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Home My WebLink AboutR-77-01771/21/17 RPC/S8M/cs RESOLUTION t\t(). 77-177 A RESOLUTION EXPRESSINO THE POLICY OP THE CITY COMMISSION TO ALLOW CERTAIN EMPLOYEES NOW ELIGIBLE TO BECOME MEMBERS OP THE CITY OF MIAMI GENERAL EMPLOYEES' RETIREMENT PLAN UNDER ORDINANCE NO. 8568 TO EXERCISE SUCH EL/- OIBILITY AND NOT PAY THE FOUR PER CENT (4%) INTEREST COMPOUNDED ANNUALLY FROM THE DATE OF rtRsT CREDITABLE SERVICE FOR THE PERIOD OF NON -MEMBERSHIP COVERED UNDER ORDINANCE NO. 8568, AND FURTHER DIRECTING THE CITY ATTORNEY TO PREPARE AN AMENDMENT TO ORDINANCE NO. 8568 WHEREBY THE CITY ASSUMES THE COST OP THE FOUR PER CENT (4%) INTEREST FOR CREDITABLE SERVICE: PROVIDED (1) THAT THE COSTS OF THE FOUR PER CENT (4%) INTEREST FOR SUCH CREDITABLE SERVICE PERIOD SHALL BE PAID FROM GENERAL AD VALOREM TAXES OF THE CITY OF MIAMI INTO THE SPECIAL MILLAGE ACCOUNT - RETIREMENT PLAN; (2) THAT THE TOTAL COST FOR SUCH INTEREST PAYMENT SHALL NOT CAUSE THE CITY TO EXCEED THE STATUTORY FOUR (4) MILL CAP OR LIMITATION PLACED ON CITY EXPENDITURES FOR PENSION PURPOSES. WHEREAS, in the administration of its employee retire- ment program, the City of Miami desires to assume the costs of the four per cent (4%) interest for creditable service as set forth in Ordinance No. 8568 , rather than collect the same sepa- rately from each individual employee; and DOCUMENT INDEX WHEREAS, monies to meet the said cos[r WaiRome rom the general ad valorem tax monies of the City of Miami; and WHEREAS, payment of the four per cent (4%) interest by the city shall be placed into the Special Millage Account - Retirement plan; provided (1) that the costs of the four per cent (4%) interest for such creditable service period shall be paid from general ad valorem taxes of the City of Miami into the spe- cial Millage Account - Retirement Plan; (2) that the total cost for such interest payment shall not cause the city to exceed the statutory four (4) mill cap or limitation placed on city expenditures CITY CCY,MiSSION MEEFING CF FEE2 4 RINIOTION 'NO ,,,, . , ? . '1 liff4ANO; *Ittlitt4t..1.!* ••• ..... * o•T fot pension purpOsesl• preiVidin4 for the costs 'Of the four titr dant (4%) interst for creditable serVie to be paid from•the lentral• vaioi6rti tak6t of the City of Miami into the Spedial Millage • Account - Retirement Plan: further providing that the costs of this payment by the dity shall not cause the city to exceed the statutory fout•(4) mill cap or limitation placed.on city..ex- penditures for pension purposes: and WHEREAS, the costs of this ihterest• to the city shall not cause the city to exceed the four (4) millcap placed on city expenditures for pension purposes,' NOW, THEREFORE BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The city:commission of the City of MiaMi•• hereby. expresses its policy to allow those employees now eligi- ble to become•members of the City of Miami General Employees' Retirement Plan under Ordinance No. 8568 to exercise such eli- gibility rights and not pay the four per cent (4%) .interest • • compoundedannually from the date of first creditable service for the period of •non -membership covered under Ordinance •N . 8568, and further directing. the. city attorney to prepare an amendment • to Ordinance No. 8568 whereby the city assumes the cost of the four per cent (4%) •interest for creditable service; .provided (1) that •• • the • costs of••the•four• per cent • (4%)••interest••••for such creditable • •• service period .shall be •paid from general advalorem taxes .of the City of Miami into the Special•.Miliage Account - Retirement Plan; (2) that the total cost for such interest payment shall not cause'. the city to exceed the statutory four (4) mill cap or limitation. •• • .placed on city. expenditures for pension purposes,• PASSED AND ADOPTED this 24th day o Febr,iary , 1977, . • 11AURICE XERRE MAYOR Page 2 of 3 - ettRR PREPARED AM ARPROVED ROM 121' E . C DARK Assistant City Attorney APPROVED -''I'0 FORM AND CORRECTNESS GE F. Kt City Attorn OP MIAMI, FLORID INitt.ter,bitt MtNie)A-ANbtAl 1 '1 to. tidgt014 R. dpAstle eltV HANAdtp !JAMS 4E, '4GULNO-OttSON tOlAtCTOP OP FINANCt CATE: PtoquApy 4) 177 suaJEc.- PENSION BUYSACK PF.FLRE.ri ttLe MC COMMISSION PCOUCSTO THE OCYCLOOMtNt OP ttlitRAL OPTIONS WITH OtdARD TO THt PCNSI.ON BUYSACK Stt FORTH IN OPOINANCt S568. /Ht STAFF PPtVIOUSLY peCOMMtNOCO THAT tmt CITY ASSUMt Tmt COST or THC 4;. INTEREST UNDER SECTION (0) OF 'NC APOACSAID OROINANCE AS tHt 4COULD BE VIEWED AS A PENALTY THAT tHeSt INDI- VIDUALS MUST PAY Mit TO THt PACT THAT tHty weiqt CXCLuOto PPOm Mt4SERSHIP= SECTION (0) ALSO STIPULATES THAT THE EMPLOYEE, PRIOR TO RETIREMENT, PAY INTO THE PET/REmENT FUND CONTRIBUTIONS AT THE THEN CONTRI3UTIO',1 RATE tImts tAANINOs BASED ON HIS THEN ANNUAL SALARY) WITH SUCH PAYMV:T TO SC MADE CITHCP IN A LUMP SUM OR PRORATED OVER A PERIOD NOT TO EXCEED FIVE YEARS, NoRmALLY WHEN PAYsACKS ARE PRORATED, THE INDIVIDUAL MOST PAY 4 INTEREST AS IN AN INSTALLMENT CONTRACT. USING THE SAME REASONING AS A3OVE THIS INTtptsT COULD LIKEWISE BE WAIVED, ADDITIoNALLY, THE FIVE YEAR TIME LIM;TATION COuLO 3E EXTENDED PROVIDED THAT THr PAYMENT BE COMPLETED PploR To RETIRE!...ENT, Al., EXTENSION PAST THIS DATE wOULO rT SE PECCxMENOED SINCE AN ADDITICNAL Co.lr BURDE% wOuLo BE PLACED ON THE CITY tr THE INDtViDUAL txPlptl PRIOR TO CC47LETING THC PAY3ACK. THC ABOVE OPTiv.5 pr.PRESEN'r A St.I;HT IN:PEASZ COST TO THE CITY. THE FUuD3 wAlVto o? DEE;t7T.70 wOUL7? 'ICT 8E We.:iTES, 7Z-CrOlt:, %0 17,ITERE3T WOULD 3E ACCLPHJLATE,1 THcGc U7,1%o INTEc:ET EAn!';I:IG A354IMPTtON O7 4 3/4.:,T INC:;7AL'3 co; AT TH7_ CITY CC;^' Ct:.:P.,ct) cc TH,;T T41:Y Co-JY: AF7^.7. tC PAYIACK rOR THEIR CCITASLE. SERVICE. 14Ay or THESE EMPLCYEE:. HAVE ACCRuED SEPARATION PAY, iNCLUDIN,1 EARNED VACATION TIME. IT IS PRcrnSCD THAT SUCH EARNED VACATION TIME SE CoNVERTED TO THC EluiVA!..ENT DOLLAR VALUE A%0 APPLIED ASAINST THE PAYSACK AMoUoT tIUTSTANDING. THIS PsLiCy WouLO 3 LImiTEZ To 14E3E INDIVIDUALS ONLY. FOR THOSE EmPLOYEES WHO Oa NOT HAVE ACCRuED PAY, A PROGRAM COULD BC WORKED OUT WHERC THEY RECEIVE A PRORATION OF CREDITA3LE SERVICE BASED ON TUE AMOUNT THEY PAYBACK WHILE THEY At E!,PLOYED. tit? OF tdiAM?. PLOPIEIA iiVi'PER-OFFICE l atNiibi ANbUM Po: JoStPH RsASS i E CITY MANAheP ii WIN MA2tt1, . J tRtrtAR1 MIAMI CITY Gi ANAL EMPLOYEts RE GATE stA Ecr 7iE=EPIENCE S if3itt tNT EN Lb URES. PLAN RtS uARY 4, 1 `1 PANSiaN BU? ACR ' PILE 1 HC RtT i RtMeN? BOARD OP THE M i AM t CITY GtNERAL PMOLOYCES RETIREMENT PLAN, AT itS PEtlkUARY 3) 1977 MEEtiNO, UNANIMOUSLY PASSED A MOTION TO PCCOMMENb TO THE CITY COMMISSION 'THAT THE CItY OF MIAMI ASSUME tHE COstS OP THtt POUR Ptk CENT 4NTCRttST POR THE CRtb i TABU: ss RV t Ct OUTBACK AS SEt FORTH IN ORDINANCE 8569. CC: JoScPH i,7. PARto S