Sec. 776.106. - Manner of Collection and Administration.

(a) Collection of the Pension Liability Sales Tax shall begin on January 1 immediately following expiration of The Better Jacksonville 1/2-Cent Sales Surtax (implemented pursuant to Chapter 775 , Ordinance Code), but in no event shall collection begin later than January 1, 2031. (b) From and after the first fiscal year in which collection of the Pension Liability Surtax begins, the proceeds shall be remitted to the City, in its capacity as a County, as provided by law, and shall be distributed annually, pursuant to F.S. § 212.055(9), this Chapter, and other applicable provisions of law. All of the Pension Liability Surtax revenues and any interest accrued thereon received shall be appropriated annually, by separate legislative action by the City Council, only for distribution of the proceeds to each of the eligible defined benefit plans as a pro rata share of each plans respective proportion of the City's total unfunded liability as determined by each previous year's actuarial valuation. (c) Payments to an eligible defined benefit plan shall terminate prior to the end of the 30 years if the actuarial funding level for such eligible defined benefit retirement plan levied is expected to reach or exceed 100 percent. The most recent actuarial report submitted to the Department of Management Services pursuant to F.S. § 112.63, must be used to establish the level of actuarial funding for the determination of the date that the actuarial funding level for each of the eligible defined benefit plans is expected to reach or exceed 100 percent. (d) In the event that one or more of the eligible defined benefit plans becomes ineligible for future funding pursuant to subsection(c), the formula in subsection (b) shall be modified, and each remaining plan shall receive a percentage of the annual collection of the pension liability surtax equivalent to the percentage of the total of the unfunded actuarial liability of the remaining eligible defined benefit plans. (Ord. 2017-257-E , § 1)