§ 23-42. Credits to individual accounts.

(a)

An individual account shall be established for each Firefighter of permanent status on the effective date of this ordinance [article], and for each Firefighter who attains permanent status subsequent to the passage of this ordinance [article].

(b)

After payment of all costs, expenses and fees as monies are received from the State, the expenses of administering the fund for the preceding year, shall be prorated by the Board and charged against monies received for Firefighter participants during said year; and the balance of such monies shall be credited to the several individual participants in amount directly proportionate to the total number of months of duty performed by the several Firefighters in the calendar year preceding the date the monies were received from the State. The length of time of service during the calendar year preceding the date upon which payment is received from the State is the only criterion upon which the amount due each participant out of the State monies received annually is to be calculated. No credit is to be given on account of seniority, rank or amount of compensation which the participants receive. Twenty (20) or more days' work in a calendar month shall be counted as a full month. Twenty (20) work days shall be considered a full month. If a participant works less than twenty (20) days in any calendar month, he shall be credited with a fractional month, the fraction to be the number of days worked over twenty (20). Example: Twelve (12) days worked would create a fraction of twelve-twentieths of a month.

(c)

The amount of earnings from investments credited to the account of the participant shall bear the same ratio to the total amount of annual earnings as the invested funds belonging to the participant in the fund bear to the total monies invested on behalf of the fund.

(d)

In addition to the monies received from the State and as earnings on investments, there shall be prorated and credited to the accounts of the individual participants, all forfeitures from Firefighters as provided for in Section 23-41 hereof. Such sums shall be prorated in their individual accounts in the same manner as monies received from the State.

(e)

Subsequent to the effective date of this ordinance [article] after a Firefighter has retired and ceased to be a member on active duty, as defined in Section 23-31(a) hereof, no credit shall be made to his account. Monies credited to a participant's account shall be payable only upon the filing of an application with the Board. The application shall be on a form prescribed by the Board and shall be sworn to by the applicant or his surviving wife or child, or if the child is a minor, by the guardian of the child, or by any other person legally qualified to apply for such monies under the laws of the State of Florida.

(Ord. No. 64-6, § 13, 2-4-64)