§ 13-54. Plan closed to new members; participation in the Florida Retirement System.

(a)

Effective September 21, 2015, the Plan will be closed to new Participants, and the Village will join the Florida Retirement System ("FRS") for police officers as soon as administratively practical thereafter. All police officers hired on or after September 21, 2015, shall participate in the Florida Retirement System (FRS), Special Risk Class, in accordance with Chapter 121, Florida Statutes, and rules promulgated thereunder, as such statutes and rules may be amended in the future.

(b)

All Participants hired prior to September 21, 2015, may elect to participate in FRS or continue to participate in this Plan. Such election shall be irrevocable.

(c)

Participants hired prior to September 21, 2015, who elect to join FRS will have the option of retaining their accrued benefit in this Plan, or receiving a refund of their Participant contributions to the Village Plan. Such Participant's accrued benefit shall be calculated based on the Participant's final average compensation and the Plan provisions in effect on September 20, 2015, and continuous employment through the day before the date the Participant becomes a member of FRS. Participants who elect to receive a refund of their Participant contributions may purchase prior service in FRS at the Participant's expense, in accordance with applicable Florida statutes and rules.

(d)

Regardless of the option elected by a Participant pursuant to the this section 13-54, in order to receive any benefit from this Plan, Participants must reach early or normal retirement age and terminate employment with the Village.

(Ord. No. 584, § 6, 10-20-15)