§ 54-58. Miscellaneous provisions regarding the plan.

(a)

Contributions and funding. The following contributions and funding will be used to maintain the trust fund established for the purpose of the plan on a sound actuarial basis, as determined by the actuary employed by the board of trustees, in accordance with subsection 54-61(g) hereof:

(1)

The contributions of any license or excise tax received under F.S. ch. 175 and 185;

(2)

Seven and one-half percent of the salary of the participants, including any contributions to a deferred compensation plan.

(3)

The vested portion of the city paid 12 percent, or such other percentage as determined by the city commission from time to time, of the salary of the participants to be by the city.

(4)

All other sources or income now or hereafter authorized by law for the augmentation of such firefighters' pension trust fund.

(b)

Expenses of administration. All expenses incurred in the administration of the plan shall be paid from the trust fund.

(c)

Contributions irrevocable. The city shall have no right, title, or interest in the trust fund or in any part thereof, and no contributions made thereto shall revert to the city.

(d)

Amendment of plan. The plan may be amended by the city from time to time, subject to the following reasons, by resolution of the city specifying such amendment:

(1)

Contributions under F.S. ch. 175 and 185 and seven and one-half percent of the salary of the participants and the nonvested portion of the city paid 12 percent of the salary of the participants to be paid by the city are insufficient to fund the benefits on a sound actuarial basis.

(2)

The participants in the plan desire such amendment.

(e)

The city paid 12 percent contribution vesting schedule. A participant will vest in the city's 12 percent contribution paid on his behalf in the following manner:

(1)

The vesting percentage of a participant in the aggregate value of his account attributable to the city's contribution shall be 100 percent if such participant's employment is terminated:

a.

Due to normal retirement;

b.

Due to disability retirement;

c.

Due to death; or

d.

With credit for at least six years of service.

(2)

The vesting percentage of any other participant in the aggregate value of his account attributable to the city's contribution shall be the percentage determined under the following schedule:

Years of Service	Vesting Percentage
2 or less	0
3	50
4	65
5	85
6	100

 

(3)

A participant shall be 100 percent vested in the aggregate value of his account attributable to the city's 12 percent contribution on or after the date the participant first is eligible for normal retirement.

(4)

A participant shall always be 100 percent vested in the aggregate value of his rollover account and participant contributions account.

(f)

Return of nonvested city contribution. The nonvested aggregate value of a participant's account attributable to the city 12 percent contribution shall, upon separation of the participant from his employment with the city, returned to the city by the administrator of the City of Quincy Florida Municipal Police Officers' and Firefighters' Retirement Fund within 90 days of the participant's separation from his employment with the city.

(Code 1958, § 25-71; Ord. No. 788, § 1, 6-9-92; Ord. No. 819, § 1, 2-22-94; Ord. No. 895, § 1, 12-8-98; Ord. No. 901-B, § 3, 5-23-00; Ord. No. 952, § 2, 7-23-02; Ord. No. 999, § 6, 4-10-07)