§ 34.73. Definitions.

(A)

As used herein, unless otherwise defined or required by the context, the following words and phrases shall have the meaning indicated:

"Accumulated contributions" means a member's own contributions, without interest. For those members who purchase credited service with interest or at no cost to the system, any payment representing the amount attributable to member contributions based on the applicable member contribution rate, interest and any required actuarially calculated payments for the purchase of such credited service, shall be included in accumulated contributions.

"Actuarial equivalent" means a benefit or amount of equal value, based upon the RP 2000 Combined Healthy Mortality Table and an interest rate of 7.75 percent per annum. This definition may only be amended by the town pursuant to the recommendation of the board using assumptions adopted by the board with the advice of the plan's actuary, such that actuarial assumptions are not subject to town discretion.

"At-will employee" means any actively employed person in the regular full-time service of the town who serves at the pleasure of the town manager and who may be removed from their position and/or disciplined up to and including termination by the town manager for any or no reason subject only to applicable law.

"Average final compensation" means one-twelfth of the average salary of the five best years of the last ten years of credited service prior to retirement, termination, or death, or the career average as a full-time general employee, whichever is greater. A year shall be 12 consecutive months.

"Beneficiary" means the person or persons entitled to receive benefits hereunder at the death of a member who has or have been designated in writing by the member and filed with the board. If no such designation is in effect, or if no person so designated is living, at the time of death of the member, the beneficiary shall be the estate of the member.

"Board" means the board of trustees, which shall administer and manage the system herein provided and serve as trustees of the fund.

"Code" means the Internal Revenue Code of 1986, as amended from time to time.

"Credited service" means the total number of years and fractional parts of years as a general employee with member contributions, when required, omitting intervening years or fractional parts of years when such member was not employed by the town as a general employee. A member may voluntarily leave his accumulated contributions in the fund for a period of five years after leaving the employ of the town pending the possibility of being reemployed as a general employee, without losing credit for the time that he was a member of the system. If a vested member leaves the employ of the town, his accumulated contributions will be returned only upon his written request. If a member who is not vested is not reemployed as a general employee with the town within five years, his accumulated contributions, if $1,000.00 or less, shall be returned. If a member who is not vested is not reemployed within five years, his accumulated contributions, if more than $1,000.00, will be returned only upon the written request of the member and upon completion of a written election to receive a cash lump sum or to rollover the lump sum amount on forms designated by the board. Upon return of a member's accumulated contributions, all of his rights and benefits under the system are forfeited and terminated. Upon any reemployment, a general employee shall not receive credit for the years and fractional parts of years of service for which he has withdrawn his accumulated contributions from the fund, unless the general employee repays into the fund the contributions he has withdrawn, with interest, as determined by the board, within 90 days after his reemployment.

The years or parts of a year that a member performs "qualified military service" consisting of voluntary or involuntary "service in the uniformed services" as defined in the Uniformed Services Employment and Reemployment Rights Act (USERRA) (P.L. 103-353), after separation from employment as a general employee to perform training or service, shall be added to his years of credited service for all purposes, including vesting, provided that:

A.

The member is entitled to reemployment under the provisions of USERRA.

B.

The member returns to his employment as a general employee within one year following the earlier of the date of his military discharge or his release from service, unless otherwise required by USERRA.

C.

The member deposits into the fund the same sum that the member would have contributed, if any, if he had remained a general employee during his absence. The maximum credit for military service pursuant to this subchapter shall be five years. The member must deposit all missed contributions within a period equal to three times the period of military service, but not more than five years, following reemployment or he will forfeit the right to receive credited service for his military service pursuant to this paragraph.

D.

This paragraph is intended to satisfy the minimum requirements of USERRA. To the extent that this paragraph does not meet the minimum standards of USERRA, as it may be amended from time to time, the minimum standards shall apply.

In the event a member dies on or after January 1, 2007, while performing USERRA qualified military service, the beneficiaries of the member are entitled to any benefits (other than benefit accruals relating to the period of qualified military service) as if the member had resumed employment and then died while employed.

Beginning January 1, 2009, to the extent required by Code § 414(u)(12), an individual receiving differential wage payments (as defined under Code § 3401(h)(2) from an employer shall be treated as employed by that employer, and the differential wage payment shall be treated as compensation for purposes of applying the limits on annual additions under Code § 415(c). This provision shall be applied to all similarly situated individuals in a reasonably equivalent manner.

"Fund" means the trust fund established herein as part of the system.

"General employee" means any actively employed person in the regular full-time service of the town, including those in their initial probationary employment period and those at-will employees who do not elect to not be a member of the system as provided for in section 34-74, but not including certified police officers and certified firefighters employed by the town.

"Member" means an actively employed general employee who fulfills the prescribed membership requirements. Benefit improvements which, in the past, have been provided for by amendments to the system adopted by town ordinance, and any benefit improvements which might be made in the future shall apply prospectively and shall not apply to members who terminate employment or who retire prior to the effective date of any ordinance adopting such benefit improvements, unless such ordinance specifically provides to the contrary.

"Plan year" means the 12-month period beginning October 1 and ending September 30 of the following year.

"Retiree" means a member who has entered retirement status.

"Retirement" means a member's separation from town employment with eligibility for immediate receipt of benefits under the system or entry into the deferred retirement option plan.

"Salary" means the total compensation for services rendered to the town as a general employee reportable on the member's W-2 form, plus all tax deferred, tax sheltered or tax exempt items of income derived from elective employee payroll deductions or salary reductions. Compensation in excess of the limitations set forth in § 401(a)(17) of the Code as of the first day of the plan year shall be disregarded for any purpose, including employee contributions or any benefit calculations. The annual compensation of each member taken into account in determining benefits or employee contributions for any plan year beginning on or after January 1, 2002, may not exceed $200,000.00, as adjusted for cost-of-living increases in accordance with Code § 401(a)(17)(B). Compensation means compensation during the fiscal year. The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within such calendar year. If the determination period consists of fewer than 12 months, the annual compensation limit is an amount equal to the otherwise applicable annual compensation limit multiplied by a fraction, the numerator of which is the number of months in the short determination period, and the denominator of which is 12. If the compensation for any prior determination period is taken into account in determining a member's contributions or benefits for the current plan year, the compensation for such prior determination period is subject to the applicable annual compensation limit in effect for that prior period. The limitation on compensation for an "eligible employee" shall not be less than the amount which was allowed to be taken into account hereunder as in effect on July 1, 1993. "Eligible employee" is an individual who was a member before the first plan year beginning after December 31, 1995.

"Spouse" means the lawful wife or husband of a member or retiree at the time benefits become payable.

"System" means the Town of Longboat Key General Employees' Retirement System as contained herein and all amendments thereto.

"Town" means Town of Longboat Key, Florida.

(B)

Masculine gender. The masculine gender, where used herein, unless the context specifically requires otherwise, shall include both the feminine and masculine genders.

(Ord. 2010-04, passed 3-1-10; Amd. Ord. 2011-18, passed 6-6-11; Amd. Ord. 2013-16, passed 9-23-13)