Sec. 776.107. - Termination of the Pension Liability Surtax.

(a) The Pension Liability Surtax shall remain in effect no longer than 30 years. The Pension Liability Surtax shall terminate prior to the end of the 30 years if the actuarial funding level for each of the eligible defined benefit plans is expected to reach or exceed 100 percent. The early termination date shall be on December 31 of the year in which the actuarial funding level for all of the eligible defined benefit plans is expected to reach or exceed 100 percent. (b) In no event shall collection of the Pension Liability Surtax continue past December 31, 2060. (c) 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. (Ord. 2017-257-E , § 1)