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Home My WebLink AboutAgenda Item Cover PageAGENDA ITEM COVER PAGE File ID: #5939 Ordinance Second Reading Sponsored by: Keon Hardemon, Commissioner MAY BE WITHDRAWN AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER 40/ARTICLE IV/DIVISION 4 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, TITLED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 40-291, TITLED "DEFINITIONS", AND SECTION 40-296, TITLED "APPLICABLE BENEFITS"; CONTAINING A SEVERABILITY CLAUSE; AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. City of Miami File ID: 5939 (Revision: A) Printed On: 5/13/2025 City of Miami Legislation Ordinance File Number: 5939 MAY BE WITHDRAWN Final Action Date: 1/14/2021 AN ORDINANCE OF THE MIAMI CITY COMMISSION AMENDING CHAPTER 40/ARTICLE IV/DIVISION 4 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS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 40-291, TITLED "DEFINITIONS", AND SECTION 40-296, TITLED "APPLICABLE BENEFITS"; CONTAINING A SEVERABILITY CLAUSE; AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. 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, as amended, is further amended in the following particulars:I "CHAPTER 40 PERSONNEL ARTICLE IV. PENSION AND RETIREMENT PLAN * * * DIVISION 4. CITY OF MIAMI ELECTED OFFICERS' RETIREMENT TRUST Sec. 40 -291. - Definitions Unless a different meaning is plainly required by the context, the following words and phrases as used in this division shall have the following meaning: Compensation shall mean salary and emoluments paid to the elected officer; provided, any back -pay award shall only be allocated to the period for which the award is applicable. Sec. 40-296. Applicable Benefits. 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: 5939 (Revision: A) Printed On: 5/13/2025 (a) Certain elected 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 wagc� 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 100 one hundred percent (100%) of the highest W 2 wages Compensation. (b) Elected officers in office on or after October 1, 2018 shall be eligible for a retirement benefit as follows: 1. Elected officers who were first elected to office before October 22, 2009, who are in office on October 1, 2018, and serve as an elected officer for a period of seven (7) or more years shall be entitled, upon separation from employment and reaching age 55 with ten (10) or more years of service or age 60, to a sum equal to one-half of their Compensation for the highest of the last three (3) years of service 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 Compensation. Elected officers who are subject to the provisions of this paragraph shall continue participating in the City's defined contribution plan for elected officers. 2. Elected officers who were first elected to office on or after October 22, 2009, who are in office on October 1, 2018, and who serve as an elected officer for a period of six (6) or more years on and after October 1, 2018 shall, upon making an irrevocable election to participate in the Elected Officers Retirement Trust, be entitled upon separation from employment and reaching age 55 with ten (10) or more years of service or age 60, to a sum equal to one-half of their Compensation for the highest of the last three (3) years of service 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 Compensation. Such elected officers may purchase service credit under this plan for his or her period of service as an elected officer prior to October 1, 2018 by paying ten percent (10%) of his or her Compensation, plus three percent (3%) annual interest, for each year of service purchased. The service credit purchased shall count for all purposes of vesting and benefits and elected officers who purchase such service credit shall be fully vested when their total years of service, including purchased service before October 1, 2018, and service thereafter, equals six (6) or more years. Elected officers who are subject to the provisions of this paragraph shall make such election to be a member of the Elected Officers Retirement Trust within ten (10) days of the effective date of this Ordinance or be precluded from becoming a member of the Elected Officers Retirement Trust. If the elected officer elects to participate in the Elected Officers Retirement Trust, that election shall be irrevocable and thereafter, the elected officer shall participate in said Elected Officers Retirement Trust and not in the City's defined contribution plan for elected officers. 3. Elected officers who were first elected to office after October 1, 2018 and who serve as an elected officer for a period of seven (7) or more years shall be entitled, upon separation from employment and reaching age 55 with ten (10) or more years of service or age 60, to a sum equal to one-half of their Compensation for the highest of the last three (3) years of service 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 City of Miami File ID: 5939 (Revision: A) Printed On: 5/13/2025 retirement allowance shall increase by five percent (5%) for each year of service to a maximum of one hundred percent (100%) of the highest Compensation. Elected officers who are subject to the provisions of this paragraph shall participate in the Elected Officers Retirement Trust and shall not be eligible for the City's defined contribution plan for elected officers. or elected from October 1, 2001, until October 22, 2009, who were elected officers for a period of seven y rs or more and who no longer serve as elected officers of the City of Miami shall be entitled, upon reaching age, during the remainder of their natural lives to a sum equal to one half of their 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. {�} °nerson elected to the office of mayor „ ss er-after tober 222, 20 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 in the office the„ currently hold, irrespective of whether they served successive terms. *„ 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: ndez, City ttor ey 6/18/2019 ndez, ity Attor ey 8/20/2019 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: 5939 (Revision: A) Printed On: 5/13/2025