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)