HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 07_08/04/2008laur, Betty
From: Reid, Merlene
nt: Friday, May 23, 2008 10:08 AM
~: Laur, Betty
Cc: McWilliams, Lori; Gload, Michelle
Subjec#: Public Safety Pension Fund -Components of Pensionable Pay 5-23-08
Attachments: Public Safety Pension Fund -Components of Pensionable Pay 5-23-08.doc
Betty,
I've updated the attached file as the police officers now have a new benefit (Career Service Award) which is applied to
pensionable pay.
Merlene
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PUBLIC SAFETY PENSION FUND -PENSIONABLE INCOME
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Public Safety Empbyees Compensation/Benefits Included in Pensionable Income
1. Base Pay Yes
2 Bonuses Yes
3. Career Service annual award Yes
4. Holiday Pay Yes
5. Incentives Yes
6. Overtime Yes
7. Sick Leave Payout on termination Yes
8. Sick-Leave Buy-Back Yes
9. Straight Time Yes
10. Car Allowance No
11. Clothing Alowance No
12. ShoelBoot Alowance No
Updated 5/23/08
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Statutes & Constitution :View Statutes :->2008->ChOi$5->Sechon U2 : tlsenate.gov Yage 1 of
Home Select Year: 2008 ~ ~
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't'tie_XI{. Chapter 185 4~e~u Ent,re_Cha~t~r
Statutes & Constitution - MUNICIPALIT'IES MUNICIPAL POLICE PENSIONS
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185.02 Deftnitions.--For any municipality, chapter plan, local law municipality, or local taw plan
,~ under this chapter, the following words and phrases as used in this chapter shalt have the following
"~ ' "' ' ' " "'" meanings, unless a different meaning is plainly required by the context:
session: 2009
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3it~ " (1) "Average final compensation" means one-twelfth of the average annual compensation of the 5
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_ best years of the last 10 years of creditable service prior to retirement, termination, or death.
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~• ~ ~ ~ Ki~ (2) "Casualty insurance" means automobile public liability and property damage insurance to be
session: 2009 applied at the place of residence of the owner, or if the subject is a commercial vehicle, to be
applied at the place of business of the owner; automobile collision insurance; fidelity bonds;
~tamber: burglary and theft insurance; and plate glass insurance. "Multiple peril" means a combination or
~~ package policy that includes both property coverage and casualty coverage for a single premium.
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(3) "Chapter plan" means a separate defined benefit pension plan for police officers which
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incorporates by reference the provisions of this chapter and has been adopted by the governing
body of a municipality as provided ins 185.Ot~,_ Except as may be specifically authorized in this
•rear: chapter, provisions of a chapter plan may not differ from the plan provisions set forth in ss. 115_~1
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185.341 and 185.,37.185.39. Actuarial valuations of chapter plans shall be conducted by the division
-gym ~ as provided by s. 18~L?_1,(1)(b)•
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'(4) "Compensation" or "salary' means the total cash remuneration including "overtime" paid by the
primary employer to a police officer for services rendered, but not including any payments for
extra duty or a special detail work performed on behalf of a second party employer. However, a
local law plan may limit the amount of overtime payments which can be used for retirement
benefit calculation purposes, but in no event shall such overtime limit be less than 300 hours per
officer per calendar year. ~/
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1la.Aar -: (a) Any retirement trust fund or plan which now or hereafter meets the requirements of this
- chapter shall not, solely by virtue of this subsection, reduce or diminish the monthly retirement
~~ rf' "~"~~~ income otherwise payable to each police officer covered by the retirement trust fund or plan.
(b) The member's compensation or salary contributed as employee-elective salary reductions or
deferrals to any salary reduction, deferred compensation, ortax-sheltered annuity program
authorized under the Internal Revenue Code shall be deemed to be the compensation or salary the
member would receive if he or she were not participating in such program and shall be treated as
compensation for retirement purposes under this chapter.
(c) For any person who first becomes a member in any plan year beginning on or after January 1,
1996, compensation for any plan year shall not include any amounts in excess of the internal
Revenue Code s. 401(a) (17) limitation (as amended by the Omnibus Budget Reconciliation Act of
1993), which limitation of $150,000 shall be adjusted as required by federal law for qualified
government plans and shall be further adjusted for changes in the cost of living in the manner
provided by lntemal Revenue Code s. 401(a)(17)(B). For any person who first became a member
prior to the first plan year beginning on or after January 1, 1996, the limitation on compensation
shall be not less than the maximum compensation amount that was allowed to be taken into
account under the plan as in effect on July 1, 1993, which limitation shall be adjusted for changes
in the cost of living since 1989 in the manner provided by lntemal Revenue Code s. 401(a)(17)
(1991).
http://www.flsenate. gov/statutes/index.cfm?App mode=Display_Statute& Search_String=&... 8/4/2008