§ 13-46. Same—Contributions.

(a)

Contributions by employees.

(1)

Amount. After having qualified as a Participant under the provisions of the Plan, each employee shall contribute to the trust from his or her Compensation, which shall be deposited in the trust fund each pay period. Effective October 1, 2006, a Participant shall contribute nine percent of his or her Compensation to the trust. Effective October 1, 2007, a Participant shall contribute ten percent of his or her Compensation to the trust.

(2)

Payment by Village. The employee contributions provided in subsection (1) shall be paid and assumed by the Village in lieu of payroll deductions from employee earnings. No employee shall have the option of choosing to receive the contributed amounts directly instead of having them paid by the Village directly to the Plan. All such employee contributions by the Village shall be deemed and considered as part of the members' accumulated contributions. This Village "pick-up" of contributions is intended to comply with Section 414(h)(2) of the Internal Revenue Code.

(3)

Deductions authorized. Each Participant shall authorize the Village to make regular deductions from his Compensation and to reimburse the Village for an advance, if any, made to the Plan on his or her behalf.

(4)

Monthly deposit. In any event, contributions made by or on behalf of Participants shall be deposited into the trust fund each pay period.

(b)

Determination of repayment. If any such Participant shall be discharged, resign or die, and at the time of his discharge, resignation or death, as the case may be, he shall not have fully repaid to the Village the amount of the contributions advanced for him, it shall be within the sole and uncontrolled discretion of the Village to decide whether or not such Participant, or his estate, shall be obligated to make repayment of the balance of any such indebtedness, and, if so, the manner and method of such repayment.

(c)

Contribution by Village.

(1)

Required. The Village shall contribute to the plan such amounts, with respect to past and future service benefits, as may be determined by actuarial valuation to be required of the Village, in addition to Participant contributions, to provide such benefits. Village contributions shall be deposited into the trust fund on at least a quarterly basis.

(2)

Actuary to determine Village contribution. The Retirement Board shall procure and use the services of a qualified actuary to determine the contributions required of the Village.

(d)

Contributions by State. All State refund moneys for and on behalf of Police Officers shall be deposited into the trust fund within five days of receipt by the Village, or the Village may authorize the State Division of Retirement to deposit such moneys directly in the trust fund. The Village and the Dade County Police Benevolent Association have agreed, in accordance with section 185.35(1)(g), Florida Statutes, that all annual premium tax revenues will continue to be used in the same manner as they were prior to September 21, 2015. The Village and the Dade County Police Benevolent Association have further agreed that all unallocated premium tax revenues in the excess sate monies reserve on September 21, 2015, shall be applied in fiscal year 2015-16 to reduce the Village's required annual pension contribution.

(Ord. No. 447, § 1, 11-16-99; Ord. No. 474, § 1, 9-5-02; Ord. No. 505, § 4, 2-21-06; Ord. No. 515, § 4, 4-13-07; Ord. No. 584, § 5, 10-20-15)