For any municipality, chapter plan, local law municipality, or local law plan under
(1) Any police officer who has a vested right to benefits under a pension plan created
pursuant to the provisions of this chapter and who elects to participate in another
state retirement system may not receive a benefit under the provisions of the latter
retirement system for any year's service for which benefits are paid under the provisions
of the pension plan created pursuant to this chapter.
(2) When every active participant in any pension plan created pursuant to this chapter
elects to transfer to another state retirement system, the pension plan created pursuant
to this chapter shall be terminated and the assets distributed in accordance with
s. 185.37. If some participants in a pension plan created pursuant to this chapter elect to
transfer to another state retirement system and other participants elect to remain
in the existing plan created pursuant to this chapter, the plan created pursuant to
this chapter shall continue to receive state premium tax moneys until fully funded. If the plan is fully funded at a particular valuation date and not fully funded
at a later valuation date, the plan shall resume receipt of state premium tax moneys
until the plan is once again determined to be fully funded. “Fully funded” means that the present value of all benefits, accrued and projected, is less than
the available assets and the present value of future member contributions and future
plan sponsor contributions on an actuarial entry age cost funding basis. Effective May 31, 1998, for plans discussed herein, the plan shall remain in effect
until the final benefit payment has been made to the last participant or beneficiary
and shall then be terminated in accordance with s. 185.37.
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