(a) Supplemental benefit. "Available funds" shall be used to pay an "extra benefit" as set forth in this section, from "additional premium tax revenues" as defined by Section 175.351(1)(a), Florida Statutes. An ad hoc supplemental benefit shall be paid annually, following one full year of retirement (disability, early or normal, DROP or deferred vested retirement), to eligible retirees who have entered pay status. After the Board approves payment, the distribution shall be made by the end of the second calendar quarter.
(b) Using available funds, an ad hoc supplemental benefit shall be paid to each eligible retiree who retires after the adoption of this section, provided that additional premium tax revenue is available. For purposes of this section, eligible retiree shall mean any member who is currently employed and future members who retire after earning ten or more years of actual service, including DROP participants. Any ad hoc supplemental benefits payable under this section to active DROP participants shall be paid into a member's DROP account, beginning one year after entering DROP.
(c) Calculation of ad hoc benefit. Each eligible retiree shall receive a distribution of available funds of up to five hundred dollars ($500) per year of credited service, for each year of credited service in the plan, not to exceed twenty years. The city delegates to the Pension Board the ability to adopt administrative rules to implement this section.
(d) Calculation of available funds. On the date of adoption of this section, the pension plan provides for a twelve percent (12%) member contribution rate. Any future increases in the member contribution rate over twelve percent (12%), including but not limited to COLA costs described in section 18-180.2, shall first be deducted from available funds. Prior to paying ad hoc supplemental benefits, the availability of additional premium tax revenues and available funds shall be confirmed in writing by the Pension Board's actuary. From time to time, the Pension Board may recommend adjustments to the calculation formula, based on the projected status of available funds.
(e) Lump sum supplemental benefit for eligible recent retirees. Available funds shall also be used by the Board to pay a lump sum supplemental benefit to recent retirees who separated from service on or after October 1, 2005 but prior to the adoption of this section. The lump sum benefit shall be calculated based on the number of years of service between October 1, 2005 and retirement. The lump sum shall be paid in annual installments corresponding to the number of years of service worked subsequent to October 1, 2005. Such retirees shall not be eligible for future ad hoc supplemental benefits.
(f) Non-guarantee of benefits. Prior to payment of any benefit under this section, eligible retirees shall acknowledge in writing that they have no right, title or interest in ad hoc supplemental benefits in any future year. Eligible retirees shall further acknowledge that they have no expectation in any future ad hoc supplemental benefits since there may be years where no ad hoc supplemental benefit is paid, based on the availability of additional premium tax revenue. Eligible retirees shall specifically acknowledge that available funds and additional premium tax revenues may be used for other purposes in the future, as determined by the collective bargaining process.
(Ord. No. 10-016, § 1, 8-3-10)
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