HomeMy WebLinkAboutO-087380101NANCE No,
8738
AN ORDINANCE AMENDING CERTAIN SUBSECTIoNS
of THE MIAMI CITY GENERAL EMPLOYEES'
RETIREMENT PLAN (ORDINANCE NO, 5624,
May 2, 1056, AS AMENDED), AS APPEARING IN
CODIFIED FORM AS A PART or CHAPTER 2 OF
THE CODE of THE CITY OF MIAMI, FLORIDA,
AS AMENDED, MORE PARTICULARLY AMENDING
SECTION 109(14) OF SAID CHAPTER BY ADDING
AN ADDITIONAL PROVISION THERETO AUTHORI2ING
A SUPPLEMENT TO A SURVIVING SPOUSE'S RETIRE-
MENT ALLOWANCE WHERE A MEMBER DIES WHO HAS
NOT RETIRED BUT WHO HAS BECOME ELIGIBLE FOR
NORMAL SERVICE RETIREMENT BENEFITS OR EARLY
SERVICE RETIREMENT BENEFITS; SUCH SUPPLEMENT
CONSISTING OF AN ADDITIONAL PENSION PAYMENT
OF 10% or THE MEMBER' AVERAGE FINAL COMPEN-
SATION, IF SUCH MEMBER SMALL HAVE, SINCE LAST
BECOMING A MEMBER, COMPLETED EITHER 20
YEARS OF CONTINUOUS CREDITED SERVICE AT
THE TIME of DEATH, OR 15 YEARS OF CONTINUOUS
CREDITED SERVICE AT THE TIME of DEATH, 10
YEARS OF SAID 15 YEARS HAVING BEEN COMPLETED
ON OR BEFORE SAID MEMBER'S MINIMUM SERVICE
RETIREMENT DATE, IN THE EVENT THE SPOUSE OF
SUCH MEMBER DOES NOT ELECT TO RECEIVE THE
SUM OF THE MEMBER'S CONTRIBUTION TOGETHER
WITH INTEREST THEREON; FURTHER PROVIDING
FOR THE SURVIVING SPOUSE'S RETIREMENT ALLOWANCE
TO BE THAT ALLOWANCE WHICH WOULD HAVE BEEN
PAYABLE IF SAID MEMBER HAD ATTAINED MINIMUM.
SERVICE RETIREMENT AGE; AND FURTHER PROVIDING
THAT ALL ALLOWANCES PAID THEREUNDER CONTINUE
ONLY FOR SO LONG A TIME AS THE SURVIVING
SPOUSE REMAINS UNMARRIED; CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE,
AND DISPENSING WITH THE REQUIREMENT OF READING
THE SAME ON TWO SEPARATE DAYS BY A VOTE OF
NOT LESS THAN FOUR -FIFTHS OF THE MEMBERS OF
THE COMMISSION,
WEE RE ►9, the Miami City f enerat Empibyaeg' +etiretnent Plan tdrdt=
nanee No. 56 ii, adapted May 2, 1956, as amended), alga included as a
portion of the new Code of the City of )Miami, 'iat da, tffective Septetn-
her 1, 1167, as adopted {Ordinance Ne, 7581 on July 25, 1967); and
WHEREAS, said Plan now exists in the codified form as it appears in
Chapter 2 of the Code of the City of Miami, Florida, 1957, as amended,
and in basic ordinance form; and
WHEREAS, any addition or amendments to said plan can thus be made
by reference to the section designated in Chapter 2 of the Code of the
City of Miami, Plorida, as amended; and
WHEREAS, Ordinance No. 8044 which became effective October 1, 1972,
provided for payment of a longevity bonus in the form of a pension equal
to an additional 10% of a Plan members average final compensation, upon
retirement from service, after having reached minimum service retirement
age, if certain length -of -service requirements were feet; and
WHEREAS, a member, after completion of the length -of -service require-
ments for the aforesaid bonus, could fail to reach normal service retire
went age or early service retirement age by reason of his or her premature
death; and
WHEREAS, the City Commission has adopted ordinances which provide
that Plan members dying while in service and who are otherwise eligible
for early service or normal service retirement shall be considered as
having retired on the date of death and that there be payment of a percen-
tage of the member's monthly retirement allowance to the member's surviving
spouse; and
WHEREAS, present pension ordinances do not provide for the longevity
bonus to be included in the calculation of the retirement allowance pay-
able to the surviving spouse of a member who died and who was otherwise
eligible for early service retirement; and
WHEREAS, by protecting the member'a surviving spouse from deprivation
of any benefits, including the aforementioned longevity bonus, members
swill thereby be encouraged to remain in City employment, thereby reducing
unnecessary and wasteful turnover in the City workforce; and
-z-
%RICR8h8, the l .ty CommiSidon thereafter adopted an ordinance
(Ordinance No. fl685, 0/2/77) which provided that a surviving eligible
spouse mould have the percentage of the:member's retirement alliance
calculation include the benefit from the executive emolument (Ordi-
nance No. 0028, 2/17/72; Ordinance No. 8461. 9/25/75)i and
WHEREAS, present pension ordinances do not provide for the
.general longevity emolument (Ordinance No. 8044, 3!2*/72; effective
10/'1/72) to be included in the calculation of the retirement allowance
payable to the spouse of a member who died and who was otherwise eli-
gible for early service retirement: and
WHEREAS, the cost of guaranteeing receipt of the herein longevity
bonus pension to surviving spouses will be partially offset by the
savings from effective retention of trained personnel and the monies
to meet said cost, if any, will come from the general ad valorem tax
monies of the City of Miami, Florida, as previously appropriated in
the Special Programs and Accounts and Community programs (Contingent
Fund) ;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The Miami City General Employees' Retirement Plan
(Ordinance No. 5624, adopted May 2, 1956, as mended) as appears in
codified form as a part of Chapter 2 of the Code of the city of Miami.
Florida, 1957, as amended, is hereby further amended by amending
Section 109(14) of Chapter 2, in the following particulars:
"Optional Allowances.
(4) Provided, that no election of an optional allowance
(b) Notwithstanding any provision to the contrary con-
tainod Raign.in the event a member who has become eligible for
normal eervicv retirement benefits or early service retirement
Words stricken through shall bo deleted. Underscored words consti-
tute the amendment proposed. Remaining provisions are now in
effect and remain unchanged.
benefits but has not retired, dies, he 'or she shall be abn=
sidered to have been retired oh the data of death, In suah
event, thty s the raaeive use shah. have tfia aum
of the 'meffibntri utiotl taaether witn nterest tt tne
d to of a ent stand .n; to the credit of the deae se eit 4r
f not exero ein such n ta.t+n one o ne enan receVet
the-peymenti.e erty-per-eett.e-t=re=mtemeer e-!lent y=ret pt.
►ett.tiitWafee-sleteli.be-leit=atr=t ke.Pttlberas.deatha*tm4h0 .
'll1eml,erLs.tyei'!st fire itg-t'he"` 4 eti1l e.tf.ste=tytt tel.ets.tt. le
t'}' e.memi9eri9-eettPibtfield-iketet;her+-t3it 1.it te+ es4-*t.tine-dat=e
et=peymet-e#a.edsltg-t:e-t he-ePedet..et< kke-d+ettatet.mtil4'ottlf
its-addst let-te-the-e 'ereeaid-rey»lerie-there•shah-e&se
be-pelt-t=e-see;l-rePee l-e-pehtio °l-eeptai-to-i -e4-floe- berate
€ tai-eemperlsatiet-ter-eaeh-yeaP-ef-serriee-er-Creetiee
tkeveef-t liat-seed-memberserved-ae-e4t;y-Memager1-ass teal t: -
eitry.manager;-eity-eierkl-etteette ►e-eeePetary-e -the-s ail
service-bedrdl-e teedtive-secretary-et-the-plei ►frig-ah4
atomimg-bear4I-e ey-pkysieiatIl-ei y-att:ereeyi-atasetaht-4iveeter
eF-#ke- department:-eg-i w-er-as-4ipe eter-eP-assist s#14-three ev-
et<-a-depart=tAent-est:ablt)teelrby-t=ke-gbart er-e `-t:ke-g t y-er►-by
erdillanee-ae-at00kd+rased-y-a'aek-6 ►e. +t:erv=prededeti-414(1*-ke-et,
she-shah-harts-sepbed-sn-dAy-e4-sash-eapaet ies-€er-a-tseteal
sett'Mast-period-et -set- ess-Omm-three- +ravel-st l34eet,-kewevet,
t:e-a-meximt m-a -t:en-gears-serviee.
i i ) payment of forty _per cent of the jmember! s monthly
retirement allowance to. .be paid_at tfie member' s death ;Co the
memer__s spouse, said allowance being that allowance ww.ch
would ave been . pay_abie. t said member had attaineei minimum
service retirement a e,_ said allowance 'bein, payable without
any actuarial reduction for t'he difference in age, should
such difference exist; (ii)a payment of a pension eQual to
one per cent 01 average final compensation for each year of
service or fraction thereof that such member served as city
manager, assistant city manager, city clerk, assistant city
clerk, executive secretary of the civil service board, city
physician, cit r attorney, assistant director of the department
of law or as director or assistant director of a department
established by the Charter of the city or by ordinance as
authorized by such Charter; provided that he or she has
served in any of such capacities for a total combined period
of not less than three years; subject, however, for purposes
of this paragraph.; to a maximum of ten years services (iii)
payment of a pension eival to an additional ten per cent of
the member's average final compensation if such member shall
have, since last becoming a member, completed either twenty
years of continuous credited service at the time of death,
or fifteen years of continuous credited service at the time
of death, ten years of said fifteen Years having been completed
on or before said member's minimum service retirement date;
(iv) the payments under (i), (ii), and (ifi) tom continue for
so lore a time as the surviving spouse remains unmarried,
py
said payments to cease upon his or her remarriage.
Section 2. All ordinances, code sections, or parts thereof
in conflict herewith, insofar as they are in. oonfiict, are hereby
repealed.
MAURICE A PER1
HAYb R
Seation 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. The requirement of reading this ordinance tn two
separate days ig hereby dispensed with by a Vote of not lets than
four -fifths of the members of the Commission.
PASSED AND ADOPTED this llth day of January 1978.
ATTEST:
P 'G. e GIE, CITY CLERK
PREPARED -AND APPROVED BY:
R6BkT F. CLARY, A§SISTAn cCRAY
A ROVED S TO FORM ECTNESS:
GEORG
•
-5-
XiWM1 , O'CONNOR AM MO t
'4 ►, rna.e9lrl'!'r1/v eedte
Mr. Irwin Maein, Secretary
City of Miami Retirement Plan
Box 330708 - Coconut trove Station
Miami, Florida 33133
Dear Mr. Mazin:
teat, tllvetairmi+t ettret
Witt t%i 201911p1tOtt INtott**b,Von fete
Pkawilt? era, tie*** Sint
Melt n'i*ee
**Alto, ttWrt0,* 'MAMA Ott ttt
rt*t t e*twt%t <ins 1tdWut
ti*Itttt,tttt,ttblkiN ltOEi+
A►etjtfs611166
Fort Lauderdale Office
November `7 , 1977
As you requested in your October 20, 1977 telephone call, we have determined the
increase in required City contributions for two ;proposed changes to the Retirement
Plan. The first change relates to the present death benefit which is payable on
behalf of an active employee who Is eligible for early or normal retirement but
who dies while still employed. This change would allow the minimum longevity
benefit (for persons employed prior to October 1, 1974) to be included in the
death benefit. The increase in annual cost attributable to this change Is $22,000,
or 0.07% of covered annual payroll. Of course, as this closed group of employees
becomes smaller and smaller In future years, the cost will tend to decrease, but
no significant decrease would be felt for at least 8 to 10 years.
The second change would permit the minimum longevity benefit (for persons employed
prior to October 1, 1974) to be includable in the early retirement benefit calcula-
tion. At the present time, our annual actuarial valuations estimate the retirement
benefit, including the minimum longevity benefit, which will be payable at the
assumed retirement age (age 62). When a person who would be eligible for the mini-
mum longevity benefit et age 55 or later retires early, he "forfeits" the minimum
and receives only 2% of average final compensation for each year of service. There-
fore, the actual early retirement benefit Is less in value than the estimated bene-
fit at age 62. The result Is an actuarial gain each time a person retires early.
If the proposed change were adopted, the actual benefit would be equivalent in value
to the estimated benefit so no gain or loss would arise upon early retirement.. Thus,
the proposed change would not produce an increase in expected cost but, on the other
hand, there will be no actuarial gain when a person retires early.
During 1975, there were four early retirements; there were four more in 1976; and
there were seven in the first nine months of 1977. We have calculated the actuarial
gain (based on the current set of actuarial assumptions) which arose for each of
these fifteen early retirements. (These calculations ignored the effect of the
early retirement reduction factors.) The gains ranged from a low of $B,669 to a high
of 07.833. The gains for seven of the fifteen were below $20,000; another five were
between $20,000 and $30,000. The average gain was $27,797. On average, each gain
produces a $2,000 reduction in annual cost. If there are five early retirements in a
Year. then the expected reduction in future annual cost would be $10,000. The pro-
posed change would result In no reduction in cost In this same situation,
85
N la Min t4
.10deph GratEie
C ty Manager
vA'
Irwin Mh2ih) Secretary
tietirement'Plan
'December 25 1977
Res tetirement Death
Benefit
46111.19
The Retirement Board of the Miami City General tmployeee
lietirement Plat unanimously moved to recommend that the City
Commission adopt the Ordinance amendment attached heret0.
The proposed change allows the minimum longevity benefit to be
included in the death benefit allowance payable or behalf of
an active employee who is eligible for early or normal retirement
but who dies while still employed.
The actuary, Kruse. O'Connor -Ft ting, Inc., determined that the
increase in annual cost attributable to this change is $22,000,
or .07% of covered payroll. Since this change is applicable
only to individuals employed prior to October 1, 1974, as this
closed group of employees becomes smaller, the cost will tend to
decrease. but no significant decrease would be felt for at least
8 to 10 years.
Please schedule this item for City Commission action.
ar-re /73?
4=
RR IC .O'CO R > t
Mr. Irwin Malin, Secretary
City of Miami Retirement Plan
'Box 330708 - Coconut Grove Station
Slam!, Florida 33133
Dear Vt. Kazin;
fermi i*vit e* e t
11t IMee the teo ,it
trte,tterrte+t lssn
tiatr *ft•Mee
terattys ett., k fwitt} 6PPr t
lit! teuttttwtst tatm *vtmit
tilatitSgi !t,he ld% !!Seri
1!<6*) iti!=l6aa
Fort Lauderdale Office
November 7, 1977
As you requested In your October 20, 1977 telephone call, we have determined the
Increase In required City contributions for two proposed changes to the Retirement
Plan. The first change relates to the present death benefit which is payable on
behalf of an active employee who Is eligible for early or normal retirement'but
who dies while still employed. This change would allow the minimum longevity
benefit (for persons employed prior to October 1, 1974) to be included in the
death benefit. The increase in annual cost attributable to this change is $22,000,
or 0M% of covered annual payroll. Of course, as this closed group of employees
becomes smaller and smaller in future years, the cost will tend to decrease, but
no significant decrease would be felt for at least 8 to 10 years.
The secondchange would permit the minimum longevity benefit (for persons employed
prior to October 1, 1974) to be includable In the early retirement benefit calcula-
tion. At the present time, our annual actuarial valuations estimate the retirement
benefit, including the minimum longevity benefit, which will be payable at the
assumed retirement age (age 62). When a person who would be eligible for the mini-
mum longevity benefit at age 55 or later retires early, he "forfeits" the minimum
and receives only 2% of average final compensation for each year of service. There-
fore, the actual early retirement benefit is less in value than the estimated bene-
fit at age 62. The result is an actuarial gain each time a person retires early.
If the proposed change were adopted, the actual benefit would be equivalent In value
to the estimated benefit so no gain or loss would arise upon early retirement. Thus,
the proposed change would not produce an Increase in expected cost but, on the other
hand, there will be no actuarial gain when a person retires early.
During 1975, there were four early retirements; there were four more in 1976; and
there were seven in the first nine months of 1977. We have calculated the, actuarial
gain (based on the current set of actuarial assumptions) which arose for each of
these fifteen early retirements. (These calculations ignored the affect of the
early retirement reduction factors.) The gains ranged from a tow of $8,669 to a high
of $87,833. The gains for seven of the fifteen were below $20,000; another fivewere
between $20,000 and $30.000. The average gain was $27,797. On average, each gain
produces a $2,000 reduction in annual cost. If there are five early retirements in a
year, then the expected reduction in future annual cost would be $10,000. The pro-
posed change would result In no reduction in cost in this same situation.
rat
MR.a4
'k.S'1.46d.�ha+ruY3
flr, Irwin *lin *member 7, 1977
it should be noted that the proposed thongs Is likely to encourage employees to
retire early, This'effect would be contrary to the original intent of the longeve
ity benefit which was to encourage employees to retire later. This should be kept
in mind In considering the proposed thongs.
Should you have any questions concerning the above, please contact us.
Sincerely yours,
/ 0,
„ c -
• • -
J. Stephen Palmquist
JSP/ccm.
S5 A
COSeph Rs Grattie
C ty Manager
\f‘
Irwir Main, Secretary
Retirement Plan
ttc
December 21 1977 ;At -
Re. Retirement Death
Benefit
2
The Retirement Board of the Miami City General tmployteei
Retirement Plan unanimously moved to recommend that the City
Commission adopt the Ordinance amendment attached hereto.
The proposed change allows the minimum longevity benefit to be
included in the death benefit allowance payable on behalf of
MI active employee who is eligible for early or normal retirement
but who diet while ttill employed.
The actuary, Kruse. O'Connor S! Ling, Inc., determined that the
increase in annual cost attributable to this change it $22,000,
or .07 of covered payroll. Since this change is aptlicable
only to individualemployed prior to October 1, 1974, at thie
closed croup of employees becomes smaller, the cost will tend to
decrease. but no significant decrease would be felt for at leant
8 to 10 years.
Please schedule this item for City Commission action.
CITY COMM.S9
MEETING (ff.
MEC 1 5 1077it
ORDINAKE
EADR12.„. ,, •4 ..... 4...
...................
MIAMI R1V1CNN
AND DAlis, RLICOORD
Patrtiairta ,ReitT t>3teept 9eti at% Soho end
Legit Ra idant
Mimrlf, bah Cnttatly, flotilla.
STATE OP FLilRmOA
COUNTY OP DADE:
Site s the undentin Iuthent�pr bye�rseriotIy
rifle Sarah Wlitfa s wild eh Oath to that a1N
the DPI., Ligit Ads et tM MIAMI IVPM She
ally Rederd, a daily meow Situ dat�, DthMly a d
�WWel Hoiidayl) nawspabsr publis�etf at Needle in
tfiente de t. beHig a Legal Anvanleementbet Notice 111
the 'Metter e
City bf Miami t ?laridaRet
ORDINANCE NO. 8738
XXX
Wit pubtished in said hiwepeper In the issue,Cif auwt,
ianuary 17, 1978
Afilant tu(ther says that ;the said MINIM Review
and Daily Record Is a newspaper published at Mlernl,
ih said Dade County, Florida, and that the said news.
paper has heretofore been continuousty published 10
Slid bade County Florida, each flay (except Saturday,
Sunday and Legal Holidays) and has been enterread as
second Class mail matter at the post chits Ih Miami,
in said Dada County, Florida for a period of one year
next preceding the first publication of the attached
copy of advertisement; end affient further soya that
she h neither paid nor promised any person, firm
or c pbration ppany disCoptunt, rebate, commission of
oru ublicatiun lit the sst• securing has advertisement t.
s
17 th day of
laiet
P�1
(S AL) iZ ili P
My Commission expiress�] . I979
thla
78
Lome
CITY OP MIAMI#DADittaffi PLORIDA
LEGAL NOTICE
Alt Ilitef i31id wlil take liblit0 that On the 1 ith day d1 JMMWuiIy,1470
the CRY CoiYlrttittieflof MISRtl, Floods netted Mid adbplidthe toHow,.
my titled Ordihante:
ORDINANCE 'NO.1231
AN ORbtNANCE AMENDING CERTAIN SUBSECTIONS'
OP THE MIAMI CITY GENERAL EMPLOYEES' RETIRE,
MENT PLAN (ORDINANCE NO. 3$ 1, MMy 0, MSC AS
AMENbEb), AS APPEARiNG IN CODIPIEb I.IORM AS A
PART OF CHAPTER 2 OP THE CODE OP THE CITY OP ;
MIAMI, FLORibA, AS AMENbEb, MORE PARTICULAR,.;
LY AMENDING :SECTION'109(ta) OP SAID CHAPTER BY
ADDING AN 'AbbiTIONAqL PROVISION THERETO
AUTHORIZING A SUPPLEMENT TO A SURVIVING
SPOUSE'S RETIREMENT ALLOWANCE WHERE : A
MEMBER OIES'WHO HAS NOT RETIRED OUT WHO HAS
ISECOME ELIGIELE FOR 'NORMAL SERVICE RETIRE,
MEN, BENEFITS OR EARLY SERVICE RETIREMENT
OENEPItS; SUCH SUPPLEMENT CONSISTING OP AN
AbbIT1ONAL PENSION PAYMENT OP 10% OP :THE
MEMBER' AVERAGE FINAL COMPENSATION, IP,SUCH,_
MEMBER SHALT: WAVE, SINCE LAST. BECOMING A
MEMBER, COMPL1:tto EITHER 20 YEARS OP
CONTINUOUS CREb1TEb 'SERVICE AT THE TIME OF
DEATH, OR I5 YEARS OF CONtINUOUSCREDi1ED SER•
VICE AT THE TIME OF DEATH. 10 YEARS OF SAID 11
YEARS HAVING BEEN COMPLETED ON OR BEFORE
SAID MEMBERS MINIMUM SERVICE RETIREMENT
DATE, IN THE EVENT THE SPOUSE OP SUCH MEMBER
DOES NOT ELECT TO RECEIVE THE SUM OP :THE
MEMBER'S CONTRIBUTION TOGETHER 'WITH
INTEREST THEREON; FURTHER PROVIDING FOR THE
SURVIVING SPOUSE'S RETIREMENT ALLOWANCE TO
BE THAT ALLOWANCE WHICH WOULD HAVE "BEEN,,,.
PAYABLE IP SAID MEMBER +IAD ATTAINED MINIMUM
SERVICE RETIREMENT AGE AND FURTHER
PROVIDING THAT ALL ALLOWANCES +PAID
THEREUNDER CONTINUE ONLY FOR SO LONGA'TIME .'.,
AS THE SURVIVING. SPOUSE REMAINS UNMARRIED: ,.
CONTAINING A REPEALER PROVIS1ON_AND A,,
SEVERABILITY CLAUSE, AND DISPENSING WITH THE
REQUIREMENTOF READING THE SAME ON TWO
SEPARATE DAYS BY A VOTE OF NOT LESS THAN FOU.B•
FIFTHS OF THE MEMBERS OF THE COMMISSION, ,
RALPH G. ENGIE
CI TY' CLER K
Publication of this notice on the 1f day of Jenusry.
trty
970, •
M9lt7p
tEOAL NOTICE
All interested will take Notice that on the llth day of January, 1978
the City Commission of Miami, Florida passed and adopted the following
tithed Ordinances:
ORDINANCE NO.
8738
AN ORDINANCE AMENDING CERTAIN SUBSECTIONS
or THE MIAMI CITY GENERAL EMPLOYEES'
RETIREMENT PLAN (ORDINANCE NO. 5624,
May 2, 1066, AS AMENDED), AS APPEARING IN
CODIFIEb FORM AS A PART OF CHAPTER 2 OF
THE CODE or THE CITY OF MIAMI, FLORIDA,
AS AMENDED, MORE PARTICULARLY AMENDING
SECTION 109(14) OF SAID CHAPTER BY ADDING
AN ADDITIONAL PROVISION THERETO AUTHORIZING
A SUPPLEMENT TO A SURVIVING SPOUSE'S RETIRE-
MENT ALLOWANCE WHERE A MEMBER DIES WHO HAS
NOT RETIRED BUT WHO HAS BECOME ELIGIBLE FOR
NORMAL SERVICE RETIREMENT BENEFITS OR EARLY
SERVICE RETIREMENT BENEFITS; SUCH SUPPLEMENT
CONSISTING OF AN ADDITIONAL PENSION PAYMENT
of l0% of THE MEMBER' AVERAGE FINAL COMPEN-
SATION, IF SUCH MEMBER SHALL HAVE, SINCE LAST
BECOMING A MEMBER, COMPLETED EITHER 20
YEARS OF CONTINUOUS CREDITED SERVICE AT
THE TIME OF DEATH, OR 15 YEARS OF CONTINUOUS
CREDITED SERVICE AT THE TIME OF DEATH, 10
YEARS OF SAID 15 YEARS HAVING BEEN COMPLETED
ON OR BEFORE SAID MEMBER'S MINIMUM SERVICE
RETIREMENT DATE, IN THE EVENT THE SPOUSE OF
SUCH MEMBER DOES NOT ELECT TO RECEIVE THE
SUM OF THE MEMBER'S CONTRIBUTION TOGETHER
WITH INTEREST THEREON; FURTHER PROVIDING
FOR THE SURVIVING SPOUSE'S RETIREMENT ALLOWANCE
TO BE THAT ALLOWANCE WHICH WOULD HAVE BEEN
PAYABLE IF SAID MEMBER HAD ATTAINED MINIMUM•
SERVICE RETIREMENT AGE; AND FURTHER PROVIDING
THAT ALL ALLOWANCES PAID THEREUNDER CONTINUE
ONLY FOR SO LONG A TIME AS THE SURVIVING
SPOUSE REMAINS UNMARRIED; CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE,
AND DISPENSING WITH THE REQUIREMENT OF READING
THE SAME ON TWO SEPARATE DAYS BY A VOTE OF
NOT LESS THAN FOUR -FIFTHS OF THE MEMBERS OF
THE COMMISSION,
RALPH G. 0NGIE
CITY CLERK