HomeMy WebLinkAboutcover memoCITY OF MIAMI
CITY ATTORNEY'S OFFICE
MEMORANDU
TO: Mayor and Members of the C' mmission
FROM: AIejandro Vilarello, City .{+ • ev
DATE: June 8, 2004 I
RE: Option to Transfer int I + e City's Pension Plan for
Executive upon their Tenth Year Anniversary
Attached please find a copy of an ordinance that provides an option
for certain employees, including assistant city attorneys and those in the
executive service, [as designated by the city administration], to elect to
transfer into the city's retirement plan. This option comes with several
significant restrictions that assures that the exercise of this option is expense
neutral to the City of Miami, i.e., at the time an employee has the option to
transfer into the pension plan, it will be the employee's obligation to provide
the city with the amount necessary to fund the cost of that employee's
transfer based on the city's actuarial report.
The draft ordinance provides in relevant part as follows:
(4) Notwithstanding any other provision of this Section, commencing
on [*], all employees identified as eligible employees hereunder
and who originally elected to reject membership in the City's
retirement Plan shall. on the date of their tenth (10th) anniversary of
employment with the City. have a period of ninety (90) days. to
elect whether to transfer membership to the City's retirement Plan.
All eligible employees who have attained their tenth (10`h)
anniversary of employment with the City. prior to [*]. and who do
not participate in the retirement Plan shall also have ninety (90)
days from [*], to elect to transfer membershi • to the Ci 's
retirement Plan.
vor and Members of the City Commission
avian to Transfer into the City's Pension Plan for
Executive upon their Tenth Year Anniversary
page 2
June 8, 2004
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*Effective date of this ordinance.
* * *
Over the years, the City of Miami and other cities have provided
similar opportunities and therefore I am confident that this can be
accomplished at no additional expense to the city.
c: Joe Arriola, City Manager
Priscilla A. Thompson