§ 74-155. Contributions.

1.

Member Contributions.

A.

Amount. Each Member of the System shall be required to make regular contributions to the Fund in the amount of six percent (6%) 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 §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.

B.

Method. Such contributions shall be made by payroll deduction.

2.

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 Firefighters of the City shall be deposited in the Fund comprising part of this System immediately and under no circumstances more than five (5) days after receipt by the City. In accordance with the August 30, 2012, letter from the Florida Department of Management Services, all Chapter 175 premium tax revenues received through September 30, 2018, shall be used to offset the City's annual contribution to the Fund. Effective October 1, 2018, as mutually agreed by the City and the Firefighters' Union, the statutory default provisions for the use of Chapter 175 premium tax revenues in Section 175.351. F.S. shall be applied. Effective October 1, 2018, one-half of the accumulated premium tax revenues as of September 30, 2012, ($102,055.50) shall be used to pay down the unfunded liability, and one-half of the accumulated premium tax revenues as of September 30, 2012, ($102,055.50) shall be used to fund the share plan as provided in Section 74-180. Effective October 1, 2018, all annual premium tax revenues up to the 2012 amount ($385,648.00) shall be used to offset the City's annual contribution to the Fund, and premium tax revenues in excess of $385,648.00 shall be used as follows: one-half of the excess shall be used to offset the City's annual contribution to the Fund, and one-half of the excess shall be used to fund the share plan, as provided in Section 74-180.

3.

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.

4.

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. 2787-09, § 1, 11-23-09; Ord. No. 3092-17 , § 3, 12-11-17)