§ 1. Restatement of Orlando Police Pension Fund.

(1)

The pension fund and retirement plan created for members of the City of Orlando Police Department by Laws of Fla. ch. 22414(1943), as amended, is hereby and herein restated for the purpose of obtaining a favorable letter of determination as to the qualified plan status pursuant to the applicable provisions of the Internal Revenue Code.

(2)

As to any member who shall have retired or obtained continuity of service or continuity of benefits under the provisions of Laws of Fla. ch. 22414(1943), as amended, said retirement or continuity of service or continuity of benefits is hereby confirmed and approved.

(3)

From and after the effective date of this act, the terms and provisions of this act shall govern and control the pension fund and retirement plan for members of the City of Orlando Police Department.

(4)

Each member of the department shall pay into the fund a maximum of 13 percent of his/her salary per month, such amount to be deducted from the member's salary and deposited by the City of Orlando to the credit of the Orlando Police Pension Fund; provided, however, that if the Board of Trustees of the Orlando Police Pension Fund should find that said 13 percent is unnecessary for the operation and performance of the terms and provisions of this act, the Board, by a majority vote of the members thereof, may reduce the 13 percent deduction to such lesser percentage as is reasonably necessary for the operation and performance of the terms and provisions of this act. For the purposes of this act, "salary" shall mean and include base pay, differential pay, longevity pay, incentive pay, and career development pay, but shall not include overtime pay, education advancement pay, firearms qualification pay, and any other form of compensation not specifically included above.

(5)

If, after imposition by the Board of Trustees of the maximum percentage of salary deductions established in subsection (4) combined with revenue received from the levy of the excise tax provided for in Florida Statutes ch. 185, and any other income received by the fund, the total fund is insufficient to meet the actuarial soundness requirements imposed by state law, the City shall pay annually into the pension fund that amount of money necessary to comply with the aforesaid requirements of state law.

(Laws of Fla. ch. 22414(1943), § 1; Laws of Fla. ch. 72-632, § 1; Laws of Fla. ch. 75-462, § 1; Laws of Fla. ch. 84-492, § 1; Laws of Fla. ch. 88-517, § 12; Laws of Fla. ch. 95-482, § 1)