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Home My WebLink AboutO-08826I III ii1iiiuii iiimiii m 10 ORDINANCE NO,,._8826 AN IlittaNGN ORMANCE PROVIIANd FOR Ail klittISIMIT EFFECTIVE A8 OP THE DATE OP ?UN1ING IN THE PENSIONS OP ALL BENEPICIARtE5 OE THE MIAMr CITY EMPLOYEES' RETIREMENT 8Y8TEM AND OP THE MIAMI CITY GENERAL EMPLOYEE ' RETIREMENT PLAN 80 THAT AS RESPECTS EACH BENEFICIARY A8 OF BUCH DATE, THE PENBION BENEFIT SHALL BE INCREASED BY AN AOOREGATE AMOUNT DETERMINED BY INCREASING THE PENSION BENEFIT BY ONE-HALF OP ONE PERCENT (.5 ) OF THE FIRST THREE HUNDRED DOLLARS OF THE ORIGINAL BENEFIT FOR EACH YEAR, SINCE THE RESPECTIVE DATE OF RETIREMENT FOR EACH BENEFICIARY; AND BY PROVIDING THAT THE AMOUNT OF EACH SUCH INCREASE SHALL BE ADDED TO THE PRESENT PENSION BENEFIT, AND THE RESULTING AMOUNT SHALL HENCEFORTH 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, PERTAINING TO VARIABLE UNITS OF RETIREMENT INCOME, THE ADJUSTED PENSION BENEFIT AS HEREIN- ABOVE DETERMINED SHALL BE USED AS BASE MONTHLY RETIREMENT 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 nebded by the retired em- ployees, NOW, THEREFORE, DE IT ORDAINED 8Y THE COMMISSION or THE CITY or MIAMI, FLORIDA. Section 1. Effective as of the date of funding, the pensions of all beneficiaries of the Miami City Employees' Re- tirement System and of the Miami City Employees' Retirement Plan shall be adjusted 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 percent (.5%) of the first three hundred dollars of the original 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 shallthenceforth be payable on a monthly basis. 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 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 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. Section 5, This ordinance ia hereby declared to be at emergency theestife on the grounds of urgent public teed for the preservation of pedde, health, aafety, and property of the City of Miami, Secti o n6. The requitement of reading this ordinattoe on two separate days is hereby dispensed uith by a vote of tot less than four -fifths of the get-kers of the Comission, PASSED, AND, ADOPTED this 13th day of July, 1978. Maurice A. Ferre ATTEST: Cit. Clerk PREPARED D APPROVED BY: Rober7t D. Klausner 777 Assitstant City Attorn4y APPROVED AS TO FORM AND CORRECTNESS: --leorge F. Knox. City Attorney MAYOR LEGAL NOT/CE All interested will take notice that on the 13th day of July, 1078 the City Commission of Wand, Florida passed and adopted the following titled Ordinance: ORbItkNC AN EMERGINCY ORDINANCE PROVIDING MR AN Atatsmart EFFECTIVE AS OP THE DATE OP FUNDING IN THE PENSIONS OP ALL tENEPICIARIES or THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM AND OP THE MIAMI CITY GENERAL EMPLOYEESRETIREMENT PLAN so THAT AS RESPECTS EACH BENEFICIARY AS OP SUCH DATE, TEE PENSION BENEFIT SHALL BE INCREASED ay AN AGGREGATE AMOUNT DETERMINED BY INCREASING THE PENSION BENEFIT BY ONE-HALF OF ONE PERCENT (.5%) OF THE FIRST THREE HUNDRED DOLLARS OF THE ORIGINAL BENEFIT FOR EACH YEAR, SINCE THE RESPECTIVE DATE OP RETIREMENT FOR EACH BENEFICIARY; AND BY PROVIDING THAT THE AMOUNT OF EACH SUCH INCREASE SHALL BE ADDED TO THE PRESENT PENSION BENEFIT, AND THE RESULTING AMOUNT SHALL1HENCEFORTH 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, PERTAINING TO VARIABLE UNITS OF RETIREMENT INCOME, THE ADJUSTED PENSION BENEFIT AS HEREIN - ABOVE DETERMINED SHALL BE USED AS BASE MONTHLY RETIREMENT 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. RALPH G. ONGIE CITY CLERK iiiiipti (i. )tigte, eteok of ihe Clty or 1 horitinf hefehy cer 1)A1 ()Ft CI; orr Y A. ft 19 ti NIL IN: , cor 11. 1111(1 filtegoing flrditt.ittee was posted at tit: Sou! • 1.4 or the Dade Cott* C,,litt lIchis%; .tt r•ct ,1,14 FF tiotiVo! and pub iCe1.1011.5 10 I be place provided old! glot. S n hulk] 1 ndt offici.11 (+ IIl ol