§ 5. Contributions.

1.

State contributions. Any monies received or receivable by reason of laws of the State of Florida for the express purpose of funding and paying for retirement benefits for the police officers of the Town shall be deposited in the fund within five (5) days of receipt.

2.

Town contributions. So long as this system is in effect, the Town shall make, on at least a quarterly basis, contributions to the fund in an amount equal to the difference in each year between the state contributions for the year, and the total cost for the year as shown by the most recent annual actuarial valuation of the system. The total cost for any year shall be defined as the total normal cost plus the additional amount sufficient to amortize the unfunded accrued past service liability over not more than a thirty-year period.

3.

Other. Private donations, gifts, and contributions may be deposited to the fund. Such deposits may, at the discretion of the Board, be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from these sources may be used for additional benefits for Members, as determined by the Board.

4.

Member contributions:

A.

Amount. Member contributions shall consist of amounts actually contributed by Members at a rate of not less than six and five-tenths (6.5) percent of gross earnings for employees hired before the Effective Date of this Ordinance, until employees reach the greater of the maximum accrual of 90% of average monthly earnings or the total level accrued upon adoption of this Ordinance, to be deducted from each Member's earnings effective upon adoption of this Ordinance. For employees hired before the Effective Date of this Ordinance, the contribution shall be reduced to three (3.0) percent of gross earnings once such employees reach the maximum accrual of 90% of average monthly earnings, to be deducted from each Member's earnings effective upon adoption of this Ordinance. Employees hired on or after the Effective Date of this Ordinance shall contribute at a rate of not less than six and five-tenths (6.5) percent of gross earnings, to be deducted from each Member's earnings effective upon adoption of this Ordinance, with a maximum accrual of 75% of average monthly earnings.

[September 16, 2003]

B.

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

(Ord. No. 8-87, § 2, 4-7-1987; Ord. No. 18-99, § 9, 12-7-1999; Ord. No. 10-03, 9-16-2003; Ord. No. 06-10, 5-18-2010; Ord. No. 16-12, § 3, 11-13-2012; Ord. No. 12-14, § 4, 6-3-2014)