Chapter 121 - POLICE AND FIREFIGHTERS PENSION PLAN

Sec. 120.601. - Disability Program Repealed. Chapter 122 - PUBLIC PROPERTY Chapter 121 - POLICE AND FIREFIGHTERS PENSION PLAN[1]

Footnotes: --- (1) ---

Charter reference— Retirement and pension benefits, art. 16.

Cross reference— Fire and Rescue Department, Ch. 31; Office of the Sheriff, Ch. 37.

State Law reference— Municipal firefighters' pension trust funds, F.S. Ch. 175; municipal police officers' retirement trust funds, F.S. Ch. 185.

PART 1. - POLICE AND FIRE PENSION FUND ADMINISTRATION

Sec. 121.101. - Control and Administration of Police and Fire Pension Fund.

(a)

Pursuant to the requirements of F.S. Ch. 175 and F.S. Ch. 185, and notwithstanding any provisions to the contrary contained in Laws of Fla. Ch. 18615(1937), as amended; or this Chapter, the control and administration of the Police and Fire Pension Fund created by such special act shall be exercised by the Board of Trustees, (Board) Police and Fire Pension Fund as created and authorized by F.S. Ch. 175 and F.S. Ch. 185, and Article 22.01 of the City Charter as successor in interest to all of the authority and control previously exercised over such pension fund by the Board of Pension Administration. Employee members of the Board are entitled to leave of absence from their respective duties, without loss of vacation leave, pay, time or efficiency rating during the time which they are attending meetings of the Board or Board Committees, and at seminars, conference and training sessions conducted in Florida and elsewhere. Attendance at seminars, conferences and training sessions shall be approved by the Board in advance and the expense thereof paid from the Pension Fund, and written request for such leave shall be submitted in a timely manner.

(b)

The Board is authorized to appoint administrative staff to assist in the management of the Police and Fire Pension Fund. Such employees shall be appointed employees of the Board.

(1)

Any person in the classified civil service of the City of Jacksonville who is appointed to a position in the employ of the Board shall be deemed an unclassified employee while in the service of the Board, and shall serve at the pleasure of the Board. If such employee is then presently participating in the City's 1937 General Employees Pension Fund, and upon continuation shall make the required employee contributions thereto, and the contributions, which theretofore had been paid into the fund by the City, shall thereafter be assumed and paid by the Board.

(2)

Any such person shall, however, retain his or her Civil Service status and be entitled to return to the same Civil Service classification rights, status, and job value as held at the time of such appointment.

(3)

Any person employed by the Board shall be subject to such terms and conditions as shall be set by the Board.

(c)

The Board may use the Central Services of the City, but is not required to do so. Central Services and other necessary charges by the City to the Board shall be paid from the Police and Fire Pension Fund.

(d)

The Board shall prepare and have approved by Council an annual budget. All expenses for the administration of the Police and Fire Pension Fund and the cost to retain a certified public accountant, actuary, investment performance evaluator and other professional services shall be paid from the Police and Fire Pension Fund.

(e)

The Treasurer of the City shall be the treasurer for the Board and shall give such bond as prescribed by Board.

(f)

From and after the effective date of Ordinance 2015-304-E: (1) the Board shall not engage in the determination of pension benefits and shall leave the negotiation and future modification of pension benefits to elected City officials and certified bargaining agents; (2) Nothing in this Section shall be construed to impair the rights provided under Article 1, Section 6 of the Florida Constitution or F.S. Ch. 447; (3) All subjects of collective bargaining including but not limited to pension or retirement benefits shall be subject to the requirements of F.S. Ch. 447; (4) Nothing herein shall be construed to waive the City's or the certified bargaining agent's right to demand collective bargaining as authorized under Florida law; and (5) The City and any authorized certified bargaining agent shall have all of the rights and be subject to the provisions of F.S. Ch. 447, including but not limited to the requirement for negotiations, the term limitation set forth in F.S. § 447.309(5), and the impasse process, provided however, that the City shall not unilaterally alter Members' pension benefits, as authorized by F.S. § 447.403(4)(d), for a period of three years from October 1, 2017, and such period shall automatically extend for two additional three-year periods, and one additional one-year period, under the following circumstances: if the fiscal condition of the economy for the City of Jacksonville, as determined and certified in writing by the City's Director of Finance and Administration, within 90 days after the termination of the first three-year period, and, if applicable, within 90 days after the termination of the second three-year period, and, if applicable, within 90 days after the termination of the third three-year period, meets the all of the following requirements:

(i)

The average annual growth rate of the City of Jacksonville's total share of ad valorem revenues collected for Duval County for the three most recent fiscal years is no less than 2.5 percent, as provided in writing by the City's Director of Finance and Administration. For the purposes of this subsection, during a particular fiscal year, if (1) there is a millage rate reduction, and (2) the 2.5 percent threshold is not met, that particular fiscal year shall not be counted as part of the three most recent fiscal years average and instead on the remaining non-effected fiscal years shall be used to calculate the average annual growth; and

(ii)

The time-weighted, average annual gross return on investment for the Police and Fire Pension Fund for the three most recent fiscal years is no less than the actuarial assumed rate of return, less one percent, as provided in writing by the Police and Fire Pension Fund investment consultant.

(iii)

The three most recent fiscal years shall be the three fiscal years terminating prior to or during the 90-day period(s) noted above; and

(iv)

The automatic extension referenced above shall not take effect if the certified collective bargaining agent declares an impasse on retirement benefits.

(v)

The average annual growth rate in ad valorem taxes, provided for in subsection (i) above, shall be the actual cash collections, as determined by the Chief Financial Officer within 90 days of the end of the prior fiscal year.

(Ord. 87-545-293, § 1; Ord. 93-1773-1045, § 2; Ord. 97-340-E, § 4; Ord. 2015-304-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.102. - Police and Fire Pension Plans.

Pursuant to Section 16.03 of the Charter, it is hereby established that the pension plans of the former City, namely:

(a)

Laws of Fla. Ch. 18615(1937), creating the 1937 Pension Fund for Police and Firemen,

(b)

Laws of Fla. Ch. 7657(1917), creating the 1917 Police Pension and Relief Fund, and

(c)

Laws of Fla. Ch. 7175(1915), creating the 1915 Fire Department Pension Fund, and

(d)

Laws of Fla. Ch. 23259(1945), all as amended, shall be administered and the investment of funds handled by the Board, in lieu of Commissions and/or Officers named in the Plans.

(e)

Definitions of Membership Classes:

(1)

Members: Are employees of the City of Jacksonville, hired before October 1, 2017, who have enrolled in the Police and Fire Pension Plan and are contributing to the Plan through payroll deduction.

(A)

Employees who previously met the requirements of Members, who leave employment with the City of Jacksonville but do not remove their contributions from the Police and Fire Pension Plan, upon being rehired, may re-enroll in the Police and Fire Pension Plan and be considered Members as defined herein.

(B)

Employees who previously met the requirements of Members, who leave employment with the City of Jacksonville and remove their contributions from the Police and Fire Pension Plan, upon being rehired, shall not be entitled to re-enroll in the Police and Fire Pension Plan and shall not be considered Members as defined herein.

(C)

Employees hired on or after October 1, 2017, shall never be eligible to be Members of the Police and Fire Pension Plan. Employees hired on or after October 1, 2017, shall be members of the defined contribution plan provided for in Section 120.501C.

(2)

Qualified Members: Are Members who have elected to participate in the deferred retirement option program under Section 121.209.

(3)

Beneficiary or Beneficiaries: Are Members who have completed five or more years of credited service as active Members and have either (1) vested their service for deferred retirement (Inactive Beneficiary) or (2) have met time and service requirements for retirement, or are retired as totally and permanently disabled while an active Member, or anyone receiving benefits as a surviving spouse or minor child of a Member (Active Beneficiary). In the case of the distribution of DROP benefits, the estate of the Qualified Member or former Qualified Member may also be considered to be a Beneficiary in the event that there is no surviving spouse.

(Ord. 68-37-25, § 1; Ord. 70-650-526; Ord. 71-397-181; Ord. 83-591-400, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4; Ord. 97-1103-E, § 5; Ord. 1999-472-E, § 1; Ord. 2015-304-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.103. - Advisory Committee.

There shall be an advisory committee composed of three police officers and three firefighters who are Members or Qualified Members of the fund and one person who has retired from the fund. The Trustees shall establish the rules and regulations for the election. Advisory Committee members shall be elected for a four-year term, with the election in November of odd-numbered years, with those elected to take office on the first Monday of the following January. Of the seven persons elected to serve on the committee in the November 2017 elections, one police member and one firefighter member shall serve an initial term of two years, and one police member and one firefighter member shall serve an initial term of three years. All subsequent terms after the stagger is established shall be for four-year terms. The police officers shall be elected by police officers, the firefighters shall be elected by firefighters, who are Members or Qualified Members of the fund. The retired member shall be elected by a vote of the retired members as a group. The Advisory Committee shall elect a chair and vice chair, who shall serve for a period of one year. Any vacancy on the Advisory Committee shall be filled by an election from the ranks of the service represented by the vacancy, with both Members and Qualified Members of the fund eligible to vote on such elections. All applications for pension benefits shall be referred to and reviewed by the Advisory Committee. Employee members of the Advisory Committee are entitled to leave of absence from their respective duties, without loss of vacation leave, pay, time or efficiency rating, during the time which they are attending meetings of the Advisory Committee, or to attend seminars, conferences and training sessions conducted in Florida and elsewhere. Attendance at seminars, conferences and training sessions shall be approved by the Board in advance and the expense paid from the Pension Fund, and written request for such leave shall be submitted in a timely manner.

(Ord. 89-1121-545, § 1; Ord. 97-340-E, § 4; Ord. 2000-1164-E, § 1; Ord. 2017-259-E, § 1; Ord. 2017-564-E, § 1)

Sec. 121.104. - Review of proposed legislation.

Prior to the adoption of any proposed legislation concerning the Police and Fire Pension Fund, the legislation, whether in general or for an individual, shall be presented to the Board for review and comment. The Council shall consider such comments but shall not be bound by them. An actuarial report together with recommendations and comments from the State Division of Retirement shall accompany all proposed legislation concerning the Police and Fire Pension Fund before the last public hearing is held by the Council in conjunction with the legislation.

(Ord. 83-21-27, §§ 1, 2; Ord. 83-591-400, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4; Ord. 2003-303-E, § 1)

Sec. 121.105. - Pensioner's rights upon reemployment by City.

(a)

Except as otherwise provided in this Section, any pensioner of the pension funds created by this Chapter who is retired or elects to retire under the provisions of his respective fund for time-service retirement or vested retirement and who has been or is thereafter reemployed by the City shall cease to receive his or her pension or pension entitlement during such period of reemployment, except as further provided by this Section. The pensioner upon reemployment including appointed positions, shall be required to join the applicable pension fund and make the required contribution payments into the fund and shall be entitled to the benefits of the fund, except for participation in the DROP Plan as created in Section 121.209 for those reemployed Members who were former DROP participants, during his or her period of reemployment not inconsistent with the intent of this Section.

(b)

A pensioner of this Chapter who has been reemployed by the City for a continuous period of at least four years shall be entitled to receive time-service credit in whatever increased pension benefits as are provided for under the pension fund for his or her former period of employment by the City as if such former period of employment and the period which he or she served upon reemployment were continuous or consecutive years; provided, that the computation of such reemployed pensioner's retirement benefit entitlement shall be based on the average monthly salary he or she received over the last five years of his or her employment by the City; and further provided, that, in the event a pensioner is reemployed by the City in a position which requires that he become a member of pension fund other than the one from which he or she retired and such pensioner elects to receive the additional benefits provided by this Section, the retirement benefits payable to such pensioner upon subsequent retirement from the City shall be prorated between the respective pension funds to which the pensioner contributed during his periods of employment with the City.

(c)

Application for the time service-service credit and increased benefits provided for in this Section shall be made to the Board pursuant to the rules and regulations promulgated by it for the administration of this Section.

(d)

The provisions of subsections (a) through (c) shall not apply to any retiree of the Jacksonville Police and Fire Pension Fund employed in a full-time, part-time, or temporary capacity by the City or any of its officers as (i) court bailiff, (ii) logistical and technical support officer, (iii) corrections bond custodian, (iv) chaplain, (v) stable manager, (vi) corrections mail coordinator, (vii) aviation supervisor, (viii) court bailiff supervisor, (ix) Community Projects inmates work crew supervisor, (x) investigator for the Office of General Counsel, (xi) Mayoral protective officer, or (xii) City Council protective officer. Being employed in one of the positions identified in this subsection (d) shall not prevent a retiree of this plan from continuing to receive such retirement benefits as would be available had the retiree not begun employment in one of the previously-mentioned positions. Being employed in one of the positions identified in this subsection (d) shall not permit or require a retiree of this plan to be a member of the pension plan created pursuant to this Chapter 121 or a member of one of the pension plans created by Part II or III of Chapter 120. Being employed in one of the positions identified in this subsection (d) shall not permit a retiree to acquire any time-service credit in the pension plan created pursuant to this Chapter 121 or in any one of the pension plans created by Part II or III of Chapter 120.

(e)

The provisions of subsection (a) through (c) shall not apply to the re-employment of any pensioner retiree of the Jacksonville Police and Fire Pension Fund as a temporary police officer or temporary fire fighter if:

(1)

the re-employment assists the emergency response associated with Emergency Executive Proclamation 2020-001 issued by the Mayor on March 13, 2020; and

(2)

in the case of temporary police officers, the Sheriff has determined that the Emergency has caused, or is likely to cause, a significant reduction in the number of full-time police officers available for duty and temporary police officers are needed to provide sufficient law enforcement and police services to the City of Jacksonville; or

(3)

in the case of temporary fire fighters, the Director/Fire Chief has determined that the Emergency has caused, or is likely to cause, a significant reduction in the number of full-time fire fighters available for duty and temporary fire fighters needed to provide adequate Fire and Rescue services to the City of Jacksonville.

The re-employment of such pensioner retirees shall be at the pleasure of the Sheriff for temporary police officers and the Director/Fire Chief for temporary fire fighters, and may continue until 60 days after the expiration of Emergency Executive Proclamation 2020-001, or any extension thereof.

To be eligible for re-employment as a temporary police officer, a pensioner retiree must have a current Florida Department of Law Enforcement law enforcement officer certification. To be eligible for re-employment as a temporary fire fighter, a pensioner retiree must have a current Florida fire fighter and emergency medical technician certification.

Being employed as a temporary police officer or temporary fire fighter shall not prevent a pensioner retiree of this pension plan from continuing to receive such retirement benefits as would be available pursuant to the pension plan had the retiree not been re-employed as a temporary police officer or temporary fire fighter. Being employed as a temporary police officer or temporary fire fighter pursuant to this subsection (e) shall not permit or require a pensioner retiree of this plan to be a member of the pension plan created pursuant to this Chapter 121 or a member of one of the pension plans created by Part II or III of Chapter 120. Being employed as a temporary police officer or temporary fire fighter pursuant to this subsection (e) shall not permit a pensioner retiree to acquire or accrue any rights or benefits provided to active and employed Members of this pension plan created pursuant to Chapter 121 or any one of the pension plans created pursuant to Part II or Part III of Chapter 120, including but not limited to, rights or benefits regarding time-service credits and benefits, disability, death, DROP, etc.

(Ord. 76-1018-562, § 1; Ord. 81-717-347, § 1; Ord. 83-591-400, § 1; Ord. 86-1136-591, § 1; Ord. 88-588-311, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4; Ord. 97-1103-E, § 7; Ord. 2005-373-E, § 2; Ord. 2006-947-E, § 1; Ord. 2008-341-E, § 1; Ord. 2017-259-E, § 1; Ord. 2017-759-E, § 2; Ord. 2020-219-E, § 1; Ord. 2024-634-E, § 4; Ord. 2025-473-E, § 1)

Sec. 121.106. - Refund of Pension contribution after vesting.

Notwithstanding anything to the contrary contained in Laws of Fla. Ch. 18615(1937), as amended, in the event a Member of the Pension Fund created by this law elected or elects to vest early under the provisions of this fund, the Member shall have the right to rescind his vesting and receive a refund of 100 percent of the pension contributions he has contributed to his Pension Fund, without interest, upon proper application to the Board, requesting the refund. Acceptance of the refund of employee contributions constitutes an irrevocable waiver of all rights to benefits from the Plan.

(Ord. 82-405-379, § 1; Ord. 83-591-400, § 1; Ord. 86-1136-591, § 1; Ord. 88-588-311, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4)

Sec. 121.107. - Credit for broken service, continuous service, partial years transferability, and service as a Florida State Certified Police Officer or Firefighter.

(a)

A person who becomes a Member of the Police and Fire Pension Fund who is not a retiree of any current or former pension plan of the City of Jacksonville or Duval County, or is not a retiree nor has attained vested status under the Florida Retirement System or the City of Atlantic Beach, shall be entitled to receive time-service credit for any previous period of full-time employment either continuous or broken with the City or its independent agencies, authorities or boards, or the City of Atlantic Beach Fire Department, provided such service has not been used for entitlement to benefits under any other pension system with such entitlement resulting from the attainment of vested status under such other pension system. For purposes of applying these provisions, a Member who has previously attained vested status and accordingly has previously secured a legal claim to an entitlement to benefits under another pension plan shall not be entitled to time service credit for such periods of full time employment notwithstanding the fact that the Member may have abandoned or rejected such vested status or legal claim to the receipt of future benefits by requesting a refund of contributions or otherwise. However, such general prohibitions shall not preclude a former Member of the Fund from purchasing previous vested service with the Fund for which a refund of contributions was previously received and for which the former Member has not otherwise used for entitlement to benefits under any other pension system. To be entitled to credit, a Member shall make application for credit to the Board at any time prior to retirement. Furthermore, the employee shall pay into the fund a sum of money equal to the percentage of his current monthly salary required to be contributed by the fund of which he is a Member multiplied by the number of months and fractional parts thereof for the entire period of time for which credit is being sought or on such other terms as the Board shall determine.

(b)

Notwithstanding anything to the contrary contained in Section (a) above or in Chapter 18615, Laws of Florida, Special Acts of 1937, as amended, a person who becomes a Member of the Police and Fire Pension Fund, from the General Employees Pension Fund or the City of Atlantic Beach Fire Pension Fund, without a break in service, shall be entitled to time-service credit for the number of months and fractional parts thereof the Member accrued in the Member's previous pension fund for computation of pension benefits as stated in the time-service transfer provisions of the enumerated pension law upon transfer of the Member's accumulated Member and employer contributions from the former fund.

(c)

For purposes of applying this Section, "full-time employment" shall mean regular employment as permanent, probationary, provisional, grant or appointed employees involving a regular work week of at least 40 hours. Employment in such eligible positions are generally represented by positions that are included in the maximum authorized number of employees set forth in the annual City budget ordinance. As such, "full-time employment" specifically does not include forms of employment represented by temporary employees (described in 106.404), part-time employees, or seasonal employees. The following types of employment are considered to be in the category of temporary, part-time, or seasonal employees and accordingly, such specifically named categories of employment do not qualify as "full-time employment" for purposes of this Section:

(1)

Court Bailiffs,

(2)

Volunteer Firefighters,

(3)

Auxiliary law enforcement officers,

(4)

Elections workers,

(5)

Student positions and summer help,

(6)

Contract employees, and

(7)

Positions filled through employment agencies.

The above listing is not intended to represent an exhaustive compilation of all of the forms of temporary, part-time, and seasonal employment which are excluded from the definition of "full-time employment."

(d)

Any active Member of the Police and Fire Pension Fund who is not a retiree and who has not attained vested status under any other governmental retirement system shall be entitled to purchase time service credit for up to five years of full time employment as a Police Officer under the provisions of F.S. Ch. 943, or as a certified Firefighter under the provisions of F.S. Ch. 633. Notwithstanding the preceding sentence, any active Member of the Police and Fire Pension Fund who is not a retiree and seeks to purchase time service credit as a Police Officer under the provisions of F.S. Ch. 943, or as a certified Firefighter under the provisions of F.S. Ch. 633, under this paragraph for service with another government in Duval County, shall be entitled to purchase up to five years of such time service credit provided such service has not been used for entitlement for benefits under any other pension system. To be entitled to pension credit, a Member shall make application to the Board at any time prior to retirement. Furthermore, the employee shall pay into the Pension Fund a sum equal to 20 percent of his or her current monthly salary multiplied by the number of months (60 months maximum) for which credit is being sought, on such terms as the Board shall determine.

(Ord. 82-406-380, § 1; Ord. 83-591-400, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4; Ord. 1999-472-E, § 2; Ord. 1999-1019-E, § 1; Ord. 2002-445-E, § 2; Ord. 2003-1337-E, § 1; Ord. 2006-947-E, § 2; Ord. 2015-304-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.108. - Elected officials entitled to pension benefits.

Notwithstanding the provisions of Laws of Fla. Ch. 18615(1937), as amended, or Laws of Fla. Ch. 23259(1945), as amended; an elected officer of the City shall be entitled to receive any pension to which he may be entitled under the pension plans created by such laws, in addition to the salary of the office.

(Ord. 72-50-3, § 11; Ord. 72-577-276, § 1; Ord. 83-591-400, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4)

Sec. 121.109. - Limitations on granting disability pensions.

No disability pension shall be granted to any participant for total and permanent disability if the physical or mental condition is attributable in whole or in substantial part to any of the following:

(a)

Chronic alcoholism;

(b)

Addiction to narcotic or hallucinogenic drugs (other than drugs prescribed for such person by a physician for the treatment of conditions other than drug addiction);

(c)

Intentionally self-inflicted wounds or conditions;

(d)

Injuries suffered while engaged in a felonious or criminal act or enterprise; or

(e)

Injuries suffered while in the employment of another employer, excluding the armed forces of the United States, which entitle the participant to disability benefits from such other employer.

(f)

Pre-existing conditions identified at the time of approval of membership.

(Ord. 86-1216-688, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4; Ord. 2006-947-E, § 3)

Sec. 121.110. - Limitation on membership.

Admission to membership in the Police and Fire Pension Fund may require a waiver for pre-existing conditions:

(a)

For any of the conditions set forth in Section 121.109, and

(b)

For a previous record of injuries or illnesses.

(Ord. 97-340-E, § 4)

Sec. 121.111. - Temporary disability pension.

(a)

Any Member of the Police and Fire Pension Fund created by Laws of Fla. Ch. 18615(1937), as amended, Laws of Fla. Ch. 23259(1945), as amended; who, after making proper application for disability retirement and prior to such application being approved, exhausts all earned leave time and is removed from the payroll, shall receive, beginning with the following pay period, a temporary pension in the amount of such application, while the application is pending before the Board, for a period not to exceed six months.

(b)

In the event the application is approved, the effective date of the pension shall be the day payment of the temporary pension began. In the event the pension application is not approved, repayment shall be made to the pension fund in an amount equal to the temporary pension payment paid to the applicant, which shall be deducted from his salary in an amount not to exceed ten percent of his gross salary per pay period, unless the applicant files a written request with the Board that a larger amount than ten percent of his gross salary be withheld from his salary.

(c)

In the event the application for a disability pension is denied by the Board of Pension Administration and a new application for a disability pension is made by the Member within six months of the denial, the provisions of this Section as they apply to the new application shall not become effective until approved by the Board as required for other pension entitlements.

(Ord. 72-142-11, § 1; Ord. 73-439-149, § 1; Ord. 77-385-186, § 1; Ord. 83-591-400, § 1; Ord. 86-1136-591, § 1; Ord. 93-1773-1045, § 2; Ord. 97-340-E, § 4; Ord. 2017-259-E, § 1)

Sec. 121.112. - Periodic physical examination may be required; cessation of pension; Annual Affidavit Program.

(a)

The Board, upon its own motion or upon request of the pension Advisory Committee or appointing authority, may require a pensioner to submit to a medical examination at the cost of the fund from time to time, but not more often than once in any six months, to determine the extent of recovery of the pensioner from his incapacity. Within 15 days of his being required to submit to the medical examination, the pensioner shall select a Board Certified physician or surgeon specializing in the field of the disability, who, acting with the Medical Director of the fund shall select another Board Certified physician or surgeon specializing in the field of the disability. These three physicians shall constitute the medical review committee, and examine the pensioner within 30 days of the selection of the third physician. The findings of a majority of the three examiners shall be final as to the physical condition of the pensioner to resume his duties. The reports of the physicians shall be filed with the Board and a copy sent certified mail to the pensioner.

(b)

The Board shall, by rule, establish procedures for the re-examination of applicants for disability, for the conduct of disability retirement hearings, for review of such hearings by a court of competent jurisdiction.

(c)

In the event the Board determines that the pensioner is no longer permanently and totally disabled from useful and efficient service as a police officer or firefighter, the Board shall notify the appointing authority and the pensioner in writing. The pensioner shall be ordered by the appointing authority to report for employment in his former position, subject at all times to the Personnel Rules and Regulations.

(d)

Notice of the order to report for employment shall be given by the appointing authority to the pensioner by registered mail, and the pensioner shall report for work within ten days from the mailing of the notice or at such later date as the appointing authority shall designate therein, his pension shall thereupon cease and terminate.

(e)

A pensioner who refuses or fails to submit to a medical examination as required herein or return to employment in accordance with an order, or who, after being determined to be no longer disabled elects not to return to employment with the City, shall forfeit all rights and claims to further payments of pension, and his pension shall thereupon cease and terminate.

(f)

To safeguard the assets of the Fund, the Board is authorized to establish an Affidavit Program for the purpose of annually certifying the accuracy of the pension payroll. This program shall require from each pensioner and Beneficiary, on an annual basis, the execution of a notarized Affidavit of Eligibility certifying that the recipient is entitled to continue receiving pension benefits. In the event that the pension recipient fails to provide the required affidavit of continued eligibility, the recipient shall be subject to the suspension of pension benefits in accordance with rules and regulations prescribed by the Board. Prior to the implementation of final steps to terminate the payment of pension benefits, the Administrator shall schedule an administrative hearing for the purpose of allowing the recipient the opportunity to show cause as to why a termination of pension benefits should not be implemented.

(Ord. 69-298-462, § 2; Ord. 70-650-526; Ord. 71-397-181; Ord. 74-725-435, § 1; Ord. 83-591-400, § 1; Ord. 86-1136-591, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 4; Ord. 2003-303-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.113. - Calculation of pension contributions for Police and Fire Pension Fund.

The Pension Fund created by Laws of Fla. Ch. 18615(1937), as amended, shall consist of moneys derived as follows:

(a)

Salary Deductions. A deduction of ten percent per annum from all salaries (base salary, longevity, City college incentive, enhanced certification pay, emergency operation and hazardous duty pay; shift differential, and "upgrade" pay; and excluding all overtime, State incentive pay, reimbursed expenses and allowances such as cleaning/clothes allowances, and payments for unused accrued time), of all Members, to be deducted in installments from each periodical paycheck of each Member. While on military leave of absence pursuant to the Jacksonville Heroes' Act, Section 116.501, Members shall not be required to make contributions to this Pension Plan, except for those contributions that originate from the Members' use of annual leave balances during such military leave of absence and from compensation paid by the City while remaining on the active payroll for up to 90 days following the departure for active duty, as provided in Section 116.501(g). No Member contributions are payable and shall not be deducted from the supplemental payments paid by the City pursuant to Section 116.501(c).

(b)

(1)

Except as otherwise provided herein, the City shall contribute a sum equal to an amount not less than the Actuarially Determined Employer Contribution, as provided for in relevant statutes and ordinances, including Chapter 776.

(2)

The City shall also contribute such additional sums as may be necessary to administer this fund, which amount shall be designated by the Board and certified to the Council for each fiscal year.

(3)

The City may in good faith challenge the City contribution designated by the Board. In the event of such a challenge, the Board's actuary and City's actuary shall agree on an impartial third actuary who shall resolve all disputes between the actuaries and whose decision shall be binding and final as between the Board and the City.

(4)

In any year, beginning with Fiscal Year 2017-18, that the Plan's liquidity ratio, meaning the market value of assets divided by the annual benefit payments, falls below five, the City shall, subject to annual appropriation, make a contribution or payment in an amount sufficient to restore the Plan's liquidity ratio to at least five, as determined by the plan actuary.

(5)

Beginning with Fiscal Year 2017-18, regardless of the amount of revenue received from the Pension Liability Surtax and the applicable Actuarially Determined Employer Contribution, the City shall hereinafter, subject to annual appropriation, make an annual contribution from a source other than the Pension Liability Surtax proceeds (provided for in Chapter 776) in a minimum amount of 110 million dollars, less any amount paid under subsection (4) above.

(6)

The provisions of subsections (4) and (5) shall remain in effect until the Plan is 100 percent funded.

(c)

Notwithstanding the deduction provided in subsection (a) of this Section, a deduction of two percent per annum shall be made from all salaries (as defined in Section 121.113(a)) of Qualified Members who elect to participate in the deferred retirement option program, with such amount being credited to the Pension Fund's Ordinance 91-1017-605, Base Benefit Fund.

(d)

In addition to the above described pension contributions, the fund shall receive all proceeds from the sale of surplus, lost, abandoned and unclaimed property held by the Office of the Sheriff, 30 percent of fines and court costs from charges of violations heard in County Court and 30 percent of all parking fines.

(e)

The contributions made by each employee hereunder, effective January 1, 1988, shall be designated as City contributions pursuant to Section 414(h)(2) of the Internal Revenue Code of 1986, as amended. Such designation is contingent upon the contributions being excluded from the employee's gross income for federal income tax purposes. The City's Section 414(h)(2) contributions for each employee, effective January 1, 1988, shall be considered as the employee's accumulated contributions subject to refund under this subsection and to be taxable on return to the employee either in a retirement allowance or upon refund at termination pursuant to Section 72 or 402, IRC, as amended.

(f)

The application of the employer pick up provisions of Section 414(h)(2) of the Internal Revenue Code, as described above in 121.113(e) shall also extend to elective contributions made by payroll deduction installment payments for the purpose of securing service credit for prior service or additional service. As used herein, "elective contributions" shall include contributions initiated under conditions wherein, (i) a Member is eligible to purchase credit for prior service under 121.107, or (ii) a former Member who received a refund of contributions previously made to the fund who was subsequently rehired and again becomes a Member and elects to repurchase such prior broken service under 121.107, or (iii) a Member who is eligible to purchase service as a police officer or firefighter within the State of Florida under 121.107(d), or (iv) a Member who is eligible to purchase additional permissive service credit for wartime military service under 121.208. However, direct payments made by the Member for elective contributions shall not qualify under the pick-up provisions. In order to qualify for pre-tax treatment under Section 414(h)(2), elective contributions paid via payroll deduction installment payments must be made pursuant to the completion of a binding irrevocable payroll authorization executed by the Member. Such employee contributions made through payroll deduction will be picked up and paid by the City with the Member having no option of receiving such picked up amounts directly instead of having such amounts contributed to the fund. The payroll deduction authorization will state the number of pay periods during which the deduction(s) will be made, the dollar amount of the deduction(s), and that the plan will not accept direct payments from the Member while the payroll deduction is in effect.

(g)

For purposes of purchasing time service credits (or "elective contributions" as defined in 121.113(f)), the fund will additionally allow the lump sum amount of such purchases or "elective contributions" to be alternatively made in the form of the acceptance of a direct rollover of an eligible rollover distribution from one or more of the providers of the Deferred Compensation Plan administered by the City under Section 457 of the I.R.C. effective January 1, 2002.

(Ord. 87-927-611, § 7; Ord. 87-1327-647, § 1; Ord. 88-509-221, § 3; Ord. 91-1017-605, § 2; Ord. 93-1983-1407, § 2; Ord. 97-340-E, § 4; Ord. 97-1103-E, § 2; Ord. 1999-44-E, § 1; Ord. 1999-472-E, § 3; Ord. 2000-1164-E, § 2; Ord. 2002-445-E, § 3; Ord. 2006-947-E, § 4; Ord. 2015-304-E, § 1; Ord. 2017-259-E, § 1; Ord. 2024-874-E, § 2)

Sec. 121.114. - Chapter Funds and Accounts.

(a)

Effective October 1, 2017, 20 percent of the accumulated balances existing on September 30, 2017, together with interest thereon, in the Unfunded Liability Payment Account (UALPA) and the Supplemental Payment Account (SPA), shall be administered by the Board for the legal use of the police officer Members, as determined by the legally recognized collective bargaining unit.

(b)

Effective October 1, 2017, 20 percent of the accumulated balances existing on September 30, 2017, together with the interest thereon, in the Unfunded Liability Payment Account (UALPA) and the Supplemental Payment Account (SPA), shall be administered by the Board for the legal use of the fire fighter Members, as determined by the legally recognized collective bargaining unit.

(c)

Effective October 1, 2017, all Chapter 175 Florida Insurance Premium Tax Rebate Dollars shall be administered by the Board for the legal use of the fire fighter Members, as determined by the legally recognized collective bargaining unit.

(d)

Effective October 1, 2017, all Chapter 185 Florida Insurance Premium Tax Rebate Dollars shall be administered by the Board for the legal use of the police officer Members, as determined by the legally recognized collective bargaining unit.

(e)

Effective October 1, 2017, 60 percent of the accumulated balances existing on September 30, 2017, in the Unfunded Liability Payment Account (UALPA) and the Supplemental Payment Account (SPA), and 100 percent of the accumulated balances existing on September 30, 2017, in the City Budget Stabilization Account (CBSA) and the Enhanced Benefits Account (EBA), together with the interest thereon, shall be administered by the Board for the sole purpose of being applied to the City's Actuarially Determined Employer Contribution (ADEC) for the year(s) selected by the City, at the discretion of the City.

(f)

The Board shall not utilize the funds identified in this Section for any purpose other than the specifically enumerated purposes set forth in this Section.

(Ord. 2015-304-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.115. - Supplemental Share Plan.

(a)

Supplemental share plan retirement benefit. A supplemental share plan retirement benefit ("Share Plan") is hereby created. The Share Plan shall consist of an individual share account for each Member, otherwise known in this Section as "Participant", who was employed on or after June 19, 2015 but was employed before October 1, 2017. The sole source of funds for the Share Plan shall be Florida Premium Tax Dollars (i.e., Chapter 175/185 Funds) distributed pursuant to the requirements, limitations, and provisions of Section 121.114.

(b)

Participant Share Plan accounts shall be credited with premium tax revenues and investment earnings or losses, and interest, and distributed as set forth in this Section.

(c)

Annual crediting. Each January 1, the Share Plan account of each Participant on the City's payroll as of the preceding September 30 shall be credited as follows: Each Participant who was employed on the preceding September 30 shall receive one share for the plan year ending on the same September 30. The total number of shares thus determined shall be divided into the portion, if any, of premium tax revenues received by the Share Plan during that plan year to determine the amount to be credited to the Share Plan account of each eligible Participant. Participants who had less than one year of service on September 30 shall receive prorated shares for each full month of service based on their partial year of service prior to September 30.

(d)

Investment earnings and losses, or interest. Each January 1, the Share Account of each Participant shall be credited or debited with earnings or losses based upon the amount in the Share Account at the close of the immediately preceding calendar year at a rate equal to the pension plan's actual net rate of investment return for the preceding plan year.

(e)

Distribution of share accounts. A Participant with ten or more years of credited service with the City, upon termination of creditable service employment, shall be eligible to receive a distribution of 100 percent of the balance in his or her Share Account, together with all earnings and losses and interest credited to the Share Account through the date of termination of employment. No benefit shall be payable to a Participant who terminates creditable service employment with fewer than ten years of credited service. The Share Account balances of such non-vested terminated Members shall be redistributed among all eligible Participants' Share Accounts in the same manner as premium tax revenues in the following calendar year. The designated beneficiary of a Participant who has died shall receive the accumulated total of their Share Account balance. A Participant awarded a disability pension from the pension plan shall receive the accumulated total of their Share Account balance. Payment of Share Account benefits shall be by lump sum, which shall consist of the accumulated total balance of the active Participant's Share Account, or, at the Participant's direction, the Share Account balance may be rolled over to another qualified plan in accordance with the Internal Revenue Code, with an additional payment made for any amount credited in the year following termination of employment.

(f)

The Board shall promulgate uniform rules and procedures for the administration of the Share Accounts and shall file a copy of those rules and procedures with the City Council Secretary.

(Ord. 2015-304-E, § 1; Ord. 2016-15-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.116. - Board of Trustees' Investment Authority.

(a)

The Board of Trustees is authorized to invest and reinvest the assets of the Pension Fund in any lawful investment as provided in applicable provisions of F.S. §§ 112.661, 175.071, 185.06, and 215.47, and, is further authorized to invest in alternative investments, alternative investment vehicles and portfolio positions, as those terms are defined in this Section.

(b)

Investments in hedge funds are prohibited.

(c)

No investment shall be permitted except pursuant to a written investment policy adopted by the Board of Trustees as provided in F.S. Ch. 112, Pt. VII. Prior to the adoption of any change in asset allocation or the introduction of a new asset class, the Board of Trustees shall give ten days' written notice of the meeting at which the proposed change shall be considered to the City Council Finance Committee.

(d)

For the purposes of this Section, the following terms have the following definitions:

(1)

"Alternative investment" means an investment by the Board of Trustees in a private equity fund which includes all of the private equity sub-strategies, including venture capital, distressed investing, private debt/mezzanine debt, private real assets/natural resources/energy, venture fund, or distress fund or a direct investment in a portfolio company through an investment manager or general partner.

(2)

"Alternative investment vehicle" means the limited partnership, limited liability company, or similar legal structure or investment manager through which the Board invests in a portfolio company.

(3)

"Portfolio company" means a corporation or other issuer, any of whose securities are owned by an alternative investment vehicle or the Board of Trustees and any subsidiary of such corporation or other issuer.

(4)

"Portfolio positions" means individual investments in portfolio companies which are made by the alternative investment vehicles.

(5)

"Proprietor" means an alternative investment vehicle, a portfolio company in which the alternative investment vehicle is invested.

(e)

The Board of Trustees is authorized to make the same investments the General Employee Pension Fund or the Correctional Officers Pension Fund are permitted to make.

(Ord. 2015-304-E, § 1)

Sec. 121.117. - Executive Director-Administrator.

(a)

The selection of any Executive Director-Administrator of the Jacksonville Police and Fire Pension Fund Board of Trustees shall be governed by a professional process subject to Florida law in which the candidate shall be selected by the Board using the City Employee Services Department's search and selection processes, and, if necessary, utilizing the assistance of an executive search firm retained by the Board of Trustees. A salary and benefits survey should be conducted prior to advertising for the position in order to establish a compensation level comparable to funds of similar size and complexity to the Fund. In addition to the requirements of applicable law, candidates will be required to have a minimum of five years of pension administration or institutional investment experience, expertise in the oversight of investment portfolios, and a degree in finance, economics, accounting or a related area of study from an accredited university. Comparable experience administering the activities of a state or local public pension plan will also be considered. Candidates who are CPAs or who have a JD, MBA or CFA degree will be preferred. This Section shall not apply to anyone holding the position of Executive Director-Administrator at the time of the enactment of this Section.

(b)

As part of the selection of any future Board of Trustees' Executive Director-Administrator, the aggregate compensation of the Executive Director-Administrator shall be determined in accordance with the market analysis of comparably-sized public pension plans as noted in subsection (a). The City and Board of Trustees shall ensure that any future Executive Director-Administrator and any senior management employee shall be placed in either the City General Employees' Pension Plan or a defined contribution plan with the Board of Trustees' employer contribution subject to the limits of federal law.

(Ord. 2015-304-E, § 1)

Sec. 121.118. - Use of general counsel.

The City's Office of General Counsel (the "OGC") is the proper source for legal representation on routine matters (e.g., open records, public meetings, other ordinary legal issues, and non-pension legal services) subject to the Charter and Ordinance Code. The Charter and Ordinance Code allow for separate counsel for other purposes.

(Ord. 2015-304-E, § 1)

PART 2. - PENSION BENEFITS

Sec. 121.201. - Retirement benefits.

Notwithstanding any provisions to the contrary in Chapter 18615, Laws of Fla. Ch. 18615 (1937), retirement benefits shall be :

(a)

Time service retirement. Members shall be entitled to a time service retirement benefit equal to a maximum of 80 percent of the average salary (as defined in Section 121.113(a)) received by the Member for the 52 pay periods immediately preceding the time of retirement, upon the completion of 30 years of credited service. For each year prior to the thirtieth year of service that a Member retires, the 80 percent retirement benefit shall be reduced by two percent, of the average salary (as defined in Section 121.113(a)) received by the Member for the 52 pay periods immediately preceding the time of retirement, with the minimum normal retirement benefit being 60 percent after completion of 20 years of credited service. For Members on "military leave of absence" as defined in the Jacksonville Heroes' Act, Section 116.501, "salary", as used in this subsection (a), shall be the salary, as defined above, paid by the City while such Members remain on the City's active payroll during the first 90 days of their military leave of absence, pursuant to Section 116.501(b), and, thereafter, "salary" shall be the total of their military pay plus the supplemental payments paid by the City pursuant to Section 116.501(c), not to exceed the salary that the Member would otherwise have received if not on military leave of absence.

(b)

Disability retirement.

(1)

Any Member, who prior to reaching the minimum normal retirement becomes permanently and totally disabled from useful and efficient service as a police officer or firefighter, as established by competent medical evidence, shall be entitled to a disability retirement. The disability retirement benefit shall be equal to 60 percent of the average salary received by the Member for the 52 pay periods immediately preceding the time of disability retirement. The Board shall establish the effective date on which the disability benefit shall commence. The Board shall, by rule, establish procedures for the examination of applicants for disability retirement, for the conduct of disability retirement hearings, for review of said hearings by a court of competent jurisdiction, and reexamination of retirees on disability pension. In the event the application for a disability pension is denied by the Board, then a new application for the same disability cannot be filed by the Member within six months of the denial.

(2)

Any Member, who has been in the service of the City for a period of time equal to the minimum time necessary for time service retirement or more and become permanently and totally disabled from useful and efficient service shall be entitled to the same rate of pension benefit calculation of the average salary (as defined in Section 121.113(a)) received by the Member for the 52 pay periods immediately preceding the time of disability retirement as those Members of his pension plan who retire on time service retirement. Any Member who elects to retire under a disability pension as provided in this Section shall be required to meet the same requirements for a disability pension as are required for any other Member of the respective fund requesting a disability retirement. The Board shall establish the effective date on which the disability benefit shall commence.

(3)

In applying the provisions of this Section, the adjustment supplement described in 121.201(d)(2) that is calculated for the benefit of a Member and a surviving spouse shall be based upon the actual years of credited service, subject to the minimum and maximum provisions, rendered by the Member.

(c)

Vested retirement benefits.

(1)

Members, who terminate employment with five or more years of credited service and are not otherwise eligible to retire, are eligible to receive either a deferred retirement benefit of three percent of the average salary received by the Member for the 52 pay periods immediately preceding the date of vesting, for each year of credited service prior to the date of vesting, to commence on the date the Member would have been eligible to receive minimum time service benefits or be paid a refund of 100 percent of Member contributions to the Plan without interest. Within 30 days of a Member leaving the payroll prior to normal service retirement, the Member must make the election in writing to either vest or the refund will be issued automatically. Acceptance of the refund of employee contributions constitutes an irrevocable waiver of all rights to benefits from the Plan.

(2)

In the event that the Member who is entitled to vested retirement benefits becomes deceased prior to the scheduled date for the commencement of the payment of retirement benefits, the surviving spouse and/or children of such Member shall not be entitled to a refund of contributions nor shall they be entitled to the payment of survivors benefits otherwise extended to Members who completed the required number of years of service to become eligible for minimum time service benefits.

(3)

Members who are entitled to receive vested retirement benefits are not eligible to qualify for potential enhancements pursuant to the minimum monthly pension provisions of Section 121.301.

(d)

Cost of Living Adjustments.

(1)

A Cost of Living Adjustment (COLA) based on each prior annual benefit amount actually received (exclusive of onetime bonuses or adjustments) shall be provided for retirees and survivors. Beginning with the first bi-weekly pay period in the first January after commencement of benefit and in each subsequent first bi-weekly pay period in January, the recipient shall be granted a COLA in the amount of three percent.

(2)

In addition to the COLA, a minimum adjustment supplement of $5 per month for each year of actual credited service of the Participant used to compute the pension benefit shall be provided for current and future retirees and their survivors, and it shall be paid beginning with the first full biweekly pay period after October 1, 2003, and continuously thereafter; provided however, that such supplement shall be no less than $25 nor more than $150 per month. The adjustment supplement described herein shall be based upon the Member's actual years of service rather than imputed years of service, which is used for purposes of calculating pension benefits under the disability retirement provisions of Section 121.201(b) and the surviving spouse provision of Section 121.204(a)(1), and becomes operative in the event of the disability or death of a Member, respectively. The Mayor shall annually, each January, evaluate the annual cost of the foregoing adjustment supplement by comparing it to the City's annual cost to provide single employee group health insurance. In the event that the City's cost to provide such health insurance per employee is less than the amount of such supplement per retiree, then the supplement shall be reduced to the amount of the insurance cost.

(e)

Deferred Retirement Option Program (DROP). A Member eligible to receive normal retirement benefits as provided in Section 121.201(a), may remain in the employment of the City until the elected termination date by electing to participate in the DROP, as provided in Section 121.209, deferring the receipt of such retirement benefits for a maximum of 130 full bi-weekly pay periods (60 months) from the date of participation in the Deferred Retirement Option Program.

(f)

Limitations on benefits. Notwithstanding any benefit granted hereunder or under any other provision relating to benefits under the Police and Fire Pension Plan, benefit payments for any Member shall not exceed the maximum amount permitted under Section 415 of the Internal Revenue Code of 1986, as amended.

(g)

Annual Compensation Limit. Section 401(a)(17) of the Internal Revenue Code establishes an annual compensation limit for each employee under a qualified plan. The provisions of Code Section 401(a)(17) are further described pursuant to Treasury Regulations Section 1.401(a)(17)-1. The Police and Fire Pension Plan incorporates by reference the annual compensation limit described under Section 401(a)(17) and Treasury Regulations Section 1.401(a)(17)-1. Accordingly, the Plan acknowledges that the compensation taken into account for any Member of the Plan in determining plan allocations or benefit accruals for the plan is limited to the annual compensation limit as described in Internal Revenue Code Section 401(a)(17) and the Treasury Regulations related thereto. The Plan additionally elects to avail itself of the transition rule for governmental plans as described in Treasury Regulation Section 1.401(a)(17)-1(d)(4)(ii) which provides that "eligible participants," as such term is used in the regulations, will not be affected by the revised limit per the 1993 OBRA and accordingly such "eligible participants" may have their contributions and benefits computed by using compensation of more than $150,000 (as adjusted), so long as it does not exceed the limit in effect on July 1, 1993. All other plan Participants ("non-eligible participants") shall be subject to the revised limits for plan years beginning after December 31, 1995.

(h)

Requirements that Actuarial Assumptions be specified. Section 401(a)(25) of the Internal Revenue Code provides that whenever the amount of any benefit is to be determined on the basis of actuarial assumptions, such assumptions are specified in the plan in a way which precludes employer discretion. The provisions of Code Section 401(a)(25) and the linkage between the proper use of actuarial assumptions and the conclusion that the plan is established and maintained primarily to provide systematically for the payment of "definitely determinable benefits" to employees, is further described pursuant to Treasury Regulations Section 1.401-1(b)(1)(i). The Police and Fire Pension Plan incorporates by reference the requirements that actuarial assumptions be specified as described under Code Section 401(a)(25) and Treasury Regulations Section 1.401-1(b)(1)(i).

(i)

Required distributions. Distributions from the Plan will be made in accordance with the requirements of the regulations under Internal Revenue Code Section 401(a)(9) and that any provisions in the Plan that are contradictory to the distribution requirements shall be overridden. In accordance therewith, distributions to Participants must commence by the later of April 1 of the calendar year following the calendar year in which the employee attains the age of 70 ½, or April 1 of the calendar year following the calendar year in which the employee retires. In addition to meeting the minimum distribution amount, the distribution must also meet the incidental benefit requirements of Internal Revenue Code Section 401(a)(9)(g) and Proposed Regulations Sections 1.401(a)(9)-1 and 1.401(a)(9)-2 if applicable.

(Ord. 2017-259-E, § 1; Ord. 2024-874-E, § 2)

Editor's note— Ord. 2017-259-E, § 1, amended the Code by, in effect, repealing former §§ 121.201—121.201B, and adding a new § 121.201. Former §§ 121.201—121.201B pertained to retirement benefits, retirement benefits for group I members, and retirement benefits for group II members, respectively; and derived from Ord. 88-1255-786; Ord. 91-1017-605; Ord. 93-1983-1407; Ord. 97-340-E; Ord. 97-1103-E; Ord. 1999-44-E; Ord. 1999-472-E; Ord. 1999-1019-E; Ord. 2000-1164-E; Ord. 2002-445-E; Ord. 2002-445-E; Ord. 2003-303-E; Ord. 2003-1338-E; Ord. 2006-1109-E; and Ord. 2015-304-E.

Sec. 121.202. - Refund of Member's contributions.

Members who have not vested, who terminate employment, shall be paid a refund of 100 percent of their contributions to the Plan without interest. Acceptance of the refund of employee contributions constitutes an irrevocable waiver of all rights to benefits from the Plan.

(Ord. 91-1017-605, § 4; Ord. 97-340-E, § 5; Ord. 2017-259-E, § 1)

Sec. 121.203. - Single Member's death benefit.

In the event of the death of a Member who does not have a surviving spouse or children, 100 percent of the Member's contributions to the Plan without interest shall be payable to the estate of the Member to be distributed in accordance with the law of the domicile of the Member at the time of death. Acceptance of the refund of employee contribution constitutes an irrevocable waiver of all rights to benefits from the Plan.

(Ord. 97-340-E, § 5; Ord. 2017-259-E, § 1)

Sec. 121.204. - Surviving spouse's benefits.

Notwithstanding the provisions of Laws of Fla. Ch. 18615 (1937), as amended; or Laws of Fla. Ch. 23259 (1945), as amended, and to increase the benefits thereby provided:

(a)

A Member of the fund hereafter who shall be killed or die from effects of an injury or of any illness or disease and any such Member so killed or dying shall have a spouse living with such Member at time of death, the Board shall direct the payment from the fund of the following sum to the surviving spouse, 75 percent of the pension benefit the deceased Member would be entitled to receive, had the Member completed 20 years of credited service and survived to receive such pension. If a deceased Member served in excess of 20 years, the 75 percent of the pension benefit shall be based upon the actual years of service. In applying the provisions of this Section, the adjustment supplement described in 121.201(d)(2) that is calculated for the benefit of the surviving spouse of a Member shall be based upon the actual years of credited service, subject to the minimum and maximum provisions, rendered by the Member rather than the assumed completion of 20 years of credited service otherwise acknowledged in this Section. The pension benefit as used herein shall be comprised of the base pension benefit as adjusted for the COLA, but exclusive of the adjustment supplement described in 121.201(d)(2) which shall be 100 percent allocable to the surviving spouse.

(b)

If any such beneficiary of the fund shall hereafter be killed or die and any such Member so killed or dying shall have a spouse living with such beneficiary at time of death, the Board shall direct the payment from the fund of the following sum to the surviving spouse, 75 percent of the pension benefit the beneficiary was receiving. The pension benefit as used herein shall be comprised of the base pension benefit as adjusted for the COLA's previously credited to the record of the former Member, but exclusive of the adjustment supplement described in 121.201(d)(2) which shall be 100 percent allocable to the surviving spouse.

(c)

Notwithstanding any other provision of law to the contrary, the surviving spouse of any pension participant Member killed in the line of duty shall not lose survivor retirement benefits if the spouse remarries. The surviving spouse of such deceased Member whose benefit terminated because of remarriage shall have the benefit reinstated as of July 1, 1994, at an amount that would have been payable had such benefit not been terminated.

(d)

Notwithstanding any other provision of law to the contrary, the surviving spouse of any pension participant Member who shall be killed or die from the effects of an injury, illness or disease outside of the line of duty shall not lose survivor retirement benefits if the spouse remarries after September 30, 2000. Surviving spouses who were removed from the pension rolls due to remarriage prior to October 1, 2000 shall continue to be ineligible for reinstatement of pension benefits so long as such previously existing marriage continues.

(e)

In the event that a spouse of a deceased Member is entitled, either now or in the future, to the receipt of retirement benefits by virtue of their employment with the City, such individual may simultaneously enjoy the receipt of City retirement benefits from such employment in addition to the receipt of City pension benefits as a surviving spouse that such individual was otherwise entitled to receive following the death of a Member.

(f)

In the event that a spouse of a deceased Member is already receiving City retirement benefits as a surviving spouse from a previous marriage, such individual would only be entitled to the larger surviving spouse benefit calculated in conjunction with such multiple marriages, but not both simultaneously. Stated differently, an individual may only receive a single surviving spouse benefit at a time. The receipt of multiple surviving spouse benefits under the Plan are prohibited.

(Ord. 87-927-611, § 6; Ord. 91-1017-605, § 1; Ord. 97-340-E, § 5; Ord. 1999-1019-E, § 3; Ord. 2000-704-E, § 1; Ord. 2000-1164-E, § 5; Ord. 2006-947-E, § 5; Ord. 2015-304-E, § 2)

Sec. 121.205. - Reinstatement of surviving spouse's benefits.

Notwithstanding any provision contained to the contrary in the Chapters enumerated in Section 121.102, a surviving spouse of a Member or pensioner of any of these funds:

(a)

Who was heretofore removed from the pension rolls due to marriage prior to October 1, 2000, and

(b)

Whose marriage subsequently is or was dissolved by death or otherwise.

Upon application by the surviving spouse of the Member or Beneficiary for approval by the Trustees, shall have his or her name restored to the surviving spouse's pension roll, and, thereafter, the reinstated surviving spouse shall be entitled to be paid the appropriate surviving spouse's benefit beginning no sooner than the date that the application for reinstatement was filed in writing with the Board. No surviving spouse shall receive more than one pension benefit pursuant to this Section at one time.

(c)

Notwithstanding the foregoing, eligibility for the reinstatement of survivors benefits resulting from a temporary divorce and remarriage to the same individual subsequent to October 1, 2000 shall be subject to the successful demonstration by the petitioner that such marital status changes were not unduly motivated by the desire to restore pension benefits.

(Ord. 72-416-172, § 1; Ord. 73-83-23, § 1; Ord. 83-591-400, § 1; Ord. 86-1136-591, § 1; Ord. 93-1773-1045, § 3; Ord. 2000-704-E, § 2; Ord. 2017-259-E, § 1)

Sec. 121.206. - Children's benefits.

(a)

Notwithstanding any provisions to the contrary contained in Laws of Fla. Ch. 18615(1937), as amended, or Laws of Fla. Ch. 23259(1945), as amended; the amount of children's survivor pension benefit paid pursuant to these funds shall be increased to $200 per month; provided, that the conditions and maximum amounts established by the Pension Fund concerning children's benefits shall be followed and, in the event that any combination of survivor's benefits would exceed the amount allowable to the Member had he received a pension under the Pension Fund, the benefits shall be calculated and prorated among the entitled Beneficiaries in such a manner as not to exceed the maximum amount allowed to the Member.

(b)

If there is a surviving spouse, each child's benefit shall be $200 per month until (i) each child reaches age 18 years, whether or not the child is a qualified student, or (ii) each child reaches age 22, provided the child is a qualified student, or (iii) each child becomes married, whereupon the children's benefits described herein shall cease, provided that the total of the surviving spouse and children's benefits do not exceed the total of the deceased Member's projected benefit. In addition thereto, each child of a surviving spouse of a Member shall be entitled to the receipt of the minimum adjustment supplement provided in Section 121.201(d)(2).

(c)

If there is no surviving spouse, each child under the age of 18 shall receive the greater of either: (a) $200 per month plus, for each child of a former Member, the minimum adjustment supplement provided in Section 121.201(d)(2), or (b) a proportionate share of the surviving spouse's benefit (including the supplement where applicable) until (i) each child reaches age 18 years, whether or not the child is a qualified student, or (ii) each child becomes married, whereupon the children's benefits described herein shall cease. If there is no surviving spouse, each child who is age 18 or over and who is a qualified student shall be entitled to the payment of a child's benefit of $200 per month until (i) each child reaches age 22, or (ii) each child becomes married, whereupon the child's benefit described herein shall cease. In the event of multiple children causing the payment of a prorated benefit as each child no longer becomes eligible for the payment of children's benefits the remaining eligible children shall receive the greater of the benefits provided for in this Section up to the limits provided.

(d)

If there is no surviving spouse due to deaths after September 30, 2000, each child who is disabled and reaches age 18 shall become entitled to the receipt of children's benefits for life at an amount equivalent to 50 percent of the benefit otherwise allocable to the surviving spouse. However, the continuance of such lifetime children's benefits for disabled children shall be subject to the continued presence of the disabling condition. In order to qualify for benefits under this subsection, a child must make proper application for benefits and secure the approval of the Trustees. Such approval shall be based upon a comprehensive review of all documents and evidence pertaining to the nature, severity and continuance of the disabling condition or affliction. The standards for the disability determination shall generally conform to those employed by the Social Security Administration in conjunction with the payment of Supplemental Security Income (SSI) benefits for children with disabilities. For purposes of this subsection, a child will be considered disabled if he or she has a physical or mental condition (or a combination of conditions) that results in "marked and severe functional limitations." The disabling condition must last or be expected to last at least 12 months or be expected to result in the child's death. In addition thereto, the approval for the payment of benefits under this subsection shall be subject to the application of a needs and means test, wherein alternative resources available to the child shall be taken into consideration along with an assessment of the ability of the child to perform any "substantial work."

(e)

For purposes of applying subsections 121.206(b) and (c), the term "qualified student" means an individual who is a full-time student at a qualified educational institution. For purposes of the foregoing, a "full-time student" is a person who is enrolled for the number of hours of courses the educational institution considers to be full-time attendance, and an "educational institution" means a school, qualified under Section 170(b)(1)(A)(ii) of the Internal Revenue Code, maintaining a regular faculty and established curriculum, and having an organized body of students in attendance. In addition, such "educational institutions" include primary and secondary schools, colleges, universities, technical schools, mechanical schools, and similar institutions, but does not include non-educational institutions, on-the-job training, correspondence schools and the like.

Application for extended educational benefit payment must be made on the forms provided by the pension fund after the completion of each course period, and must be accompanied by notarized certification from the educational institution that the applicant was a full time student and satisfactorily completed the course work.

Extended educational benefits will be paid as soon as administratively practical.

(Ord. 82-407-401, § 1; Ord. 83-591-400, § 1; Ord. 90-916-463, § 2; Ord. 93-1773-1045, § 2; Ord. 97-340-E, § 5; Ord. 1999-1019-E, § 4; Ord. 2000-704-E, § 3; Ord. 2001-623-E, § 1; Ord. 2006-917-E, § 6; Ord. 2015-304-E, § 2; Ord. 2017-259-E, § 1)

Sec. 121.207. - Orphans' benefits.

In lieu of the child's pension benefit payable to orphans pursuant to Laws of Fla. Ch. 18615(1937), § 6, as amended; or Laws of Fla. Ch. 23259(1945), as amended; unmarried children of any employee or pensioner entitled to a pension under the pension fund who:

(a)

Have not reached their eighteenth birthday whether or not they are a qualified student, or have not reached their twenty-second birthday, provided they are a qualified student as defined in subsection 121.206(e), and

(b)

Shall become orphans by reason of the death of their surviving parent,

Shall receive as an increased pension benefit, individually if there is only one eligible child or jointly and equally if there is more than one eligible child, an amount equal to the benefit which would have been paid to a surviving spouse without children. The pension shall cease to be paid to orphans as they reach their eighteenth birthday (subject to continuance in the event of their status as a qualified student) or marry, but in cases of a joint pension the full amount thereof shall continue to be paid to the orphan or orphans still remaining eligible.

(Ord. 71-862-476, § 1; Ord. 83-591-400, § 1; Ord. 93-1773-1045, § 2; Ord. 97-340-E, § 5; Ord. 2000-704-E, § 4)

Sec. 121.208. - Purchase of wartime military service; military leaves of absence.

(a)

Subject to the entitlement to benefit limitations described in Section 121.107(a) existing at the time of purchase, Members of the Police and Fire Pension Fund may purchase up to 24 months of wartime military service for credited service towards retirement based on the following definitions: World War II, December 7, 1941—December 31, 1946; Korean Conflict, June 27, 1950—January 31, 1955; Vietnam Era, August 5, 1964—May 7, 1975; Persian Gulf (Desert Shield and Desert Storm), August 2, 1990 to a date to be determined by Congress.

(b)

Members of the fund must apply for purchase of wartime military service and will be required to pay into the Pension Fund an amount equal to 20 percent of the base pay the Member was earning on the date of application, to be paid as directed by the Board. Notwithstanding the provisions contained herein and in Section 116.501, Ordinance Code, no Member of the Fund shall be entitled to receive time service credit for military service that was rendered during periods where the Member has already earned time service credit for such period(s) while serving as an active contributing Member of the Fund.

(c)

Section 116.501 shall govern the pension benefits available to a Member of the Police and Fire Pension Fund who is on a military leave of absence, as described in Section 116.501(a).

(Ord. 91-1017-605, § 6; Ord. 97-340-E, § 5; Ord. 97-1103-E, § 8; Ord. 98-990-E, § 3; Ord. 2000-1164-E, § 6; Ord. 2002-1213-E, § 5; Ord. 2003-303-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.209. - Deferred Retirement Option Program (DROP).

In general, and subject to the provisions of this Section, the Deferred Retirement Option Program, hereinafter referred to as the DROP, is a program under which an eligible Member of the plan, may elect to participate, deferring receipt of normal retirement benefits while continuing employment with the City without loss of any other employee benefits. Upon an eligible Member's election to participate in the DROP, the amount of credited service and final average salary becomes frozen for purposes of determining pension benefits. Additional service beyond the date of entry into the DROP shall no longer accrue any additional benefits under the Pension Fund. The deferred monthly retirement benefits under the DROP shall accrue in the fund on behalf of the Participant, plus interest compounded monthly, as provided in subsection (c)(1) of this Section, for the specified period of the DROP participation, as provided in subsection (b)(1) of this Section. Upon termination of employment, the Participant shall receive the total DROP benefits, as provided in Section 121.209(c) and begin to receive the previously determined normal retirement benefits.

(a)

Eligibility of Member to participate in the DROP. All Members who are eligible to, may elect participation in the DROP, provided Members comply administratively with the rules and regulations established by the Board for the administration of the DROP.

(1)

A Member who is eligible to receive normal retirement benefits under Section 121.201(a) may participate in the DROP providing the Member elects to participate within the time limits contained in Section 121.209(b)(1).

(2)

Election to participate is made on a date following the date on which the Member first reaches the minimum normal retirement benefit after completion of 20 years of credited service.

(3)

An eligible Member may elect to participate in the DROP by complying with the election process established by the Board.

(b)

Participation in the DROP.

(1)

A eligible Member may elect to participate in the DROP for a period not to exceed a maximum of 130 full bi-weekly pay periods (60 months) following the date on which the Member begins participation in the DROP. The following time limits will apply for eligibility to elect to participate in the DROP. EXPAND   Years of Credited Service at Time of Election Maximum Pay Periods of Participation Maximum Months of Participation 20 but less than 30 years 130 biweekly 60 30 but less than 31 years 78 biweekly 36 31 but less than 32 years 52 biweekly 24

A Member who reaches 32 years of service after the effective date of this Section and who fails to make an election prior to attaining 32 years of service shall forfeit all rights to participate in the DROP. Notwithstanding the time limits described above, Members who previously elected to participate in the DROP for a period of 48 months shall have their period of participation in the DROP extended to a period of 60 months.

(2)

Upon participation in the DROP, the Member shall be deemed a "Qualified Member" as defined in Section 121.102(e)(2).

(3)

The beginning date of the DROP period shall be the first full biweekly day period after the first day of January, April, July or October subsequent to the date of election to participate, or as soon as administratively practical thereafter and shall not exceed the DROP participation period as provided in (b)(1), above.

(4)

Upon electing to participate in the DROP, the Member shall submit on forms prescribed and required by the Board:

(i)

A written election to participate in the DROP;

(ii)

Selection of the DROP participation and retirement dates, which satisfy the limitation stated in subsection (b)(1) of this Section. Such retirement date shall be in a binding application for retirement with the employer establishing a deferred retirement date. The Member may change the deferred retirement date within the limitations of subsection (b)(1) of this Section on forms required by the Board;

(iii)

A written notification advising the Member's employer of the date on which the DROP shall begin for the Member;

(iv)

A properly-completed DROP application for service retirement as provided in this Section; and

(v)

Any other forms required by the Board.

(5)

The DROP participant shall be a retiree under the Pension Plan for calculation of increased pension benefits, unless otherwise prescribed herein, but not for the purposes of employment with the City, and the availability of employee benefits and programs related thereto. DROP participants shall additionally continue to be eligible to vote for their respective members of the Advisory Committee and the Board of Pension Trustees.

(6)

Except as provided by subsection (a) of this Section with respect to elected or appointed officials, election to participate in the DROP, once approved by the Board, is irrevocable.

(c)

Benefits payable under the DROP.

(1)

Effective with the date of DROP participation, the Member's initial normal retirement benefit, including creditable service and average compensation, as provided in Section 121.201(a) and the effective date of retirement shall be fixed. Such normal retirement benefits, together with annual cost of living adjustments as provided in Section 121.201(d), and interest, shall accrue monthly in the fund for the benefit of the DROP Participant. Such interest shall produce an annual rate of return of 8.40 percent. Interest calculations shall be administered in accordance with rules prescribed by the Board and interest distributions shall be credited using the 30-day month/360-day year method of calculation.

(2)

The normal retirement benefit and interest thereon shall continue to accrue in the DROP until the established termination date of the DROP, or until the participant terminates employment or dies prior to such date. Although individual DROP accounts shall not be established, a separate accounting of each participant's accrued benefits under the DROP shall be calculated and provided to participants annually by the Board.

(3)

At the conclusion of the participant's DROP and termination of employment with the City, the Board shall distribute the participant's total accumulated DROP benefits, as soon as administratively practical, subject to the following provisions:

(i)

The Board shall receive written verification by the participant's employer that such participant has terminated employment as provided in subsection (b)(4)(ii) of this Section.

(ii)

The terminated DROP participant or if deceased, such participant's surviving spouse or representative, shall elect on forms provided by the Board to receive payment of the DROP benefits in accordance with one of the options listed below. For a DROP participant who fails to elect a method of payment within 30 days of termination of the DROP, the Board will pay a lump sum as provided in subsection (a), below, as soon as administratively practical. For a surviving spouse of a current or former DROP participant who fails to elect a method of payment within 90 days of the date of death of the current or former DROP participant, the Board will pay a lump sum as provided in subsection a., below, as soon as administratively practical.

a.

Lump sum. All accrued DROP benefits, plus interest, less withholding taxes remitted to the Internal Revenue Service, shall be paid to the DROP participant or surviving spouse.

b.

Direct rollover. All accrued DROP benefits, plus interest, shall be paid from the DROP directly to the custodian of an eligible retirement plan as defined in Section 402(c)(8)(B) of the Internal Revenue Code. However, in the case of an eligible rollover distribution to the surviving spouse of the deceased participant, an eligible retirement plan is an individual retirement account or an individual retirement annuity as described in Section 402(c)(9) of the Internal Revenue Code. For purpose of this subsection, an eligible retirement plan shall also mean an annuity contract described in Section 403(b) of the Internal Revenue Code and an eligible plan under Section 457(b) of the Internal Revenue Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state which accepts rollovers and which agrees to separately account for amounts transferred into such plan from this plan. However, in the case of an eligible rollover distribution to the surviving spouse of the deceased participant, an eligible retirement plan is an individual retirement account or an individual retirement annuity as described in Section 402(c)(9) of the Internal Revenue Code.

c.

Partial lump sum. A portion of the accrued DROP benefits shall be paid to the DROP participant or surviving spouse, less withholding taxes remitted to the Internal Revenue Service, and the remaining DROP benefits shall either be transferred directly to the custodian of an eligible retirement plan as defined in Section 402(c)(8)(B) of the Internal Revenue Code or distributed in a monthly amount paid biweekly in the manner described in option d. below. However, in the case of an eligible rollover distribution to the surviving spouse of a deceased participant, an eligible retirement plan is an individual retirement account or an individual retirement annuity as described in Section 402(c)(9) of the Internal Revenue Code. The proportions shall be specified by the DROP participant or surviving spouse.

d.

Monthly distribution. The account balance shall be distributed in a monthly amount paid biweekly of substantially equal amounts, until the DROP account is depleted, over a stipulated number of bi-weekly periods to be selected by the Participant or the surviving spouse, less withholding taxes remitted to the Internal Revenue Service. Such selection once made, cannot be changed, unless changed to Option (a) or (b), above. For Members with less than 20 years of service as of the effective date of Ordinance 2015-304-E, the annual rate of interest to be factored into the biweekly distributions and credited as the rate earned on the account balance will change each January and shall be the money-weighted rate of return as presented in the plan's most recent audited financial statements as required by Statement 67 of GASB; provided however, that the minimum interest shall be 2.0 percent and the maximum interest shall be 14.4 percent. For Members with 20 or more years of service as of the effective date of Ordinance 2015-304-E, the annual rate of interest to be factored into such distribution period shall be 8.4 percent. Notwithstanding the foregoing, in the event that the Participant selected a payout period over the Participant's life expectancy or over the joint life expectancies of the Participant and the Participant's spouse in order to avoid the application of the ten percent additional tax on early distributions reflected in Section 72(t) of the Internal Revenue Code, such Participant may shorten the number of biweekly payout periods originally selected by the Participant, provided that the timing of such modification conforms to the standards described in Section 72(t)(4) of the Internal Revenue Code.

(iii)

The form of payment selected by the DROP participant or surviving spouse shall comply with the minimum distribution requirements per Section 401(a)(9) of the Internal Revenue Code.

(iv)

Subsequent to the month of termination or death, the accrual of interest on the accumulated DROP balance shall cease, provided however, that an interest factor shall be embedded in the biweekly distribution option described in d. above, from the initial bi-weekly distribution which shall commence upon the execution of proper election forms by the DROP participant or the surviving spouse.

(4)

The accrued benefits of any DROP participant and any contributions accumulated under such program, shall not be subject to assignment, execution, attachment, or to any legal process whatsoever, except for federal income tax levies.

(5)

DROP participants shall not be eligible for the disability retirement benefits provided in Section 121.201(b) of this Chapter.

(d)

Death benefits under the DROP.

(1)

The surviving spouse of DROP participants shall not be eligible for the calculation of pension benefits under Section 121.204(a) of this Chapter.

(2)

Upon the death of a DROP participant, contributions to the DROP shall cease and the surviving spouse shall be entitled to apply for and receive the accrued benefits in the DROP as provided in subsection 121.209(c)(2), and apply for surviving spouse benefits in accordance with the provisions of Section 121.204(b). If there is no surviving spouse, the accrued benefits in the DROP will be paid to the estate of the Qualified Member as provided by law.

(3)

The normal retirement benefit accrued for the benefit of the DROP participant during the month of a participant's death, shall be the final monthly benefit credited for such DROP participant.

(4)

The single Member death benefit under Section 121.203 of this Chapter in the event of death during the DROP period will not be paid.

(5)

Eligibility to participate in the DROP terminates upon the death of the participant. If the participant dies on or after the effective date of enrollment in the DROP, but prior to the first monthly benefit being credited to the DROP, retirement benefits shall be paid to the surviving spouse in accordance with the provisions of Section 121.204(b) and (c).

(e)

Cost of living adjustment. On the first full biweekly pay period after April 1, 2000 or as soon as administratively practical thereafter, and for the first full biweekly pay period after each succeeding April 1st, the deferred retirement benefit may be increased, under the provisions of Section 121.201(d)(1), if applicable.

(f)

Health insurance subsidy. DROP participants are not eligible for the health insurance subsidy as provided in Section 121.201(d)(2) of this Chapter until termination of employment is effectuated.

(g)

DROP rescission for elected or appointed officials or appointed employees. The irrevocable nature of DROP participation shall not apply in the case of a DROP participant who becomes an elected or appointed official or an appointed employee with such Member being granted the option of rescinding DROP participation within one calendar year of election or appointment. In such event of DROP rescission, the elected or appointed official or the appointed employee shall be granted pension service credit for DROP participation periods, the City shall be assessed the amount of City contributions that otherwise would have been remitted to the fund by the City during the DROP period, the Member will be required to make the contributions in accordance with the provisions of Section 121.113, and the retirement leave account frozen and removed pursuant to Section 8 of Ordinance 97-1103-E shall be restored. All deposits plus interest into the DROP account will revert to the fund. Such appointed and elected officials or appointed employees shall be permitted to re-enroll into the DROP at a later date. However, Members who were former DROP participants and who retired while in such status shall not be eligible to rejoin membership into the Fund.

(h)

Bonus check. DROP participants are not eligible to receive bonus check distributions that are periodically distributed to beneficiaries until termination of employment is effectuated. In addition, the initial bonus check to be distributed to a former DROP participant subsequent to such participant's termination of employment shall be prorated from the ending payroll date of DROP participation.

(i)

Contributions and deductions.

(1)

The employer contributions on the salary, as defined in Section 121.113(a)(1) of DROP participants shall be zero percent.

(2)

A deduction of two percent per annum shall be made from all salaries (as defined in Section 121.113(a)(1)) of DROP participants as the contribution from the participant during the period of DROP participation, with such amount being credited to the Base Benefits Fund.

(3)

Members of the fund may be removed from the regular City payroll for a variety of reasons. Such circumstances may include various forms of requested leaves of absence without pay, suspensions without pay, terminations under appeal, and removals pending the outcome of criminal charges. DROP participants who may be removed from the regular City payroll for all or a portion of a particular pay period(s), which is not covered by the use of leave balances, are unable to comply with the obligation to make the payment of the two percent per annum deduction from salaries referenced under Section 121.209 (i)(2). During such period of noncompliance (except in the case of military leaves of absence which shall be governed in accordance with F.S. § 115.12), the participant shall experience an interruption in the bi-weekly remittances to the participant's DROP account and such period of interruption shall count against the selected period of DROP participation. However, in the event that any such period of involuntary leave without pay was reversed and such period was accompanied by the award of back-pay from which the required DROP contribution is assessed, the DROP remittances which were interrupted during such period shall be credited to the participant's DROP account, along with any deferred interest related thereto.

(j)

Forfeiture of retirement benefits. Nothing in this Section shall be construed to remove DROP participants from the scope of Fla. Const. Article II, Section 8(d), F.S. § 112.3173 or Section 121.304 of this Chapter. A DROP participant who commits a specified felony offense while employed will be subject to forfeiture of all retirement benefits, including DROP benefits, pursuant to those provisions of law.

(k)

Administration of the DROP. The Board shall make such rules as are necessary for the effective and efficient administration of the DROP. Neither the Board or staff of the fund shall advise Members of the federal tax consequences of an election related to the DROP. A copy of the rules and regulations governing the DROP shall be on file with the Council Secretary and with the Board.

(l)

Retirement leave account distribution during the DROP. Members who have a balance in their retirement leave account will have the account paid in accordance with Ordinance Code Section 116.606.

(Ord. 97-1103-E, § 1; Ord. 98-990-E, § 2; Ord. 1999-44-E, § 3; Ord. 1999-472-E, §§ 5, 6; Ord. 2000-936-E, § 1; Ord. 2000-1164-E, §§ 7—10; Ord. 2002-445-E, §§ 5—7; Ord. 2003-303-E, § 1; Ord. 2004-377-E, § 1; Ord. 2017-259-E, § 1)

Sec. 121.210. - Transfer of terminal leave.

(a)

Members eligible to receive payment of terminal leave upon separation from service may elect, prior to the date that they become eligible to receive a cash payment of accumulated leave, to have all or a portion of the leave transferred to the Plan. Members on whose behalf leave has been transferred may elect, in accordance with uniform rules established by the Board, one or a combination of the following options, up to the amount of the transferred leave balance (Option 3 is only available if separation is due to a time service or disability retirement under a state or City pension plan):

Option 1: Receive a lump sum equal to all, or a portion of, the transferred leave balance; or

Option 2: Transfer all, or a portion of to the extent allowed by law, the transferred leave balance to any other qualified retirement plan; or

Option 3: Utilize all, or a portion of to the extent allowed by law, the value of the transferred leave for participation in a program of post-retirement health care premiums.

Members failing to make an election as to the transferable leave balance, or any portion thereof, within the time prescribed by the Board's rules shall be deemed to have elected to receive a lump sum equal to the leave balance, or the portion thereof, as to which no election has been made.

(b)

Members who fail to elect a transfer of the leave balance, or any portion thereof, in accordance with the provisions of this Section shall receive the accumulated leave as to which no election has been made, as a lump sum at the time of separation of service. The Board, by uniform rule, shall establish an implementation program to permit current DROP participants an opportunity to make the transfer election consistent with the terms of this Section.

(c)

If a Member on whose behalf the City makes a leave balance transfer to the Plan dies prior to selection of an optional form of distribution from the Plan, or after an election but prior to actual distribution, the election option shall be deemed void. In such an event, any person who would have received a death benefit had the Member died in service immediately prior to the date of retirement, entry into the DROP or other separation, shall be eligible to receive an amount equal to the transferred leave balance in a lump sum. In the case of a surviving spouse, in addition to the right to elect a lump sum payment of the leave balance, an election may alternatively be made to transfer the leave balance, or a portion thereof, to a qualified retirement plan, or the surviving spouse may elect to continue to participate in any program of post-retirement health care in which the Member would have been eligible to participate under the terms of the rules adopted by the Board in accordance with the programs established by the City. The surviving spouse may elect one or a combination of the foregoing options up to the amount of the leave balance. Failure to make any such election as to the leave balance, or any portion thereof, within 60 days after the death of the Member shall be deemed an election to receive a lump sum payment as to the portion of the leave balance as to which no election has been made.

(d)

The Board, by uniform rule, shall prescribe the method for implementing the provisions of this Section and for establishing such programs for the use of the transferred leave in such a manner as to retain the tax qualified status of the Plan. No rule of the Board shall have the effect of altering the City's right, subject to its collective bargaining obligations, to set the terms of leave accumulation, nor shall it have the effect of altering the City's right, subject to its collective bargaining obligations, to set the terms of any program of health insurance to be offered to employees, retirees, or their eligible dependents. The Board shall prescribe rules implementing the provisions of this Section in accordance with the following guidelines: (i) any cost to the City other than internal administrative costs shall be passed on to the retiree; (ii) separate accounts shall be established within each plan for each employee who elects to transfer the terminal leave balance for post-retirement health care premiums; (iii) interest shall accrue on the balance in each account at a rate of interest similar to the rate that the City receives on investments of cash balances in the General Government cash account or other defined cash investment. The Board may also elect for the accounts to be administered and invested by a third-party administrator, and in such case, the third-party administrator may be entitled to charge a customary fee to the retiree for administering each account and shall pay interest on each account at a rate negotiated by the Board.

(e)

For the purposes of this Section the term "Member" shall include participants in the Florida Retirement System who would have otherwise been eligible to participate in this plan.

(f)

For the purposes of this Section the terms terminal leave and transferable leave and accumulated leave shall mean all accrued and unused leave to which a Member is entitled upon termination of employment.

(g)

The accounts established by this Section shall be irrevocable trusts maintained for the exclusive use of the Members and Beneficiaries of the retirement plan and no portion of any account shall inure to the benefit of the City or be used for any purpose other than that set forth in this Section.

(Ord. 2003-618-E, § 2; Ord. 2017-259-E, § 1)

Sec. 121.211. - Reserved.

Editor's note— Ord. 2017-259-E, § 1, amended the Code by repealing former § 121.211, which pertained to BACKDROP for Group II Members, and derived from Ord. 2015-304-E.

PART 3. - MISCELLANEOUS BENEFITS

Sec. 121.301. - Minimum time service, disability and surviving spouse's benefits.

Notwithstanding the provisions of Laws of Fla. Ch. 18615(1937), as amended, and Laws of Fla. Ch. 23259(1945), as amended, and to increase the benefits thereby provided, after the effective date hereof, the minimum monthly pension of a Beneficiary, either time service or disability but excluding vested retirement, will be $400 per month and the minimum monthly pension of any Beneficiary receiving survivors benefits will be $300 per month.

(Ord. 87-927-611, § 4; Ord. 97-340-E, § 6; Ord. 1999-1019-E, § 5; Ord. 2017-259-E, § 1)

Sec. 121.302. - Retirement benefit adjusted.

Retirees and participants receiving survivor's benefits which commenced prior to January 1, 1990, shall have their monthly payments increased effective the first distribution in January 1990, according to the following formula:

EXPAND Years of Credit Service Percentage Increases Times Years Retired Less than 20 1% 20 but less than 30 2% 30 or more 3%

Years retired, as used in this Part, means the year 1990 minus the year of retirement; provided, however, persons retiring in 1989 will be credited with one full year's benefits. Revised payments shall remain in effect according to the applicable form of payment.

(Ord. 90-916-463, § 1; Ord. 90-1265-565, § 1; Ord. 93-1773-1045, § 2; Ord. 97-340-E, § 6; Ord. 2017-259-E, § 1)

Sec. 121.303. - Pension benefits and workers' compensation.

(a)

A Member of the fund who becomes eligible to receive workers' compensation benefits for any injury or illness occurring during his employment shall be subject to one of the following provisions:

(1)

If the Member receives no partial salary or wage payments, the Member shall contribute an amount equal to the employee's contribution that otherwise would have been paid to the Pension Fund, and the Member shall continue to receive retirement credit for the period for which workers' compensation payments are received.

(2)

If the Member receives partial salary or wage payments, the Member shall contribute an amount equal to the employee's contribution that otherwise would have been paid to the pension fund and such amounts shall be deducted from his partial salary or wage payments and the Member shall continue to receive full retirement credit for the period for which workers' compensation payments are received.

(3)

During the period that a Member receives workers' compensation payments or partial salary or wage payments, the City shall be required to contribute an amount equal to the employer's contribution that otherwise would have been paid to the Pension Fund had the Member not become eligible to receive workers' compensation benefits.

(b)

Pension benefits for any period during which workers' compensation payments are received shall be based on the Member's rate of compensation on which pension contributions were made. Time service benefits shall not be reduced because the Member is or was receiving workers' compensation payments. Disability pension benefits shall not be reduced because the Member is or was receiving workers' compensation payments unless the sum of the pension benefits and workers' compensation exceed the compensation on which workers' compensation benefits are computed. In such case, the disability pension benefits shall be reduced to an amount which when added to the workers' compensation payment will equal the compensation on which workers' compensation benefits are computed.

(Ord. 74-1377-657, § 1; Ord. 83-591-400, § 1; Ord. 89-877-471, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 6; Ord. 2017-259-E, § 1)

Sec. 121.304 - Forfeiture, disqualification and recovery of pension benefits for frauds committed on or to the Police and Fire Pension Fund and for other acts which could result in the loss of City pension benefits.

(a)

Any Member, Qualified Member or Beneficiary of the Police and Fire Pension Fund who:

(1)

Is found guilty by verdict of a jury; or

(2)

Is found guilty by a court trying the case without a jury, or

(3)

Entered a plea of guilty or nolo contendere, regardless of whether the Member is adjudicated guilty; or

(4)

Has been found administratively to be guilty by the Police and Fire Pension Fund Board of Trustees after an administrative hearing; of committing a fraud on or to the Pension Fund, or aiding or abetting the commission of any fraud on or to the Pension Fund, shall forfeit or be disqualified from all benefits provided by the Pension Fund and shall be required to reimburse the Pension Fund for any funds or benefits wrongfully received.

(b)

In furtherance of the purposes of subsection (a)(4) of this Section, the Pension Fund's Administrator is empowered to investigate any perceived fraud upon the Pension Fund, and the Board is empowered to conduct such administrative hearings as are appropriate to determine if fraud has been perpetrated upon the Pension Fund as provided in subsection (a)(4) of this Section, or if the circumstances described in subsections (a)(1), (2), and (3) of this Section, apply to any Member or Beneficiary.

(c)

Any administrative hearing conducted in furtherance of the purposes of subsections (a) and (b) of this Section shall be conducted in accordance with generally accepted rules of administrative procedure and with due regard for the due process rights of the Member or Beneficiary. Any determination by the Board to impose a forfeiture upon, or to disqualify the Member or Beneficiary from benefits, or finding that the Member or Beneficiary is indebted to the Pension Fund for any funds or benefits wrongfully received, shall be supported by the greater weight of the evidence and by written findings of facts and conclusions of law. Any decision of the Board resulting in a forfeiture of, or disqualification from benefits, or finding that the Member or Beneficiary is indebted to the Pension Fund for any funds or benefits wrongfully received, shall be subject to review by petition for common law certiorari to the Circuit Court of the Fourth Judicial Circuit. Any decision of the Board finding that as a result of a fraud perpetrated upon the Pension Fund, a Member or Beneficiary is indebted to the Pension Fund in a specified sum may be enforced through a civil action in the Circuit Court of the Fourth Judicial Circuit.

(d)

For the purpose of this Section, the term "Member" shall refer to an active, contributing Member of the Police or Fire Departments who is accumulating benefits; the term "Qualified Member" shall refer to an active employee who has elected to participate in the Deferred Retirement Option Program and the term "Beneficiary" shall refer to any retired Member, surviving spouse, minor child or other person permitted by law to receive benefits under the fund.

(e)

Violations under F.S. § 112.3173, felonies involving breach of public trust and other specified offenses by public officers and employees; forfeiture of retirement benefits.

(1)

Definitions. As used in this subsection, unless context otherwise requires, the term:

(i)

Conviction and convicted mean an adjudication of guilt by a court of competent jurisdiction; and plea of guilty or of nolo contendere; a jury verdict of guilty when adjudication of guilt is withheld and the accused is placed on probation; or a conviction by the Senate of an impeachable offense.

(ii)

Court means any State or federal court of competent jurisdiction which is exercising its jurisdiction to consider a proceeding involving the alleged commission of a specified offense.

(iii)

Public officer or employee means an officer or employee of the City of Jacksonville who is a Member of the Fund.

(iv)

Public retirement system means the Jacksonville Police and Fire Pension Fund.

(v)

Specified offense means:

(A)

The committing, aiding, or abetting of an embezzlement of public funds;

(B)

The committing, aiding, or abetting of any theft by a public officer or employee from his or her employer;

(C)

Bribery in connection with the employment of a public officer or employee;

(D)

Any felony specified in Chapter 838, except Sections 838.15 and 838.16;

(E)

The committing of any felony by a public officer or employee who, willfully and with intent to defraud the public or the public agency for which the public officer or employee acts or in which he or she is employed of the right to receive the faithful performance of his or her duty as a public officer or employee, realizes or obtains, or attempts to realize or obtain, a profit, gain, or advantage for himself or herself or for some other person through the use or attempted use of the power, rights, privileges, duties, or position of his or her public office or employment position.

(2)

Forfeiture. Any public officer or employee who is convicted of a specific offense committed prior to retirement, or whose office or employment is terminated by reason of his or her admitted commission, aid, or abetment of a specified offense, shall forfeit all rights and benefits under any public retirement system of which he or she is a member, except for the return of his or her accumulated contributions as of the date of termination.

(Ord. 91-1018-370, § 1; Ord. 97-340-E, § 6; Ord. 97-1103-E, § 4; Ord. 2006-947-E, § 7; Ord. 2017-259-E, § 1)

Sec. 121.305. - Survivor's benefits barred.

Notwithstanding any provisions to the contrary contained in Laws of Fla. Ch. 18615(1937), as amended; or Laws of Fla. Ch. 23259(1945), as amended; a surviving spouse who unlawfully and intentionally kills or participates in procuring the death of a Member or Beneficiary who was a participant in a pension fund, is not entitled to any benefits from such pension fund.

(Ord. 86-706-401, § 1; Ord. 93-1773-1045, § 3; Ord. 97-340-E, § 6; Ord. 2017-259-E, § 1)

Sec. 121.306. - Final pension benefit distribution.

In the event that a retiree or a participant receiving surviving spouse benefits becomes deceased on a date other than the date of a bi-weekly pension payroll, such pension recipient shall be deemed to be entitled to the continued receipt of pension benefits through the end of the pay period during which the pension recipient became deceased (the "extended payment date"). In those cases where surviving spouse benefits will be paid following the death of a retiree, the payment of such surviving spouse benefits shall commence on the date following the extended payment date.

(Ord. 2006-947-E, § 8; Ord. 2017-259-E, § 1)

Editor's note— Ord. 2017-259-E, § 1, amended the Code by repealing former § 121.306 and renumbering former § 121.307 as a new § 121.306. Former § 1221.306 pertained to use of member reserve account and enhanced benefit account to reduce member contributions and to fund benefits, and derived from Ord. 93-1983-1407; Ord. 97-340-E; Ord. 97-1103-E; and Ord. 2000-1164-E.

PART 4. - SAVINGS CLAUSE

Sec. 121.401. - Savings clause.

The provisions as set forth herein amend and restate the terms of the existing Police and Fire Pension Plan. To the extent not amended or restated, all provisions of the superseded plans shall remain in full force and effect. It is intended that there be no lapse either in time or effect between this plan and such superseded plans. Any ordinance or part of any ordinance in conflict with the provisions hereof is repealed to the extent of the conflict and should any part of this ordinance be held invalid by a court of competent jurisdiction, the remainder of this Ordinance shall continue in full force and effect and it shall be presumed that this ordinance was adopted without the invalid provision. To the extent that anything contained herein may be inconsistent with the terms of F.S. Ch. 175 and F.S. Ch. 185, the State law will control.

(Ord. 97-340-E, § 5)

PART 5. - FINANCIAL INVESTMENT AND ADVISORY COMMITTEE

Sec. 121.501. - Financial Investment and Advisory Committee Created.

There is hereby created a Jacksonville Police and Fire Pension Fund Board of Trustees Financial Investment and Advisory Committee of five persons.

(Ord. 2015-304-E, § 3)

Sec. 121.502. - General Responsibilities and Duties of Financial Investment and Advisory Committee.

The Financial Investment and Advisory Committee shall have the responsibility and duty to provide advice to the Jacksonville Police and Fire Pension Board of Trustees ("Board") on:

(1)

Financial matters;

(2)

Actuarial practices and assumptions;

(3)

Investment strategy and policy;

(4)

The selection of outside financial services providers, including investment managers and advisors; and

(5)

Such other matters as requested by the Board.

(Ord. 2015-304-E, § 3)

Sec. 121.503. - Financial Investment and Advisory Committee; Membership, Appointment and Terms.

(a)

Financial Investment and Advisory Committee members shall be financially sophisticated professionals with expertise in any or all of the following competencies: actuarial science, fiscal operations, or investment practices. Criteria for service will include knowledge, of and experience and familiarity with, portfolio and/or pension fund management, institutional investment and fiduciary responsibilities.

(b)

Members of the Financial Investment and Advisory Committee must be residents of Duval, Nassau, St. Johns, Baker or Clay County, Florida. Each member will be nominated by the Board and confirmed by the City Council to serve in a voluntary capacity.

(c)

The term of office shall be three years. No person shall serve more than three consecutive terms. Of the five persons selected to serve on the initial Committee two members shall serve an initial term of one year and two members shall serve initial terms of two years. All subsequent terms after the stagger is established shall be for three-year terms. In its confirmation of the Committee Member nominee, the City Council shall designate whether the initial term is for two or for three years.

(Ord. 2015-304-E, § 3; Ord. 2017-564-E, § 2)

Sec. 121.504. - Financial Investment and Advisory Committee; Relationship with Police and Fire Pension Fund Board of Trustees.

(a)

With regard to general strategy matters such as actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptions, the Financial Investment Advisory Committee may at any time provide advice and recommendations to the Board, which shall receive and act upon such advice and recommendations as the Board, in its fiduciary capacity, shall determine.

(b)

With regard to the selection (or deselection) of individual investment managers, the Board of Trustees shall not select any investment manager without first obtaining the advice and recommendation of the Financial Investment and Advisory Committee which, with the assistance of the professional staff of the Board, shall review any and all potential asset/investment managers. In selecting (or deselecting) the Board will then make its decision(s) taking into account Financial Investment and Advisory Committee recommendations as well as other information available to the Board.

(c)

With regard to the selection (or deselection) of other professionals or professional services, including, but not limited to, actuaries, the Financial Investment and Advisory Committee shall furnish advice and recommendations to the Board as requested by the Board, following such processes as may be determined with respect to the particular selection (or deselection).

(d)

Notwithstanding any provision of this Section, nothing shall prohibit the Board from immediately removing a financial advisor, manager, consultant or custodian, when in the opinion of the Board, with the advice of the Investment Consultant, such action is necessary to safeguard the Fund from loss. The assets held by any such deselected manager shall be placed in a pre-selected index fund for the same class of investment until a replacement manager can be selected as provided for in this Section.

(Ord. 2015-304-E, § 3)

Sec. 121.505. - Financial Investment and Advisory Committee; Fiduciary Responsibilities; Improper Business Relationships.

(a)

Financial Investment and Advisory Committee members shall be deemed to be fiduciaries of the Police and Fire Pension Fund. Each member individually and the Financial Investment and Advisory Committee as a whole shall be required to undergo periodically any and all fiduciary and ethical training required by the Board or by ordinance.

(b)

Financial Investment and Advisory Committee members shall comply with all requirements of State law with regard to annual public conflict disclosure statements required by members of other public agencies and boards.

(c)

No business organization or affiliate thereof that is owned or controlled by, or employs, a member of the Financial Advisory and Investment Committee or a spouse, child or sibling of a member of the Financial Investment and Advisory Committee shall directly or indirectly contract with or provide services for the investment of Police and Fire Pension Fund assets during the time of such member's service on the Financial Investment and Advisory Committee or for two years thereafter.

(Ord. 2015-304-E, § 3)

Sec. 121.506. - Financial Investment and Advisory Committee; Miscellaneous Provisions.

(a)

The Financial Investment and Advisory Committee shall annually elect a chair and secretary from its members.

(b)

The Board shall provide administrative support to the Financial Investment and Advisory Committee.

(Ord. 2015-304-E, § 3)

PART 6. - ETHICS, FIDUCIARY RESPONSIBILITIES AND BEST PRACTICES

Sec. 121.601. - Police and Fire Pension Fund Board of Trustees and Executive Director; Fiduciary Responsibilities; Improper Business Relationships.

(a)

Police and Fire Pension Fund Board of Trustees members shall be deemed to be fiduciaries of the Police and Fire Pension Fund. Each member individually and the Board of Trustees as a whole shall be required to undergo periodically any and all fiduciary and ethical training required by the Board or by ordinance.

(b)

Board of Trustee members shall comply with all requirements of State law with regard to annual public conflict disclosure statements required by members of other public agencies and boards.

(c)

No business organization or affiliate thereof that is owned or controlled by, or employs, a member of the Board of Trustees or a spouse, child or sibling of a member of the Board of Trustees shall directly or indirectly contract with or provide services for the investment of Police and Fire Pension Fund assets during the time of such member's service on the Board of Trustees or for two years thereafter.

(Ord. 2015-304-E, § 4)

Sec. 121.602. - Actuarial Assumptions.

The assumed annual actuarial rate of return Jacksonville Police and Fire Pension Fund at the date of the adoption of this Section shall be seven percent. This rate shall be modified only as required by law or upon agreement by the City and the Police and Fire Pension Fund Board of Trustees, based on sound actuarial practices.

(Ord. 2015-304-E, § 4)

Sec. 121.603. - Actuarial and investment reports.

(a)

The Police and Fire Pension Fund Board of Trustees shall have the duty to have an annual actuarial valuation of the Police and Fire Pension Fund performed by the Board of Trustee's actuary. This valuation shall be performed as of October 1 of each year. The annual actuarial valuations shall be completed and delivered as expeditiously as possible to the Board, the Financial Investment and Advisory Committee, the City's Director of Finance and Administration and to the City Council Auditor promptly upon completion but, in any event, the Board of Trustees shall have the valuation analyses and reports completed and delivered no later than 120 days after October 1. The 120-day deadline set forth herein is conditioned upon the City promptly responding to reasonable requests made by the Board of Trustees to the City for information necessary for the preparation of such valuations.

(b)

In addition to following all professional standards and requirements for actuarial analysis and reporting, the Board of Trustees will utilize the following approaches and assumptions:

(1)

Annual actuarially required contributions calculations based on most recent actuarial assumptions;

(2)

No fewer than two alternative funding scenarios based on variable investment performance in addition to the base case, that extend to future years and incorporate volatility;

(3)

The latest "experience studies" prepared by the Board's actuary;

(4)

Consistency in actuarial methods;

(5)

Accrual method: Entry Age Normal (EAN);

(6)

Annual normal cost disclosure, using a separate annual normal cost disclosure for each pension group as those groups are defined in Part 2, Chapter 121, Ordinance Code; and

(7)

Unfunded liabilities will be amortized as separate annual bases over closed 30-year periods or less, unless otherwise required by law.

(c)

The actuarial practices will be consistent from year to year unless changed through an "experience study" or decision of the Board, with advice from the Financial Investment and Advisory Committee, or unless necessary for compliance with applicable laws or regulations.

(d)

The Board of Trustees must distribute to City's Chief Financial Officer and City Council Auditor the Police and Fire Pension Fund's quarterly investment return reports. These reports must, at a minimum, show gross gain/loss results as well as gain/loss results net of investment fees. These quarterly reports must also include comparisons to (1) assumption and benchmarks of the Police and Fire Pension Fund and (2) results of comparable pension funds.

(Ord. 2015-304-E, § 4; Ord. 2016-140-E, § 16)

Sec. 121.604. - Annual Financial Statements.

(a)

On or before January 31 of each year, commencing with the first January following the effective date of Ordinance 2015-304-E, the Board of Trustees shall prepare annual financial statements for the fiscal year ending the previous September 30 and submit such annual financial statements electronically or as otherwise agreed to the Mayor, City Council President, City Director of Finance and Administration, City Council Auditor, and the Treasurer of the Board; and, on or before March 15 of each year, to the Florida Department of Management Services (the "Department") in format(s) prescribed by the Department.

(b)

The annual financial statements shall be in compliance with the requirements of the Government Accounting and Standard Board's Statement No. 67, Financial Reporting for Pension Plans and Statement No. 68, Accounting and Financial Reporting for Pensions, using the mortality tables and generational projections by gender most recently available from qualified actuarial sources. If yet unaccepted updates also are available that suggest longevity improvements beyond accepted tables, then such updates shall be used in lieu of accepted tables so long as such usage remains acceptable within GASB requirements and is permitted by applicable law.

(c)

The annual financial statements shall report funding status, contribution rates and expected normal cost of new benefits earned using both the current assumed rate of return on investments and an assumed discount rate that is 200 basis points less than the Fund's assumed rate of return.

(d)

The annual financial statements shall provide information indicating the projected assets, liabilities and actuarially required contributions to the Fund over the following 30 years based on the Fund's latest valuations and actuarial assumptions.

(Ord. 2015-304-E, § 4; Ord. 2016-140-E, § 16)

Sec. 121.605. - Public Information.

The Board of Trustees shall publish on its website on a timely basis:

(a)

All financial and actuarial studies and reports created pursuant to this Chapter or other law;

(b)

Minutes of its meetings for the past three years on a rolling basis; and

(c)

Copies of all reports or studies commissioned by the Board of Trustees, including, but not limited to, experience studies and investment performance reports.

(Ord. 2015-304-E, § 4)

Sec. 121.606. - Ethics, Certification and Disclosure Requirements for Investment Managers and Advisors.

(a)

Any investment manager or advisor of the Police and Fire Pension Fund who has discretionary authority for any investment of the fund, any custodian of Fund assets, and any investment consultant retained by the Board shall agree to certify, annually, to the Financial Investment and Advisory Committee and to the Board of Trustees, no later than the January 31 following the previous calendar year, that:

(1)

The investment manager, advisor, custodian, or investment consultant acknowledges that the manager or advisor serves as a fiduciary to the Police and Fire Pension Fund and agrees to be bound by all responsibilities of a fiduciary;

(2)

All investment decisions made by the investment manager, advisor, custodian, or investment consultant on behalf of the Police and Fire Pension Fund are made in the best interests of the Fund and not made in a manner to the advantage of such investment advisor, manager, custodian, investment consultant, other persons, or clients to the detriment of the Fund;

(3)

Appropriate policies, procedures, or other safeguards have been adopted and implemented by such manager, advisor, custodian, or investment consultant to ensure that relationships with any affiliated persons or entities do not adversely influence the investment decisions made on behalf of the Police and Fire Pension Fund;

(4)

The investment manager, advisor, custodian, or investment consultant is not the subject of a claim or litigation brought by a present or former client or by a regulatory agency asserting that such investment manager, advisor, custodian, or investment consultant has breached its fiduciary responsibilities, or, if such be the case, the investment manager, advisor, custodian, or investment consultant shall disclose the particulars of each such claim or litigation;

(5)

A written code of ethics, conduct, or other set of standards, as submitted by the investment manager or advisor to the Financial Investment and Advisory Committee and the Board of Trustees and accepted by both the Financial Investment and Advisory Committee and the Board of Trustees, (i) governs the professional behavior and expectations of owners, general partners, directors or managers, officers, and employees of the investment advisor, manager, custodian, or investment consultant; (ii) has been adopted and implemented; and (iii) is effectively monitored and enforced; and

(6)

Policies of the Board concerning prohibited business relationships among family members and other related parties have been complied with.

(b)

Any investment manager, advisor, custodian, or investment consultant of the Police and Fire Pension Fund who has discretionary authority for any investment of the Police and Fire Pension Fund shall agree to disclose annually to the Financial Investment and Advisory Committee and to the Board, no later than the January 31 following the previous calendar year:

(1)

Any known circumstances or situations that a prudent person could expect to create an actual or potential conflict of interest, including specifically (i) any material interests in or with financial institutions with which officers and employees conduct business on behalf of the Police and Fire Pension Fund, and (ii) any personal financial or investment positions of the investment manager, advisor, custodian, or investment consultant that could be related to the performance of an investment program of the Police and Fire Pension Fund over which the investment manager, advisor, custodian, or investment consultant has discretionary investment authority on behalf of the Police and Fire Pension Fund; and

(2)

All direct or indirect pecuniary interests that the investment manager, advisor, custodian, or investment consultant has in or with any party to a transaction with the Police and Fire Pension Fund if the transaction is related to any discretionary investment authority that the investment manager or advisor exercises on behalf of the Police and Fire Pension Fund.

(Ord. 2015-304-E, § 4)

Sec. 120.601. - Disability Program Repealed. Chapter 122 - PUBLIC PROPERTY