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

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