HomeMy WebLinkAboutItem #32 - First Reading OrdinanceJ-94-724
8/24/94
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
FIRE FIGHTERS' AND POLICE OFFICERS'
RETIREMENT TRUST," MORE PARTICULARLY BY
ADDING A NEW SECTION 40-220 AND A NEW
SUBSECTION 40-212(H)(3); CONTAINING A
REPEALER PROVISION, A SEVERABILITY CLAUSE,
AND PROVIDING FOR EFFECTIVE DATES UPON
ADOPTION AS TO SECTION 40-212(H)(3) AND AN
EFFECTIVE DATE FOR SECTION 40-220 ON
SEPTEMBER 30, 1996.
WHEREAS, the Congress of the United States of America
amended the Omnibus Bucjpe"�*conciliation Act of 1993, Section
401(a)(17) of e '1ant5rna Revenue Code l' iting annual
compensation no �o exceed ed $150,000 fo q al' ied retirement
plans; d
x:
HER AS,�public sector pl s ar p rmitted to grandfather
compen tion limits specified as cJuly 1, 1993 for employees
hired be ore the pla ear,4n o Ater January 1, 1996; and
WHEREAS, to proAV Ae" maximum window period for employees,
�, �
the effective date of I'c"on 40-220 shall be September 30, 1996;
and
WHEREAS, the State Legislature session of 1994 eliminated'
the restriction that upon remarriage of a spouse of a member
]tilled in the line of duty, the spouse shall no longer lose
survivor retirement benefits; and