HomeMy WebLinkAboutLegislation SRSecond Reading Ordinance
r. City of Miami
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Legislation
Ordinance
File Number: 09-01065
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date:
AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER40,
ARTICLE IV, DIVISION 4 ENTITLED "CITY OF MIAMI ELECTED OFFICERS'
RETIREMENT TRUST" BY 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 ("City") approved a City 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
City of Miand Page 1 of 3 Printed On: 10/8/2009
File Number. 09-01065
Sec. 40-296. Applicable Benefits.
u Any Certain elected officers, who has beeR an were elected officers for a period of ten years or
more and who no longer serves as an elected officers shall be entitled during the remainder of
his/her their natural life lives to a sum equal to one-half of hisolher their W-2 wages for the
highest of the last three years of service of his1hef their 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 i^^rn,crease be five percent for each year of service
to a maximum of 100 percent of the highest W-2 wages.
,(b) Any eElected officers in office or elected as-ef from October 1, 2001, ter anytime thereafter until
the effective date of this Ordinance , who #as been were an elected officers for a period of
seven years or more and who no longer serves as an elected officers of the City of Miami shall
be entitled, upon reaching age 551 during the remainder of hist1he their natural life -lives to a
sum equal to one-half of hisihetheir W-2 wages for the highest of the last three years of
service of their 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.
(c) Any person elected to the office of mayor or commissioner after the effective date of this
Ordinance shall not be eligible to receive the benefits outlined herein; except those elected
officers currently holding office who have not vested, but who serve for seven years or more
the office then currently hold, irrespective of whether they served successive terms.
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 CORRECTNESS:
JULIE O. BRU
CITY ATTORNEY
City of Miami Page 2 of 3 Printed On: 10/8/2009
File Number.' 09-01065
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.
City of Miami Page 3 of 3 Printed On: 10/8/2009