HomeMy WebLinkAboutLegislation FR 9-24-09City of Miami
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r Legislation
Ordinance
File Number: 09-01065
Final Action Date:
AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER 40,
ARTICLE IV, DIVISION 4 ENTITLED "CITY OF MIAMI ELECTED OFFICERS'
RETIREMENT TRUST" BY FURTHER LIMITING THE ELIGIBILITY OF FUTURE
ELECTED OFFICERS AND INCLUDING A TERMINATION PROVISION FOR THE
EXISTING TRUST; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING
FOR AN IMMEDIATE EFFECTIVE DATE.
WHEREAS, the City Commission adopted Ordinance No. 11137 on April 14, 1994, and Ordinance
No. 11194 on September 8, 1994, establishing the City of Miami Elected Officers' Retirement Trust;
and
WHEREAS, at the time of adoption, members of the City Commission were provided nominal
salaries as compensation for their service; and
WHEREAS, in 2003, the residents of the City of Miami approved a City of Miami Charter
Amendment via referendum fixing the salary compensation of members of the City Commission at
$58,000 annually; and
WHEREAS, the current salary will greatly increase the value of the elected officers' benefits
provided by the Trust, thereby creating a substantial, recurring financial liability for the City and its
residents;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Ordinance are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. Chapter 40/ Article IV/Division 4, entitled, "City of Miami Elected Officers' Retirement
Trust" is amended in the following particulars:{1}
"CHAPTER 40
PERSONNEL
Article IV. Pension and Retirement Plan
Division 4. City of Miami Elected Officers' Retirement Trust
Sec. 40-296. Benefits.
(a) Any elected officer, who has been an elected officer for a period of ten years or more and who
no longer serves as an elected officer shall be entitled during the remainder of his/her natural
life to a sum equal to one-half of his/her W-2 wages for the highest of the last three years of
City of Miami Page l of 2 Printed On: 9/16/2009
File Number.' 09-01065
service of his/her term of office and a single sum death benefit fully vested at date of death.
Upon vesting and each year thereafter of service as an elected officer, the retirement
allowance shall increase five percent for each year of service to a maximum of 100 percent of
the highest W-2 wages.
(b) Any elected officer in office as of October 1, 2001, or anytime thereafter, who has been an
elected officer for a period of seven years or more and who no longer serves as an elected
officer shall be entitled, upon reaching age 55 during the remainder of his/her natural life to a
sum equal to one-half of his/her W-2 wages for the highest of the last three years of service of
his/her term of office and a single sum death benefit fully vested at date of death. Upon
vesting and each year thereafter of service as an elected officer, the retirement allowance shall
increase by five percent for each year of service to a maximum of 100 percent of the highest
W-2 wages. Elected officers initially elected to the office of mayor or commissioner after the
final adoption of this Ordinance shall not be eligible to receive the benefits outlined herein.
Sec. 40-300. Trust Termination.
The Trustee shall terminate the Trust upon death of the final, eligible elected officer or payment of
single -sum death benefit to the elected officer's beneficiary. Any remaining trust property consisting of
either cash, securities, and other property, together with such other cash, securities and other property
as the trustee may at any time hold or acquire from or on behalf of the city pursuant to this division,
and the accruals thereto, shall be returned to the city upon termination of the Trust.
Section 3. 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.
Section 4. This ordinance shall become effective immediately after final reading and adoption
thereof.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CITY ATTORNEY
Footnotes:
{1 } Words and/or figures stricken through shall be deleted. Underscored words and/or figures
shall be added. The remaining provisions are now in effect and unchanged. Asterisks indicate
omitted and unchanged material.
{2} This Ordinance shall become effective as specified herein unless vetoed by the Mayor
within ten (10) days from the date it was passed and adopted. If the Mayor vetoes this
Ordinance, it shall become effective immediately upon override of the veto by the City
Commission or upon the effective date stated herein, whichever is later.
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