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J-04-331
5/10/02
1227
1
ORDINANCE NO.
AN ORDINANCE OF THE MIAMI CITY COMMISSION
AMENDING CHAPTER 40/ARTICLE IV/DIVISION 4 OF
THE CODE OF THE CITY OF MIAMI, FLORIDA, AS
AMENDED, ENTITLED "PERSONNEL/PENSION AND
RETIREMENT PLAN/CITY OF MIAMI ELECTED
OFFICERS' RETIREMENT TRUST," TO CHANGE THE
NUMBER OF YEARS REQUIRED FOR VESTING OF
PENSION BENEFITS FOR ELECTED OFFICERS IN
OFFICE AS OF OCTOBER 1, 2001 AND THEREAFTER,
FROM TEN TO SEVEN YEARS; MORE PARTICULARLY BY
AMENDING SECTIONS 40-291 AND 40-296 OF SAID
CODE; CONTAINING A REPEALER PROVISION AND A
SEVERABILITY CLAUSE; AND PROVIDING FOR AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. Chapter 40/Article IV/Division 4 of the Code
of the City of Miami, Florida, as amended, entitled
"Personnel/Pension and Retirement Plan/City of Miami Elected
Officers' Retirement Trust", is amended in the following
particulars:l�
1� Words and/or figures stricken through shall be deleted.
Underscored words and/or figures, shall be added. The remaining
provisions are now in effect and remain unchanged. Asterisks
indicate omitted and unchanged material.
12274
"Chapter 40
PERSONNEL
Article IV. Pension and Retirement Plan
Division 4. City of Miami
Elected Officers' Retirement Trust
Sec. 40-291. Definitions.
Unless a different meaning is plainly required by
the context, the following words and phrases as used in
this division shall have the following meaning:
Service shall mean years anindividual whe has
served a tew�al ef ten yeai=s in the capacity of
an elected officer.
Sec. 40-296. Benefits.
(a) Any elected officer, who has been an elected
officer for a period of ten years or more and who no
longer serves as an elected officer shall be entitled
during the remainder of his/her natural life to a sum
equal to one-half of his/her W-2 wages for the highest
of the last three years of service of his/her term of
office and a single sum death benefit fully vested at
date of death. Upon vesting and each year thereafter of
service as an elected officer, the retirement allowance
shall increase by five percent for each year of service
to a maximum of 100 percent of the highest W-2 wages.
(b) Any elected officer in office as of
October 1, 2001 and thereafter, who has been an elected
officer for a period of seven years or more and who no
longer serves as an elected officer shall be entitled
during the remainder of his/her natural life to a sum
equal to one-half of his/her W-2 wages for the highest
Page 2 of 4
112274
of the last three years of service of his/her term of
office and a single sum death benefit fully vested at
date of death. Upon vesting and each year thereafter
of service as an elected officer, the retirement
allowance shall increase by five percent for each year
of service to a maximum of 100 percent of the highest
W-2 wages.
(b c) No member's annual benefit may exceed
the amounts permitted pursuant to Section 415 of the
Internal Revenue Code of 1986, as amended, including
cost -of -living adjustments pursuant to Section 415(d).
Section 2. All ordinances or parts of ordinances insofar
as they are inconsistent or in conflict with the provisions of
this Ordinance are repealed.
Section 3. If any section, part of section, paragraph,
clause, phrase or word of this Ordinance is declared invalid, the
remaining provisions of this Ordinance shall not be affected.
Section 4. This Ordinance shall become effective thirty
(30) days after final reading and adoption thereof.21
PASSED ON FIRST READING BY TITLE ONLY this 23rd day of
May , 2002.
z/ This Ordinance shall become effective as specified herein unless
vetoed by the Mayor within ten days from the date it was passed
and adopted. If the Mayor vetoes this Ordinance, it shall become
effective immediately upon override of the veto by the City
Commission or upon the effective date stated herein, whichever is
later.
Page 3 of 4 - 12274
f
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY
this h_ day of Sept -ember , 2002.
ATTEST:
PRISCILLA A. THOMPSON
CITY CLERK _
APPROVED A'§�TOf FORM AND CORRECTNESS
eRII LARELLO
TTORNEY
054:BSS
111-NUEL A. DIAZ, MAY
Page 4 of 4
12274
,second Reading Ordinance 12
TO: Mayor and Members of the City Commission
FROM: Alejandro Vilarello, City Attorney
DATE: May 16, 2002
RE: For City Commission Meeting -May 23, 2002
Ordinance amending Sections 40-291 'and 40-296
Vesting for elected officials
(J-01-331)
Commissioner Regalado has requested that an amendment to Sections 40-291 and 40-296
of the Code of the City of Miami be presented to the City Commission to change the time for
vesting in the pension plan for elected officials from ten to seven years.
W711:MJC:LB
Attachments
c: Carlos A. Gimenez, City Manager
Elvi G. Alonso, Agenda Coordinator
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