Common use of Share Plan Clause in Contracts

Share Plan. Pursuant to Section 185.35, F.S., a defined contribution plan component (“share plan”) is hereby established as a component of this Plan, but will not be activated unless and until a portion of Chapter 185 premium tax revenues have been assigned to fund the share plan. The funding provisions of this share plan, when and if it is activated, shall be negotiated by the city and the Members. Assignment of Chapter premium tax revenues may result either from mutual consent of the City and the Members, or by application of the provisions of Ch. 2015-39, Laws of Florida. Notwithstanding the establishment of the share plan, nothing herein shall be construed to require funding of, or guarantee any benefit under this section. Effective October 1, 2015 a share plan shall be established within this Plan as follows: a) For accounting purposes, an individual share account shall be established for each active Member (including DROP participants) of the pension plan. The plan shall account for each Member’s share account balance as provided herein. b) Each active plan Member who has at least one full year of credited service on the last day of any fiscal year in which premium tax revenues are allocated towards the share plan (available funds) shall receive an equal share of the available funds, less administrative expenses, deposited into his/her share account. c) On January 1 each year, if there are available funds, share accounts shall be credited with interest at an annual rate equal to the market rate of return on pension fund investments for the preceding plan year. d) Available funds and share account balances shall be comingled with pension fund assets for investment purposes, and invested by the board of trustees with other pension fund assets. e) If there are available funds, the plan administrator shall provide an annual statement to the board of trustees and each share plan Member on or before April 1 each year, showing each Member’s Individual share account balance and the interest credited to the Member’s account that year. f) The expense of administering the share plan for the preceding plan year shall be determined by the board of trustees and charged against the available funds received for that year, before allocations are made to Member share accounts. g) A member’s share account shall be distributed to the Member within 60 days after the quarter expires following separation of service. A Member’s share account distribution may be paid directly to the custodian of an eligible retirement plan as defined in s. 402(c)(8)(B) of the Internal Revenue Code. If a Member dies before retirement, the Member’s share account balance on the date of death shall be distributed to the Member’s designated beneficiary or beneficiaries. In the case of an eligible rollover distribution to the surviving spouse of a deceased participant, an eligible retirement plan is an individual retirement account or an individual retirement annuity as described in s. 402(c)(9) of the Internal Revenue Code.A Member’s share account shall be distributed to the Member within 60 days following separation of service. A Member’s share account distribution may be paid directly to the custodian of an eligible retirement plan as defined in s. 402(c)(8)(B) of the Internal Revenue Code. If a Member dies before retirement, the Member’s share account balance on the date of death shall be distributed to the Member’s designated beneficiary or beneficiaries. In the case of an eligible rollover distribution to the surviving spouse of a deceased participant, an eligible retirement plan is an individual retirement account or an individual retirement annuity as described in s. 402(c)(9) of the Internal Revenue Code. h) If a share plan Member separates from employment prior to attaining vested status or separates from employment after attaining vested status but elects to receive a refund of Member contributions in lieu of any benefit from the plan, the Member shall forfeit his/her share account balance, and the account balance shall be added to the available funds for that year, and reallocated to other share plan Member accounts as provided herein.

Share Plan. Pursuant A share plan will be created to Section 185.35, F.S., a defined contribution plan component (“share plan”) is hereby established as a component of this Plan, but will not be activated unless and until a portion of Chapter 185 premium tax revenues have been assigned to fund the share plan. The funding provisions of this share plan, when and if it is activated, shall be negotiated by the city and the Members. Assignment of Chapter premium tax revenues may result either from mutual consent of the City and the Members, or by application of implement the provisions of ChSection 175.351 (6), Florida Statutes. 2015-39, Laws of Florida. Notwithstanding Funding for the establishment share plan shall be in accordance with the mutual consent acknowledgment below. A. The mechanics of the share plan, nothing herein shall be construed to require funding of, or guarantee any benefit under this section. Effective October 1, 2015 a share plan shall be established within this Plan the pension plan as follows: a) 1. For accounting purposes, an individual share account shall be established for each active Member (including DROP participants) of member. By definition an active member is a member who is currently making a monthly contribution to the pension plan. The plan shall account for each Membermember’s share account balance as provided herein. b) Each active plan Member who has at least one full year of credited service on the last day of any fiscal year 2. In future years in which premium tax revenues are allocated towards the share plan (available funds) is funded, each eligible member shall receive an equal share of the available funds, less administrative expenses, deposited into his/her share account. c) On 3. Once funded, on January 1 of each year, if there are available funds, share accounts shall be credited with interest at an annual rate equal to the market rate of return on pension fund investments for the preceding plan year. d) 4. Available funds and share account balances shall be comingled with pension fund assets for investment purposes, and invested by the board of trustees with other pension fund assets. e) If there are available funds, the 5. The plan administrator shall provide an annual statement to the board of trustees and each share plan Member member on or before April March 1 of each year, year showing each Membermember’s Individual individual share account balance and the interest credited to the Member’s members account for that year. f) 6. The expense of administering the share plan for the preceding plan year shall be determined by the board of trustees and charged against the available funds received for that year, before allocations are made to Member the member share accounts. g) 7. A member’s share account shall be distributed to the Member member within 60 days after the quarter expires following separation retirement. All or any portion of service. A Membera member’s share account distribution may be paid directly rolled over to the custodian of an eligible retirement ▇▇▇ or other qualified plan as defined in s. 402(c)(8)(B) of accordance with the Internal Revenue Code. If a Member member dies before retirement, the Member’s members share account balance on the date of death shall be distributed to the Member’s members designated beneficiary or beneficiariesbeneficiary(ies). 8. In the case of an eligible rollover distribution to the surviving spouse of a deceased participant, an eligible retirement plan is an individual retirement account or an individual retirement annuity as described in s. 402(c)(9) of the Internal Revenue Code.A Member’s share account shall be distributed to the Member within 60 days following separation of service. A Member’s share account distribution may be paid directly to the custodian of an eligible retirement plan as defined in s. 402(c)(8)(B) of the Internal Revenue Code. If a Member dies before retirement, the Member’s share account balance on the date of death shall be distributed to the Member’s designated beneficiary or beneficiaries. In the case of an eligible rollover distribution to the surviving spouse of a deceased participant, an eligible retirement plan is an individual retirement account or an individual retirement annuity as described in s. 402(c)(9) of the Internal Revenue Code. h) If event a share plan Member member separates from City employment prior to before attaining vested status 10 years of credited service, or separates from the City employment after attaining vested status 10 years of credited service but elects to receive a refund of Member member contributions in lieu of any benefit from the plan, the Member member shall forfeit his/her share account balance, and the forfeited account balance shall be added to the available funds for that year, and reallocated to other share plan Member member accounts as provided herein, or as required by Internal Revenue Service Code.