§ 54-190. Contributions.

(a)

Member contributions.

(1)

Amount. Each member of the system shall be required to make regular contributions to the fund in the amount of three and one-half percent of his salary. Member contributions withheld by the city on behalf of the member shall be deposited with the board immediately after each pay period. The contributions made by each member to the fund shall be designated as employer contributions pursuant to section 414(h) of the Code. Such designation is contingent upon the contributions being excluded from the members' gross income for Federal Income Tax purposes. For all other purposes of the system, such contributions shall be considered to be member contributions.

(2)

Method. Such contributions shall be made by payroll deduction.

(b)

State contributions. Any monies received or receivable by reason of laws of the state, for the express purpose of funding and paying for retirement benefits for firefighters and police officers of the city shall be deposited in the fund comprising part of this system immediately and under no circumstances more than five days after receipt by the city.

In accordance with F.S. § 175.351(1)(g), and pursuant to mutual agreement between the city and the collective bargaining representative for city firefighters, the first $46,100.85 in Chapter 175 premium tax revenues received each year shall be used to reduce the city's annual required contribution to the fund, and 50 percent of any Chapter 175 premium tax revenues received in excess of $46,100.85 shall be used to fund share plan benefits for firefighters in accordance with section 54-215; and 50 percent of any Chapter 175 premium tax revenues received in excess of $46,100.85 shall be used to reduce the unfunded actuarial accrued liability of the fund as long as such liability exists, and thereafter shall be used to reduce the city's annual required contribution to the fund. The city and the collective bargaining representative for city firefighters have further agreed that the total amount of the accumulated excess Chapter 175 premium tax monies held in reserve on October 1, 2014 ($1,014,963.95) shall be applied to reduce the unfunded actuarial accrued liability of the fund.

In accordance with F.S. § 185.35, and pursuant to mutual agreement between the city and the collective bargaining representative for city police officers, the parties agree and consent that the total amount of accumulated excess Chapter 185 premium tax monies held in reserve as of November 10, 2016 shall be applied to reduce the unfunded actuarial accrued liability of the plan. The parties further agree and consent that all Chapter 185 excess premium tax revenues received after November 10, 2016 will be used as follows: (a) 50 percent will be used to reduce the unfunded actuarial accrued liability of the plan as long as such liability exists, and thereafter, shall be applied to reduce the city's annual required contribution to the plan; and (b) 50 percent will be used to fund share plan benefits for police officers in accordance with section 54-215.

(c)

City contributions. So long as this system is in effect, the city shall make quarterly contributions to the fund in an amount equal to the required city contribution as shown by the applicable actuarial valuation of the system.

(d)

Other. Private donations, gifts and contributions may be deposited to the fund, but such deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from these sources may be used only for additional benefits for members, as determined by the board, and may not be used to reduce what would have otherwise been required city contributions.

(Ord. No. 00-22, § 1, 2-24-00; Ord. No. 09-03, § 2, 3-12-09; Ord. No. 11-32, § 1, 10-27-12; Ord. No. 16-60, § 3, 11-10-16; Ord. No. 16-61, § 1, 12-6-16)