Fort Walton Beach Ordinance — 801 Restate General Emp Plan — reading text

benefits according to the Pa~ e 17 following formula. Beginning on January 1 of the following year, each dollar of monthly disability benefit during the next twelve ( 12) months in' excess of fifty percent ( 50%) of the benefit shall be reduced by fifty cents ($ 0. 50) for each dollar of income earned during the previous .year. The reduction will be recalculated each year, based on earned income for the twelve ( 12) months ending September 30. At the normal retirement date, the reductions for earned income shall cease and the benefit shall revert to the accrued normal retirement benefit herein described. The pension advisory committee, upon discovery of intentional misrepresentation of condition or earned income by the employee filing the statement of disability and/ or anyone filing same in his behalf, shall cause to terminate all benefits under this section. The pension advisory committee may, at its discretion, require a complete medical evaluation at the expense of this fund, to determine continued eligibility to receive disability benefits. Any person receiving such benefits shall cooperate in this requirement and failure to do so will result in a termination of benefits. If the pension advisory committee or the plan administrator develop ~factual information that any person receiving disability benefits is no longer totally and permanently disabled under the definitions of this article, the plan administrator shall advise that person in writing of a hearing to be held to consider the termination of disability benefits and shall fully advise him of the facts in support of termination. Any person receiving such written notice shall have a period Qf thirty- five ( 35) days from the date of mailing of the notice to prepare material in:' support of his continued disability. He shall advise the plan administrator in writing if he plans to appeal the termination and appear at a hearing before the review board. If the participant does not contest the termination of disability benefits, the plan administrator shall cause the same to be terminated beginning with the first of the month next following the end of the thirty- five ( 35) day period. If the participant provides notice to the plan administrator that he will appeal the termination, the review board shall be convened as previously described in this section. The hearing shall be conducted according to the provisions of the Florida Administrative Code and the retirement system administration manual and copies of both documents shall be made available to all parties. The board may require medical tests and an examination of the participant by a physician practicing in the specialty area of the disability and the participant shall cooperate in keeping medical appointments, submit to necessary tests and provide such information as Pa~ e 18 might be required by the board to resolve the issue. In such case, the city shall bear the expense of the examination. A decision by the board shall be final. A hearing may be requested by either the plan administrator or the participant in the future, however, if information is developed which is material and might reasonably be expected to change the outcome of the previous hearing. If an employee is determined to be totally and permanently disabled under the definitions of this article and commences to receive disability benefits but, at any time, is found to be no longer totally disabled or returns to work either as a city employee or with any other private or public employer including self- employment of any kind, his interest in the pension fund of the City of Fort Walton Beach shall be limited as follows: a) With respect to employee contributions: 1) For any employee returning to work or determined to be no longer disabled under the definitions of this article who has had at least ten ( 10) years of service at the onset of disability, a remainder interest may exist expressed as a deferred retirement bel1efi t at normal retirement age equal to: the actuarial equivalent at normal retirement age of the remaining values, if any, after the total benefi ts paid under the disability provisions have been subtracted from the present value, discounted at the current assumed rate of interest and for mortality, of the accrued benefit at the ..onset of disability. As alternate, employee elect to an an may resehle a refund of his own contributions with interest calculated as of the day of disability less all benefits paid while disabled. 2) For any employee returning to work or determined to be no longer disabled under the definitions of this article who has fewer than ten 10) years of service at the onset of disabil i ty, a refund of his contributions to the fund, with interest as calculated under the provisions of this article, less all benefits paid while disabled. If the benefits paid exceed the employee' s total contributions, together with interest as calculated under the provisions of this article, no further interest will exist in this fund for that employee as respects all service prior to the date of disability. Pa~ e 19  b) With respect to employer contributions 1) For any employee returning to work or determined to be no longer disabled under the definitions of this article who has had at least ten ( 10) years of service at the onset of disability, any interest in employer contributions will be limited to the deferred remainder a)( interest as outlined in subsection 17- 15( I), if any, and if the employee does not elect to withdraw his contributions, if any. 2) For any employee returning to work or determined to be no longer disabled under the definitions of this article and who has had fewer t h ant e n ( 1 0) yea' r s 0 f s e r v ice a t the 0 n set 0 f disability, there will exist no interest in employer contributions. No benefits under this section will be paid to an employee whose employment terminated prior to his becoming disabled nor in any case where the disability results from self- inflicted injury, injury incurred in the commission of a felony or excessi ve or habitual use of narcotics, hallucinogenic drugs or alcoholic beverages. Sec. 17 - 15. 3. Deferred retirement; maximum age. An employee participating in this plan may defer retirement to a deferred retirement date which shall be no later than the participant' s seventieth ( 70th) birthday. On such deferred retirement date he shall be entitled to a retirement I benefit determined in accordance with section 17- 15 and based on credited service to his normal retirement date. Sec. 17- 15. 4. Normal retirement benefit; alternate forms of retirement income. A participating member of this retirement fund may, at any time prior to the date of their retirement, elect to receive on his early, normal, disability or deferred retirement date benefits, to which they are entitled under sections 17- 15, 17- 15. 1, 17 - 15. 2 or 17 - 15. 3 of this article under anyone of the following options, provided that the benefi ts payable under anyone of these options shall be the actuarial equivalent of the amount under anyone of the other options: a) Lifetime income with modified cash refund at death ( OPTION A). This option is the normal retirement option provided for under the calculation method in section 17- 15 of this article. It provides for a retirement benefit which shall be payable during the lifetime of the employee with benefits terminating at the employee' s death. If a retired employee Pa~ e 20  under this option should die prior to receiving retirement benefits equal to his own contributions to the retirement fund, together with interest accumulated to his date of retirement according to the provisions of this article, then the balance of the difference between the sums contributed to