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Home My WebLink AboutO-08848ORDINANCE NO, 8848 AN tMEttGENCY ORt►INANCE AMENDING ORDINANCE NO, 8826 PROVIDING FOR AN ADJUSTMENT EFFECTIVE AS OF THE DATE 0F FUNDING IN THE PENSIONS POR ALL BENEFICIARIES OF THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM AND OF THE MIAMI CITY GENERAL EMPLOYEES' RETIREMENT PLAN SO THAT AS RESPECTS EACH BENEFICIARY AS OF SUCK DATES THE PENSION BENtPIT SHALL BE INCREASED BY AN AGGREGATE AMOUNT DETERMINED BY INCREASING THE PENSION BENEFIT BY ONE-HALF OF ONC PERCENT (.5T) OF THE FIRST THREE HUNDRED DOLLARS 03004) OF THE CURRENT BENEFIT FOR EACH YEAR, SINCE THE RESPkCTIVE DATE OF RETIREMENT FOR EACH BENE- FICIARY; AND BY PROVIDING THAT THE AMOUNT OP EACH SUCH INCREASE SHALL BE ADDED TO THE PRE- SENT PENSION BENEFIT, AND THE RESULTING AMOUNT SHALL THENCEFORTH BE PAYABLE ON A MONTHLY BASIS; AND BY FURTHER PROVIDING THAT FOR PURPOSES OF APPLYING THE ORDINANCE PROVISION OF ORDINANCE NO. 7798, ADOPTED SEPTEMBER 25, 1969, PER- TAINING TO VARIABLE UNITS OF RETIREMENT INCOME, THE ADJUSTED PENSION BENEFIT AS HEREINABOVE DETERMINED SHALL BE USED AS BASE MONTHLY RE- TIREMENT ALLOWANCE FOR THE COMPUTATION OF BENEFIT CHANGES, IF ANY, WHICH ARISE BY REASON OF CHANGE IN THE VALUE OF VARIABLE UNITS; AND CONTAINING A SEVERABILITY PROVISION, A REPEALER CLAUSE AND AN EFFECTIVE DATE, WHEREAS, the City Commission is mindful of the need for funding benefits on a sound actuarial basis and has caused such a financial impact study to be made and considered; and WHEREAS, the increase provided herein is to become effective when proper funding is made; and WHEREAS, the sums received by beneficiaries of the Miami City Employees' Retirement System and of the Miami City General Employees' Retirement Plan have previously been adjusted for the purpose of recognizing a steady and sizeable cost of living increase that has taken place since the date said bene- ficiaries became a beneficiary; and WHEREAS, the sums presently being paid to beneficiaries, because of the increase that has taken place in the cost of living since the last previous adjustment in pension benefits, are totally inadequate to provide the compensation heeded by the retired emm ployees, NOW, THEREFORE, EE IT OR bA1N 1 EY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Se.tt.ion 1. Effective as of the date of funding, the pensions of all beneficiaries of the Miami City Employees' ke- tirement System and of the Miami City Employees' Retirement Flan shall be adjusted so than as respects each beneficiary as of such date, the pension benefit shall be increased by an aggregate amount determined by increasing the pension benefit by one-half of one percent (.5%) of the first three hundred dollars of the erig4nel current benefit for each year since the respective date of re- tirement for each beneficiary. The amount of each such increase shall be added to the present pension benefit, and the resulting amount shall thenceforth be payable on a monthly basis. 1/ Section 2. For purposes of applying the ordinance provision of Ordinance No. 7798, adopted September 25, 1969, per- taining to variable units of retirement income, the adjusted pension benefit as hereinabove determined shall be used as the base monthly retirement allowance for the computation of benefit changes, if any, which arise by reason of change in the value of variable units. Section 3. All ordinances, code sections or parts there- of in conflict herewith insofar as they are in conflict are hereby repealed. Section 4. If any section, sentence, clause, phrase or work 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 Commission of the City of Miami 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, -2- Underscored words constitute the amendment proposed. Remaining provisions of Section 1 are now in effect and remain unchanged, 8E,ction_ ► This Ordinance is hereby declared to be an emergency treasure on the grounds of urgent public geed for the ptesetvation of peace, health, safety, and Property of the City of Miami. Section 6. The requiretnent of reading this ordinance on two separate days is hereby dispensed with by a vote of not less than four=fifths of the •members of the Commission. PASSED AND ADOPTED this 2.8th day of September Maurice A. Ferre MAYOR ATTEST: RALPI, G. O'NGIE, CITY CLERK -? APPROVED/AND PREPARED BY: OBERKLAUSNER ASSISTANT CITY ATTORNEY APPRO S TO FORM AND CORRE SS; G •RGE F KNOX, JR. ,CITY AT !'NEY 1978. MIAMi REVIEW AND DAiLY INte0 Published Daily lfltlpt Iefioday, Sunday and L8ael llbilaAy% Mlbresi, bade County, Pl6Pid8. 1tAtt OP PLOIibA i=oUNtve of bAbt Before the .underlIghed euthetity pert6naii apt Deared Mai WiII18mt, who On 6Ath says that the 1s the Irectbr Of Legal AdvelHling Of the MIAMI Review and Daily Record, a daily idayiwp(e�WWteed SatuPd8y, SUfM0a 8iid Dade tauh y, Fide de;lthatetfhepettf8t ltl (Oily 6} ever tIlefrleht, being a Legal Advertiseinent OF Notice in the nutter Of C1'I'Y OP MtAMt Re: Ordinance NO, 8848 in the X X X X Court, wet published in said newspaper In the Issues of Oct. 3) 1978 Aftiant further says that the said Miami Review and belly Record Is a newspaper published at Miami, in said Dade County, Florida, and that the said newspaper has heretofore been continuously published In said bade County, Florida, each day (except Saturday, Sun• day and Legal Holidays) and has been entered al 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 hal neither p nor promised any person, firm or corpora. Hon any ount, rebate, commission or refund for the pp secuNng this adv t for publication ?nu rthe newspaper ! e �� gorn �i wd(��Q�ib }f Yekreorra this 3rd d�.e *0 tober A Q 198 ;P '1.1 /:4,c •, y . ecky Cas ' Notaf'r dbee.'', se os leCtbas I/ Large (SEAL) ,,' ftOiitlip`PP�� My Commission expires S�bterntxAb.11981. CITY OF MIAMI, DADE COUNTY, FLORIDA LEGAL NOTICE All interested will take notice that on the nth day of September. 1978 the City Commission of Miami, Florida adopted the following titled ordinance: ORDINANCE NO. OM AN EMERGENCY ORDINANCE AMENDING ORDINANCE NO. 8826 PROVIDING FOR AN ADJUSTMENT EFFECTIVE AS OF THE DATE OF FUNDING IN THE PENSIONS FOR ALL BENEFICIARIES OF THE MIAMI CITY EMPLOYEES' • RETIREMENT SYSTEM' AND OF THE MIAMICITY GENERAL EMPLOYEES' RETIREMENT PLAN SO THAT AS RESPECTS EACH BENEFICIARY AS OF SUCH DATE, THE PENSION BENEFIT SHALL BE INCREASED BY AN • AGGREGATE AMOUNT DETERMINED BY INCREASING THE PENSION BENEFIT BY ONE-HALF OF ONE PER- CENT (.5%) OF THE FIRST THREE HUNDRED DOLLARS (S300.) OF THE CURRENT BENEFIT FOR EACH .YEAR,' f , SINCE THE RESPECTIVE DATE OF RETIREMENT FOR` EACH BENEFICIARY; AND BY PROVIDING THAT THE' AMOUNT QqF. EACH,SUCH INCREASE SHALL BE ADDED =k. TO THE 1P ESENT)PENSION BENEFIT,' AND' THE / RESULTING AMOUNT SHALL THENCEFORTH BE. ' PAYABLE ON A MONTHLY BASIS; AND BY FURTHER PROVIDING THAT FOR PURPOSES OF APPLYING THE, ORDINANCE" PROVISION,. OF - ORDINANCE,;:. NO. - ADOPTED SEPTEMBER 25, 1969, PERTAINING, TO VARIABLE UNITS OF RETIREMENT INCOME, THE`AD• JUSTED PENSION BENEFIT AS HEREINABOVE DETER MINED SHALL BE USED AS BASE MONTHLY RETIRE*'; MENT ALLOWANCE' FOR THE COMPUTATiON•OF BENEFIT CHANGES, iF ANY, WHICH ARiSE BY REASON OF CHANGE IN THE VALUE OF VARIABLE UNITS; AND CONTAINING A SEVERABILITY -PROVISION, A: REPEALER CLAUSE AND AN EFFECTIVE PATE,- RALPH G. ONGIE CiTY CLERK - CITY OF MIAMi, F-LORIPA Publication of the NotIce On the p bey of October, 1970, M 1003( 1013 MR•52