§ 9-72. Available [F.S.] Ch. 185 premium tax revenues, ad-hoc COLA and deputy sheriff share plan.

(a)

"Available Chapter 185 Premium Tax Revenues" are those premium tax revenues received pursuant to F.S. § 185.35(1), that are in excess of the maximum annual amount allowed by law to be applied toward the cost of the pension plan. Each year, after receipt of the annual distribution of [F.S.] Ch. 185 premium tax revenues from the state, the board of trustees, with the advice of its actuary, shall provide to the city a preliminary calculation of the available premium tax revenues, if any, for allocation to ad-hoc COLA benefits and to the share plan. Within sixty (60) days of receipt by the city of the preliminary calculation and any requested supporting information, the city, at the city's expense, may have the preliminary calculation reviewed by an independent actuary selected by the city. If the city does not have the preliminary calculation reviewed by an independent actuary, or does not notify the board within sixty (60) days following receipt of the preliminary calculation and any requested supporting information that the city actuary disagrees with the preliminary calculation, the preliminary calculation shall become final. If the plan actuary and city actuary cannot agree on the amount of available premium tax revenues, a third actuary selected by mutual agreement of the other two (2) actuaries shall review and discuss the two (2) actuaries' positions and submit and discuss the reports with the board. The cost of the third actuary shall be borne by the city. No later than March 15 of every year, the board shall consider all the actuaries' reports and take the most appropriate, reasonable and prudent final action. All actuarial assumptions, cost methods and procedures used in determining the amount of available premium tax revenues shall be the same as those used in the most recent actuarial valuation of the plan.

(b)

Allocation of available premium tax revenues. Available premium tax revenues shall be allocated pro rata by head count among the retired deputy sheriff members who are eligible for the ad-hoc COLA and share plan participants, as provided in subsections (c) and (d) below; provided, in no event shall the amount allocated to each eligible person in any plan year exceed the amount allocated to each eligible person in the initial allocation year, excluding that portion of the initial allocation that is attributable to the cumulative excess premium tax revenues from prior plan years. Any available premium tax revenues in excess of the maximum combined allocation amounts for any plan year shall be held in the cumulative excess premium tax reserve and used to provide extra benefits, subject to subsection (e) below.

(c)

Ad-hoc COLA. In addition to any cost-of-living benefit payable from cumulative net actuarial gains under section 9-63(a)(2)c, retired deputy sheriff members who retire on or after December 1, 2007, shall be entitled to a pro-rata portion of the available funds described in subsection 9-72(b) to be paid directly to eligible retired members as an ad-hoc COLA benefit.

(d)

Deputy sheriff member share plan.

(1)

Purpose. The purpose of this section is to provide a mechanism to pay required "extra benefits" to deputy sheriff members, pursuant to F.S. Ch. 185. The fund created by this section, hereinafter the Oakland Park Deputy Sheriff member share plan, shall be derived exclusively from [F.S.] chapter 185 premium tax revenues received from the state and not from any additional employer contributions by the city, or Broward Sheriff's Office, and shall be in addition to the police officer/deputy sheriff defined benefit pension paid by the Oakland Park Police, Firefighters and Public Safety Officers Retirement System. The Oakland Park Deputy Sheriff Member Share Plan shall be administered by the Board of Trustees of the Oakland Park Police, Firefighters and Public Safety Officers Retirement System.

(2)

Available funds. The funds to be deposited in the share plan each year are the allocated portion of available premium tax revenues as described in subsection 9-72(b), and shall be designated as "available funds" for the purpose of this section.

(3)

Share accounts. An individual share account shall be established for each active member who is employed as a deputy sheriff on the effective date of this section hereinafter "share plan participants." Share account balances shall be invested by the board of trustees and may be commingled for investment purposes with the other assets of the retirement system. Separate accounting shall be maintained for all commingled assets. At the end of each quarter, each participant's share account balance will be credited or debited with the same overall rate of return, net of all fees and investment related costs, earned by all other assets of the retirement system during that quarter, which may include investment losses, depending on the overall rate of return of the system.

(4)

Allocation of shares. On or before March 30 each year, the available funds determined as of September 30 of the preceding year shall be equally allocated among share plan participants and credited to the share plan participant's individual account. A share plan participant who retires shall no longer be eligible to participate in the share plan, but shall become eligible to receive ad-hoc COLA benefits under subsection 9-72(c).

(5)

Distributions. The account balance for each share plan participant shall be payable within ninety (90) days after the effective date of retirement from the system, or on such other date as is deemed feasible by the board of trustees.

(6)

Vesting. No share plan participant shall be entitled to payment of a share account balance unless: i) the share plan participant has completed ten (10) years of credited service under the Oakland Park Police, Firefighters and Public Safety Officers Retirement System as a deputy sheriff/police officer, and ii) the share plan participant becomes eligible for a normal, early, disability, or death benefit from the Oakland Park Police, Firefighters and Public Safety Officers Retirement System. In the event of the death of a share plan participant who has completed ten (10) years of credited service but prior to the payment of share plan balances, the accumulated share plan balance shall be paid to the share participant's designated beneficiary. Upon the separation from service of a non-vested share plan participant, the share account balance attributable to the non-vested participant shall revert back into the share plan and shall be reallocated unless the former share plan participant returns to service prior to the end of the plan year in which the separation occurred.

(e)

Notwithstanding any other provision of this section 9-72, in the event F.S. Ch. 185, is amended to allow a greater portion of premium tax revenues to be used by the employer to fund existing benefits, or to permit a reduction in current or future premium tax revenues that are required to be used for extra benefits, the share plan and ad-hoc COLA provided herein shall be adjusted or eliminated accordingly; and the maximum amount of any future premium tax revenues that are allowed to be used to offset the city's required contributions to the system, including any premium tax revenues held in the cumulative reserve, shall be used to offset the city's required contributions to the system.

(Ord. No. 2010-026, § 1, 9-15-10)