§ 70-342. Credits to individual accounts.

(a)

An individual account shall be established for each police officer of permanent status on the effective date of this article (June 22, 1965) and for each police officer who was in the employ of the city at any time after such date and for each police officer who attains permanent status subsequent to such date.

(b)

After payment of all costs, expenses, and fees as monies are received from the state, the expense of administering the police officer pension fund for the preceding year shall be prorated by the board of trustees and charged against monies received for police officer participants during such year, and the balance of such monies shall be credited to all participants.

(c)

The one-percent excise tax on casualty insurance premiums shall be distributed to the police officers who qualify by virtue of their being active police officers of the city, who actually are on the city payroll on January 1 of the year next following the calendar year for which the tax was levied, and by previously, during the year for which the tax was levied, contributing to their annuity savings fund of the retirement not less than the amount required by F.S. § 185.24. When this money is received, it shall be prorated to each qualifying police officer as stated, in proportion to the number of individual shares for the year in which the tax was levied, by credit to the officer's individual account or by payment directly to the police officer if the officer has separated from city employment and withdrawn his annuity savings fund contributions subsequent to the January 1 stated in this subsection.

(d)

Any police officer employed by the city for nine months of continuous employment after the adoption of this section (June 22, 1965) who does not desire to accept the provisions of this section after being notified in writing of its stipulations 30 days prior to completion of his nine months of continuous employment by the secretary of the retirement system and notifies the officer, or board paying the salary of such police officer, in writing, to the effect, shall be barred from participating in the additional benefits derived from this amendment (Ord. No. 1410) to section 24-53 of the Code of 1960 subsequent to the effective date of this amendment (Ord. No. 1410).

The funds received by the city employees' retirement system from the state municipal police officers' retirement fund shall be invested only in accordance with F.S. § 185.06.

No police officer shall have any vested right in any state police retirement funds received by the city which have been credited to the officer's annuity savings fund, until after ten years of accumulated retirement system membership, except in case of retirement for total and permanent disability. The provision applies to all police officers who become employed subsequent to the effective date of Ordinance No. 1410 (October 24, 1961).

Shares. Each participant shall be entitled to one share in the fund for each full year of service as a participant of the police retirement fund rendered before and/or after the effective date of this section (November 22, 1966). Promptly after passage of this section (November 22, 1966) the number of full years of service rendered by each participant as a member of the police retirement fund prior to the passage of this section shall be determined, and a record thereof shall be made on the participant's service record and the participant shall thereupon have as many shares as full years of service rendered, and thereafter each full fiscal year of service as defined as extending from January 1 to the following December 31, both dates inclusive, shall add one more share to the credit of each participant.

Determining value of shares to participant. The number of shares to which each and every participant is entitled to at the close of each fiscal year shall be added together, and the total number of shares thus determined shall be divided into the net amount of money available to be allocated and credited to the respective share accounts. The amount to be credited to the account of each participant will then be obtained by multiplying the value determined for one share by the total number of shares to which each participant is entitled. No participant can accumulate more than 20 shares.

(Code 1960, § 24-53.10; Ord. No. 1781, § 11, 6-22-1965; Ord. No. 1922, § 2, 11-22-1966; Ord. No. 84-43, § 1, 3-27-1984)

Editor's note

The language is a direct quote from the first paragraph of former § 24-53, repealed by Ord. No. 1780. The probable effect of such language would be to validate the notices referred to, which were made under the former enactment. Ord. No. 1410, which amended § 24-53, was enacted and effective October 24, 1961.