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Home My WebLink AboutO-08597RFC{tb 16I277/ 6 ORDINANCE NO,. 85" AN EMERGENCY ORDINANCE AMENbINC CERTAIN SUBSECTIONS OF THE MIAMI CITY EMbLC)YEE81 RETIREMENT SYSTEM (ORDINANCE NO, 22360 DECEMBER 6, 199, AS AMENDED) AND THE MIAMI CITY GENERAL EMPLOYEES RETIREMENT. PLAN (ORDINANCE NO, 6624, MAY 2, 19560 AS AMENDED); AS APPEARING IN CODIFICATION FORM AS A PART OF CHAPTER 2 OF THE CODE OF: THE CITY OF MIAMI, FLORIDA, 1957, AS, AMENDED, MORE PARTICULARLY AMENDING SUB- SECTIONS (d) 2 and (e) OF SECTION 93 OF SAID CHAPTER 2 AND SUBSECTIONS(d) 2 AND (e) OF SECTION 110 OF SAID CHAPTER 2; PROVIDING THAT THE DOLLAR AMOUNT OP THE, CITY'S:ACCRUED :LIABILITY CONTRIBUTION TO BOTH THE RETIREMENT. SYSTEM AND THE. RETIREMENT PLAN BE CALCULATED ON A 35-YEAR AMORTIZATIONBASIS COMMENCING OCTOBER 1, 1976; REPEALItNG ALL ORDINANCES, CODE SECTIONS OR PARTS THEREOF IN CONFLICT, INSOFAR AS THEY ARE, IN CONFLICT; CONTAIN- ING A SEVERABILITY PROVISION. WHEREAS,. the Miami 'City Employees' Retirement System and the Miami. City General Employees' Retirement Plan (Ordinance No. 2230, December 6, 1939, and Ordinance 5624, May 2, 1956, as amended) were not included as a portion of the new Code of the City of Miami, Florida, effective September 1,,1967, as adopted by Ordinance No. 7585 (July 25, 1967); and WHEREAS said system and plan now exist in the codified form as they appear in Chapter 2 of the Code of the City of Miami, Florida, 1957, as amended, in addition 'basic ordinance form; and WHEREAS, any addition or amendments to said system and plan can thus be made by reference to the section designations as they appear in said Chapter 2 of the Code of the City of Miami, Florida, as amended; NOW, THEREFORE,BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA; Section 1. The Miami City Employees' Retirement System (Ordinance No, 2230, December 6, 1939, as amended) at said ordinance, as amended ► appears in iodifidatioh form as a part of Chapter 2 of the Code of the d.ty of. Miaitii f Plorida,.1957as amended, is hereby fdtther amended by, amending Subsections (d) 2 and (e) of 8tationAl of said Chapter 2, to read as follows: (d) The regular annual contribution shall consist of the total of the following:._ le The normal contribution produced. by the entry age normal cost method; and 2. The accrued liability contribution produced by the entry age normal cost method, which further shall be determined as the annual payment required to amortize the accrued liability over a twenty thirty-five year period, such period to. commence October 1, 196619767-previding; however7-that-for-the-1995-46ifiseai-year-snip-the deiiar-ameent-ef-the-eityls-aeerued-liability eentributien-nhaii-be-eaieulated-en-a=35-year amertieatien-basis. (e) .In the event benefits payable are increased, the accrued liability attributable to such increase, if any, shall be determined as the annual payment required to amortize such accrued liability over a twenty thirty-five yearperiod commencing either with the fiscal year following the adoption of such increased benefits or such other date as the board may direct;-providing7-however7-that-for-the-1945-46 €iseai-year-snip-the-deiiar-amount-ef-the-eityls aee tied-iiabiiity-eentributien-shnii-be-ealeelated en-a-35-year-a1ertisatien-basis. i/ Section 2. The Miami City Employees' Retirement System (Ordinance No. 2230, December 6, 1939, as amended) as said Ordinance, as amended, appears in' codification 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 Sub- sections (d) 2 and (e) of Section 110 of said Chapter'.2. ,1/ to read as follows (d) The regular annual contribution shall consist of the total of the following: 1. The normal contribution produced by the entry agelnormal cost'method; and 1/ Words stricken through shall be deleted., Underscored words constitute the amended proposed, Remaining provisions are now in effect and remain unchanged,, 1 2: the adarued liability oohtrioutioh pro - duped by the: ehtty ache hernial cost metheid, Whioh further shall be detetmihed as;the.ahhuai paymet t rewired to atribrti2e the aootued liability over a €itenty thA ty iVeea fyt petibd, auch period to doiriiriehpe ' Octobel` 1, 1966 1976;4eevidiftiv.heWeVe't4-tha€et=the 13 6-46 fi'seal eaeeblyaithedellaeaieu»t e��the��ity�-s=eee�t�ee��liability�eet�tribdtiei9 ahall-beealeolaeed-en-a 96year=a ettisatien basis. (e) to the event benefits payable ate increased, the accrued liability attributable to such increase, if any, shall be detetmined as the annual payment required to amortize such accrued liability over a twenty thirtyfive year period commencing either With the fiscal. year following the adoption of such increased benefits or such other date as the board may direct ;-previding=-hewever ; --that-fee-the 1995-46-fiseai-pear-enly-the-delIar- amount ef-the-eityis-aeereed-iiabiiity-eentribetien shall-lie-eaieulated-ens-a-35-pear-amertieatien basis. Section 3. All ordinances, code sections or parts thereof in conflict herewith, insofar as they are in conflict, are hereby repealed. Section 4. If any 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 ordinance, and it shall be construed to have been the intent of the City Commission to pass this ordinance without such unconstitutional, invalid, or inoperative part therein; and the remainder of this ordinance, after the exclusion of such part or parts shall be:de'emed and held:to be valid as if such parts had not been included therein. Section 5. This ordinance is hereby declared to be an emergency measure on the ground of urgent public need for the preservation of peace, health, safety and property in the City of Miami. Section 6. The requirement of reading this ordi- nanceon two separate days is hereby dispensed with by a vote 3— _L■- of Plot leee thaii four.if .fths of the Metbete of the Commiapion PASSEb ANb5 AtibP Eb $Y, t1 'i►E ONLY t iie.,. ._�...._i ey Of_ NOVMPtR PREPARED AND APPROVED BY: ROBERT F. CLARK Assistant city Attorney APPRO 1916s MAURiCE A. PgAllt U AS TO FORM AND CORRECTNESS:' GEORGE F. KN City Attorne JR.