HomeMy WebLinkAboutO-12275J-02-591
6/27/02
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ORDINANCE NO. 12275
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 PROVIDE DEATH
BENEFITS FOR ELECTED OFFICIALS AND CERTAIN
BENEFITS FOR THE MAYOR; MORE PARTICULARLY BY
AMENDING SECTION 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. 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: j/
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.
12275
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"Chapter 40
PERSONNEL
1�
u
Article IV. Pension and Retirement Plan
Division 4. City of Miami
Elected Officers' Retirement Trust
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
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.
(c) Notwithstanding the above, for the position
of the Mayor, the base rate of pay for the Mayor shall
replace W-2 wages in subsection (b) above.
(d) In the event of death before retirement, the
elected officer's beneficiary will receive a lump sum
death benefit equal to the present value of the vested
benefit accrued to date of death based on actuarial
assumptions in effect for the valuation of liabilities
in the vear of death.
(e)
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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 25th day of
July , 2002.
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY
this 11th day of
September , 2002.
ATTEST:
RA
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PR SCILLA A. THOMP ON,_,,Cv TY CLERK
APPROVW4 AS 0 F0-R1q AND CORRECTNESS t/
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1. ' O.
1294:BSS
IJANUEL A. DIAZ, MA
2i 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.
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