§ 13-41. Eligibility.

(a)

Effective Date of Participation. Any Police Officer of the Village hired before September 21, 2015, shall become a participant, in this Plan, upon his or her date of employment as a Police Officer with the Village and shall execute an application for participation on the form provided. The Chief of Police may opt not to participate in this Plan, however such option shall be exercised within 90 days of such individual's initial employment with the Village or promotion to Police Chief and shall be irrevocable. The application form shall include the following:

(1)

Acceptance of the terms and conditions of the Plan and trust;

(2)

Designation of a Beneficiary; and

(3)

Authorization of a payroll deduction payable to the Plan.

(b)

A Participant may from time to time change his or her designated Beneficiary prior to retirement, as provided in F.S. ch. 185, by written notice to the Retirement Board on forms provided by the Retirement Board. Upon such change being received by the Retirement Board, the rights of all previously designated Beneficiaries to receive any benefit under the Plan shall cease.

(c)

After retirement a retiree may change his or her joint annuitant or beneficiary up to two times without the approval of the Retirement Board. Any additional changes must be approved by the Retirement Board. The retiree shall be responsible for all fees and costs associated with any changes made pursuant to this section. Upon receipt of a completed change of joint annuitant form from a retiree, the Retirement Board shall adjust the retiree's monthly benefit by the application of actuarial tables and calculations developed to ensure that the benefit paid is the actuarial equivalent of the present value of the retiree's current benefit.

(d)

Effective September 21, 2015, this Plan shall be closed to new Participants, and all Police Officers hired after that date shall become members of the Florida Retirement System.

(Ord. No. 447, § 1, 11-16-99; Ord. No. 474, § 1, 9-5-02; Ord. No. 572, § 3, 12-17-13; Ord. No. 584, § 3, 10-20-15)