HomeMy WebLinkAboutItem #31 - First Reading OrdinanceJ-94-723
8/30/94
ORDINANCE NO.
AN ORDINANCE AMENDING THE CODE OF THE CITY OF
MIAMI, FLORIDA, AS AMENDED, AMENDING ARTICLE
IV OF CHAPTER 40, ENTITLED, "PENSION AND
RETIREMENT PLANS, DIVISION 2. CITY OF MIAMI
GENERAL EMPLOYEES' AND SANITATION EMPLOYEES'
RETIREMENT TRUST," MORE PARTICULARLY BY
ADDING A NEW SECTION 40-247; CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE
AND PROVIDING FOR AN EFFECTIVE DATE FOR
SECTION 40-247 ON SEPTEMBER 30, 1996.
WHEREAS, the Congress of the United States of America
amended the Omnibus Budg%V Reconciliation Act of 1993, Section
��` L
401(a)(17) of thyfnt rnal Revenue Co limiting annual
compensatio n t o'�Qceed $150,000 fpr (qud ified retirement
plans; and
7HER S, public sector plea a -emitted to grandfather
co pen at limits specifie as o July 1, 1993 for employees
hir before the plan year,,o o after January 1, 1996; and
HEREAS, to p o 'de the m ximum window period for employees,
the effective date sec on 40-220 shall be September 30, 1996;
Saxma.n
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Ordinance are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
F9.o
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