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HomeMy WebLinkAboutLegislation-SUBTHIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. City of Miami Ordinance Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 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, TITLED "PERSONNEL/PENSION AND RETIREMENT PLAN/CITY OF MIAMI ELECTED OFFICERS RETIREMENT TRUST"; MORE PARTICULARLY BY AMENDING SECTION 40-296, TITLED "APPLICABLE BENEFITS"; CONTAINING A SEVERABILITY CLAUSE; PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. SPONSOR(S): Commissioner Miguel Angel Gabela, Commissioner Christine King BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Chapter 40, Article IV, Division 4 of the Code of the City of Miami, Florida,s amended, is further amended in the following particulars:' c:n "CHAPTER 40 =e{ PERSONNEL o -" -,. ARTICLE IV. PENSION AND RETIREMENT PLAN * DIVISION 4. CITY OF MIAMI ELECTED OFFICERS' RETIREMENT TRUST c CD Sec. 40-296. Applicable Benefits. (a) Certain eElected officers, who were elected officers for a period of ten (10) years or more and who no longer serves as elected officers, shall be entitled during the remainder of their natural lives to a sum equal to one-half of their W-2 wages or Compensation, whichever is higher, for the highest of the last three (3) years of service of any of their term of office and a single sum death benefit fully vested at date of death. Any term of office shall mean the years when an elected officer originally vested and collected a benefit or when an elected officer returns to service at a later time, whichever W-2 wages are higher. Upon vesting and each year thereafter of service as an elected officer, the retirement allowance shall be five percent (5%) for each year of service to a maximum of 4-90-one hundred percent (100%) of the highest W-2 wage or Compensation, whichever is higher. 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. City of Miami Page of File ID: 16177 Printed on: 7/01/2024 f 3 rn 16177 Legislation -SUB THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. File ID: 16177 Enactment Number: (b) Elected officers in office on or after October 1, 2021, shall be eligible for a retirement benefit as follows: 1. Elected officers elected from October 1, 2001, until October 22, 2009, who were elected officers for a period of seven years or more and who no longer serve as elected officers of the City of Miami shall be entitled, upon reaching age 55, during the remainder of their natural lives to a sum equal to one-half of their W-2 wages or Compensationt_whichever is higher, 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 or Compensation, whichever is higher. 2. Elected officers who were elected to office after October 1, 2021, shall be entitled to a benefit upon separation with the following conditions: (1) the Elected Officer has 10 years of service and has reached the age of 60 or (2) the Elected Officer has separated after beginning their seventh (7th) year of service and has reached the age of 62. Upon separation, the Elected Officer is entitled to a sum equal to one-half of their W-2 wages or Compensation, whichever is higher, for the highest of the three (3) years of service of any term of office and a single sum death benefit fully vested at date of death. Upon vesting and each year of service as an elected officer thereafter, the retirement allowance shall increase by five percent (5%) for each year of service to a maximum of one hundred percent (100%) of the highest W-2 wages or Compensation, whichever is higher. An elected officer who does not elect to receive the benefits under this paragraph within 10 calendar days of the effective date of this resolution or upon re-election after a break in service from office waives their right to obtain a benefit under this paragraph with prejudice. If the elected officer elects to participate in the Elected Officers Retirement Trust, that election shall be irrevocable. (c) terms. Any elected officer who is currently serving a term at the time of adoption of the CD ordinance providing this benefit and any future elected officer is entitled to a three- , percent (3%) cost of living increase on the January 1st of each year after the elected Officer begins collecting their benefit; the three -percent (3%) cost of living increase shall begin on the January after an elected officer begins collecting their benefit and will not apply to any elected officer who is no longer serving a term at the time of the adoption of the ordinance providing this benefit. * (f) An elected officer's retirement benefits shall not be changed once the elected officer has vested and begins collecting retirement benefits. The only exception is when an elected officer returns to elected service and the additional yearly retirement allowance increases during their additional years of service. This subsection shall apply to all elected officers from the inception of the City of Miami Elected Officers' Retirement Trust. City of Miami Page of File ID: 16177 Printed on: 7/01/2024 THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. File ID: 16177 Enactment Number: (q) This subsection shall not apply to a Strong Mayor should the Charter change to incorporate a Strong Mayor form of government. * * *„ Section 2. If any section, part of a section, paragraph, clause, phrase, or word of this Ordinance is declared invalid, the remaining provisions of this Ordinance shall not be affected. Section 3. This Ordinance shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: Re Yew 1 CD 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 of File ID: 16177 Printed on: 7/01/2024 City of Miami Legislation Ordinance File Number: 16177 SUBSTITUTED Final Action ate: AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTE 40/ARTICLE IV/DIVISION 4 OF THE CODE OF THE CITY OF MIAMI, FLO 'A, AS AMENDED, TITLED "PERSONNEL/PENSION AND RETIREMENT PLAN ITY OF MIAMI ELECTED OFFICERS RETIREMENT TRUST;" MORE PARTIC ARLY BY AMENDING SECTION 40-291, TITLED "DEFINITIONS", AND SECTI ' 40-296, TITLED "APPLICABLE BENEFITS"; CONTAINING A SEVERABILIT CLAUSE; AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. BE IT ORDAINED BY THE COMMISSION OF THE CITY OF IAMI, FLORIDA: Section 1. Chapter 40, Article IV, Division 4 of the Code .f the City of Miami, Florida, as amended, is further amended in the following particulars:1 "CHAPTER 40 PERSONN ARTICLE IV. PENSIO ND RETIREMENT PLAN * * DIVISION 4. CITY OF MIA ELECTED OFFICERS' RETIREMENT TRUST Sec. 40 -291. - Definitions Unless a different meaning is . ainly required by the context, the following words and phrases as used in this division shal ave the following meaning: * * * Compensation shal can salary and emoluments paid to the elected officer; provided, any back -pay award all only be allocated to the period for which the award is applicable. * Sec. 40- ' . Applicable Benefits. Certain eElected officers, who were elected officers for a period of ten (10) years or more and who no longer serves as elected officers, shall be entitled during the remainder of their natural lives to a sum equal to one-half of their W 2 wage 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. City of Miami File ID: 16177 (Revision:) Printed On: 7/1/2024 SUBSTITUTED Compensation for the highest of the last three (3) 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 be five percent (5%) for each year of service to a maximum of 48Q-one hundred percent (100%) of the highest ` 2 TCompensation. (b) Elected officers in office on or after October 1, 2023 shall be eligible for a retire ' nt benefit as follows: 1. Elected officers who were first elected to office on or after October 22, 1 09, who are in office on or after October 1, 2023, and who serve as an elected • " icer for a period of seven (7) or more years shall, upon making an irrevocable e ction to participate in the Elected Officers Retirement Trust, be entitled upo-eparation from employment and reaching age 55 with ten (10) or more years of s ice or age 60, to a sum equal to one-half of their Compensation for the highest of t • last three (3) years of service and a single sum death benefit fully vested at date • death. Upon vesting and each year of service as an elected officer thereafter, th etirement allowance shall increase by five percent (5%) for each year of servic= o a maximum of one hundred percent (100%) of the highest Compensation. : uch elected officers may purchase service credit under this plan for his or her p • iod of service as an elected officer prior to October 1, 2023 by paving ten perce 10%) of his or her Compensation, plus three percent (3%) annual int- est, for each year of service purchased. The service credit purchased shall , unt for all purposes of vesting and benefits and elected officers who purchase su, service credit shall be fully vested when their total years of service, including p chased service before October 1, 2023, equals seven (7) or more years. Elected o cers who are subject to the provisions of this paragraph shall make such election • be a member of the Elected Officers Retirement Trust in order to be eligibl- o receive the benefit. If the elected officer elects to participate in the Elected O " cers Retirement Trust, that election shall be irrevocable and thereafter, the ele• ed officer shall participate in said Elected Officers Retirement Trust and not in the , tv's defined contribution plan for elected officers. 2. Elected officers who wer first elected to office after October 1, 2023 and who serve as an elected officer • r a period of seven (7) or more years shall be entitled, upon separation from e •lovment and reaching age 55 with ten (10) or more years of service or age 60, to a um equal to one-half of their Compensation for the highest of the last three (3) ye of service and a single sum death benefit fully vested at date of death. Upon vesti , and each year of service as an elected officer thereafter, the retirement allowce shall increase by five percent (5%) for each year of service to a maximum of o► hundred percent (100%) of the highest Compensation. Elected officers who e subiect to the provisions of this paragraph shall participate in the Elected 0 ers Retirement Trust and shall not be eligible for the City's defined contribu ' • n plan for elected officers. fo , City of Miami File ID: 16177 (Revision:) Printed On: 7/1/2024 SUBSTITUTED more in the office they currently hold, irrespective of whether they served successive terms. * *„ Section 2. If any section, part of a section, paragraph, clause, phrase, or Ordinance is declared invalid, the remaining provisions of this Ordinance shall not b Section 3. This Ordinance shall become effective immediately upon signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: ge . Wy ng III, `C1ty or y 6/17/2024 w► d of this ffected. adoption and 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 File ID: 16177 (Revision:) Printed On: 7/1/2024