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Home My WebLink AboutO-09153r' BSS/smc AMENDMENT NO. TO ORDINANCE NO. 9012 9 /4 /80 ORDINANCE NO. 9153 AN ORDINANCE AMENDING SECTION 1 OF ORDINANCE NO. 9012, ADOPTED OCTOBER 31, 1979, WHICH ESTABLISHED A TRUST AND AGENCY FUND FOR PENSION, TO REFLECT THE ADOPTION OF THE RECOMMENDATION MADE BY THE ACTUARY, EDWARD H. FRIEND AND COMPANY, FOR THE PURPOSE OF IMPLEMENTING THE LIMITED PENSION FUNDING POLICY OF THE CITY; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE; AND DISPENSING WITH THE REQUIREMENT OF READING THE SAME ON TWO SEPARATE DAYS BY A VOTE OF NOT LESS THAN FOUR -FIFTHS OF THE MEMBERS OF THE COMMISSION. WHEREAS, the City Commission adopted Ordinance 9012 on October 31, 1979, to establish a Trust and Agency Fund for the City of Miami Pension Program for fiscal year 1979-80; and WHEREAS, said ordinance appropriated an amount of $16,755,336 for fiscal year 1979-80; and WHEREAS, the actuarial firm of Edward H. Friend and Company has completed a study of the necessary measures to implement the limited funding policy of the City; and WHEREAS, the aforementioned actuarial firm has recommended that the funding of the past service liability be changed from a level dollar premium to a percentage equal to the adopted policy of a 5% increase per year; and WHEREAS, the acceptance of this recommendation would reduce the Pension budget from $16,755,336 to $15,391,851, for a net savings of $1,363,485; and WHEREAS, the aforesaid net savings are to be retained in the Pension Fund as an increase to the fund balance; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Section 1 of Ordinance 9012, adopted October 31, 1979, which established a Trust and Agency Fund for Pension, is hereby amended in the following particulars: 1/ --------------------------------------------------------------------------- i7All-portions of Section 1 appearing herein and not deleted or underscored remain unchanged. a "Section 1. The following Trust and Agency Fund is hereby established and and resources are hereby appropriated as described herein: FUND TITLE: Pension RESOURCES: Contributions from various departments boards and offices of the City of Miami $16,755,336 APPROPRIATION: Rens3en-bests-16746;336- Pension costs allocated as follows: Administrative Expenses - System $ 333,203 - Plan $ 333,202 Funding Requirements - System - Plan - ICMA - Old Fire and Police Increase in Fund Balance Total Appropriation 8,738,319 5,911,327 50,000 259800 1,363,485 $16,755,336 " Section 2. The herein allocation of pension costs is made to reflect with the recommendation made by the actuary, Edward H. Friend and Company, for the purpose of implementing the limited pension funding policy of the City of Miami. Section 3. All ordinances or parts of ordinances insofar as they are inconsistent or in conflict with the provisions of this ordinance are hereby repealed. Section 4. This ordinance is hereby declared to be an emergency measure on the grounds of urgent public need for the preservation of peace, health, safety, and property of the City of Miami, and upon the further ground of the necessity to make the required and necessary payments to its employees and officers, payment of its contracts, payment of interest and principal on its debts, necessary and required purchases of goods and supplies, and to generally carry on the functions and duties of its municipal affairs. Section 5. If any section, part of section, paragraph, clause, phrase or word of this ordinance is declared invalid, the remaining provisions of this ordinance shall not be affected. -2- 1^ 9153 f PASSED AND ADOPTED THIS 15th m ATTEST: AL H ONGIE, CITY CLERK BUDGETARY REVIEW: MANOPAR S.,4MANA, ACTING DIRECTOR DEPARTMENT OF MANAGEMENT AND BUDGET LEGAL REVIEW: ROBERT F. CLARK ASSISTANT CITY ATTORNEY -3- day of _ September , Maurice A. Ferre MAURICE A. FERRE MAYOR APPROVED A CIT ATTORNEY D CORRECTNESS: 9153 ��3JJJa ` - Richard L. Fosmoen September 4, 1980 City Manager Ordinance Amendment: Allocation of Pension Costs per Edward H. Friend Study cting Director Manohar S. SurjMament Department of and Budget Y It is recommended that Ordinance No. 9012, which o r� established a Trust and Agency Fund for Pension, C be amended to reflect the allocation of pension costs pursuant to the Edward H. Friend and Company = study of the Ci ty's Pension program. crs= Ordinance 9012 was adopted on October 31, 1979, to establish the.: Pension Trust and Agency Fund. The amount appropriated for fiscal year 1979-80 was $16,755,336. V14=: Subsequent to the adoption of this ordinance, the city, requeste* Edward H. Friend and Company, Actuary, to perform a study of the necessary measures to implement the limited pension funding policy of the City. Their recommendation was to increase the amortization payment of the unfunded past service liability by 5% each year from October 1, 1976. This recommendation was accepted by the City (Resolution 80-520). In accepting this recommendation, the Pension budget will be reduced from $16, 755, 336 to $15, 391, 851 for a net savings of $1, 363, 485. Of this amount, $1,272,815 represents savings due the City. It is sug- gested that the City's contribution of $15,401,983 should not be reduced to $14,129,168. The total savings of $1,363,485 should be retained within the Pension Fund, as an increase to the fund balance. The revised allocation of pension costs is shown on the attached schedule. The attached ordinance, reflecting the necessary changes, has been prepared for the September 15, 1980, City Commission meeting. MSS/cl 9153 CITY OF MIAMI PENSION FUND REVISED ALLOCATION OF PENSION STS FY 1980-81 Administrative Exnenses: System $ 333,203 Plan 333,202 $ 666,405 Funding Requirements: System $8,738,319 Plan 5,911,327 ICMA 50,000 Old Police and Fire 25,800 14,725,446 Increase in Fund Balance 1,363,485 $160755,336 MIAMI REVIEW AND GAILY RECORD Published Daily except Saturday, Sunday. and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE. Before the undersigned authority personally appeared Octelma V. Ferbeyre, who on oath says that she is Supervisor, 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 9153 ...................................................................... I ............. ........ in the _.............._-..X..X... X............... ......... ...... Court was published in said newspaper in the issues of September 19, 1980 _ _. .. _.__.... ................ 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, Sunday 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 corporation any discount, rebate, commission or refund for t purpose of securing ad rtisement for pub 'cation in the said news rorr 01 V s IL Sw@n to�nd sCy TiX� jot'ti �e 19..,�day of �...S.1.7?/. .. r..... A.D. 19.... (/ ," *.Becky Caskey • No y O&Jgle of F01 M oieQi s* eTT�i "1 � e (SEAL) i��,,,,, F[DR'U,Q'sssss�f MR-91 ,« ........ ... CITY, OF MIAMI, OADE COUNTY, F.l gRIpA LEGAL NOTICE All Interested will fake notict thiifon the 15th day of September 1980, the City Commission of MlaPid, Plorida passed and edopted the fol- lowing titled ordinance, ORDINANCE NO. 9153 AN ORDINANCE AMENDING SECTION 1 OF ORDINANCE NO. 9012,_AQ0PTCaQ_-QCZ08ER_ 31, 1979, WHICH "" ESTABLISHED A TRUST AND AGENCY ""OR1PEN- SION, TO REFLECT THE ADOPTION OF THE RECOMMEW DATION MADE -BY THE ACTUARY, EDWARD H. FRIEND AND COMPANY, FOR THE PURPOSE OF IMPLEMENTING THE LIMITED PENSION FUNDING POLICY OF THE CITY; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE;'AND DISPENSING WITH THE REQUIREMENT OF READING THE SAME ON TWO SEPARATE DAYS BY A VOTE OF NOT LESS THAN FOUR - FIFTHS OF THE MEMBERS OF THE COMMISSION. RALPH ONGIE nnip CITY CLERK CITY OF MIAMI, FLORIDA I Publication of this Notice on the 19 day of September 1960. j V 19 M80-091959