§ 62-176. Definitions.

The following words and phrases, as used in this division, unless a different meaning is clearly indicated by the context, shall have the following meanings:

Accumulated contributions means the sum of all amounts deducted from the compensation of a member and credited to his individual account in the employees contribution reserve, together with regular interest thereon.

Average final compensation means the annual average of the compensations paid a member by the city during the three years of his credited service in which the aggregate amount of his compensations was the highest. If a member has less than three years of credited service, his average final compensation shall be the annual average of his compensation for his total period of service.

Beneficiary means any person, except a retirant, who is in receipt of, or who is designated to receive, a pension or other benefit payable by this retirement system.

Board means the board of trustees provided in this division.

Compensation means the salary, wages, or allowances paid a member by the city for personal services rendered by him to the city. In case a member's compensation includes an allowance not paid in money the city commission shall fix the value of such allowance. All accumulated leave, compensatory time and overtime received by a member shall be excluded in determining a member's compensation on or after January 1, 1980. Notwithstanding anything in this division to the contrary, the compensation of an employee shall not exceed any applicable limit imposed by Section 401(a)(17) of the Internal Revenue Code.

Contributing service means membership service rendered by a member to the extent covered by contributions made by him to this retirement system or its predecessor and standing to his credit in the employee's contribution reserve.

Credited service means the number of years and months of service credited a member by the board, as provided in this division.

Eligible retirement age means, for persons who were members as of September 30, 1970, in the retirement system provided for by division 2 of this article as in effect on date of passage of the ordinance from which this division is derived, age 50 years. For all other persons who become members, age 55 years.

Employee means a person employed by the city on or before 30 days after the date of passage of the ordinance from which this division is derived and so classified in the personnel records of the city, including probationary and permanent employees, but excluding firefighters and police officers as those terms are defined in F.S. chs. 175 and 185, and, on or after August 29, 1996, employees and officers of the city golf commission.

Final compensation means a member's annual rate of compensation at the time his employment by the city last terminates.

Member means any person employed by the city who is included in the membership of this retirement system.

Membership service means service rendered after September 30, 1946.

Pension allowance and retirement allowance mean an annual amount payable in equal monthly installments by this retirement system throughout the future life of a person or for a temporary period, as provided in this chapter. The pension or retirement allowance shall include any amounts paid pursuant to any annuities held as part of the assets of the retirement system or distributed to a retirant or his beneficiary.

Pension reserve means the present value of all future payments to be made on account of any person. A pension reserve shall be computed upon the basis of such mortality and other tables of experience, and regular interest, as the board shall from time to time adopt.

Prior service means service rendered prior to October 1, 1946.

Regular interest means interest at such rate or rates per annum, compounded annually, as the board shall from time to time adopt.

Retirant means any member who retires with a pension payable by this retirement system.

Retirement system and system mean the city's restated employees defined benefit retirement system.

Service means personal service rendered to the city by an officer or employee of the city. The term "service" shall also include service, if any, rendered by him to the West Palm Beach Water Company prior to December 1, 1955, provided he was in the employ of the water company November 30, 1955. It shall also include service, if any, rendered by him prior to October 1, 1962, as an employee of the city golf commission, provided he was in the employ of the golf commission September 30, 1962.

(Code 1979, § 2-314.1.1)

Cross reference

Definitions generally, § 1-2.