§ 54-65. Share plan benefit.

(a)

Benefits and vesting. For plan years beginning on or after October 1, 2016, eligible employees will receive a share plan benefit described herein. Eligible employees will be vested in amounts credited to their share plan accounts to the same extent the employee is vested in other plan benefits. Nonvested amounts will be forfeited and used in the same manner as other benefit forfeitures under this plan.

(b)

Definitions. These definitions will apply to the following terms for the purposes of this section. All terms not defined in this section shall be subject to the general definitions provided elsewhere in the plan.

Available amount shall mean the amount of insurance premium tax dollars available to provide share plan benefits under this section. Until further-amended, the available amount is $0.

Eligible employee shall refer to a plan participant who was an active participant on the first day of the applicable plan year.

Insurance premium tax dollars shall mean the annual amounts received from the State of Florida pursuant to F.S. chs. 175 and 185 and the assessment of a municipal tax, intended to offset the costs of the plan. This amount varies annually.

Share plan account shall mean an account established within the trust fund described in section 54-62 to hold contributions made pursuant to this section, designated for an employee. Such accounts will not be allocated earnings or losses, nor shall any expenses be allocated to share plan accounts. The share plan accounts will be notional (i.e., "book") accounts overseen by the trustee and pension board.

Share plan contribution shall mean a contribution to the share plan accounts.

(c)

Share plan contributions. The value attributed to each share plan account will be calculated by equally dividing the available amount by the number of eligible employees.

(d)

Benefit limitations and forfeitures. The benefit limitations of code section 415 as prescribed elsewhere in the plan shall apply to share plan contributions. To the extent a share plan contribution or a part of a share plan contribution will exceed the limits of code section 415, that excess amount shall be forfeited.

(Ord. No. 1086-2016 , § 1, 1-10-17)