HomeMy WebLinkAboutO-091690.\D,I,NANCi-* NO. 9169
1) 1 N G ','1, 1: ',! 1
I-* , 1111LOYI: E'S RET I KENEN11' I I I,AN ( C:*� ." . ".
X;%Y 2, 1956, AS 1:-1L:1,\DE;j
TN C G 1) !.'11*. D F 0 A S P r\ !,T Or
"Personnel" 01. THE j(, 1 Z
F X I I , F 1, 0 R )1.) A , F. r F i C,r I V F
:-'o R 1: 1) \:-"T 1, C U L M1, J,Y AM I" N; IN'C; T! 1. 1.
—
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4. L I
t 9169
WHEREAS, the City Commission retains continuing, power
to amend the ordinance governing the Retirement Flan; and
WHEREAS, the City Commission has under Florida Statutes
Section 112.656 certain fiduciary duties; and
WHEREAS, the City Commission in exercising its fiduciary
duties deems it in the best interest of the City of Mliami and
its employees that the administration of the Retirement Plan
be withdrawn from the present Retirement Board and vested in
the City Commission; and
WHEREAS, the City Commission has determined it is in
the best interest of the City of Miami and its employees to
appoint a successor trustee for the Retirement Plan; and
WHEREAS, the Miami City General Employees' Retirement
Plan Ordinance No. 5624 (May 2, 1956) as amende.: ha;; bec:,
included as a portion of the newly published Cede of the
City of Miami, Florida effective September 1, 1980, as adopted
by Ordinance No. 9120 (June 26, 1980); and
WHEREAS, any addition or amendment to said Plan can thus
be made by reference to the section designations as they
appear in Chapter 40 of the said Code of the City of Miami,
Florida,
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSIOt� OF
THE CITY OF MIAMI, FLORIDA:
Section 1. The Miami City General Employees' Retirement
Plan Ordinance 5624 (May 2, 1956) as amended and as appoars 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 the repeal of untitled sub-
sections(a) through (q) of Section 40-234, entitled "Administra-
tion", of said Code and by substituting the following, two under-
.scored subsections of said Section 40-234 in their place and ste"d:
[Section 40-234 Administration.]
Note: Bracketed portion appearing above merely indicates
proper location of substitution.
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R 9169
"(a) Retirement Board.
(1) The general adwini_strz-,.:ion ar.ci_res.:o:,siuil_it�;
for th_e_oLieration of the _-Ictiremcnt ?Ian _s hall
be vested_ in_the _City Cor.,.;.ission vjhica sh,i iy_ functio
as the neti_rement Board and the pla:; ad; I:1ist_ator,
as defined in Fla tatuLces r'.12 66 ;?
(2) The general adi.linistrc.tic)r: cl•-,ties_sha—'
include such functions as are necessary
the day -to-day management- of ti:c re tire: icr.t �La:1�
including, but not limited to the r.iaintcnancc of ore-
ner records and data (in Sl1Ch foir,:l ZIa s}:r.l.l be neces-
sary for actuarial and^fi.nancial. rc_;;crr.s; , tt;i:: r.:-o-
cessin of implications__-or-hcnci:- its ,.:n eso-.itio:-
oC an disputes with rc_ r-)::c:t co :c c�-:ou.: c :�•:::e
due. the selection of an ac"uar.v to ul it ::erl's
obligation under Florida �z:ltuty-s :y1.1'
shall_ be directly
_respor:sihlc__c�_
be removed by it at
administration duties steal 1 ync i,.lcic_ ;,•_ : s; c:i�_ :;
of any rules and rcqulaLic::s r:s ::1; }.e
the efficient administraLion c..�-
(3) In connection With�,�
ties and duties uursuan`•_to_ this sc.c ::.c,__ 40-2 34 , the
Ci ty- Comrli scion may delL,_ate_ nv r� �_:�: :� . a i'_ �..'_ c_
duties, whether fiduciary or
In connection with such
111ay utilize cit- erlployeeS o:�u
pendent adwinistrative_ se:7viccs
to all duties and resilonsibi.11... 0s
Commission shall conduc-- 'iC:riol.!iC
that the duties and res2c, ii:ili _c s_t,� _ : at ci__;
being- oncrly carried c�:t. '.l ���rso :a:�<>
duties are delegate_d_shall �bc_ u: _c_>e'__;_� _ � •���:�:_ii,l_` _:_�
the _ronimiscion_and -_may _b. r r:-^ovou U.'� `_..c'- ` -_ 117.
1
- _
'1'lie City COT'1:_1551^11 T•'a.j' ;]'_;C)_1:
i_ncludinc+ but not lirlitc_c.-
n' ysici ns, and other cxpc_r,`s __c•
Cori Irlission in the -Do rfor:�l:;ncc c: t'., 0 `-
duties The Coinniss ion_
invcsticz-tion upon tho a..- v„cc_c� :�cr s=het _ned.
(4) All_ac_cou_ntinq nlc_tho.Is_��rc.
maintained for th_e_Petirci..;-,nt sh 11
in the mannc r n_res_cri_bc �:-by_.`ho D-ctc_-_?`_"'i
for all City deparLrlonts t moss-
2rescribed by :state or-Pe.:era sta'-utos_
accounting work rrrOdUCt.�1 shall.
Director of rinance to-cn::ure cc: •;li net. �:rit: _ :;c:: r
methods. -_--
(5) The "ollinllssion 511C•11._"1":�:}�_'.''
'showinq the _fiscal -_transacci_ons 0. the 'tcti runx.:;;:
Plan-for_the _year_endinc?_o_i
_30th,_the _amount _ of the accuPIU�ateci cas.n s,na sc:cwr ...icy
of the Plan -and the last i,alanco sh---et
financial _condition _-_of_-the Pl.an by ::.c.'.1 :s _ofictuz&riri_
V,ilUatiOn of the assets and -liabilities o� t.hc:.�.��:..71:-.
Said information «and reoorrs s:will b,. ; ..u•, no-2atc:r
than July ist of e acii year.
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(
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(6) The Comr.?l.sslon s,i_
insurance [or any of t: cr n' -,-,-O ::�:ci:��- ('�_tyrIt
Board, Trustees and such otl-,(--,r -persons- o c'L,3si natec_�
! by e commission)— ,
as neci' i.c:C in-I"i� t _",? 12 656
thee (3)
3
(b) pension Benefits U'oz:n.
(1) A Pension Eenefits t3o arc: for tn:2 a 6
retirement plans of the City of ;,tia:;:i i__ iicrc:•�.�
created and shell consist of nine members as folio;:•s_
one elected representative of t.:ic rrate:_.al—Or.ucr
Police, Local Number 20; one elected
of the _In_t-ernational Association of Fire icl h=S•,
Local Number 537 (AFL-_CIO-CL,_'; one elcc: CC.- rc
sentative of the Sanitation L?:_:.oyces__�soca _i.on;
one elected representative of tho.:-
tion of Suite and County tanici-)al
Number 1907 (AFL -CI ; f~ ve inci_vi�.u` _ _:•� i�,tc
b the City Comm ssion c:•ho _rOSIi -o:. n_-_�L
County but who are not city e:r-pievecs.
(2- The duties of the Pons.Lo: �.. _ .=�_Z .1.1a---_._•7 be, to: -
perform
(ii) provide timely notice to a-, , :.c__h__r_-,,
ciary ,ahose claim for _b:,neiits :Ic:s_ b`e
accordance with Fla. St I L-. 517 C G
establish and maintain a a_Gceczurc : o:-
and fair review of denied C1::1:;;:,, in
Fla. Stat. 5112.66 (b) ; -- - -
(iv) review and comment, r::; r. :ucstt_t; ;� City
Commission, upon propose�c� lec;is �atio_z _.i`,�: ; i :c: tl:c
1liami City E!M12yees' :?c:irc c::t_systo
Miami City General En:plovices'`:c'-yr`-any other matter 2resentcc? hV
(3) Meetinns of the Pension :.',c::u::i is
herein shall take 1 v.,i hl:
mat ter is submitted to tho Pero: c .. `.On`-. Fits c: !:i• tac
it Cy Commissioner .� _- - _ ...___
(4) (i) Elected rupresontatives 1 i,; _lac._...._
for a term of two years bycr'lo7_o�,�e_.cs o�
spectiye unions An eloction 5.:.�11
for y-five day from tlio of eci iye c1at - :•r_t!:"i:'
ordinance creating_ the_honsion_
one representative from cac:i uni;:n sli ll_::rfor a -_term endincr on Deco;,. 3i �1.9 i1 :e: e: to r,
elections _shall -take _placo boLz%.._.z:on a,:�cc?•._nc:. i:i -st
and_ December fifteenth of each: near w::c rc-ir. �_:: rc�-
presentative from each _ur.ion_s:,all_bo o1cctec for a
tern of two _y.ears_commenci.ng Ja:;a«rv- first: minatinq two years thereafter -on
No, re rp esentative shall serve r.•o`c_ti- _n four t.crr!
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(ii) Ar?pointed re}_>resenta'_Jves s:.n1l l;c .:� T::ec,-i;� t;:c
City Commission within ^fortv_fivc�o.' the ;::riec-
ti_ve date of the ordinance_creatlnq tine -Pension lenefits
Board. Five representatives shall, bo
shall serve until. Deccmbor__311, : ',1. _ T;zr:a_ f rcr,
representatives appointee: by_t ic•:. _o.-.:,, �s` o:i s':��1_1
serve for two ear terr:s, 1:•it:; representat lv
serving more than four terms.
(5) Qualifications for can6idz:t: s L 1-1
for secret ballot election.. s;:all be pro:~:l:;at:.: }b
the represented union organiza ;:.ions .
(6) If a vacancy occurs, ti7L'_vuca ncy sln n... 1 bl, fi l lC:'
for. the unexpired term in the
-accordance with the same proccduros^for
appointment to the BoarC:
(7) The I'oard members shall 1•;i":c,:_
(8) The Pension _l.'.onefits Boa.-d _ ha] a u`si c.;r _ ':. one
ply i,. ian w1io shall assist ti;c r_..:� i,r.� =i^_ i� c.ir:i
in the performance of its
L'��ch ap)licant for disa::)ility r_L i__�-
ferred to said physician
and report. Such physician siiall au` mri zL:cl- to "er
the applicant to a specialist or at
discretion from a list approv'b°r t:;e onsicn
Doard. Said specialist or sped alists s'.:,:1�--cnort
_their findings and conclusions tc• t::e pc:;'�.ici�l:i
writing, .cic' id phYSlcian shall cur anoo for ant'. o ass
upon all medical examinations rc: ui_ec: 'U__:Z r
visions of section 40-235 and, a::tcr ta, :inq in; o cn.-_s..-Cra-
tion the reports of the ;.,:;v,_s:-.:;i1 Yam_
Fort his conclusions and to �3!_ onsirin
Benefits Board in writin(i.
(9) Each member shall tal-c a:; o. of :f_.Lcc wi
ten days after his a puoir,
(10) Each member of the a oa I" Cs}i a i_ 1Jc_ 4, i•�.:; ,_ij
onevote. Five concurrin'.3- vot S '70-_ :i'cGJ mar_`.•
for a _decision I the r._erz}.r_r. s c`_tho �o. _;_r =; vc,
members shall constitute a o. ti:cl:.aar�
(11) The Board shall_%ccr) c. :-:cord o L c.7 it :
nroccedi!am which shall iba Oncn to!)ui.;lic
The minutes of the Do_a_rO s::al'1_ refleot :;
and com rehensive accountof::''iC? 0,4 SC:1? -
actions taken by Boarc; 'The or crctc of
Retirement Board_shall serve as t he SocrC to ;•v
the Pension Benefits Boar .-"
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Section 2. The Miami City General Employees' Retirement
Flan Ordinance 5624 (May 2, 1956) as amended and as appears
in codified form as 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 40-235
l/
entitled "Benefits" of said Code in the following particulars: —
"Section 40-235 benefits.
(A) Service Retirement "Illowanco.
(1) (n) Any member in scrvic:? may
written application to the bGtt6i Ccnsio:
noard, setting forth at what tir.;c, ;not icss ti;.tn tcn
days nor more than ninet,, c;a,'s suasccue:,t t-o t`.:•:: exc-
cuting and filing thereof, ho cics-ir--s to ,e
providing, that at the tine so specifieci fir
retirement he shall have
vice retirement age for his cjro::-3 and classification,
as provided under section 40-2280)) n �.._ _ ..r.:._..
lie may have separated frr,;r. scrvic_ . . N:�•.� :....�.... .
notification period of . dad.':: Snail nc,t _ li-
ca'ale to any member assic?n::O; to the cuscrkk ' u:;= c
the police department desirin:j to
transfer of the functions of .c
Metropolitan Dade %County.
(b) Any member in servlco `.•:ho Inns attax:::'u -tCi
of seventy shall bo retire6i c::
.first day of the calencar r;onth a,;cce::cii:
the month in which the mer:L� r a; : u ;:; u t ac;c or
seventy years; provided, on a tx:,., c,
the member's department ileac:, an,; on apnpro:'al �;-
the civil service board after r:.vie:: of ::h.: r.:c: ;cr'
record, physical condition and to
his duties, the city com.:dssio:.
who has attained are scventy :c;
service for periods not In of .sc _ _I:.
a time.
(C.;) (x) Commc'ncin;�j L'jTanu:,,ry 2, I)6,) {.r�C:
following January 1 or Jui} 1,
first, following the service
a dollar amount equal to --fw r,,,rec.:t o
retirement allowance shall" be+ ccnvertc -I illl..c
units, such conversion to .)y
fifty percent of the monthly rc: 4
the unit value in effect as of t:)at n.zary Jul.
1, as the case may be. I•'o:- P.li 0 +
have become so as a result of service On
or before January 1, 1969, suci; convcr_- i:-.;: IAI i ?.
ectermined upon the basis of' t.;)e a:sit vain-i 0 f `cc1:
as of January 1, 1968.
I
Words sticken through shall be deleted. Underscored words
constitute the amendment eAupQsed. Asterisks indicate
omitted and unchanged material. Remaining provisions of
Section 40-235 are now in effect and remain unchanged.
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(ii) The unit value shall be t::c
procedure described herein, se�,iiannually 4s of
January 1 and July 1. The c•c; gat } a; .rc ��. ro�i�
of monthly retirement allowance attributable to a
beneficiary's variable units at any diver.
shall be determined by multinlyin- 7, his nu::,.)4r :.f
variable units times the unit vaiuc. thin in c-Ff ct,
subject to the provision t:ha.: at no ti
unit value applicable to r:,iy bencficiraiy ::,o less
than that in effect at the i:irle tiiaL his ::utrlber of
variable units was originally determinea.
(iii)The unit value shall initially be equal to
one dollar. Thereafter, subsequont. z djuEtmcnts to
it shall be based upon the investr.:ont vicld of all
common stocks held in the :;iard City Genial E .;:loyees'
Retirement Plan assets and funds, tG_kit:c-. into
sideration actual investment inco:::e, realiz.c:c; c;ait s
and losses, and unrealized gains L.-nC'. .Icsnu:, bac,,-:,
upon ninety percent of the diffore.:cc at:u
market values. The new unit valuL as ofe�-
mination date shall be the the,-, c::istin: unit vaIIto
multiplied by :_a ratio of (I + i.) ..^,vet (1 1) , c:iZOrc.
VI is •the a6t•ual yield ill:,; tiiii'• w L'.:� _."�...` .
the period to An annual effcctivc: C"f fi...
cent.
(iv) The first adjusi;.;ent to t'.:c .::i %`al.: shall-,
be made as of January 1, 19G9, based :.pon ho invos.-
rtent yield as described above curi t-: �.:e yea_ is i;i:
and with the initial unit vaiuc c:;uai ;:a c uo:.',a;
being established as of January 1, 196£:.
(2) Upon retirement from service, c: :;`::;:c: i:: C.-ou-)
1, 2, 3 or 4 shall receive a sc:ry ice
lowance which shall consist cf:
(a) 11 pension equal to one-half -the fui
or percentage of average fitlwl c„^:.e::sutiot: s cciLc!
x the rate of benefit for thu
of the meriber as of date of
under section 40-228(D), multi-plie-c: ��;� 4i:.: of
years of membership service cor.:plete.d o` of
retirement; plus
(b) A supplemental pension e ;ua_' to on��-..:tlf r .:c --6; i.
proportion or percentage of avcr:;;;c
fines-aticn
specified as the rate of to
group and classification of the ciu;rinc; ch
of the respective years of sorvicc of s::c
multiplied by the number of years of me::at:rshi'o ser-
vice completed for each such classification; pius
(c) 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
uhder section 40-228(D), multiplied by the number of ,years
of his prior service, if any.
M Commencing as of Janua
allowance or pension bonefi
shall be reduced by reason,
benefits paid or payable to
-7 -
ry 1, 1965, nc,
t payable unc;or th,_
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9169
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(ii) To the extent that a mer'ber had reduced his con-
tributions, pursuant to the provisions of subparagraph
(1) (f) of section 40-236, the retirement allowance
shall be reduced on an actuarial equivalent basis so
as to properly reflect the reductign ;Wade in such
members' contribution rate.
(iii)To the extent that a member had made contribu-
tions above those required by his group and classifi-
cation during his respective years of service there
shall be paid an additional annuity which shall be the
actuarial equivalent of the rlenber' s excess contribu-
tion.
(3) (a) upon such retirer..ent, if he has three or more
years service since last becoming a merb er, 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 member served as the city
r:anager, assistant city manager, city clerk, execu-
tive secretary of the civil service board, e:;ecutive
secretary of the planning and zoning board, city
physician, city attorney, assistant direczo r of the
department of law or as director or 'assistant direct,:_
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 maximum of ten years service. The benefits
provided herein shall not be diminished after retire-
ment.
(b) Effective October 1, 1972, upon such retirement
from service, after having reached minimur^ service
retirement age, a member shall also receive a pension
equal to an additional ten percent of average final
compensation if: (i) He shall have completed since
last becoming a member twenty years of continuous
credited service at the time of his retirement; or (ii)
he shall have completed since last becoming a m-n-ber
ten years of continuous credited service as of his
minimum service retirement date and shall also have
completed since last becoming a raemaer fifteen years
of continuous credited service at the time of his retire-
ment. It is further provided, that a member ceasing to
be an employee but remaining as a member by virtue of the
ecercise of a vested right so as to remain shall not
be entitled to have any of the membership time after
cessation of employment credited toward the conputa-
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 tire
was continuous and for a period of twenty-five years
or more.
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9169
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(c) in addition, upon reaching minimum 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 r.erlber, 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 March 16, 1972.
(d) Any employee who was a member of the retirement
plan prior to October 1, 1974, or who was a general
employee who was transferred from the retirement- sys-
tem to the retirement plan shall have the option
of having his retirement benefits computed in accord-
ance with the provisions of section 40-223 or in the
alternative, if such member qualifies, he may have
his benefits computed in accordance with the pro-
visions of section 40-235, subsection (A) (s) (b) or at
a rate of two and one-half percent per ycar, whichever
benefit is greater. In no event shall the selection
of an option affect any member's right: to the Ycnc.fizs
contained in subparagraphs (a) and (c) or this subsection,
if such member so qualifies.
(B)Ordinary Disability Retirement .allowance.
(3) Upon the application of a member in service or
of the head of his department, any member who has
had ten or more years of creditable service and who
is not eligible for a service retirement allowance,
may be retired by the beard, Pension Benefits Board,
not less than thirty and not more than ninety days
next following the date of filinr• such application, o
an ordinary disability retirement allowance; pro-
vided, that the medical board, after a medical examina-
tion of such member, shall certify that such member
is mentally or physically totally incapacitated for
the further performance of duty not as a result of
an accident in the actual perforr.ance of duty as
defined in paragraph (1) of subsectian (C) of this section,
that such incapacity is likely to be permanent and that such
member should be retired.
(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 ordinary dis-
ability.
(2) Upon retirement for ordinary disability, a
comber shall receive a retirement allowance which
shall consist of:
(a) An annuity which shall be the actuarial equiva-
lent of his accumulated contributions at the time of
retirement; and
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Pk 9169
(b) A pension which, together with his annuity,
if any, shall provide a total retirement allowance
equal to ninety percent of the proportion of his
average final compensation specified as the rate of
benefit for his group and classification, as provided
under section 40-228(U), multiplied by t1he 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 retire-
ment allowance equal to ninety percent of such propor-
tion 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
Us average final compensation.
(C) Accidental or Service Incurred
Disability Retirement Allowance.
(1) (a) Upon application of a r.ember cr of the head
of his department, any member who has been totally
and permanently incapacitated for duty, prior to his
attaining the minimum normal service retirement age,
as the natural and proximate result of an accident
occurring while in the actual performance of duty, at
some definite time and place, may be retired for
accidentally incurred disability; provided, that such
incapacity for duty has been total and pernianert and
continuous from a time prior to his attaining the mini-
mum normal service retirement age; provided that the
physician employed by the city shall certify that such
member is mentally or physically totally and permanently
incapacitated for further performance of duty in service
of the city in accordance with tho definition of total
incapacity for duty; provided further, that the report
of the physician employed by the city is concurrcw in
by the retirement -beard Pension Benefits Board' and that
the member shall be subject to a review of^his condition
by the physician employed by the city, at the request
of the retirement -board Pension Benefits Board as often
as the beard Pension Benefits Board shall deer it
advisable until the member reaches his ninimum normal
service retirement age. A member may be considered
to be totally incapacitated for duty, for the purpose
of this section, when he or she is totally unable
to engage in any useful or valuable service within the
City of Miami due to a physical or mental impairment,
which is the natural and proximate result of an acci-
dent which occurred while in the actual performance
of duty; provided, however, that said accident was
without gross negligence on the part of the member.
Any employee who engages in useful service with the
City of Miami, by virtue of this section, shall be
Compensated at the present rate paid at the classifi-
cation held at the time of injury provided the nev:
classification pays at a lesser scale.
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(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 permanently incapacitated
for duty a the result of a condition or impair-
rent 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 subparagraph (a) of
this paragraph, which shall be presumed to have
been incurred in line of duty, unless a physical
examination upon entering service revealed that such
condition existed at that time, niay be retired by the
beard; Pension Benefits Board; provided, that the
physician employed by the board Pension renefits Board
after a medical examination of such member, shall certify
that such member is totally incapacitated for further
performance of duty, in accordance with the defini-
tion of "total incapacity for duty" as defined in sub-
paragraph (a) of this paragraph (1).
(c) The retirement -beard; Pension 5,nciits Board,
when deciding whether to grant an accidental di -,-
ability retirement, shall receive any and all avail-
able information including but not limited. to medi-
cal reports which the board Pension_ Benefits Board
deems necessary in order to assist the beard Pension
Benefits Board in arriving at its decision.
(2)(a) Upon retirement for accidental disability
under the provisions of paragraph (1)(a) of this
section, a member shall receive a pension which shall
he equal to sixty-six and two-thirds percent of his
_ average final compensation or sixty-six and two-thirds
percent of his final compensation, whichever is greater.
(i) The provisions of subsection (A) (1) (c) of this
section regarding variable units as applicable to ser-
vice retirement shall apply in an identical ricunroz�r ir.
the case of retirement for accidentally incurred dis-
ability under the provisions of paragraph (1) (a) of this
subsection (C).
(b) Upon retirement for service -incurred disability
under the provisions of paragraph (1)(a) of subsec-
tion (C), a member shall receive a retirement allowance
which shall consist of;
(i) An annuity which shall be the actuarial
equivalent of his accumulated contributions at the
time of retirement; and
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(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 40-228(D), multiplied by the number of years
or his creditable service, if such retirement allow-
ance exceeds forty percent of his average final
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.
The provisions of subsection 0) (1) (c) of this
section regarding variable units as applicable to
*service retirement shall apply in an identical :canner
in the case of retirement for service -incurred dis-
ability under the provisions of subsection (S)(:.)
of this section.
(c) Upon the death of any member who has received
an accidental disability retirement, the spouse of
said member who was nominated and designated by the
member on the date of retirement as said :ernber's
spouse shall receive the payment of an amount equal
to forty percent of the member's Monthly retirement
allowance during the lifetime of said spouse.
(D) Ordinary Death Benefit.
Upon the receipt of proper proofs by the beard
Pension Benefits Board of the death of a Meru-ber in
service which is not the result of an accident in
the actual performance of duty as definer: 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 nordrate:: by
written designation duly executed and filed with the
beard; Pension Benefits Board, otherwise to his legal
representative, a benefit equal to a lump -sum payment
of fifty percent .of the compensation receive by hir..
during the year immediately preceding his death.
If a retired member dies prior to his having
received twelve monthly retirerent allowance payments
and prior to his election of any optional allowance
having become effective, there shall be paid to such
person, if any, as he shall have nominated by written
designation duly executed and filed with the beard;
Pension Benefits Board, otherwise to his legal repre-
sentative, a lump -sum benefit equal to the sure of
the twelve monthly retirement allowance payments to
which he would otherwise have become entitled less
the payments he received.
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(E) .'Accidental Dea•Ch Benefit.
If, upon the receipt by the beard 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
occurring at some definite time and place while
the member was in the actual performance of duty,
the near& _Pension Eenefits 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, there shall be paid a pension
of one-half of his average final compensation to his
widow, if he leaves a widow, to continue during her
widowhood; or if there be no widow, or if the widow
dies or remarries before the youngest child of such
deceased member shall have attained the ages of eighteen,
then to his child or children under such age, if he
leaves children, divided in such manner as the boare
Pension Benefits Board in its discretion shall deter-
mine, to continue as a joint and survivorship pension
for the benefit of the child or children under such
age until every child dies or attains such age; or,j
., ;. ::- -• Y if .t�ei-e � no widow -vr chile rep runner the age V of..
eighteen years Iivin g-'at the death of �.ucii t.'-i::n
An hid., Jeperic)"ent �,fatheir:: or ddpenddrit mothc r, -as she
%earel 'Pensitn Ben�fits'��oare-in it=s discretion shall
direct, to continue for life; provided, that if there
be no such beneficiary, the amount which otherwise
would have been paid as an ordinary death benefi-
shall be paid.
(F) Return of Gontributiens.
Should a member cease to be an employee, he shall
be paid on demand the sum of his contributions, to-
gether 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 retiroxnant
whatsoever shall not be entitled to a return of his
or her contributions, unless the mar;b`r is elig;.ble
for the benefits of option G under subsection (I M
of this section, which provides for a return of
contributions; or, in the event a member is entitled
toa return of excess contributions under subsection
(A) ( 2) of this section. There shall be no return: of
contributions to any persons entitled to receive
an accidental disability retirement allowance.
Ilothing 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 member,
there shall be no return of contributions, unless
a member died in service. In such event, the con-
tributions shall be payable to such person, if any,
as he shall have nominated by written designation
duly executed and filed with the bearer Pension
Benefits Board, otherwise to his legal representative;
provided, that such amount may, with the approval of
the beard; Pension Benefits Board, be paid in the sum
of an annuity at the option of the beneficiary.
9169
(G) Limitations of Disability Benefits and
Reexamination of Beneficiaries Retired
on Account of Disability.
(1) During the period of retirement on a disability
retirement allowance prior to the member's mandatory
retirement age, the disability beneficiary's annual
earnings from employment shall not exceed an amount
which, when added to the disability retirement allow-
ance payments received by him, would result in a
combined income of one hundred per centum of the
maximum current salary for the classification from
which he was retired. If the member's annual earn-
ings are in excess of one hundred per centum, as cont-
puted above, payments of the disability retirement
allowance shall be reduced by an amount by which the
combined income exceeds the maximum permissable
amount. The member shall, at the tire of his dis-
ability retirement, before any benefits are paid to
him, and annually before May first of each year, fur-
nish to the board a copy of his federal income tax
return for the prior year and any other information
which the board may require. When the �:isability
beneficiary's combined income exceeds the
permissible amount determined on the basis of t'_;c
r.aximum salary as of January 1 of the prior year for
the classification from which he was retired, future
payments of his disability retirement allowance shall
be withheld until the total sure withheld equals the
amount by which his combined income for the prior
year exceeded the maximum permissible amount. There
shall be no restrictions on the amount of earnings
a member may receive once the member has reached his
mandatory retirement age.
(2) Any disability beneficiary who is receiving a
disability retirement allowance shall be subject,
prior to his mandatory retirement age, to reexamina-
tion by the physical examiner upon rer.uest of the
beard Pension Benefits Board and the : hvsi cal examiner
shall report to the beard Pension -Benefits 3oard his
conclusions as to the continuance of the tonal and
permanent incapacity for duty. In the event that such
disability shall not continue to incapacitate the
disability beneficiary for service acceptable to
the city, in accordance with requirements of the civil
service rules and regulations, the city Tanager may
require that such disability beneficiary be returned
to employment with the city at a classification in
accordance with his abilities and impairment; provided,
that if the disability beneficiary returns to a classi-
fication with a lesser pay scale than the one he held
at the time of injury, he shall be compensated at the
present rate paid at the classification held at the
time of injury. Upon any such return to employment
such disability beneficiary shall be restored to ser-
vice as a member, his disability retirement allowance
shall be terminated, he shall resume contributing to
the plan according to the compensation thereafter
payable to him and the period during which he was
.:eceiving his disability retirement allowance shall
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2
not be included in his creditable service for all
purposes. Any member returning to employment, in
accordance with the provisions herein contained, shall
have the right to pay back the contributions to the
retirement plan for'the time that such employee was
on disability and said member shall -receive full credit
for such time. All members who are granted a dis-
ability retirement allowance shall be evaluated by
the physician employed by the city at least once
every five years.
(3) If any disability beneficiary in receipt of
a disability retirement allowance is found by the
beard; Pension Benefits Board, prior to his manda-
tory retirement age, to be no longer incapacitated
but is not restored to service as a raenber because
of his own refusal to accept employment offered to
him in accordance with the foregoing paragraph, his
disability retirement allowance shall be terminated
and he shall have the right to exercise his option
to whatever pension benefits he may be entitled.
'(H) Restoration of Beneficiaries to
Membership.
Should a disability be-rieficiary be restore_:
to or be in active service at a compensation equal
to or greater than his average final compensation
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 plan, and he shall contribute there-
after at the rate required by his group or class:.
Anything in this division to the contrary notwith-
standing, he shall be credited with all service
standing to his credit at the time of his retirement
providing he returns the amount of money he received
under the provisions of subsection (r) of this sec-
tion; provided, however, that if he is restored to
membership on or after the attainment of acre yift;Y,
he shall, on subsequent retirement, be credited w-Lth
all his service as a metrber subsequent to his last
restoration to membership and shall receive a pension
therefor as if he were a new entrant, and, in addition,
he shall receive the pension which he was receiving
immediately prior to his last restoration, but the total
pension shall not exceed the proportions of average
final compensation he would have received as pension,
had he remained in s rvice during the period of his prior
retirement. Any member having been restored to member-
ship subsequent to having been retired as a disability
beneficiary, may, upon application to the retirement
beard Pension Benefits Board and approval thereof,
receive membership credit for the period of time of such
retirement by contributing the amount he 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.
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(I) Optional Allowances.
(1) 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, an%.�
member may elect to receive in lieu of the retire-
ment allowance otherwise payable to him, the actuarial
equivalent at that time of his retirement allowance
in a reduced retirement allowance payable throughout
life, with the provision that:
Option 1. If he dies before he has received,
in payment of his annuity, the 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 dull exe--
.cuted and filed with the beard; Pension Benefits Board
otherwise to his legal representative; or
Option 2. Upon his death, his reCuc_d rc izu-
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 Board 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
he shall have nominated by written designation duly
executed and filed with the bearer Pension Benefits
Board at the time of his retirement; or
Option 4. Upon his death, some other benefit
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 provided, that the
benefit shall be approved by the bears; Pension Benefits
Board; or
Option S. If, as a result of an accidental
injury incurred in line of duty, the member shall
have been so seriously injured that he is unable to
execute and file a designation of an optional pension
plan, the retirement -beard Pension Benefits Board may,
with the consent of the principal beneficiary, de-
signate an option, and if such condition shall have
delayed the application for retirement and the selection
of, option, may waive the requirement as to the member'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 retirement allowance
otherwise payable to him:
16 9169
(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 hire 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 designates: his spouse at
the time of his retirement as the person to receive
.payment of the benefit upon his death, the 11--otal
minimum value of the allowance durinc his life aAnd
the succeeding benefit shall be conUated 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 memtar
the right or privilege to exercise pore than ore
of Options 1 through 6 in this subsection.
(2) Notwithstanding any provision to the contrary contained
(J) Pension Offset by Compensation Benefits.
(1) Any amounts which may be paid or payable under
the provisions of any state workmen's couipensation
or similar law to a member or to the dependents of
a member on account of any disability or death shall
be offset against and payable in lieu of any benefits
payable out of funds provided by the city under the
provisions of the retirement plan on account of
the same disability or death. In case a pension is
payable under this retirement plan 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
plan, the present value of the corunuted 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 plan.
-17-
9169
ek OIA
redeposit in the Annuity Savings Account the amount
of his accumulated contributions returned to him,
by filing with the beard. Pension Benefits Board a
fora which contains.an election to pay back or redeposit
such contributions. The form shall be sent to the
applicant by registered mail and must be returned to
the board Pension Benefits Board within thirty days
of receipt.
(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 payments
mutually agreed upon or by additional payroll de-
ductions; provided, however, that such redeposit.
shall be completed within five years following the
date of notification of the amount to be redeposited.
Any amounts so redeposited shall become a part of the
member's accumulated contributions.
(3) Upon completion of the payment of the redeposit
and of a period of five years of rerrbership subse-
quent to his date of restoration, the mer-ber shall
be credited with the period of his previc,,s crec:itablc
service; except, that -in the event of disabilir-y
retirement prior to the completion of such payment,
a member shall receive credit for such previous service.
(4) Any person restored to membership who is eligible
to, but does not, make the election provided for in
this subsection or who, having mzde the election,
fails to make the full redeposit within the period
of time herein provided, except as otherwise pro-
vided in paragraph(3) of this subsection, shall be
considered a new member for all purposes of the retire-
mentplan as of his date of restoration and shall not
be entitled to any of the rights and benefits provided
under this subsection.
(5) A former member whose enployment by the ci;.y
was terminated due to reduction in personnel, an,"k
whois reemployed by the city within a period of
three years, may apply for service credit for
prior time as the former r.ember 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 deterr..ined by the retire -
rent -beard Pension Benefits Board shall be paid by
such former member into the retirement system and
shall be credited to his member's annuity saving
account.
(6) Any member who has left the employ, for a
period not in excess of four years, of the city and
who has accepted the return of his contributions
may apply for service credit for prior time as the
rember 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
&x-,yvji& Ljie control of the member and were of such a
-19-
9169
• nature that his earlier return to service would have
created an unreasonable burden or hardship upon him.,.
Subject to the above, the bearel Pension Benefits Boar.: _
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 ner.,ber of the plan from the time of his original employ- -
rent to the date of termination of employment which
entitled him to the withdrawal of his contribution.
No credit for prior service will be allowed
under the provision of this paragraph for service
prior to Janaury 1, 1940.
(7) If a member cannot fulfill the aforesaid
(L) Payback.
(M) Cost of Living Adjustment.
(1) All beneficiaries of the Miami t:i%.-y Goncral
Employees' Retirement -Plan, as of December 31, 190,
shall receive a nineteen and one-half percent cost
of living r.onetary adjustment. Suc;l percentage is
that percent, nineteen and one-half percent, of a full
one hundred percent cost of living monetary adjust -meat
calculated from the date each beneficiary becar:ie a
beneficiary through December 31, 1967, using the Con-
sumer Price Index (CPI) defined as 100.0 for the 1957-
= 59 base period as established by the Bureau of Labor
Standards of the U. S. Department of Labor, as the
basis measurement index. Payment of such monetary
adjustment shall be prorated over the period commencing
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►ia:•i
City General Employees' Retirement Plan small be
subject to budgetary appropriations, if any, of the
commission 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.
re
OP
Section 3. The Miami City General Employees' Retirement
Plan Ordinance 5624 (May 2, 1956) 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 Septem-
ber 1, 1980, is hereby further amended by repeal of subsec-
tion (A) entitled "Generally; agreement" of Sectiou 40-237
entitled "Trustee of Funds" of said Code and by substituting
the following underscored subsection (A) of said Section in
its place and stead:
[Section 40-237 Trustee of Funds.]
Note: Bracketed portion appearing above merely indicates
proper location of herein substitution.
"(A) Generally. All. the contributions of the members,
the contributions of the city and all other income
of whatever nature due the retirement plan shall
be delivered by the director of finance to a trustee
desiVnated by the city commission for the purpose of
safeguarding and investing the assets until they are
needed for disbursement for benefits or refunds under
the plan as herein set forth in this division."
Section 4. The Miami City General Employees' Retirement
Plan Ordinance 5624 (May 2, 1956) 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 Septem-
ber 1, 1980, is hereby further amended by repeal of subsec-
tion (C) entitled "Appointment of successor trustee" of Sec-
tion 40-237 entitled "Trustee of Funds" of said Code and
by substituting the following underscored subsection (C) of
said Section in its place and stead:
[Section 40-237 Trustee of funds. ]
Note: Bracketed portion appearing above merely indicates
proper location of herein substitution.
,I(C) Appointment of successor trustee.
-(1) The Miami City General Em, loyeesI Retirement Plan
Trust is an irrevocable trust established by ordinance.
The City Commission, having retained that right, hereby
appoints a successor trustee to the trust thereby
created. The successor trustee designated as the
Board of Trustees of the :diani Cit�General Employees'
Retirement Plan shall consist of all of the_! ty
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.
9169
[lam
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(2) 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.
(3) The Board of Trustees shall hold regular neetings
at least quarterly in each year and special neetings
at such time as the Chairman or a majority of the
• Board may deem necessary.
(4) The Board of Trustees hereinafter referred to as
the trustee, subject to the approval of the City Com-
mission may retain persons or firms including but not
limited to, attorneys, auditors, investment 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 Prosecute or defend
actions, claims or proceedings of any natures or kind =_
for the protection of trust assets an"-: of t ie trustee
in the performance of the duties of the trustee.it
Section 5. The Miami City General Employees' Retirement
Plan Ordinance 5624 (May 2, 1956) 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 Septem-
ber 1, 1980, is hereby further amended by adding the follow-
ing new underscored untitled subparagraph (8) to subsection (F)
entitled "Duties and Responsibilities of trustee" of Section
40-237 entitled "Trustee of Funds" of said Code to -be inserted
at the end of and following untitled subparagraph (7) of said
subsection of said section of said Code.
[Section 40-237 Trustee of funds.
(F) Duties and Responsibilities of trustee.)
Note: Bracketed portion appearing above merely indicates
location of herein insertion.
"(8) The Board of Trustees shall make such rules and
regulations as are necessary to carry out its duties
pursuant to this section._"
-22-
0 9169
51
OP
Section 6. The Miami City General Employees' Retirement
Plan Ordinance 5624 (May 21 1956) 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 Septem-
ber 1, 1980, is hereby further amended by amending subsec-
tion (G) entitled "Investment authority" of Section 40-237
1/
entitled "Trustee of Funds" in the following particulars:~
[Section 40-237 Trustee of Funds.]
Note: Bracketed portion appearing above merely indicates
proper location of herein amendment.
to (G) Investment authority. The trustee
shall have the following powers and authority in the
.investment and administration of fund assets:
Trust funds shall be invested an(! reinvested
in such seer#ty securities or in such propC;:L , real or per-
sonal or mixed, wherever situated, as the trustee
shall deem advisable. In the acquisition, invest-
inent, 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 circurstances 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.
�rt�st-fax�ds-r.►n�-be-tr�vested-as-fds�e�: sr
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n---Benda ; -Hates-er-et�ier-ebb#gat €dt�s
ef-tMe-H��ted-gtates-er-these-c�tiaranteed-by-tAe
Hatted-6tntes-er-far-e+hse�:-tY�e-ereeiit-e€-the-HnitcG
6tntea-is-p�ee�ged-far-the-�npr�en t-e€-the-fir€tie€del
,and-interest-er-dtd3dends-t�ieree€-
b---Hertifteates-a€-de�esit-a€-ar�y-»tin?
- ineorpornted-ender-the-�a�►s-of-th€s-state-er-nr�p
nntienn�-bnnk-ergnr�ired-under-the-�a�as-a€-tl�e-Hnited
Stntes-te-do-basir�esa-end-sitnsted-€n-this-state;-te
_ tbe-extent-that-stieb-snbings-aeeear►ts-ere-��sered
tv�tl�-the-federn�-get►ernment-ar-ari-ageneq-tkeree�; -nrie
-i€-tMe-eerti€#antes-a€-deposit-are-seee�rcd-b1-tire
deposit-ef-seenrities-ef-tke-Hs.iteel-6tates-gebernnent-
l/ Words stricken through shall be deleted. Underscored words
constitute the amendment proposed. Remaining provisions of
Section (G) are in effect and unchanged.
-23-
� : --Het-x�ere-than-ten-pereent-a€-tie-€t��:c�-Yap
be-rneested-in-nnp-er►e-entitp-e€-the-eate�?eries-}fisted
n---Eemmen-stee#;-,pre€erreel-steak-and-in-
terest-bearing-abitgattens-a€-earperatieris-herding-an
e;�tien-te-eenbert-ante-eer.�nen-staek;-issaed-bp-a-eer-
-prntien-organized-finder-the-ia�as-e€-the-spited-States;
• anp-state-er-erganired-territerp-a€-t?�e-E�nited-6tates
end-the-eistriet-ef-Eeiambie--p�ret�ided; -that-the-ae�ere-
gate-innestment-of-the-farad-in-nnp-ene-issaine;-eerpern-
fi.ion-shaii-net-exceed-three-pereent-e€-the-eatstandinr
�apitai-steak-of-that-eerperatien-
b---Hates-see�red-bp-€first-n+artgages-en-real
g�rc�pertp;-insared-er-gaaranteed-'erg-the-Pederai-Haas3nr�
Admintstratien-or-the-�leteransl-hd�inistrat#en-
c---fntereat-bearing-eb�.ieati6ns-witk-a
fried-matnritp-ef-anp-eorperat3en-�it:3#n-the-Sn3tea
States;-pradided,-that-saeh-ebl.#eetiens-are-rated-bp
at-feast-tie-nntiorei�p-reeegnized-rat3ye-serbiees-in
anq-ene-e€-the-€oar-highest-e�sss3€3eatiers-a�peered-
bp-the-eemptreiier-e€-the-earreneH-for-the- nNrsz,e:zt
ef-farads-o€-natiena�-banks;-er-i€-enip-ene-r�atic�r�niw;
reeegr�ised-rating-ser�iee-sha3:�-rate-seep-abi.i,atie:�s-
sneh-rating-sereiee-mt�at-bade-rated-saei�-abiigatie�r,s-in
nnp-ene-ef-the-three-higi�est-eiasst€ieatiens-heretefe�e
mentiened-
within- the-imitations-ef- the -ferege-ing-standards,
the The trustee is authorized to acquire and attain
every 1:ind of property, real, personal or mixed, and
every kind of investment specifically included, but not
by way of limitations, bonds, deben-Cures and other
corporation obligations and stocks, preferred or coranon,
which lren 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 wi,h-
out regard to its suitability for original. purchase.,,
Section 7. The Miami City General Employees' Retirement
Plan Ordinance 5624.(May 2, 1956) 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 repealing Section 40-243,
entitled "Designation of corporate trustee and acceptance
thereof" of said Code in its entirety.
-24-
" 9 1 6 9
w
Section 8. The purpose of this Ordinance is to amend
the Retirement plan so as to remove the present Retirement Board
as the administrator thereof and to vest said administration 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 9. 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 shah 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.
Section 10. If any section, sentence, clause, phrase
• or word of this Ordinance is for any reason held or declared
to be unconstitutional, inoperative or void, such holding or
invalidity shall not affect the remaining portions of this
Ordinance, and it shall be construed to have 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 be valid as if such
parts had not been included therein.
PASSED ON.FIRST READING BY TITLE ONLY this 15 day of
September , 1980.
-25-
Dom
0
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE
ONLY this 25th day of September , 1980.
RAL G. ONGIE
CITY LERK
REVIEWED AND APPROV
H-
d-EbRdE KNOX, JR.
CITY AT41ORNEY
Maurice A. Ferre
MAURICE A. FERRE
M A Y 0 R
0 FORM AND CORRECTNESS:
-2b-
�. 9199
H1
ilCt 2� ��� eel
ELEVENTH `'cY KcutT COURT of •r»s
' JUDICIAL CIRCUIT IN
DEPT. i.; AND FOR DADE COUNTY, FLORIDA
CITY Or APPELLATE DIVISION
CASE NO. 79-395 EX
THE BOARD OF TRUSTEES OF THE
MIAMI CITY EMPLOYEES' RETIREMENT
SYSTEM AND THE BOARD OF TRUSTEES
OF THE MIAMI CITY GE14ERAL EM-
PLOYEES' RETIREMENT PLAN,
Petitioners,
DONALD TEEMS, JACK SULLIVAN,
and A. G. SHERhSAN, ORDER GRANTING MOTION
FOR CONSTITUTIONAL
Intervenors,
STAY WRIT
VS.
CITY OF MIAMI, a Florida
Municipal Corporation, and
MAURICE A. FERRE, J. L. PLUMMER,
JR. , ARMA14DO LaCASA, THEODORE
R. GIBSON and JOE CAROLLO, as
members of the Miami City Com-
mission,
Respondents.
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 4.5(g)(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, TheBoards 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,'8jjpoptb$ effectively remove this re -
IN 10 (113
sponsibility and interest St�a )IJW4Wthe Boards of Trustees,
and place such responsibilities in the City Commission itself.
/µ.
). t,an�l+i i'••w►�r+, J9rk 5uliivnn, and A. G; She rmanI
nM (�ttrit•e��t.r. , have a vested 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.
4. 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 3 day of October, 1980.
.
MARIO P. GODERICH
MARIO P. GODERICH
Circuit Court Judge
U
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 personallyy 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 9169
inthe ... _ _...--_......1{....X............................. Court,
was published in said newspaper in the issues of
Oc.tobe r_.2.,...?_9.$............. ....... I ...... I..............
Affiant further says that the %aid 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)securing this advertisement for publication
in the sajd newspaper.
....f... w ......
Sw to: r6 sifbscf<� fore a this
?,,.�,,d c V �r' 19..
a':n . day �`ru `'! �, ..........
Oc a-Y. Fer
ptaTykPublic, State of F�p , t Large
r. /
My Commission Vxplrbs'June46, 1992,�„
R E i.' '_ :1',, n
'80 oc
City of Miar)i. =te.
CITY OF MIAMI,
DADE COUNTY, FLORIDA
LEGAL NOTICE
All interested will take notice that on the 2Sth day of September
1980, the City Commission of Miami, Florlda passed end adopted thtifol
lowing Htled ordinance:
ORDINANCE NO. 9169
AN ORDINANCE AMENDING THE MIAMI CITY GENERAL
EMPLOYEES' RETIREMENT PLAN (ORDINANCE NO.
5624, DATED MAY 2,1956, 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, IM,
MORE PARTICULARLY AMENDING THE FOLLOWING.
PROVISIONS OF SAID CHAPTER OF SAID CODE: SECTION .
40-234 ENTITLED "Administration" BY REPEAL
TITLED SUBSECTIONS (a) THROUGH (q) THEREOF AND
SUBSTITUTING THEREFOR TWO, NEW SUBSECTIONS FEN- ,
TITLED "(a): Ret f0ent;Boartl" AND'"(b) Pension betted{�s".
Board"; SECC��illppN')o-�S ENS ILL t3 "Benefits BY AM1t>:1
j.MENT �'fi`Ell!'E'#'O; S�CTItDN i0.21�`� ITLED"'T�ustae'of• ' ,
Funds"; BY REPEALING SUBSECTIDIIIF THEREOF EN-
TITLED "Generally; agreement" AND SUBSTITUTING
THEREFOR A NEW SUBSECJION (A), BY AMENDING
SUBSECTION (C) THEREOF NTITLED "Appointment of
successor trustee" AND SUBSTITUTING THEREFOR A NEW I
SUBSECTION (C), BY ADDING :A- NEW ..UNTITLED.-�.H
SUBPARAGRAPH (8) TO SUBSECTION .(F) THEREOF EN-
TITLED "Duties and responsibilities of trustee", BY
AMENDING SUBSECTION (0) THEREOF •,ENTITLED
"Investment authority"; SECTION 40.243 ENTITLED
"Designation of corporate trustee and acceptance thereof" BY
REPEAL THEREOF IN ITS ENTIRETY; GENERALLY
PROVIDING BY SAID AMENDMENTS TO SAID CHAPTER
FOR THE ADMINISTRATION OF SAID PLAN TO BE
VESTED IN THE CITY COMMISSION AND FOR THE CITY
COMMISSIONERS TO BE THE SUCCESSOR TRUSTEE .OF
THE PLAN TRUST FUNDS; FURTHER PROVIDING BY
SAID AMENDMENTS FOR THE DISCHARGE ANDACQUIT-
TANCE OF PRESENT INDIVIDUAL TRUSTEES AND PLAN
BOARD MEMBERS WHO WILL HENCEFORTH HAVE NO
1 FURTHER RESPONSIBILITY, AUTHORITY OR POWER TO
II ACT IN ANY MANNER, INDIVIDUALLY, OR ON BEHALF
OF SAID PLAN OR PLAN 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 PROVISIONS AND A
SEVERABILITY CLAUSE. .
RALPH ONGIE
CITY CLERK
nni9f CITY OF MIAMI, FLORIDA
Publication of this Notice on the 2 day of October 1980
10/2 M80
MR-68-1