§ 78-111. Definitions.

The following words, terms and phrases, when used in this division, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning.

Accumulated contributions means the sum of all amounts deducted from the compensation of a member and credited to his individual account in the members' deposit fund, together with regular interest thereon.

Actuarial equivalent shall be defined as: In computing benefits to which a participant may be entitled upon benefit commencement, upon the exercise of optional forms of retirement income, for purposes of "actuarial equivalent" the actuary shall use the following assumptions:

Interest: Seven and one-half percent per annum; and

Mortality:

For healthy lives: The RP 2000 Combined Healthy Mortality Male Table with Blue Collar Adjustment projected to the fiscal year commencement date that includes the benefit commencement date for participants and the RP 2000 Combined Healthy Mortality Female Table projected to the fiscal year commencement date that includes the benefit commencement date for beneficiaries.

For impaired lives: The rates specified for healthy lives set forward five years.

Beneficiary means any person, except a retiree, who is in receipt of, or who is designated to receive, a pension or other benefit payable by the retirement system.

Board means the board of trustees of the City of Starke Police Officers' Retirement System.

Compensation means a member's salary or wages paid him by the city for personal services rendered by him to the city. It shall not include pay for overtime services rendered, nor allowances for travel, equipment and such other items as the commission shall from time-to-time determine.

Credited service means the number of years and months of service standing to a member's credit.

Final average salary means the average of the highest annual compensations paid a member during a period of three consecutive years of his credited service contained in his ten years of credited service immediately preceding the date his city employment last terminates. If he has less than three consecutive years of credited service his final average salary shall be the average of his annual compensations for his total period of service.

Member means any person who is included in the City of Starke Police Officers' Retirement System.

Normal retirement age means age 60 for a police officer member employed by the city prior to January 1, 1985, and age 40 or over as of January 1, 1985; age 55 for a police officer member employed by the city prior to January 1, 1985, and under the age of 40 as of January 1, 1985; and age 55 for a police officer member employed by the city on or subsequent to January 1, 1985.

Pension means an annual amount payable by the retirement system throughout the future life of a person, or for a temporary period, as provided in this division.

Pension reserve means the present value of all payments to be made on account of any pension and shall be computed upon the basis of such mortality and other tables of experience, and regular interest, as the board shall from time-to-time adopt.

Police officer means any person who is elected, appointed or employed full-time by any municipality, who is certified or required to be certified as a law enforcement officer in compliance with F.S. § 943.14, who is vested with authority to bear arms and make arrests, and whose primary responsibility is the prevention and detection of crime or the enforcement of the penal, criminal, traffic or highway laws of the state. This definition includes all certified supervisory and command personnel whose duties include, in whole or in part, the supervision, training, guidance, and management responsibilities of full-time law enforcement officers, part-time law enforcement officers, or auxiliary law enforcement officers, but does not include part-time law enforcement officers or auxiliary law enforcement officers as the same are defined in F.S. § 943.10(6) and (8), respectively.

Regular interest means such rate of interest per annum, compounded annually, as the board shall from time-to-time adopt.

Retiree means any member who retires with a pension payable by the retirement system.

Retirement means a member's withdrawal from city employment with a pension payable by the retirement system.

Retirement system and system means the City of Starke Police Officers' Retirement System.

Service means personal service rendered before or after July 1, 1968, by a police officer of the city.

Voluntary retirement age means age 60 years for a general member and age 55 years for a firefighter or police officer member.

Workers' compensation period means the period a member or retiree is in receipt of workers' compensation on account of a member's disability or death arising out of and in the course of his city employment. If he is paid a single sum in lieu of future workers' compensation his workers' compensation period shall be the period, if any, he was in receipt of monthly, or more frequent, payments of workers' compensation plus the period arrived at by dividing such single sum by his monthly, or more frequent, workers' compensation payment award.

(Ord. No. 410, div. I, § 1, 6-20-2000; Ord. No. 2011-0671, § 1, 8-16-2011)

Cross reference

Definitions generally, § 1-2.