§ 18-88. City and member contributions.

(a)

Each year the city shall pay into the fund an amount which is equal to the difference between the normal cost for the year, as determined by the most recent actuarial valuation of the liabilities of the system, and the premium tax refunds received from the State of Florida on behalf of firefighters.

(b)

The city shall also pay into the fund, in addition to the amounts provided for above, such amounts as shall be determined on an actuarial basis as necessary to amortize the liability of the city for prior service hereunder over a period of not to exceed forty (40) years beginning in the year 1967.

(c)

All required city contributions shall be deposited to the fund in periodic installments on a quarterly basis.

(d)

Effective October 1, 1986, it shall be mandatory for firefighters to contribute one (1) percent of the compensation they receive from the city to the fund. Compensation shall include amounts received by the firefighters from the city which are subject to withholding under the federal Social Security laws. The city treasurer shall cause to be deducted from the compensation of each member the proper contribution authorized and payable by the respective members for each pay period. In no event will the total of benefits received from the system by a member, or his designated beneficiary or estate, be less than the total of his own accumulated contributions. The contribution required of a member shall cease upon his termination of service for any reason. Upon such termination of service, the member, or his designated beneficiary, shall receive the total amount of his own accumulated contributions without interest as soon as practicable following the date of termination. Said refund shall be paid in addition to any other benefits which may be payable by the system.

(Code 1964, § 9A-27(b); Ord. No. 1429, § 3, 11-5-86; Ord. No. 2010, § 1, 1-4-95)

Cross reference

Property insurance premium tax, § 24-51.