§ 43-55. Retirement and benefits.

(a)

Normal retirement.

(1)

Normal retirement benefit entitlement: A participant who terminates employment at the participant's normal retirement date shall be entitled to the participant's normal retirement benefit commencing on the fifteenth of the month of the participant's normal retirement date.

(2)

Normal retirement date:

a.

For participants who are employed by the city until age 65, the first day of the month following the date in which the participant both attains age 65 and completes five years of credited service.

b.

For participants who terminate their employment prior to age 65, the first day of the month following the earlier of the date the participant attains age 55 and completes ten years of credited service or upon completion of 30 years of credited service.

(3)

Normal retirement benefit: The participants accrued retirement benefit as defined in section 43-53, or such other optional form of benefit which the participant shall have effectively elected, as provided in section 43-55B.

(4)

Normal retirement death benefit: In the event of a participant's death on or after the normal retirement date, a death benefit, if any, will be payable according to the provisions of the normal or optional form of benefit elected by the participant, as provided in section 43-55A.

(b)

Delayed retirement.

(1)

Delayed retirement benefit entitlement: A participant in the employment of the city after the participant's normal retirement date shall not be entitled to receive any benefits under the plan until the participant's delayed retirement date and shall continue to make firefighter contributions while still employed. Upon termination of the participant's employment, the participant shall be entitled to a delayed retirement benefit commencing on the fifteenth day of the month of the participants delayed retirement date.

(2)

Delayed retirement date: The first day of the month following the actual retirement of a participant who has remained in the employment of the city beyond the participant's normal retirement date.

(3)

Delayed retirement benefit: A participants accrued retirement benefit as defined in section 43-53 payable on the fifteenth of each month, or such other optional form of benefit which the participant shall have effectively elected, as provided in section 43-55B plus lump sum benefit payable at the participant's option as a single lump sum or as a series of periodic payments, equal to the monthly normal retirement the participant would have received, had the participant retired on the participant's normal retirement date, multiplied by the number of months during which the participant remained employed by the city after the participant's normal retirement date. This is based on average monthly earnings and credited service to the normal retirement date.

(4)

Delayed retirement death benefit: In the event of such participant's death after his normal retirement date but prior to his termination of employment, there shall be payable to his/her beneficiary the participant's delayed retirement benefit, assuming the participant's delayed retirement date is the day immediately preceding the date of death, which shall be payable to the beneficiary until the date the participant would have been age 65.

(c)

Disability retirement.

(1)

Disability retirement entitlement:

a.

A participant who becomes disabled and has ten years of credited service, or becomes disabled in the line of duty (regardless of service) may retire under the plan, as defined herein. Such retirement shall be referred to as “disability retirement” and payment of the disability retirement benefit shall be governed by the following provision of this section. Disability benefits will cease upon the participant's recovery from disability.

b.

A participant, who by reason of age and/or credited service at the time of disability was declared eligible for normal retirement, shall have the option of retiring under subsection (a) or (b) of this section, provided no disability retirement benefits have been paid from the plan.

c.

A participant who becomes disabled but does not meet the requirements of subsection a. above prior to the commencement of disability will be entitled only to a refund of the participant's accumulated employee contributions.

(2)

Disability: “Disability” means a total and permanent physical or mental incapacity (as determined by the board of trustees), resulting from bodily injury, disease, or mental disorder which renders a participant incapable of continuing his usual and customary employment with the city. Disability shall be confirmed by a statement in writing from a duly qualified physician appointed by the trustees, and shall not include any disability which results from the participant's activities involving the following:

a.

Excessive and habitual use of drugs, intoxicants or narcotics;

b.

Injury or disease from an intentionally self-inflicted injury;

c.

While willfully and illegally participating in fights, riots, civil insurrections or while committing a crime;

d.

Injury or disease sustained while serving in the armed forces or after his employment has terminated.

(3)

Disability retirement date: The date the board of trustees determines the participant to have suffered a disability, as defined above, or the first day after the participant is no longer on the city payroll due to said disability, whichever is later.

(4)

Disability retirement benefit: A participant who becomes disabled as defined in subsection (c)(2) above, shall be entitled to receive a disability retirement benefit payable on the fifteenth of each month.

a.

The benefit is payable monthly for ten years certain and life but not beyond age 65. If the firefighter's disability occurred in the line of duty, the monthly benefit shall be the accrued retirement benefit, but shall not be less than 42 percent of the firefighter's average monthly earnings as of the disability retirement date. This minimum of 42 percent shall be the total disability payment from the Ocala Employees Retirement System and the Firefighters Supplemental Pension Fund. If after ten years of service the disability is other than in the line of duty, the firefighter's monthly benefit shall be the accrued retirement benefit, but shall not be less than 25 percent of the firefighters average monthly earnings as of the firefighter's disability retirement date. The minimum of 25 percent shall include disability payments from the Ocala Employees Retirement System.

b.

For purpose of determining whether a disability was incurred in the line of duty, the presumptions set forth in applicable Florida Statutes (such as Sections 175.231, 112.18 and 112.181 which were in effect when this plan was adopted) which were in effect at the time the disability was incurred shall be applied according to the provisions of said statutes.

(5)

Disability retirement death benefit: In the event of the death of a disabled participant receiving a disability retirement benefit, his/her beneficiary shall be entitled to the remaining payments of up to 120 monthly guaranteed disability retirement benefit payments if the participant dies within ten years after commencement of such benefit payment. No payments are made past the date a participant would have been age 65.

(6)

Recovery from disability: Upon termination of a pensioner's monthly disability retirement benefit because of recovery from such disability, and provided the pensioner re-enters active employment as a firefighter within 60 days after such recovery, the pensioner shall continue to be a participant of the plan. The member's credited service as a firefighter prior to the member's disability retirement date shall be restored but the pensioner shall not receive credited service for the period of any disability. Should the participant fail to re-enter active employment as a firefighter within 60 days after recovery from disability, participation in this plan shall terminate.

(7)

Periodic physical examination: Periodically following the disability retirement date of a participant who is receiving monthly disability retirement benefits, the trustees may require such participant to submit proof of continued disability and to undergo a medical examination conducted by duly qualified physicians, psychologists and/or other medical, vocational and rehabilitation professionals appointed by the trustees. Upon such medical examination, if the participant is found to be capable of performing service as a firefighter the trustees shall discontinue the participant's disability.

(8)

Application required. All benefits payable hereunder shall be paid only after an application has been made therefore, by the participant or beneficiary, on forms prescribed by the board of trustees.

(d)

Termination of employment.

(1)

Termination benefit entitlement: The termination benefit shall be determined and payable as provided in subsections (2) and (3) below.

(2)

Termination date. The date a participant with at least ten years of credited service terminates for any reason other than retirement, disability or death, and has neither completed 30 years of credited service nor attained the age of 55.

(3)

Termination benefit means:

a.

If a participant terminates for any reason other than retirement, disability or death and has less than ten years of credited service, the participant shall receive, after submitting an application therefore, a refund of the participant's accumulated employee contributions, less any disability retirement benefits paid to the participant prior to such termination.

b.

If a participant terminates for any reason other than retirement, disability or death and has at least ten years of credited service, but has less than 30 years of credited service and is under age 55, the participant may elect to leave any accumulated firefighter contributions in the trust fund until the participant becomes eligible for a pension benefit.

(e)

Direct rollover distributions. If a participant, participant's spouse, or the participant's beneficiary who is the recipient of an eligible rollover distribution, elects to have such eligible rollover distribution paid directly to an eligible retirement plan and specifies (in such form and at such time as the board of trustees may prescribe) the eligible retirement plan to which such distribution is to be paid, such distribution shall be made in the form of a direct trustee-to-trustee transfer to the specified eligible retirement plan; provided, such transfer shall be made only to the extent that the eligible rollover distribution would be included in gross income if not so transferred (determined without regard to Code Section 402(c) and Section 403(a)(4)).

(f)

Unclaimed benefits. In the event a participant or beneficiary becomes entitled to benefits under this plan and the board of trustees is unable to locate the participant or beneficiary (after sending a letter, return receipt requested, to the participant's or beneficiary's last known address, and after such further diligent efforts as the board of trustees in its sole discretion deems appropriate) board of trustees shall retain such benefits until a proper claim is made therefore, in which case the board shall pay the benefits, retroactively and without interest, to the proper claimant.

(g)

Recovery of mistaken payments If any benefit is paid to a participant or beneficiary in an amount that is greater than the amount payable under the terms of the plan, the plan shall recover the excess benefit amount by eliminating or reducing the participant's or beneficiary's future benefit payments, in amounts and manners determined by the trustees in their sole discretion. If no further benefits are payable to the participant or beneficiary under the plan, the board of trustees, in its discretion, may employ such means as are available under applicable law to recover the excess benefit amount from the participant or beneficiary.

(Ord. No. 2891, § 4, 10-13-98)