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O-09168
7iM t �7•' 0 ORDINANCE NO. 9168 AN ORDINANCE AMENDING THE MIAMI CIT :' EMPLOYEES' RETIRE- MENT SYSTEM 011DINA`C1: NO. 2230 1940) AS AMENDED AND AS APPEARING IN CODIFIED FORM AS PART 0:' CHAPTER 40 ENTITLED "Personnel" OF THE CODE OF THE. CITY OF MIAMI, FLORIDA, EFFECTIVE SEPTSMLER. 1, 1980, MORE PARTICULARLY AMENDING THE FOLLOWING PRGVISIONA OF SAID CODE: SECTION 40-206 ENTITLED "Adm1knistration" BY REPEAL OF UNTITLED SUBSECTIONS (a) THROUGH (c,) THEREOF AND SUBSTITUTING THEREFOR TWO NEW SUBSECTIONS ENTT_Ti,ED "(a) Retirement Board" AND "(b) Pension Benofits Board"; SECTION 40-207 ENTITLED "Bentits" BY AMENDMENT TH►:RETO; SECTION 40-211 ENTITLED "Trustee of Funds": BY REPEAL- ING SECTION (A) THEREOF ENTITLED "Generally; agream�,nt" AND SUBSTITUTING THEREFOR A NEW SUBSECTIO:: (A), BY AMENDING SUBSECTION (C) THEREOF ENTITLED " ppointrteat of successor trustee" AND SUBSTITUTING THEi'%EFOR A NE:� SUBSECTION (C), BY ADDING A NEW UNTITLED SUBPARAGRAPH' (9) TO SUBSECTION (F) THEREOF ENTITLED "Duties and responsibilities of trustee", BY AMENDING SUBSECTION (G) THEREOF ENTITLED "Investment authority"; SECTION' 40-217 THEREOF ENTITLED "Designation of corporate trustee and acceptance thereof" BY REPLAL THEREOF I:: ITS ENTIRETY; SECTION 40-218 THEREOF E\TIT:.rD "Agreement with corporate trustee" BY REPEAL THEREOF IN ITS E\,IRt:TY; GNERALLY PROVIDING BY SAID AMENDMENTS TO SAID CHA1T.7!� FOR ThE ADMINISTRATION OF SAID SYSTEMM T.7 B.: VESTED N THE CITY COMMISSION AND FOR THE CITY CO.MMISSIGti?RS TO BE THE SUCCESSOR TRUSTEE OF THE SYS'i L•'MI T!:: ST YUNDS ; FURTHER PROVIDING BY SAID AMENDMENTS FOR. :i:E OISC:i .:::;Z' AND ACQUITTANCE OF PRESENT INDIVIDUA:, TRUSTEES AN:: SYSTEM BOARD MEMBERS WHO WILL HENCEFOR':H HAVE NO FURTHER. RESPONSIBILITY, AUTHORITY OR POWER TO ACT ANY c;A::NE R, INDIVIDUALLY, OR ON BEHALF OF SAID SYST.:i: ON,SYSTIr?: MEMBERS, AND FOR THE ELIMINATION OF LIMIT.?TI.ONS UION INVESTMENT OF TRUST FUNDS AND RETENTION OF THE EXISTING AUTHORIZATION OF ACQUISITION AND ATTAINMENT OF PRO: !tTIES AND INVESTMENTS WHICH LIEN OF PRUDENCE, 7ISC:LEi'ION U.D INTELLIGENCE ACQUIRE AND ATTAIN FOR THEIR i,:;N AC=;NT; CONTAINING A REPEALER PROVISION AND A SEVER.ABILIT`i' CLAUS1:. WHEREAS, the City Commission retains continuinc power to amend the ordinance governing the retirt�mant Syst.c!n; at:;: WHEREAS, the City Commission has under Floriea Stat:.tcs Section 112.656 certain fiduciary duties; an.; WHEREAS, the City Commission in exere1sing its. fiduciary duties deems it in the best interest o' th;! City of ;Ii1::: and :ts r employees that the administration of the Retirement Syst.:a; be withd:awn from the present Retirement Board and vested in the City Commission WHEREAS, the City Commission has dcte:mined it is in the best interest of the City of Miami.and its employees ;:o appollIL a succese-r trustee for the Retirement System; and WHEREAS, the Miami City Employees' Retirement Systau. Ordi- nance No. 2230 (January 1, 1940) as amended has been includes: as a portion of the newly published Code of the City of Miami, Flo: --Ida,, effective September 1, 1980, as adopted Ly Or.ainaaeo No. 9120 (June 26, 1980); and 9168 WHEREAS, any addition or amendment to said System can thus be made by reference -to the section designations as they appear in Chapter 40 of the Code of the City of Miami, Florida; NOW, THEREFORE, BE IT ORDAINED BY T1IE CO IMISSIOZI OF THE CITY OF MIA11I, FLORIDA: Section 1. The Miami City Employees' Retirement System Ordinance 2230 (January 1, 1.940 ) as amended and as appears in codified form as a part of Chapter 40 enti•t•led "Personnel" of the Code of the City of Miami., Florida, effective September 1, 1980, is hereby further amended by the repeal of untitled subsections (a) through (q) or. Section 40-206 entitled "Administration" of said C�.de an,?, by substituting the following two underscore.; subst-ct.ions in their place and stead: (Section 40-206 Administration.) NOTE: Bracketed portion appearing above merely indicates proper location of substitution. "(a) Retirement Board. (1) The e general administration and r. s ion:;i')iI i t y for the operation of the Rut SA'st.•r, sh. :1 be vested in the City Commission v hich shall unction as the Retirement Hoard and the plan adr:linistrator, as defined in Fla. Statutes 5112.66(2). (2) The general administration duties shall include such functions as are necessary to accorplish the day-to-day Management of the retirement system; - including, but not limited to the maintenance of pro- per records and data (in such form as shall be neces- sary for actuarial and financial reports), the pro- cessing of applications for benefits and resolution of any disputes with respect to the amount of benefit due, the selection of an actuary to fulfill the Syste:n's - obligation under Florida Statutes §112.63, which actuary shall be directly responsible to the Commission and nzy be removed by it at any time. further, the general administration duties shall include the establishment of any rules and regulations as nay be necessary for the efficient administration of the Svstem. -2- P 9168 (3) In connection with performing —its responsibili- ties and duties_ pursuant to this section 40-206 the City Commission may delegate any responsibilities or duties, whether fiduciary or ministerial in nature. In connection with such delegation, the Commission may utilize city employees or may contract with inde- ep ndent administrative services firms. With respect to all duties and responsibilities delegated, the Commission shall conduct Periodic reviews to determine that the duties and responsibilities delegated are being properly carried out. All persons to whorl duties are delegated shall be directly responsible to the Commission and may be removed by it at_any_time. The City Commission may also retain persons or _r-irms including but not limited tn,—attorneys, OUdi.tcrs, physicians and other experts to advise or assist the commission in the Performance of the commission's duties. The commission nay act ,,:ithout independent investigation upon the advice of the advisor so retained. (_n) All accounting methods and accounting recor3s maintained for the Retirement oyster.; shall be kept in the manner prescribed by the UiYcacor `': Fi:.<:nce for all City departments unless anetiler .^. L .;hocl is prescribed by State or Federal statutes. l.7�11 accounting work products shall be reviewed IDy the Director of Finance to ensure compliance with those nethods. (5) The Commission shall prepare annually a r`port showing the fiscal transactions of the Retirement System for the year ending, on the preceding September 30th, the amount of the accumulated cash and securities of the System and the last balance sheet snowing the financial condition of the System by racans�of actuarial valuation of the assets and liabilities of. the System.. _Said ~information and �reports —shall be trade_ no later than July 1st of each year. (6) The Commission shall be authorized to purci: insurance for anv of the named fiduciaries�(Retir_er;:ent Board, Trustees and such ot:zer persons so designated by the commission) as specified in Fi Stat §112 656 (3) (b) Pension Benefits Board. (1) A Pension Benefits_ Loard for the pension and retirement plans of the City of "4iamd is hereby created and shall consist of nine members as follows: one elected representative of the Fraternal Order of Police, Local ?,lumber 20; one elected reuresentative - of the International Association of Firefighters, Local_Number 587 (AFL-CIO-CLC); one elected repre- sentative of the Sanitation Employees Association; one elected_representative_ of the American Federa- tion of State and County Municinal Employees, Local Number 1907 (AFL-CIO); five individuals appointed bathe City Commission who reside or work in Dade County but who are not city employees. -3- PP 9168 (2) The duties of the Pension Benefits Board shall be tos — (a) perform its duties pursuant to Section 43-207 (b) provide timely notice to any r:er.-ber or benefi- ciary whose claim for benefits has been denied, in accordance with Fla. Stat. 5112.66(:D); (c) establish and maintain _a procedure for. a full and fair review of denied claims, -in accordance with Fla. Stat. §112.66(b); (d) review and comment, when recrueste:d by the City Commission,s _ upon propoed legislation affecting the Miami City Employees' Retirement Systein ;And+the Miami City General Employees' !Ietire;cnt Plan; or any other matter presented by the :etirerncnt Board. (3) Meetings of the Pension rene-f_its Board creat_�ad herein shall take Place within tSn_�jzi)Ls�_frpm the date_ a matter is submitted to the Pension Benefits Board by the City Commission_ (4) (a) Elected representatives shall be olectu6 for a term of two years by�employees of-Uieir re- spective unions. _An_election shall -be_ hold within forty-five days from the effective date of the ordinance creating the Pension Benefits Boarci�wherein one representative from each union shall hoelc_ctoO for aFterm ending on_December_ 31. , 1980. - Thereafter, elections shall_ take _pla_ce between December fl*rst and December fifteenth of ov,_cy other yotar whorei,l on` re- presentative from each union shall be elected for -a term of two years com_mencinglJanuary first and�ter- minating two years thereafter on December —thirty—first. No representative shall servo more than four teri-s. (b) APP-ointed_re resentatives sIna'Ll be r„_uc:,cdby "-he itY Commission within forty_five�dzyi:; of tive_date of the ordinance creating the Pension Benefits Board_. Five_reL)resentatives_shall be appointed who shall serve until December 31, 1931. Thereafter, representatives_appointed bx- the _Co^;rr_lssion shall_ serve for two year terms, with no representative serving more than four terms. (S) Qualifications for candidates and arrange ta:Zts for secret ballot elections shall be nromulc,atedby the represented union organizations. (6) If a vacancy occurs, the vacancy shall be filled - for the unexpired term in the same manner and in accordance with the same Procedures for election or fLppointment to the Board. (7) The Board Members shall serve without compensation. -4- ok 9168 (8) The Pension Benefits Board s?iall tiesiynate one physician who shall .assist the Pension Benefits Board in the performance of its duties under Section 48-207 Each applicant for disability retirement shall be re- ferred to said physician for examination, evaluation and report. Such physician shall be authorized to refer the applicant to a specialist or specialists, at his discretion from a list approved by the Pension Benefits Board. Said specialist or ecialists shall report their findings and conclusions to the physician in writing Said physician shall arrange for and bass upon all medi- cal examinations required under the _provisions of section 48-207 and, after taking into consideration the reports of the specialists, if any, shall report ..is conclusions and recommendations to the IIensiai-: Benefits• Board in writing. � (9) Each member shall take an oath of office within ten days after his appointmentt or election. (10) Each Member of the Board shall be entitled to one vote. Five concurring votes shall bc! necessary for a decision by the members of tho Eoarri�x d rive members shall constitute a quorum of. the L.oaxd. (11) The Board shall keep a retord of al:i- of its proceedings which shall_ be open` to public inspection. The minutes of the Board shall reflect _a complete and comprehensive account of the discussions and actions taken by the Board. The Secretary of the Retirement Board shall serv..� as the:: Secretary of. the Pension Benefits Board." Section 2. The Miami City Employees' Retirement System Ordinance 2230 (January 1, 1940) as amended and a appears in codified form as a part of Chapter 40 entitled "Personnel" of the Code of the City of Miami, Florida, effective September 1, 1980, is hereby further amended by amending Section 40-207 entitled "Benefits" of said Code in the following particulars:I./ "Section 40-207 Benefits. (A) Service Retirement Allowance. (1)(a) Any member in service may retire, upon written application to the beard Pension Benefits Board, setting forth at what time; not less than ten days nor more than ninety days subsequent to the exe- cation and filing thereof he desires to be retired; providing, that at the time so specified for his retirement he shall have attained the minimum ser- vice retirement age for his group and classification, as provided under section 40-203 ond notwithstanding 1/ Works stricken through shall be deleted. - Underscored words consti- tute the amendment proposed. Asterisks indicated omitted and unchanged material. Remaining provisions of Section 40-207 are now in effect t and remain unchanged. -S- 9168 the fact that during such period of notification he may have separated from service. The above minimum notification period of ten days shall not ae appli- cable to any member assigned to the custody unit of the police department desiring to be retired upon transfer of the.functions of such custody unit to Metropolitan Dade County. (b) Any member in service who has attained the age of seventy shall be retired forthwith, or on the first day of the calendar month next succeeding the month in which the member attained the age of seventy years; provided, that on recor,-&.-,enration of the member's department head, and on approval by the civil service board after review of tr-, n1omt:z!r's record, physical condition and ability to perform his duties, the city commission may permit a member who has attained age seventy to continue in active service for periods not in excess of two years at a time; provided, however, that retirement shall be compulsory at age sixty for policemen and firemen electing Group 3 Class A-2 benefits. (c) (i) Commencing January 2, 1969, effective the following January 1 or July 1, whichever shall come first, following the service retirement of a member, _ a dollar amount equal to fifty ,percent of the mo-athly retirement allowance shall be converted into variable units, such conversion to be accomplished by dividing fifty percent of the monthly retirement allowance by the unit value in effect as of that January 1 or July 1, as the case may be. For all beneficiaries who have become so as a result of service retirement on or before January 1, 1969, such conversion will be determined upon the basis of the unit value in effect as of January 1, 1968. (11) The unit value shall be determined, :Dy the procedure described herein, semiannually as of January 1 and July 1. The aggregate dollar amount of monthly retirement allowance attributable to a beneficiary's variable units at any given time shall be determined by multiplying his number of variable units times the unit value then in effect, subject to the provision that at no time gray the -6- r 9168 unit value applicable to any beneficiary he less than that in effect at the 'time that his number of variable units was originally determined. (i.ii) The unit value shall initially be equal to one dollar. Thereafter, subsequent adjustments to it shall be based upon the investment yield of all common stocks held in the :'Miami City Employees' Retirement System assets and funds, taking into con- sideration actual investment income, realized gains and losses, and unrealized gains and losses based upon ninety percent of the difference between cost and market values. The new unit value as of each aeter- nination date shall be the then existing uniE value multiplied by a ratio of (I + i) over (I + I), were "i" is the actual yield and "I" is the equivalent for the period to an annual effective yield of five per cent. (iv) The first adjustment to the unit value shall be made as of January 1, 1969, base: upon tt:e in�est- ri.ent yield as described above durin(c, the yoZ.r 1963 and with the initial unit value equal to one_ collar being established as of January 1, 1963. (2) Upon retirement from service, a member in Groun 1, 2, 3 or 4 shall receive a service retirement al- lowance which shall consist of three parts, (a), (w) and (c), as follows: (a) A pension equal to one-half the full proportion or percentage of average final compensation specified as the rate of benefit for the group and classification of the member as of date of retirement, and as p::ovidcd under section 40-203 (D) , multiplied ,by the nur ,ber of years of rperibership service completed as of date of retirement, plus (b) A supplemental pension equal to one-half the full proportion or percentage of average final compensation specified as the rate of benefit applicable to the group and classification of the member during, each _ of the respective years of service of such ner^ber, multiplied by the number of years of :membership ser- vice completed for each such classification. (c) To the extent that a member had made contribu- tions above those required by his group and classi- fication during his respective years of service, there shall be paid an additional annuity which shall be _ the actuarial equivalent of the member's excess con- tribution. (d) If he has a prior service certificate in full force and effect, a pension, which shall be equal to the proportion of his average final compensation specified as the rate of benefit for his group and classification, as provided under section 40-203(D), -7- pw 9168 0 E2 multiplied by the number of years of service certified on his prior service certificate. Upon such retirement, if he has three or more years service since last becoming a member, he shall also receive a pension equal to one percent of aver- age final compensation for each year of service or fraction thereof that such r„ember served as the city manager, assistant city manager, city clerk, execu- tive secretary of the civil service board, executive secretary of the planning and zoning board, city physician, city attorney, assistant uirector of the department of law or as director or assistant director of a department established by the Charter of the city or by ordinance as authorized by such Charter; provided, that he has served in any of such capacities for a total combined period of not less than three years; subject, however, for purposes of this para- graph, to a riaximum of ten years service. The benefits provided herein shall not be -diminished after retire- ment. Effective October 1, 1972, uron such --etix•_::,ent from service, after having reached minimun, Service retirement age, a member of Group 1 or Group 2 shall also receive a pension equal to an additional ton percent of average final compensation if: (a) "ie shall have completed since last becoming a .;ember, twenty years of continuous credited service at the time of his retirement; or W he shall have com- pleted since last becoming a-1 ember, ten years of con- tinuous credited service as of his minirrum service retirement date and shall also have completed since last becoming a member, fifteen years of continuous credited service at the time of his retirement. It is further provided that a member ceasing to be an employee bait remaining as a member by virtue of the exercise of a vested right so as to remain shall not be entitled to have any of the me- Lersi,ip ;, i1re after cessation of employment credited toward the computa- tion of any of the herein time periods and further, shall only have that membership time spent prior to such cessation of employment credited as service herein for the purpose of receiving the herein addi- tional pension benefit if such prior membership time was continuous and for a period of twenty-five years or more. In addition, upon reaching mini:muri service retire- ment age and upon such retirement if a member has served in the capacity of city manager, as provided in article 15 of the City Charter, or as city attorney, as provided in article 21 of the City Charter, and who has served in such capacity for a period of not less than ten years since last becoming a member, he shall also receive a pension equal to an additional ten percent of average final compensation; provided, how- ever, that such member is not otherwise eligible for such ten percent of average final compensation as set forth under the requirements and provisions of Ordinance No. 8044, passed A:arch lb, 1972. [set out in the immediately preceding; paragraph] -8- Ps 916b 0 A (3) Upon retirement for service, a member in Group 5 shall receive a service retirement allow- ance which shall consist of: (a) A pension which shall be equal to one -sixtieth of his average final compensation, multiplied by the number of years of his membership service; and (b) If he has a prior service certificate in full force and effect, an additional pension which shall be equal to one -sixtieth of his averak;e final con- pensation, multiplied by the number of Nfoars certi- fied on his prior service certificate; and (c) If the member is a Class A ri.cmbor, a further pension which shall be equal to t:,onty percont of the pension and additional pension under SuiaparaL.raphs (a) and (b) of Lids paragraph (A) (3),unless such a�cmt�er shall have waived the payment of additional con':ribu- tions as provided in paragi%ipl) (A) (L) of s ,2ctic:1 40-203,in which case lie shall receive a smaller further pension, as provided in sued barn rapo. (B) Ordinary Disability Retirement Allowance. 0) Upon the application of a member in ser_vico or of the head of his department, any n ember mho :gas had ten or more years of creditable service and ;,jho is not eligible for a service retirement allowance, may be retired by the bedrd7 Pension Benefits Board, not less than thirty and not core than ninety days next following the date of filing such application, on any ordinary disability retirement allowance; pro- vided, that the medical board, after a medical examina- tion of such member, shall certify that such a mor ber is mentally or physically totally incapacitate6 for the further performance of duty (not as a result of an accident in the actual nerfornance of duty as defined in subsection (E) (1) of this suction), that such incapacity is likely to be permanent and that such rember should be retired. The provisions of subsection (:1) (�) (c) of thi:> section regarding variable units as applicable to service retirement shall apply in an idenkical manner in the case of retirement for ordinary dis- ability. (2) Upon retirement for ordinary disability, a member shall receive a retirement allowance which shall consist of: (a) If he is in Group 1, 2, 3 or 4, an annuitv which shall be the actuarial equivalent of his and -9- so 9168 (b) Irrespective of his group, a pension 'which, to- gether with his annuity, if any, shall provide a total retirement allowance er._ual to ninety -)ercent of the proportion of his average final compensation specified as the rate of 'Oenefit for his group and classification, as provided under section 40-203(D) multiplied by the number of years of his creditable service, if such retirement allowance exceeds thirty percent of his average final compensation; otherwise a pension which, together with his annuity, if any, shall provide a total retirement allowance equa3. to ninety percent of such proportion of his average final compensation, multiplied by the number of years which would be creditable to him, were his service to continue until the attainment of the minimum service retirement age for his group and classification, so far as the resulting total retirement allowance shall not exceed thirty percent of his average final compen- sation. (C) Accidental or Service Incurred Disability Retirement Allowance. (6)(a) Upon application of a member or off the h.---ad of his department, any member who has been totally and permanently incapacitated for duty, prior to his attaining the age of sixty, as the natural and proxi- riate result of an accident occurring while in tle actual performance of duty, at some definite time and place, shall be retired for accidentally -incurred Cisability; provided, that such incapacity for duty has been total, permanent and continuous from a time prior to his attaining the age of sixty; provided, further, that the physician employed by the beafd, _Pension Benefits_ Board, after a vedical examination of such member, shall certify in writing that such r+ember is mentally or physically totally incapaci- tated in accordance with the definiticn of �ermanent- total disability; provided further, that the bea-rc1 Pension Benefits__ Board_ shall concur with the roport of the physician employed by the btttre'. Benefits Board_; provided further, that the physical condition of the member shall be subject to a review by the physician employed by the board Pension Benefits Board, at the request of the briat-d Pension Benefits Board as often as the beard Pension Benefits Board shall deem it advisable. A member nay be con- sidered totally and permanently disabled for further performance of duty for the purpose of this section when said member is unable, due to an accident, ill- ness or injury incurred in the line of duty, to per- form within the member's classification. Nny condi- tion or impairment of health caused by tuberculosis, heart disease or hypertension, on the Dart of a mem- ber who is a police officer which results in total and permanent incapacitation for duty, shall be pre- sumed to have been accidental and suffered in line of duty unless the contrary be shown by competent evidence; provided, however, that any such Piember shall have successfully passed a physical examination upon entering into service as a police officer, which examination failed to reveal any evidence of any such condition. -10- No 9168 (b) Upon the application of a member or of the head of his department, any member who is not eligible for a service -retirement allowance and who becomes totally and perrr.anently incapacitated for duty as the result of a condition or impair- ment of health caused by tuberculosis, hypertension or heart disease, which condition is not shown to be the result of any accident or condition of em- ployment so as to qualify under paragraph (1)(a) of this Subsection (G), [whiclij slliill be presumed to have been in- curred in line of duty, unless a physical examination upon entering service revealed that such condition existed at that time, may be retired by the beard-, Pension Benefits Board; provided, that the physician employed by the beard Pension Ienefits Boad.after a medical examination of such me.,.ber, shall certify in writing that such member is mentally or ?physically totally incapacitated in accordance with the defini- tion of permanent total disability. (c) The retirerent-beard; Pension Bone fi is Board, when deciding whether to grant an accidents dis- ability retirement, shall receivL. any an(all avail- able information, including but nct lirlited to, r:;edi- cal reports which the board Pension Benefits 3oarcl deems necessary in order to assist the l�eae� P�nsicn Benefits Board in arriving at its decision. (a) Upon retirement for accidental disability under the provisions of paragraph (1) (a) O: chis suacc- tion (C), a member shall receive a pension which shall be equal to sixty-six and two-thirds percent of i,is average final compensation or sixty-six and two-thirds percent of his final compensation, whichever is greater. (2) (a) The provisions of subsection (A).(l_) (c)of this section regarding variable units as applicable to ser- vice retirement shall apply in an identical manner in the case of retirement for accidentally i;;;urred dis- ability under the provisions of paragral-6i (1) (a) of this section. (b) Upon retirement for service incurred disability under the provisions of paragraph (1) (b) of this subsec- tion (c), a member shall receive a retirement allowance which shall consist of: (i) If he is in Group 1, 2, 3 or 4, an annuity which shall be the actuarial equivalent of his ac- cumulated contributions at the time or retirement; and (ii) Irrespective of his croup, a pension which, together with his annuity, if any, shall provide a total retirement allowance equal to the proportion of his average final compensation specified as the rate of benefit for his group, as provided under section 40-203(u), multiplied by the number of years or his creditable service, if such retirement allow- ance exceeds forty percent of his average final -11- 0 9168 compensation; otherwise, a pension which, together with his annuity, if any, shall provide a total retirement allowance equal to ninety percent of such proportion of his average final compensation, multi- plied by the number of years which would be credit- able to him, were his service to continue until the attainment of the minimum service retirement age for his group, so far as the resulting total retirement allowance shall not exceed forty percent of his aver- age final compensation. a. The provisions of subsection (A) (1.) (c) of this section regarding variable units as applicable to service retirement shall apply in an identical manner in the case of retirement for service -incurred dis- ability under the provisions of )�,a rzigrapli(1) (j)) of this subsection. (c) Upon the death of any member who has received an accidental disability retirement, the spouse of said member who was nominated and de,_;ic;nct tc!.d ay the member on the date of retirement as said spouse shall receive the payment of -in amount ec,ual to forty percent of the member's monthly retirement allowance during the lifetime of" said spouse. (b) Ordinary Death Benefit. (8) Upon the receipt of proper proofs by the board Pension Benefits Board of -the death of a member in service which is not the result of an accident in the actual performance of duty as defined in sub- section (E) of this section, if he has three or more years of creditable service, there shall be paid to such person, if any, as he shall have nominated by written designation duly executed and filed with the ',eerd; Pension Benefits Board, otherwise to his legal representative, a benefit equal to a lu'lip-sum pc:tyrrent of fifty percent of the compensation receive by him during the year immediately preceding his death. If a retired Member dies prior to his having received twelve monthly retirement allowance payments and prior to his election of any optional allowance having begone effective, there shall be paid to such person, if any, as he shall have nominated by written designation duly executed and filed with the bomrd; Pension ,Benefits Board, otherwise, to his lecjal repre- sentative, a lump -sum benefit equal to the sum of the twelve monthly retirerent allowance payments to which he would otherwise have become entitled, less the payments he received. (E) Accidental Death Benefit, (1 ) If, upon the receipt by the boared Pension Benefits Board of proper proofs of the death of any member in service, indicating that such death was the natural and proximate result of an accident -12- P, 91644 0 A occurring the member the bearel definite time and place while the actual performance of duty, Benefits Board shall decide that the death was the result of an accident in the per- formance of duty and not caused by willful negligence on the part of the member; or, at some was in Pension (2) If, upon the receipt by the beard Pension Benefits Board of proper proofs of the death of a member in service who is a police officer, indicating that such death resulted from a condition or impairment of health caused by tuberculosis, hypertension or heart disease, such condition or impairment of health on the part of a member who is a police officer shall be presumed by the bearel Pension Benefits Board to have bEbri accident- ally incurred in the line of duty, unless the contrary be shown by competent evidence; provided, that a physi- cal examination upon entering service revealed that such condition did not exist at that time, and if the beard Pension Benefits Board shall decide that the death was the result of an accident in the performance of duty and not caused by willful :ec;ligeace on the part of the member, then there shall Lie paia a pension of one-half of the member's avorage final compensation to his widow, if he leaves a widow, to continue durinc her widowhood; or if there be no widaa, or if the y widow dies or remarries before the youngest child of such deceased member shall have attained the age of eighteen, then to his children under such age, if he leaves children, divided in such ;canner as the 6ear6 Pension Benefits Board in its discretion shall deter- mine, to continue as a joint and survivorship pension for the benefit of the children under such age until every child dies or attains such are; or if there be no widow or children under the age of eighteen years living at the death of such member, then to his dependent father or dependent mother, as the beard Pension Benefits Board in its discretion shall direct, to continue for Life; provided, t:-iat if t::ere u;: no such beneficiary, the amount which otherwise would have been paid as an ordinary death benefit shall be paid. (F) Return of Contribution, Should a member in Group 1, 2, 3 or 4 cease to be an employee, he shall be paid on demand the sum'of his contributions, together with such interest thereon, not less than three-quarters of accumulated regular interest, as the beard Pension Benefits Board shall allow, with the following exceptions: (1) Any member who has been granted any retirement whatsoever shall not be entitled to a return of his or her contributions, unless the Member is eligible for the benefits of option 6(a) under subsection ( I) of this section which provides for a return, of contributions or in the event a member is entitled to a return of excess contributions under subsection (A)(2)(c) of this section. There shall be no return of -13- POR 9168 contributions to any persons entitlec? to receive an accidental disability retirement allowance. Nothing herein shall be construed to deprive the spouse of a deceased member of his or her ordinary death benefit or accidental death benefit herein - above set forth. (2) In the event of the death of any rember, there shall be no return of contributions, unless a member in Group 1, 2, 3 or 4 died in service. In such event, the contributions shall be payable to such persons, if any, as he shall have nominated by written designation duly executed and filed with the beardT Pension Benefits Beard, otherwise to his legal representative; provided, that such amount may, with the approval of the beardT Pension Benefits 3oard be paid in the sum of an annuity at the option of the beneficiary. (G) Limitation of Disability Benefits and Reexamination of Beneficiaries Ro tired on Account of Disability, (1 ) If a member who has received an acc:z;:_,:ital disability retirement is performing the auties of a police officer or fire fir.hter or perfor iinq services which are substantially equivalent to duties that can be assigned within the classifica- tion from which the employee was retired, the k5dard - Pension Benefits Board shall have -'"he aut:.ority to .limit the pension benefits of said member as herein- after provided. If a member who has received an accidental disability retirement is engaged in such - gainful occupation, said member's salary from said occupation when added to the sure which he is receiv- ing on account of his accidental disability retire- ment shall not exceed one hundred percent of the cur- rent salary for the classification from which the employee was retired. If the pension benefit plus the salary exceeds one hundred percent of tc current classification salary, the pension bcn-'fig shall be reduced by the amount in excess of one hundred percent. The beard Pension Denefits Board may periodically re- ouire of its members receiving a disability ?pension, on a form approved by the board Pension Benefits Board for such purpose, a statement of salary and type of employment. (2) Any disability beneficiary who is receiving a. disability retirement allowance shall be subject, prior to his minimum normal service retirement age _ to examination by a physician or physicians upon re- quest of the beard: Pension Benefits Doard. The phy- sician or physicians shall report his or their con- clusions to the beard Pension Benefits Board as to the continuance of the total and permanent incatpacity for duty. In the event that the: beard Pension Benefits Board finds such disability shall not continue to in- capacitate the disability beneficiary for service within his classification, in accordance with require- ments of the civil service rules and regulations, the -14- po 9168 O r_t�9ien-heard Pension Benefits 33oard may require that such disability beneficiary be returned to his former classification with all rights and benefits of such classification or, with his consent, to other classi- fications within the limits of his mental or physical mpacities at a rate of compensation not less than one hundred percent of the pay to which he would be entitled, at the time of his return to active service, for the classification occupied by the disability beneficiary prior to his incapacity. Upon any such return to employment, such disability beneficiary shall be restored to service as a member, his dis- ability retirement allowance shall be terminated and he shall resume contributing to the system ac- cording to the compensation thereafter payable to him. Any employee returned to duty shall have the right to pay back the contributions to tho retire- ment system for the time that such employec was on disability and shall receive full. credit for such time. If the employee fails to pay back the contribu- tions, then he shall not be entitles, to creditable service time for the period he was receivLig a dis- ability retirement allowance. (a) All members who are granted a disability retirement allowance may be evaluated by the bed-rd Pension Benefits Board and its physician cr physi- cians at the member's place of residence or a place mutually agreed upon by the member and the board Pension Benefits Board at least once every five years. Should any disability beneficiary refuse to submit to such medical examination, his retirement allowance may be discontinued until his withdrawal of such refusal, and should his refusal continue for one year, all his rights in and to his pension riay be revoked by the beard:- Pension Benefits Board. If any disability beneficiary in receipt of a dis- ability retirement allowance is found by the board; Pension Benefits Board, prior to his minj.r_;t.i service retirement age, to be no longer incapacitated but is not restored to service as a member in the classi- fication from which he was retired, because of his own refusal to accept employment offered to him, his disability retirement allowance shall be terminated. (b) Any member who is unable to perform within his or her classification may be assigned to any other job classification; provided, that the employee con- sents to such assignment; and further provided, that the employee's salary in the new job class shall be no less than one hundred percent of the employee's job class from which he was transferred. (H) Restoration of Beneficiaries to Membership. Should a disability beneficiary be restored to or be in active service at a compensation equal to or greater than his average final compensation -15- 1i� 9168 at retirement, or should any other beneficiary be restored to service, his pension or retirement allow- ance shall cease, he shall again become a member of the retirement system, and he shall contribute there- after at the rate required by his group and class. Anything in this division to the contrary notwith- standing, any prior service certificate on the basis of which his service was computed at the time of his retirement shall be restored to full force and effect, and he shall be credited with all service as a member standing to his credit at the time of his retirement, providing he returns the amount of ,coney he received under the provisions of subsection (1') of this sec- tion in such manner as shall be ?prescribed by the ret4rement-beard- Pension Benefits Board; provided, however, that if he is restored to membership on or after the attainment of age fifty he shall, on sub- sequent retirement, be credited with all his service as a member subsequent to his last restoration to membership and shall receive a pension therefor as if he were a new entrant, and, in addition, ho shall receive the pension which he was recoiviz;c; immc- iiately prior to his last restoration, but tlae total pension shall not exceed the proportion of avcrago final com- pensation he would have received as pension had he remained during the period of his prior retire:nent. Any member having been restored to membership subse- quent to having been retired as a disability benefi- ciary, may, upon application to the retire c� t-ljea�rel Pension Benefits Board and approval thereof, receive m.mbership credit for the period of time of such retirement by contributing the amount lie would have contributed for the period of such retirement, such Payments to be made in such manner as shall be pre- scribed by the retirement -beard- Pension Benefits Board. (1) Optional Allowances. (14) provided that no election of an optional al- lowance shall be effective in case a beneficiary dies within thirty days after the election of an op- tion as provided in this section, and that such a beneficiary shall be considered as an active member at the time of death, until the first payment on account of any benefit becomes normally due, any member may elect to receive in lieu of the retire- ment allowance otherwise payable to him, tho actuarial equivalent at that time of his retirement allowance in a reduced retirement allowance payable throughout life, with the provision that: Ontion 1. If lie dies before he has received, in payment of his annuity, tine present value of his annuity as it was at the time of his retirement, the balance shall be paid to such person, if any, as he shall have nominated by written designation duly axe - cuted and filed with the beard; Pension renefits Board, otherwise to his legal representative; or -16- ►- 9168 'A Option 2. Upon his death, his recluce-,d retire- ment allowance shall be continued throughout the life of, and paid to', such person as he shall have nominated by written designation duly executed and filed with the beard Pension Benefits Roared at the time of his retirement; or Option 3. Upon his death, one half of his reduced retirement allowance shall be continued throughout the life of and paid to such person as heshall have nominated by written designation duly executed and filed with the beard Pension Benefits Board at the time of his retirement; or Option 4. Upon his death, some ,other bc-ne.fit shall be payable; provided, that the total value of the allowance during his life and the succeeding benefit shall be computed to be of equivalent ac- tuarial value to the allowance which he would receive without optional modification; and provides+, that the benefit shall be approved by the hearer Pension Benefits Board; or Option 5. If, as a result- of an accic:ental injury incurred in line of duty, the raerabcr shall have been so seriously injured that he is unable to execute and file a designation of an optimal pension plan, the retirement-beare. Pension Benefits Board :ray, with the consent of the principal beneficiary, de- signate an option, and if such conclition shall have delayed the application for retirement and the selection of option, may waive the requirement as to the rierlber's life for thirty days after retirement date, and may declare such optional pension irrevocably effective immediately upon the member's retirement; or Option 6. Any member upon service retirement may elect to receive benefits in one of the following three forms in lieu of the service rotire:cnt allowance otherwise payable to him: (a) Such member May elect to withdraw the sum of his contributions together with such interest thereon earned to the date of retirement and be paid a monthly service retirement allowance of.one half the amount to which he would otherwise be entitled; or (b) Such member may elect to receive his normal monthly service retirement allowance plus an addi- tional five percent of such service retirement allow- ance; or (c) Such member may direct the payment of a benefit of forty percent of the member's monthly retirement allowance to be paid at his death to his spouse nominated and designated by him at the time of retirement, such benefit to be payable during the lifetime of such spouse. In the event such member shall elect to receive a reduced retirement allowance under Option 2, 3 or 4, and has nominated and designated his spouse at -17- 9166 04 U the time of his retirement as the person to receive payment of the benefit upon his death, tho total minimum value of the allowance during his life and the succeeding benefit shall be computed to be of equivalent actuarial value to the allowance which he would have received had he chosen to Have his retirement allowance paid under the provisions of Option 6 (c) . In no event shall any language contained herein be construed as authorizing or allowing any member the right or privilege to exercise more titan' one of Options 1 through 6, enumerated in this subsection. W Pension Offset by Compensation Benefits. Any amounts which may be paid or payable under the provisions of any state workmen's corpensation or similar law to a member or to tho cieponci_,ntz of a member on account of any disability or &..,ath shall be offset against and payable in lieu of any :.)onefits payable out of funds provided by the citty under the _ provisions of the retirement system on account of the same disability or death. In case a ponsion is payable under this retirement system and the present value of the total commuted benefits under such workmen's compensation or similar law is less than the pension reserve on the benefits otherwise payable from funds provided by the -city under this retirement system, the present value of the commuted payments shall be deducted from the pension reserve and such benefits as may be provided by the pension reserve so reduced shall be payable under.the _provisions of ._ the retirement system. (K) Members Not in Service. If a member who is not entitled to retire ceases to be an employee for any reason other than death or wilful misconduct in office, he may, anything in this chapter to the contrary notwithstanding, elect to continue as a member not in service and retire on a service retirement allowance upon the attainmen'.� of the minimum service retirement age for his noun and classification, as provided under section 40-203(D) on the basis of his creditable service and average final compensation when his employment terminated; provided (1) that when he ceases to be an employee he has completed fifteen years of creditable service if a Class A member or seventeen and one-half years of creditable service if a Class B member and is in Group 1, 2 or 3, seventeen and one-half years of such service if a Class A member or twenty years o% such service if a Class B member and is in Group 4, or twelve and one-half years of such service if a Class A member or fifteen years of such service if a Class D member and is in Group 5; or ("2) that he ceases to be an employee by the abolishment of his -18- �` 916 8 position or department, or by transfer of his posi- tion or department to another duly authorized governmental. agency of the state, other than the Dade County Metropolitan Government, and he has ©mpleted two years of creditable service in any group or classification and files his election within ninety days from the date such abolishment or transfer becomes official; and (3). that he does not withdraw his contributions and allowable interest thereon under the provisions of subsection (F) of this section. If a member who elects to remain a member under the provisions of this subsection sub- sequently_ (a) elects to withdray. hi, contrlbutioLis, he shall be paid the amount of his accumulated con- tributions at the time he ceaseC.. to be an employee plus only such regular interest as has been accumu- lated during the first three years thereafter; or (b) dies Prior to retirement, hi h� n� fig iar� til�all. be paid the amount of his contributions :pith allow- able interest thereon to the date of the mamber' s death, as provided under subsection (F) of this section. Instead of continuing as a momb r as here- inbefore provided in this subsection, any suc?i ; ;ember who has twenty or more years of cr�aCzi tab lip ser v ice may elect to retire immediately on a retirumient allowance which shall be the actuarial eauivalont of the service retirement allowance otherwise com- mencing upon the attainment of the minimum service retirement age for his group and classification. (1•) Restoration of Service Credits to Certain Re-employed Former i%Ierabers (l.) If a former member who is not a beneficiary and not within five years of reaching the minimum service retirement age for his latest group and classification, whose active membership has not been terminated for a period in excess of three years, and who at the time of termination of mom. )orship had five or more years of creditable service, attain be- comes a member, he shall have the richt to elect to redeposit in the annuity savings account the amount of his accumulated contributions returned to him, by filing with the beard Pension Benefits Board the form provided by it for the purpose, ono_r before July 1, 1953, or within thirty days of the time of restoration, whichever is later. (2) In case of such election, the member shall contribute at the rate in effect when his previous membership terminated, and shall redeposit such with- drawn contributions together with regular interest thereon either by a lump -sum payment or by payr.;cnts mutually agreed upon or by additional payroll de- ductions; provided, however, that such redeDosit shall be completed within five years following the date of notification of the amount to be redeposited. Any amount so redeposited shall become a part of the member's accumulated contributions. -19- w 9168 (3) Upon completion of the payment of the redeposit and of a period of five years of membership subse- quent to his date of restoration, the member shall be credited with the period of his previous member- ship, and his prior service certificate, if any, shall be restored to full force and effect; except, that in the event of disability retirement prior to the above terms having been met, a r.,e.rber shall receive credit for the previous service, but his bene- fit shall be reduced by the actuarial equivalent of his unpaid contributions. (4) Any person restored to membership who is eligible to, but does not, make the election providcd'for in this subsection or who, having, made the election, fails to make the full redeposit within the period of time herein provided, except as otherwise pro- vided in Fml)pnragrapli (3) above, shall be considered a new member for all purposes of the retirement sys- tem as of his date of restoration and shall not be entitled to any of the rights and benc:fit.s providod under this section. ( 5 ) A former member whose employment by th.c city was terminated due to reduction in personnel, and who is reemployed by the city within a period of three years, may apply for service credit for such prior time as the former member may have accrued during his previous service. No credit for prior service will be allowed under the provisions of this paragraph for service prior to January 1, 1940. Necessary contributions as determined by the retire- ment -beard Pension Benefits Board shall be paid by such former member into the retirement system and shall be credited to his member's annuity savings account. (6) Any member, who has left the er,hlcy of the city for a period not in excess of four years, and who has accepted the return of his contributions, may apply for service credit for such prior time as the member may have accrued during his previous service; provided, that he can prove to the beard Pension Benefits Board that his absence was due to circumstances beyond the control of the r.:ember and were of such a nature that his earlier -return to ervice would have created an unreasonable burden of hardship upon him. Subject to the above, the beard Pension Benefits Board shall have the authority between June 1, 1970, and August 31, 1970, to permit membership credit for service as an employee for such prior service; provided, that he shall Pay to this retirement system on or before October 30, 1970, an amount equal to that which he would have contributed together with interest thereon had he been a r^ember of the system from the time of his original employ- ment to the date of termination of employment which entitled him to the withdrawal of his contribution. -20- 9168 !N No credit for prior service will be allowed under the provisions of this paragraph for service prior to Janaury 1, 1940. (7) If a member cannot fulfill the aforesaid conditions and requirements of this section which are necessary for restoration of service credits, he may nevertheless be permitted to redeposit or nay back for service credit uL:) to a vaximum of four years; this pearagrapli shall apply only to those mae-Tabors whose separation from prior employment shall have been under honorable conditions. Should a member decide to pay back under the herein parakrapli such payback shall be made using his current compensation rate as the basis for determinin, the costs involved. 00 Cost of Living Adjustment. (1) All beneficiaries of the Miami Cite Employees' Retirement System, as of December 31, 1967, shall re- ceive a nineteen and one-half percent cost of living monetary adjustment. Such percentage is that percent, nineteen and one-half percent, of a full on` hundred percent cost of living monetary adjustment- calc:llated from the date each beneficiary becamo a beneficiary through December 31, 1967, using the Consumer Price Index (CPI) defined as 1.00.0 for the 1957-59 base period as established by the Bureau of Labor :standards of the U. S. Department of Labor, as the basis n;easure- ment index. Payment of such monetary adjustment shall be prorated over the period coimmencing on January 1, 1968, and continuing through the balance of the 1967- 68 fiscal year of the city. (2) The continual payment of the cost of living monetary adjustment to beneficiaries of the Miami City Employees' Retirement System shall be subject to budgetary appropriations, if any, of the commis- sion of the city. (N) Increase in Pension Benefits. (1) Ordinance No. 8039. (2) Ordinance No. 8193. (3) Ordinance No. 8318. (4) Ordinance No. 8463. (5) Ordinance No. 8826, as amended by Ordinance No. 8848." -21- 10 9168 Section 3. The Miami City Employees' Retirement System Ordinance 2230 (January 1, 1940 )as amended and as appears in codified form as a part of Chapter 40 entitled "Personnel" of the Code of the City of Miami, Florida, effective September 1, 1980, is hereby further amended by repeal of subsection (A) entitled "Generally; agreement" of Section 40-211 entitled "Trustee of Funds" of said Code and by substituting the following underscored subsection (A) of said Section in its place and stead: [Section 40-211 Trustee of Funds.] NOTE: Bracketed portion appearing above merely indicates proper location of herein sub- stitution. "(A) Generlly; All the contributions of the members, the contributions of the city and all other income of whatever naturc due t;te retire- ment system shall be delivered by the dir,•ctor of finance to a trustee designaged by the city com- mission for the purpose of safeguarding and investing the assets until they are needotl for disbursement for benefits or refunds under the system as herein set forth." Section 4. The Miami City Employees' Retirement System Ordinance 2230 (January 1, 1940) as amended and as appears in codified form as a part of Chapter 40 entitled "Personnel" of the Code of the City of Miamd, Florida, effective September 1, 1980, is hereby further amended by repeal of subsection (C) entitled "Appointment of successor trustee" of Section 40-211 entitled "Trustee of funds" of said Code and by substituting the following underscored new subsection (C) of said Section in its place and stead: [Section 40-211 Trustee of funds. NOTE: Bracketed portion appearing above merely indicates proper location of herein sub- stitution. "(C) Appointment of successor trustee. -22- ►' 9168 4.� W (a) The Miami City Employees' Retirer,tent System Trust is an irrevocable trust established lhy ordinance. The City Commission, having rE!'-ained that right, hereby appoints a successor trustee to the trust thereby created. The succe.=sur trustee designated as the Board of Trustees of the Miami City Employees' Retirement System shall consist of all of the City Commissioners, each of whom shall remain as a member of the Board_ of Trustees only so long as he or she remains a City Commissioner. (b) Each trustee shall take an oath of office and make a written acknowledgement of his acquiescence to the duty, responsibility and authority of a trustee and his responsibility as a fiduciary under Florida Statute Section 112.656. (c) The Board of Trustees shall hold regular meetings u at least q arterly in each year and special meetings! at such time as the Chairman or a majority of the Board may deem necessar (d) The Board of Trustees hereinafter referred to as the trustee, subject to the approval of t,,e Cit;r Com- mission may retain persons or firms inclucinq but not limited to, attorneys, auditors, investiront_ advisors and managers and custodians to advise or assist the trustee in the performance of the_trustee:'s duties. The trustee may act without independent investigation upon the_advice of the advisor so retained and may employ one or more agents to perform any act of ad- ministration which the trustee is authorized to perform. (e) The trustee is authorized to _rosecute or defend actions claims or proceedings of any_nature_or kind for the_protecti_on of trust assets and of `the tr::.!' -.�e in th_ a performance of the _duties of the _trustee. " Section 5. The Miami City Employees' Retirement System Ordinance 2230 (January 1, 1940) as amended -, zid as appears in codified form as a part of Chapter 40 entitled "Personnel" of the Code of the City of Miami, Florida, effective September 1, 1980, is hereby further amended by adding the following new underscored, untitled subpar:gaph (9) to subsection (F) entitled "Duties and Responsibilities of trustee" of Section 40-211 entitled "Trustee of Funds" of said Code to be inserted at the end of and following untitled subparagraph (8) of said subsection of said Section of said Code: -23- 9168 [Section 40-211 Trustee of Funds. (F) Duties and Responsibilities of trustee.] NOTE: Bracketed portion appearing above merely indicates proper location of herein inser- tion. "(9) The Board of Trustees shall make such rules and regulations as are necessary to carry out its duties pursuant to this section." Section 6. The Miami City Employees" Retirement System Ordinance 2230 (January 1, 1940) as amended and as appears in codified form as a part of Chapter 40 entitled "PL!rsonnel" of the Code of the City of Miami, Florida, effective Septem- ber 1, 1980, is hereby further amended by av,,�nding subsec- tion (G) entitled "Investment authority", of Section 40-211 1/ entitled "Trustee of Funds" in the foll.owin-; particulars: [Section 40-211 Trustee of Funds.] NOTE: Bracketed portion appearing above merely indicates proper location of herein amend- ment. "((,,) Tnvestment authority. The trustee shall have the following powers and authority in the investment and administration of fund assets: Trust funds shall be invested and reinvested In such seetf+t-y securities or in such hroporty, coal or por- sonal or mixed, wherever situated; as the trustee shall deem advisable. In the acquisition, invest- ment, reinvestment, exchange, retention, sale and management of property for the benefit of the fund, the trustee shall exercise and require that persons or firms retained to act as investment counsel, in- vestment advisors or money managers exercise all judg- ment and care under the cizcumstances then prevailing which men of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation, but in regard to the per- manent disposition of their funds, considering the probable income as well as the probable safety of their capital. 1/- Worlds stricken trhough shall be dc-leted. underscored words constitute the amendment proposed. Remaining provisions of Section (G) are in effect and remain unchanged. -24- 04 9168 crest-€dr►ds-trap-be-invested-as- €ellevaq- l---Witham-limitation-3n- a :'--Ben!°lJ--1'letes-ar-etker-eblieatidn9 e€-the-Hnited-6tetes-er-•these-c�dc�ranteed-bx-the Hnited-6tates-er-far-whieh-the-ered#t-a€-tke-i3nited States-is-pledged-€er-the-papx�ent-e€-the-prineipal nnd-interest-er-dieidends-therey€- b:--Certifieates-ef-deposit-e€-anp-ba»k incorporated-under-the-laws-e€-this-state-er-anp national -bank -organized-under-the-laws-e€-the-b:�#tad States-te-de-btisiness-and-sitdated-in-this-state;-ta the-extent-that-sneh-savings-aeeet�r�ts-are-insured with-the-federal-elevern�ent-er-en-agenep-thereat;-snd -i.€-the-eertifieates-e€-depeslt-are-se•edred-i�p-tl�e depeslt-a€-secarities-e€-the-EJn�tEd-States-Haverr�r�ent: � :--tdet-mere-than-ter<-pereent-e+€-tilde-£and-reap be-=nvested-in-anp-one-entitp-r�i-tke-eateheries-listed below- e---Een�rnen-steak--preferred-str.ci:-anc�-in- terest-bearing-eblie�etiens-a€-eerperatyehs-l�evine�-an eptien-te-eenvert-rote-eer�rten-stdei�,-�sytiCa-bp-a-ec�r- geratien-organized-finder-the-la�►S-P�£-the-beitcn-States; anp-state-er-organized-territerp-df-the-unitea -States and-the-Bistriet-ef-Eelt�mbia;-prddiaeci;-that-thr-aggre- gate-investment-of -the-€hnel-in-anp-er�C-3s:�uinq-earpera- tion-shall-not-exeeed-three-Pere.er�t-ems-the-et�tstan�iir,g capital-stook-e€-that-eerperat3e:�- b---Plates-seemed-bp-first-rnertr�aees-an-real prepertp--ir�st�redber-gHaranteed-kip-tke-Federal-Heas#ng Adtninistratien-er-the-Veterans--Rdtninistratian- e---interest-bearing-obligations-r�itk-a -€#xed-Matarttp-e€-anp-eerperatien-e�ithtn-tke-bnited States;-previded;-that-stteh-ebiigatiens-are-rated-by at-least-two-natienallp-reeoc�nired-reti:��;-yertriecs-tn - anp-one-e€-the-fet�r-highest-elassi€ieatior.s-a»»rotred 49y- the -eeMptreller-ef-the-einvestment e€-€rands-ef-national-banks;-er-if-dnlp-enc-r�atiet�allp reeegnised-rating-service-shall-rate-seek-ek�ligatiens; •saeh-rating-service-Must-have-rated-st�eh-r�blic�atiens-in anp-one-e€-the-three-hie�hest-elassi€ieatidna-he�ete€ere Mentiened- Within-the-limitations-ef-the-€dregdirg-stanelaras; the The trustee is authorized to acquire and attain every kind of property, real, personal or mixed, and every kind of investment specifically included, but not by way of limitations, bonds, debentures and other corporation obligations and stocks, preferred or common, which men of prudence, discretion and intelligence acquire and attain for their own account, and within the limita- tions of the foregoing standards, may retain property properly acquired without limitation as to time and with- out regard to its suitability for original purchase." -25- 1` 9168 Section 7. The Miami City Employees' Retirement System Ordinance 2230 (January 1, 1940) as amended and as appears in codified form as a part of Chapter 40 entitled "Personnel" of the Code of the City of t•liami, r1orida, effective September 1, 1980, is hereby further amended by repealing Section 40-217, entitled "Designation of corporate trustee and acceptance thereof", of said Code in its entirety. Section 8. The Miami City Employk.,cs.' 1tet ire.ment System Ordinance 2230 (January 1, 1940) as amended and as appears in codi- fied form as a part of Chapter 40 entitled "Personnel." of the Code of the City of Miami, Florida, effective September 1, 1980, is hereby further amended by repealing Section 46-218 entitled "Agreement with corporate trustee" of said Code in its entirety. Section 9. The purpose of this Ordinance is to amend the Retirement System so as to remove the present Retire- ment Board as the administrator thereof and to vest said administra- tion in the City Commission. further, the intent of this Ordinance is to remove the present members of the Board of Trustees and to appoint the city commissioners as successor members of the Board of Trustees. All ordinances, code sections or parts thereof in conflict herewith insofar as they are in conflict are hereby repealed. Section 10• Upon the adoption of this Ordinance, the members of the Retirement Board and the Board of Trustees removed hereby shall have no further responsibility, authority or power to act in any manner on behalf of the Retirement System. Specifically, but not by way of limitation, they shall have no power or authority to initiate (or continue) any cause of action on behalf of themselves, on behalf of the Retirement System or on behalf of the employees covered by the Retirement System with respect to any matters relating to the Retirement System, including, but not limited to, matters relating to the responsi- bility for contributions thereto. Any actions taken contrary to the foregoing shall be deemed null and void. -26- 0' 9168 Section 11. If any section, sentence, clause, phrase or word of this Ordinance is for any reason meld or declared to be unconstitutional, inoperative or void, such holding or invalidity shall not affect the remaining portionsof this Ordinance, and it shall be construed to h,.1VC been the intent of the City Commission to pass this Ordinance without such unconstitutional, invalid or inoperative part therein and the remainder of this Ordinance, after the exclusion of such part or parts, shall be deemed and held to bu valid as' if such parts had not been included therein. PASSED ON FIRST READING BY 'TITLE•' ONLY this 15 day of September f 1980. PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY this 25th day of September —, 1980. ATTES RALPI G. NGIE CITY LERK -2 7- Maurice A. Ferre MAURICI? A. FERM: Ni A Y 0 R 1 CITY OF MIAMI• FLORIDA ' INTEROFFICE MEMORANDUM -o Richard L. Fosmoen DATE September 9, 1980 FILE City Manager SU9JECf Restructuring of Pension Organization R.i •.� Howard V. Gary • REFERENCES Assistant City nager ENCLOSURES The effect of these ordinances is to amend the Retirement System and Plan so as to remove the present Retirement Boards as the Administrator and to place the administration of the pension program in the City Commission. It is also the effect of these ordinances to remove present members of the Board of Trustees and to appoint the City Commissioners as the successor members of the Board of Trustees. It is the purpose of these ordinances to create a Pension Benefits Board consisting of nine (9) members; four (4) elected, one from each Union, and five (5) appointed by the City Commission to handle pension claims administration. It is also the purpose of these ordinances to combine the fiduciary responsibilities of the pension programs with the fiscal responsi- bilities of the City Commission. In order to accomplish these objectives, the proposed ordinances realign the duties and responsibilities as follows: City Commission Acting 1. as Retirement Board 2. as Trustees Duties and Responsibilities (a) Day to day management. (b) Adopt rules and regulations for administration. (c) May delegate any duties or responsibilities to Departments inside the City or to Organi- zations outside of City. (a) Determine all policy questions affecting benefits, funding and administration of assets. (b) Control over the assets and liabilities of the Retirement System and Plan. (c) May hire attorneys, Auditors, Investment Advisors or Money Managers, and custodians to assist in performance of manag- ing the trust fund. Richard L. Fosmoen City Manager (d) Quarterly meetings. Pension Benefits Board (a) Review benefit claims on appeal from Administration. — (b) Upon request, review and comment on any proposed action affect- ing the pension program. (c) Hire a physician to examine disability cases. (d) Receive, calculate, and adjudi- cate service retirement allowances. The law firm of Sparber, Shevin, Rosen, Shapo & Heilbronner, who helped us prepare this ordinance, will be available to discuss this — matter at the September 15, 1980 City Commission Meeting. 9168 OLPi. CITY U THE BOARD OF TRUSTEES OF THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM AND THE BOARD OF TRUSTEES OF THE MIAMI CITY GFITIEF.AL EM- PLOYEES' RETIREMENT PLAN, Petitioners, DONALD TEEMS, JACK SULLIVAN, and A. G. SHERMAN, Intervenors, VS. CITY OF MIAMI, a Florida Municipal Corporation, and MAURICE A. FERRE, J. L. PLUMMER, JR. , ARMANDO LaCASA, THEODORE R. GIBSON and JOE CAROLLO, as members of the Miami City Com- mission, Respondents. 1N '!'l1E'T1tkCU1T COURT OF 'THE ELEVENTH JUDICIAL CI RC010t 114 AND FOR DADE COUNTY, FLORIDA APPELLATE DIVISION CASE NO. 79-395 EX ORDER GRANTING MOTION FOR CONSTITUTIONAL STAY WRIT The Board of Trustees of the Miami City Employees' Retirement System (System) and the Board of Trustees of the Miami City General Employees' Retirement Plan (Plan), as petitioners, and Donald Teems, Jack Sullivan, and A. G. Sherman, as intervenors, have filed motions for constitutional stay writ, pursuant to 4.5ig) (1) Fla. R. App. Proc. The Court makes the following findings of fact: 1. The Board of Trustees of the Plan and the Board of Trustees of the System are, pursuant to Ordinance Nos. 5624 and 2230, named as trustees of the Plan and System, respectively, The Boards of Trustees under these ordinances have responsibility for the operation and management of the respective trust funds. 2. The amendments promulgated by the City Commission (Respondents), if enacted,'@rL�aAhj effectively remove this re- sponsibility and interest y s'tphP 41i3the Boards of Trustees, and place such responsibilities in the City Commission itself. • it 1..et.-.........:,^�•..�l...aL.�•Jfh..�.1c. •������'" _. 1. h«nal.f T.•Freh, .1nrk Sill i vein, a►►d A. G ; 5her.tnin t nn Itit r•lv.•norri, have it vvsted interest in the outcome of the cause of action in the main proceeding. The Court makes the following findings of law: 1. The intervenors, Donald Teems, Jack Sullivan, and A. G. Sherman, have an interest in the litigation which is subordinate To the propriety of the main proceeding. R. Civ. P. 1.230. 2. A denial of the motion for constitutional stay writ would allow the amended ordinances to become effective on October 25, 1980. 3. Allowing the ordinances to go into effect at this point in time would prevent the Court from attaining its complete exercise of jurisdiction over the parties and the cause of action. i I4. A denial of the motion for constitutional stay writ would cause undue and irreparable harm to petitioner's cause of action, and would be inequitable to the interests which the parties and the general public have in resolving the issues of this cause of action. 5. A granting of the motion for constitutional stay writ would not cause undue or irreparable harm to the interests of the parties, nor to the interests of the general public. It would not affect in any way the issues involved in the main proceeding, nor any subsequent judgment on the merits of this cause of action. It is, hereby, ORDERED AND ADJUDGED that the City of Miami Ordinance No. 9168 and City of Miami Ordinance No. 9169 shall not take effect until further Order by this Court and the effective date of City of Miami Ordinance No. 9168 and City of Miami Ordinance No. 9169 is hereby stayed until further Order by this Court. DONE AND ORDERED in Chambers, at Miami, Dade County, Florida, this 4.3 day of October, 1980. , MARIO P. GORERICH MARIO P. GODERICH Circuit Court Judge 11 MIAMI REVIEW AND DAILY RECORD Published Daily except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally ap- peared Becky Caskey, who on oath says that she is the Assistant Director of Legal Advertising of the Miami Review and Daily Record, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement or Notice in the matter of CITY OF MIAMI Re: Ordinance 9168 in the X X X Court, was published in said newspaper in the issues of -October,. 2,_.. 1.9.8..0......................................... .......... ................._._...................................I——............ Affiant further says that the said Miami Review and Daily Record is a newspaper published at Miami, in said Dade County, Florida, and that the said newspaper has heretofore been continuously published in said Dade County, Florida, each day (except Saturday, Sun- day and Legal Holidays) and has been entered as second class mail matter at the post office in Miami, in said Dade County. Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that she has neither paid nor promised any person, firm or corpora- tion any discount, rebate, commission or refund for the purpose of sQturing this advertisement for publication in the said ewspapor. Swo , o and i�bsC{i� efore m is 2 ©,Oto ASly °.rc.:...,:`�' :`A: . 19..... �. Oct a Fer eyre Public; Sf91e of F lido. t Large (SEAL) �'� •-)�• n, .' My Cnmmissio ekplr�is Jd4e+16; 1982.�, RECEi'VEn 160 OCT 3 M �3 : 3 q City C"ark City of Miami, Fla. CITY OF MIAMI, DADE COUNTY, FLORIDA LEGAL NOTICE All interested will take notice that on the 25th day of September 1980, the City Commission of Miami, Florida passed and adopted the fol- lowing titled ordinance: ORDINANCE NO. 9168 AN ORDINANCE AMENDING THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM ORDINANCE NO. 2230 (JANUARY 1, 1940) AS AMENDED AND AS APPEAR- ING IN CODIFIED FORM AS PART OF CHAPTER 40 EN- TITLED "Personnel' OF THE CODE OF THE CITY OF MIAMI, FLORIDA, EFFECTIVE SEPTEMBER 1, 1980, MORE PARTICULARLY AMENDING THE FOLLOWING PROVISIONS OF SAID CODE: SECTION 40.206 ENTITLED "Administration" BY REPEAL OF UNTITLED SUBSEC- TIONS (a) THROUGH (q) THEREOF AND SUBSTITUTING THEREFOR 'TWO NEW SUBSECTIONS ENTITLED "(a) Retirement Board" AND "(b) Pension Benefits Board"; SEC- TION 40-207 ENTITLED "Benefits" BY AMENDMENT THERETO; SECTION 40-211 ENTITLED "Trustee of Funds": BY REPEALING SECTION (A) THEREOF ENTITLED "Generally; agreement" AND SUBSTITUTING THEREFOR A NEW SUBSECTION (A), BY AMENDING SUBSECTION (C) THEREOF ENTITLED "Appointment of successor trustee" AND SUBSTITUTING THEREFOR A NEW SUBSEC- TiON (C), BY ADDING A NEW UNTITLED SUBPARAGRAPH (9) TO SUBSECTION (F) THEREOF EN- TITLED "Duties and responsibilities of trustee", BY AMENDING SUBSECTION (G) THEREOF ENTITLED "Investment authority"; SECTION 40.217 THEREOF EN- TITLED "Designation of corporate trustee and acceptance thereof" BY REPEAL THEREOF IN ITS ENTIRETY; 5EC� TION 40.218 THEREOF ENTITLED "Agreement with cor- porate trustee" BY REPEAL THEREOF IN ITS ENTIRETY; GENERALLY PROVIDING BY SAID AMENDMENTS TO SAID CHAPTER FOR THE ADMINISTRATION OF SAID SYSTEM TO BE VESTED IN THE CITY COMMISSIQf+IAND FOR THE CITY COMMISSIONERS TO BE THE SUCCESSOR TRUSTEE OF THE SYSTEM TRUST FUNDS; FURTHER PROVIDING BY SAID AMENDMENTS FOR THE DISCHARGE AND ACQu1TTANCE. OF PRESENT • INDIVIDUAL TRUSTEES AND SYSTEM BOARD MEMBERS WHO WILL HENCEFORTH HAVE NO FURTHER RESPON- SIBILITY, AUTHORITY OR POWER TO ACT IN ANY MANNER, INDIVIDUALLY, OR ON BEHALF OF SAID' SYSTEM OR SYSTEM MEMBERS; AND FOR THE ELIMINATION OF LIMITATIONS UPON INVESTMENT OF TRUST FUNDS AND RETENTION OF THE EXISTING AUTHORIZATION OF ACQUISITION- AND ATTAINMENT OF PROPERTIES AND INVESTMENTS WHICH MEN OF PRUDENCE, DISCRETION AND INTELLIGENCE AC- QUIRE AND ATTAIN FOR THEIR OWN ACCOUNT; CON- TAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE. RALPH G. ONGIE CITY CLERK iI""" CITY OF MIAMI, FLORIDA Publication of this Notice on the 2 day of October 1980 j tni1 M80-100278 MR-60-1