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Legislation
Ordinance
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.ci.miami.fl.us
Fite Number: 05-01563 Final Action Date:
AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER
40/ARTICLE IV/DIVISION 4, OF THE CODE OF THE CITY OF MIAMI, FLORIDA,
AS AMENDED, ENTITLED "PERSONNEL/PENSION AND RETIREMENT •
PLAN/CITY OF MIAMI ELECTED OFFICERS' RETIREMENT TRUST;" MORE
PARTICULARLY BY AMENDING SECTION 40-296, TO DELAY THE RIGHT FOR
ELECTED OFFICIALS IN OFFICE TO BEGIN RECEIVING PENSION BENEFITS
UNTIL AGE 55; CONTAINING A REPEALER PROVISION, A SEVERABILITY
CLAUSE, AND PROVIDING FOR AN EFFECTIVE DATE.
BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. Section 40-296 of the Code of the City of Miami, Florida, as amended, 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 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.
(b) Any elected officer in office as of October 1, 2001 aril -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
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Filo Number: 05.01563
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.
(c) Notwithstanding the above, for the position of the Mayor, the base rate of pay for the mayor
shall replace W-2 wages in subsection (b) above,
(d) in the evens of death before retirement, the elected officer's beneficiary will receive a lump
sum death benefit equal to the present value of the vested benefit accrued to date of death based on
actuarial assumptions in effect for the valuation of liabilities In the year of death.
Section 2. All ordinances or parts of ordinances that are inconsistent or in conflict with the
provisions of this Ordinance are repealed.
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 upon its adoption and signature of
the Mayor.(2)
APPROVE ■ AS TO FORM AND CORRECTNESS»
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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 remain unchanged. Asterisks Indicate
omitted and unchanged material.
{2) If the Mayor does not sign this Ordinance, it shall become effective at the end of ten calendar
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.
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