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Home My WebLink AboutO-08657SOM/es 12/9/76 ORDNANCE AN ORDINANCE AMRNDtNO THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM (ORDINANCE NO. 2230, DECEM- BER 6, 1939, AS AMENDED) AS APPEARING IN CODZ PICATION PORM AS A PART OP CHAPTER 2 OF THR CODE OP THE CITY Off' MIAMI, FLORIDA, 1957, A3 AMENDED, MORE PARTICULARLY AMENDING SECTION 91, AS AMENDED, OF SAID CHAPTER 2; PROVIDING :THAT tF A MEMAER CANNOT FULFILL THE AFORESAID CONDITIONS AND REQUIREMENTS Off' THIS SECTION WHICH ARE NECES- SARY FOR RESTORATION OF SERVICE CREDITS, HS MAY, NEVERTHELESS, BE PERMITTED TO REDILPOSIT OR PAY BACK HIS SERVICE CREDIT LIP TO A MAXI- MUM OF POUR YEARS FURTHER PROVIDING THAT SHOULD A MEMBER DECIDE TO PAY BACK UNDER THE HEREIN SUBSECTION, SAID PAYBACK SHALL BE MADE UNDER HIS CURRENT COMPENSATION RATE AS TI#E BASIS FOR DETERMINING COSTS INVOLVED; PROVIDING THAT HIS SEPARATION FROM PRIOR EMPLOYMENT WITH THE CITY OF MIAMI SHALL HAVE BEEN UDDER HONOR- ABLE CONDITIONS; REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT HEREIN: AND CONTAINING A SEVERABILITY PROVISION AND AN EFFECTIVE DATE. WHEREAS, the Miami City Employees' Retirement System (Ordinance No. 2230, December 6, 1939) was not included as a portion of the new Code of the City of Miami, Florida, effec- tive September 1, 1967, as adopted by Ordinance No. 7585 (July 25, 1967) ; and WHEREAS, said System now exists in codified form as it appears in Chapter 2 of the Code of theCity of Miami, Florida, 1957, as amended, in addition to basic ordinance form; and WHEREAS, any addition or amendments to said System can thus be made by reference to the section designations as they appear in Chapter 2 of the Code of the City of Miami, Florida, 1957, as amended; NOW, THEREFORE, BE IT ORDAINED BY THE COMMI$SION OF THE CITY OF MANI, FLORIDA; Section Y • The Miami a ty Smp °yeas, Retirement System Mariann Na. 2230, December S, 1939, as amended) as aforesaid ordinance, as amended, appears in codification form as a part of Chapter 2 of the Code of the City et Miami, 'Florida, 1957, as amended, is hereby further amended in the following particulars:l Section 2-91, Benefits Restoration of Service Credits to Certain Re- employed io 'mer Members * * * * * (17) (g) It-a.MgM:bercanncbu Dili ,thy aforesaid conditioi er d _recuiremen a of,ei is sectio4,wl3ch kxe necessary,_for restoration of,,service_ ort its,, Its near nevertheless be per- mitted to redeposit pr pay tack fir . ervice sere:, ,tip _to _a maximum Af _four , ,earns, Iris subAec- tion , shall _ap only to those members whot se laparatAort from pr is r.employxt,ent _ shal"l ,.have under honorable conditions. w._. Should, a member decide to pay beck uncles the _herein subsection,, said jaayback shell. be, made using his current compensation rate as the basis for detervini,nj the costs involved. * * * Section 2. All ordinances, code sections, or parts thereof in conflict herewith, insofar as they are in conflict:. are hereby repealed. Section 3. If ariy section, sentence, clause, phrase, or word of this ordinance is for any reason held or declared to be unconstitutional, inoperative, or void, such holding or invalidity shall not affect the remaining portions of this or- dinance. and it shall have been construed to have been the in- tent of the Commission of the City of Miami to pass this ordin- ance without such unconstitutional, invalid, or inoperative part .I110►A 7+1 T �-r IUnderscored words Qonstttute the amendment proposed. Remaining provisions of Sections 2-91 are now in effect and re- main unchanged. - Page 2 of 3 - ein, and the rema rider of this ordinance after the exclu Olt of such part or parts shall be deemed and held to be valid as it nu& parts had not been included therein. Section 4, The provisions ot this ordinance shall become effective an the ..121304, *UM.. 1977s PASSED ON FIRST READTNO BY TITLE ONLY this 12TH day of joikt 1977. PASSED AND ADOPTED ON SECOND AND FINAL READING BY TTTLE ONLY this .197.14 .0ay 1977, ATTEST: PREPARED AND APPROVED BY: I.-7- 1., ,...--... ii4,472 /2)? ei-y-Fi1/4 Sherman Bennett Mayor or Assistant City Attorney APPROVED AS TO FORM AND CORRECTNESS: F. 1i1. Jr. CityAttorn Page 3 of 3 - MAYOR :•j !MIAMI PIVICW ARC DAILY RECORD •PebtisPitt Daly mem Sem*. Surtitey end tee Hades Mianvi, Doh &may. Plettia ITATI et nem Melt? 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ON, AS • AMENDED,*ITHE ,APPROPRIATIONS 'ORDINANCE FOR • • PISCAL YEAR. ION4/14,00PTED NOVEMBER Il Mk BY AMENDING SECTIONS I 'AND 4 INERECIt.PROVIDING -tmt CREAtlefLOPIA PUND ENTITLED ."LATIN • AMERICAN -.TRADWEXHIBITION TRUST' AND -AGENCY , PUND" *AND MAKING'A TOTAL APPROPRIATION • TOWARD SAIDPUN° IN THE AMOUNT OP Sii00,000, AND ,• PROVIDING FOIL 'REVENUES IN SAID ---AMDUNTI CON' •• • TAINING ,A REPEALER PNOVISION,, A CLAUSE AND AN EFFECTIVE DATE. -=*-4,7--; .* A • • . , • ? DI ANCE NO.SIISK*- =4; '; ' • '• • •"- ttIAP ti;t1PEIg4Ilitlittittl0e4Ski ;1110 MO, DECEMBER G. IWO AMENDED) AS APPEARING IN CODIFICATION FORM AS A PART OP CHAPTER bP THE CODE OP THE CITY OP MIAMI, PLORIDA,10P, AS / AMENDED, MORE PARTICULARLY AMENDING SECTION SI, AS AMENDED,OPSAIbt34APTERta PROVIDING THAT'. IP A MEMBER CANNOT PULPILI..THE APORESAID CON. • DITIONS AND REQUIREMENTS OP THISSECTION WHICH ' POIL RES,TORATION**OPASERVice CREDITS, HE MAY, NEVERTHELESS, SE PERMITTED TO ' REDEPOSITOR PAY BACK HISSERVICISPCREDIT UP TO A . • MAXIMUM _OP' POUR , .YEARStr, PURTHER.PROVIDING 'THAT SHOULD A MEMBER OECIDE:SOLPAY 'SACK • uNeen:tHe. HEREIN SUBSECTION,' SAID. /PAYEACK SHALL BE MADE N DE R 1415 CUR RENT COMPENSATIoN exte AS THE , BASIS POR DETERMINING COSTS IN. • ' YOLvE13: PROVIDING THAT MIS SEPARATION FROM • potomempLoymeNt WITH THE CITYOP MIAMI SHALL HAVE: BEEN .UNDER -HONORABLE CONDITIONS REPEALING ALL ORDINANCES OR , PARTS' OF OR.' DINANCES IN CoNPLICT HEREIN:* AND CONTAINING A " SEVERABILITY PROVISION AND AN appecrive come, - • :-OROINANCS NO. MU AN ORDINANCE AMENDING SECTION 34 OP THE COVE': or THE. CITY OF MIAMI, FLORIDA,' IN ITS ENTIRETY, RELATING .TO ,_THE• HOURS oP SALE POR ALCOHOLIC • BEVERAOES .1Y1 THIN ?IRE CITY BY -COMPLETELY :eavisitvnie Heuer Itu.owet. FOR SUCHIALE• SY VARioUS' CATEGORIES •OP, VENDORS AND ESTABLISHING' DEFINITIONS PO SUCH. VENDORS; coNTAINING'-'A-. REPEALER CLAUSE 'AND' A sEYERAsILITY 'PROVISION AHD, CONTAINING,AN SP. FECTIVE !we: •• • RA1,44.616'1E, 'CITY CLERS PubllotIon 44.4104 "Off orl Mt SI day ANoy,-.4//7 ;in „ . , AA 010 ebitib.r 8 9+ ter Restoration tferde Credits tc Cert ih Reaert►p1oled brmei� 'Merlber / the Retirement System Board Meeting; of December 17; 1.916y the R t'rement Board Unanimous' Iv approved that the Ordinance Amendment.` attached hereto be reco encl the` City.Commiss.' p. e i �� tnmended• �tb ion��for��ado �tibn�, A cost tUdyi teas performed by the Systemw s .Actuary Ale ander ; .Zrc According t'o that study ` .the : incY'ease in ":the ystem� s annual ;costresultin from the adoption. of this Ordinance :�oUld be' p 82. ,ass iming.,a 35 3ear deposit (see,- modification-;' of : eport), ,he Ordinance is to allota employees that do riot fulfill the criteria tor,restoration of service` credit under ;the io�lisions of 'Section 2�91 to :be permitted, to re deposit for prior service cued%t' up :to a: inaimum of. �k years; ,said payback be ing made using his` current, compensation rate. • Please schedule this item far the City C,onunissioi-i. A'genda. c: James E. Gunderson Director of Finance lffttitt ti & Ate*andm, eafitunitig Attuatiat bivittt8ii ar..if Ottidrhoht Como', tJ. t:. AtiotAL Gtontva 3030 1WX 8tele 0 451.84333 6 r Irwin Ma2iti Secretary Miati City Employees' Retirement system Past Office Bok 330708 Miami, Florida 33183 Dear Irwin: AS requested, we have computed the impact on the 20-Year Deposit for the System if certain modifications are made ih the System. The modifications considered are the fol.� Towing: i. Increase the minimum period of service required for retirement from three years to ten years. Reduce the service required to be fully vested fifteen years to ten years. Permit certain employees to restore up to four years of Credited Service lost due to a break in service by paying contributions for the period to be restored. The amount of the contribution is to be based on cur- rent earnings. Ie�x� ander lexandep Odtober 8, 1918 4`ii et tun : v OCT i y 1878 ptNStON DtVtSION • The effect of modifications 2 and 3 are very slightly cumu- lative. That is, the effect of making both changes is slightly greater than the sum of the effects of making each. .-change independently. However, the additional impact is immaterial. In order to present the results in an easily understood fashion, the cost impact of each change will be shown separately. The cost impact of any combination of the proposed changes may then be taken as the sum of the cost changes for each modification included in the combina- tion. Any difference between the cost impact computed in this manner and the cost impact computed by taking into ac- count any cumulative effects will be completely insignifi- cant. The cost increases discussed below o were encomd puted suusing othe data submitted for the 1976 v ns used in connection with that valuation. Modification 1- Based on the data submitted to us for the 1976 valuation and the assumed Retirement tex rider Iexancier Age of 52 usedin that valuation, this change would have art effect On Only two McMbers of the Systet (11 t4 Hughes and !.H. Smith), The imposition of a requirement of ten years of service to retire would delay Mt, Hughes' retirement date by five months beyond that assumed in the valuation and would de.. lay I4r. Smith's retirement date by one year and nine inbnths beyond that assumed in the valuation. The decrease in the System's annual cost would be $288 for making such a change. Since this is such a small dollar amount, we feel that it may be treated as a decrease in Normal Cost and thus will have the same effect on a 20 Year Deposit and a 35 Year De- posit. Modification 2 - The additional cost associated with improving the vesting schedule to provide 100% vesting after ten years of service requires that an assump- tion be made as to what percentage of members ter- minating after ten years of employment will elect to withdraw their contributions since those who do withdraw their contributions lose all of their ac- crued benefits. The System currently requires fifteen years of Membership to attain 100% vesting. This being the case, there are no past statistics based on the System's own experience that may be used to support an assumption as to the percentage who will elect to leave their contributions in the System. Based on experience with other contributory plans and taking into account the relatively short period of time that a vested terminator would have to wait before his re- tirement income would commence, we have assumed that 50% of those Members who terminate with between ten and fifteen years of service will elect to leave their contributions in the System. Using this assumption, changing the vesting schedule would increase annual contributions by $109,962 (0.42% of covered payroll). on a 20 Year Deposit basis or by $99,624 (0.38% of covered payroll) on a 35 Year Deposit basis. In view of the lack of statistics based on the System's own experience, it is possible that future results would suggest an increase in the percentage of Members assumed to leave their contributions in the System. The maximum cost impact would be arrived at by assuming tex ndGr 1e ender .�.. i:ItOt tf t t* Me r i d t . tette their ion- tributtths Ln the g ste I- Wh :° h would result in doubling the Lost nettates shewn in the preceding :paragraph. Modification If + ertaih tmplb'ees are permitted to restore up tth four yeaft of service lost through breaks in serViee by. repaying eontribUtions for the years to be restored, the increase ih the Sy4tei0s annual cost would be $40406 assuring a 20 Year be-, posit or $3,282 assuming a 35 'Year Deposit. or your convenience, the cost increases discussed above, are reproduced on the display that is attached to this lets ter. tf questions. , . p ese cost ind'tases you have any questions concerning these -or if you would like additional dotn=utations to be made please let me know.. Leonard R. Cargill, Jr.r.': AssistantVice. President I • M!M I C2T/ tMPL Yttt r Trf a t 43 } L =eatiot,�.. = tiierease the minimum peritd tf •quired ftr ' retirtrfi I t from 3 years tt 10 yeast TAPaOt_ year tedUee the :period rewired far fu lHvestin' r: fbM=1:5:years •o, b ease abt, Tfi15ac 0'Yea b:et5dsit • �$69►962 +u6f04 Modification. permit certain etnplbyees to restore 'gip to four years, of ,, Credited Service lost due to breaks in' service by the repayment of .contributionsfor the years to be restbred