2.  The police officer is entitled to reemployment under
1987	the provisions of the federal Uniformed Services Employment and
1988	Reemployment Rights Act.
1989	3.  The police officer returns to his or her employment as
1990	a police officer of the municipality within 1 year after the
1991	date of his or her release from such active service, except
1992	that, effective January 1, 2007, members who die or become
1993	disabled while on active duty military service shall be entitled
1994	to the rights of this section even though such member was not
1995	reemployed by the City. A member who dies or becomes disabled
1996	while on active duty military service shall be treated as though
1997	he or she were reemployed the day before he or she became
1998	disabled or died, were credited with the service he or she would
1999	have been entitled to under this section, and then either died a
2000	nonduty death while employed or became disabled from a nonduty
2001	disability.
2002	(36)  Reemployment after retirement.-
2003	(a)  Reemployment by public or private employer.-Any
2004	retiree who is retired under this Plan, except for disability
2005	retirement as previously provided for, may be reemployed by any
2006	public or private employer, except the City, and may receive
2007	compensation from that employment without limiting or
2008	restricting in any way the retirement benefits payable under
2009	this Plan. Reemployment by the City on or after August 1, 2008,
2010	shall be subject to the limitations set forth in this section.
2011	(b)  Reemployment after normal retirement outside Police
2012	Department.-Any retiree who is retired under normal retirement
2013	pursuant to this Plan and who is reemployed by the City after
2014	that retirement shall, upon being reemployed, continue receipt
2015	of benefits, provided the retiree is not hired into the Police
2016	Department. Upon reemployment, the retiree is eligible to
2017	participate in the plan offered to new employees of that
2018	department, and the retiree shall be deemed a new employee
2019	subject to any vesting and contribution requirements of that
2020	plan. The benefit paid under this Plan shall not be changed in
2021	any way.
2022	(c)  Reemployment after normal retirement in Police
2023	Department.-Any retiree who is retired after normal retirement
2024	pursuant to this Plan shall not be reemployed by the Police
2025	Department as a police officer or in any position that
2026	supervises police officers. The pension of a retiree who is
2027	reemployed by the Police Department as a police officer or in
2028	any position that supervises police officers shall stop until
2029	the member terminates employment. However, a retiree who is
2030	reemployed by the Police Department neither as a police officer
2031	nor in any position that supervises police officers is eligible
2032	to participate in the plan offered to new employees of that
2033	employee classification, and the retiree shall be deemed a new
2034	employee subject to any vesting and contribution requirements of
2035	that plan. The benefit paid under this Plan shall not be changed
2036	in any way.
2037	(d)  Reemployment of terminated vested persons.-Reemployed
2038	terminated vested persons shall not be subject to the provisions
2039	of this section until such time as they begin to actually
2040	receive benefits but shall be subject to paragraph (9)(c). Upon
2041	receipt of benefits, terminated vested persons shall be treated
2042	as normal retirees for purposes of applying the provisions of
2043	this section.
2044	(e)  DROP participants.-Members or retirees who were in the
2045	deferred retirement option plan shall have the options provided
2046	for in this section for reemployment after termination of
2047	employment as if the retiree were a retiree under normal
2048	retirement.
2049	(37)  Termination of the Plan.-Upon termination of the Plan
2050	by the City for any reason, or because of a transfer, merger, or
2051	consolidation of governmental units, services, or functions as
2052	provided in chapter 121, Florida Statutes, or upon written
2053	notice to the Board by the City that contributions under the
2054	Plan are being permanently discontinued, the rights of all
2055	employees to benefits accrued to the date of such termination or
2056	discontinuance and the amounts credited to the employees'
2057	accounts are nonforfeitable. The Fund shall be distributed in
2058	accordance with the following procedures:
2059	(a)  The Board shall determine the date of distribution and
2060	the asset value required to fund all the nonforfeitable benefits
2061	after taking into account the expenses of such distribution. The
2062	Board shall inform the City if additional assets are required,
2063	in which event the City shall continue to financially support
2064	the Plan until all nonforfeitable benefits have been funded.
2065	(b)  The Board shall determine the method of distribution
2066	of the asset value and whether distribution shall be by payment
2067	in cash, by the maintenance of another or substituted trust
2068	fund, by the purchase of insured annuities, or otherwise for
2069	each police officer entitled to benefits under the Plan, as
2070	specified in paragraph (c).
2071	(c)  The Board shall distribute the asset value as of the
2072	date of termination in the manner set forth in this subsection
2073	on the basis that the amount required to provide any given
2074	retirement income is the actuarially computed single-sum value
2075	of such retirement income, except that if the method of
2076	distribution determined under paragraph (b) involves the
2077	purchase of an insured annuity, the amount required to provide
2078	the given retirement income is the single premium payable for
2079	such annuity. The actuarial single-sum value may not be less
2080	than the employee's accumulated contributions to the Plan, with
2081	interest if provided by the Plan, less the value of any Plan
2082	benefits previously paid to the employee.
2083	(d)  If there is asset value remaining after the full
2084	distribution specified in paragraph (c), and after payment of
2085	any expenses incurred with such distribution, such excess shall
2086	be returned to the City, less the return to the state of the
2087	state's contributions, provided that if the excess is less than
2088	the total contributions made by the City and the state to date
2089	of termination of the Plan, such excess shall be divided
2090	proportionately to the total contributions made by the City and
2091	the state.
2092	(e)  The Board shall distribute, in accordance with the
2093	manner of distribution determined under paragraph (b), the
2094	amounts determined under paragraph (c).
2095	Section 2.  This act shall take effect upon becoming a law.

CODING: Words stricken are deletions; words underlined are additions.