§ 32. Plan termination.

Upon termination of the Firefighters' Relief and Pension Fund for any reason, or upon written notice to the board of trustees that contributions thereunder are being permanently discontinued, the rights of all firefighters to benefits accrued to the date of such termination and the amounts credited to a firefighter's account, if applicable, are vested. Upon termination, the Firefighters' Relief and Pension Fund shall be distributed in accordance with the following procedures:

(a)

The board of trustees shall determine the date of distribution and the asset value required to Firefighters' Relief and Pension Fund all the vested benefits after taking into account the expenses of such distribution. The board shall inform the City of Pensacola if additional assets are required, in which event the City of Pensacola shall continue to financially support the Firefighters' Relief and Pension Fund until all vested benefits have been funded.

(b)

The board of trustees shall determine the method of distribution of the asset value, whether distribution shall be by payment in cash, by the maintenance of another or substituted trust fund, by the purchase of insured annuities, or otherwise, for each firefighter entitled to benefits under the Firefighters' Relief and Pension Fund as specified in subsection (c).

(c)

The board of trustees shall distribute the asset value as of the date of termination in the manner set forth in this subsection, on the basis that the amount required to provide any given retirement income is the actuarially equivalent single sum value of such retirement income, except that if the method of distribution determined under subsection (b) involves the purchase of an insured annuity, the amount required to provide the given retirement income is the single premium payable for such annuity. The actuarial equivalent single sum value may not be less than the firefighter's accumulated contributions to the Firefighters' Relief and Pension Fund, with interest if provided by the Firefighters' Relief and Pension Fund, less the value of any benefits previously paid to the firefighter from the Firefighters' Relief and Pension Fund.

(d)

If there is asset value remaining after the full distribution specified in subsection (c), and after the payment of any expenses incurred with such distribution, such excess shall be returned to the City of Pensacola, less return to the state of the state's contributions, provided that if the excess is less than the total contributions made by the City of Pensacola and the state to date of termination of the Firefighters' Relief and Pension Fund, such excess shall be divided proportionately to the total contributions made by the City of Pensacola and the state.

(e)

The board of trustees shall distribute, in accordance with subsection (b), the amounts determined under subsection (c).

If, after 24 months after the date the Firefighters' Relief and Pension Fund terminated or the date the board received written notice that the contributions thereunder were being permanently discontinued, the City of Pensacola or the board of trustees of the Firefighters' Relief and Pension Fund has not complied with all the provisions in this section, the Department of Management Services shall effect the termination of the Firefighters' Relief and Pension Fund in accordance with F.S. § 175.361.

(Ord. No. 02-11, § 9, 1-27-11)