Fort Walton Beach Council agenda — 02-08-11 regular — reading text

0 0 C C i 0 T qe r i.a niw tl iAl l' r1 7! ll i+l f it !1 Il / li• 1< IIIC•1l ! r! J/ r ti M co r C L 0 ISM, • f • • • • • • • • E Jc V r i i i n Q G i i K-Qiicwl4, i t i • TAW Page 35 of53 Pages  r r . a \ . • W a v . v v v v vf _ _ __ _ - . - - -- - - -. - V V s J r - - . Years of service by the number of years of service since the Eff ctive Bate. hi the event that it shall reafter be determined by statute, court Revenue, J or otherwise, that th is of this paragraph are not then necessary to qttafify the Plan tirde the ffiternal Revenue eode this para rP aph shaff be ine i Ctive without the necessity urthet alrendment of this E) rdinance. After all the vested and acer-ced beTtefits provided here= der have been paid and after 4. all other liabilities have been satisfied, then and only then shall any ffinds revert to the 6eneral Funds of the eity. 3. The fiend shall be distributed in accordance with the following procedures: a A. The Board shall determine the date of distribution and the asset value required to fund all the nonforfeitable benefits after taking into accolmt the expenses of such distribution. The Board shall inform the City if additional assets are required, in which event the City shall continue to financially a a support the Plan until all nonforfeitable benefits have been funded. UL U. B. The Board shall determine the method of distribution of the asset value, U whether distribution shall be by payment in cash, by the maintenance of E m another or substituted trust fund, by the purchase of insured annuities, or 0 otherwise, for each Firefighter entitled to benefits under the plan as specified r. in subsection C. M CO r a C. The Board shall distribute the asset value as of the date of termination in the U manner set forth in this subsection, on the basis that the amount required to provide any given retirement income is the actuarially computed single -sum value of such retirement income, except that if the method of distribution L 0 determined under subsection B. involves the purchase of an insured annuity, the amount required to provide the given retirement income is the single T premium payable for such annuity. The actuarial single -sum value may not T r be less than the Firefighter' s Accumulated Contributions to the Plan, with ti interest if provided by the Plan, less the value of any plan benefits previously M CO paid to the Firefighter. L 0 D. If there is asset value remaining after the full distribution specified in subsection C., and after the payment of any expenses incurred with such C aD distribution, such excess shall be returned to the City, less return to the State E of the State' s contributions, provided that, if the excess is less than the total s U contributions made by the City and the State to date of termination of the Plans such excess shall be divided proportionately to the total contributions a made by the City and the State. E. The Board shall distribute, in accordance with subsection B., the amounts determined under subsection C. If, after twenty -four (24) months after the date the Plan terminated or the date the Board received written notice that the contributions thereunder were being permanently discontinued, the City or the Board of the Fund affected has not complied with all the provisions in this Section, the Florida Department of Manatrement Services will effect the termination of the Fund in accordance with this Section.