§ 18-81.1. Supplemental benefits.

(a)

Discretionary Annual Benefit. All Retirees with ten (10) or more years of credited service (hereinafter "Retiree") and Volunteer Firefighters of the Volunteer Firefighter Pension Plan will be eligible for discretionary annual benefits as described in this subsection (a) of this section. The Discretionary Annual Benefit shall be funded annually only upon the affirmative vote of the Board. The annual effective date of the Discretionary Annual Benefit shall be October 1.

(1)

The benefit will be solely funded with Available Trust Funds. Available Trust Funds shall mean those funds maintained in trust in excess of one hundred fifteen (115) percent up to one hundred twenty (120) percent of the those trust funds needed to meet the actuarial accrued liability as defined under Chapter 175, Florida Statutes as determined by an actuarial valuation performed by the Pension Board's actuaries. The determination of Available Trust Funds shall be made annually on September 30.

(2)

If in any year Available Trust Funds do not exceed one hundred fifteen (115) percent of the those trust funds needed to meet the actuarial accrued liability as defined under Chapter 175, Florida Statutes as determined by an actuarial valuation performed by the Pension Board's actuaries, then no benefit will be paid.

(3)

The total benefit allocation shall be based on the amount of Available Trust Funds, minus the costs for performing the benefit calculation as of September 30 of the prior fiscal year. This total benefit allocation will be shared between Volunteer Firefighters and Retirees. Specifically, the benefit shall be calculated to result in each Retiree receiving twenty-five (25) percent of the benefit allocated to each Volunteer Firefighter. For example, if there are one hundred twenty (120) Volunteer Firefighters in a particular year and eighty (80) Retirees, the allocation would be one thousand seven hundred four dollars and fifty-five cents ($1,704.55) to each volunteer firefighter and five hundred sixty eight dollars and eighteen cents ($568.18) to each retiree based on a total benefit allocation of two hundred fifty thousand dollars ($250,000.00). The benefit shall vest immediately for Retirees and for Volunteer Firefighters with ten (10) or more years of credited service.

(4)

As of October 1 of each year, the benefit for Volunteer Firefighters, if any, shall be added to a share account provided for the Volunteer Firefighter. The accumulated benefit shall be provided to the Volunteer Firefighters in a lump sum payment within thirty (30) months following retirement. No amounts shall be paid to a Volunteer Firefighter prior to his or her retirement.

(5)

As of October 1 of each year, the benefit for Retirees, if any, shall be added to a share account provided for the Retiree. The accumulated benefit shall be provided to the Retiree in a lump sum payment within thirty (30) days following the funding of the benefit. The lump sum payment shall not include any interest. The benefit shall cease upon the death of the Retiree and the accumulated benefits for the plan year prior to the Retiree's death, if any, shall be distributed according to the beneficiary designations made by the Retiree or by law, if no such designations have been made.

(6)

Volunteer Firefighters shall forfeit all accumulated benefits upon becoming inactive for a period of eighteen (18) months or more. Volunteer Firefighters shall forfeit all accumulated benefits upon termination of service other than by reason of disability or death with less than ten (10) years of credited service.

(7)

The Discretionary Annual Benefit shall not be guaranteed. The accumulated funds in the share accounts shall be held and invested in the Firefighter's Pension Trust Fund until the monies are paid out to a Retiree to cover the cost of the Volunteer Firefighter's accumulated benefit. Any investment earnings or losses shall be borne by the accumulated funds and compounded annually. All investment earnings not required to cover the annual cost of the benefit and all forfeited benefits as described in subsection 18-81.1(a)(5) shall be placed in the Firefighter's Pension Trust Fund.

(Ord. No. 2467, § 1, 3-14-2012; Ord. No. 2567, § 2, 6-13-2018 )