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Home My WebLink AboutO-08318AN ORDINANCE PROVIbINC FOR . AN ADJt 8TMENT EFFECTIVE As OF oCteStR lb 1974 TN THE PENSIONS OF ALL BENEFICIARIES of THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM AND OF THE MIAMI CITY GENERAL EMPLOYEES'. RETIREMENT PLAN SO THAT AS RESPECTS EACH BENEFICIARY AS OF SUCH DATE, THE PENSION BENEFIT SHALL BE INCREASED BY AN AGGREGATE AMOUNT DETERMINED BY INCREASING THE PENSION BENEFIT BY ONE PERCENT (i%).OF THEPRESENT BENEFIT FOR EACH YEAR SINCE THE RESPECTIVE DATE OF RETIREMENT.. FOR EACH BENEFICIARY AND PROVIDING THAT THE AMOUNT OF EACH. SUCH INCREASE SHALL BE ADDED TO THE PRESENT PENSION BENEFIT, AND THE RE- SULTING AMOUNT SHALL HENCEFORTH BE PAYABLE ON A MONTHLY BASIS; AND BY FURTHER PROVIDING THAT FOR PURPOSES OF APPLYING THE ORDINANCE PROVISION OF ORDINANCE NO. 7798,:ADOPTED SEPTEMBER 25, 1969, PERTAINING TO VARIABLE UNITS OF RETIREMENT INCOME, THE ADJUSTED. PENSION BENEFIT AS HEREINABOVE DETERMINED SHALL BE USED AS BASE MONTHLY RETIREMENT ALLOWANCE FOR THE COMPUTATION OF BENEFIT.,. CHANGES, IF ANY, WHICH ARISE BYREASONOF CHANGE .IN THE VALUE OF VARIABLE UNITS; AND CONTAINING A SEVERABILITYPROVISION DIS- PENSING WITH THE REQUIREMENT OF READING THIS ORDINANCE ON TWO SEPARATE DAYS BY A VOTE OF NOT LESS THAN FOUR -FIFTHS OF THE MEMBERS OF THE COMMISSION. WHEREAS, the maintenance of a loyal force of city employees is essential to the order and well being of the citi- zens of this municipality; and WHEREAS, The City Commission has constantly expressed its concern. for city employees and -the problems faced by these employees; and WHEREAS, it is only through genuine and continuing con- sideration for the city employee before and after his or her re- tirement that the city is able to achieve a high retention level of city employees on its worl4 force; and 8 A8, -the stuns reoeivactby beieficiaf`ies 'of the Miami it employees' iketiretnet%t ysteti and of the Miami City General *fnployees' tetirement tlati haVe pretiidus1.y :been adjusted for the purpose of recognising a steady and sizeable cast of living increase that has takers place since the date said behet ficiaries became a beneficiary;'and WHEREAS, the sums.present'ly being paid to beneficiaries, because of the increase that has taken place in the. cost of living since the last'previous adjustment in pension benefits, are totally inadequate to provide the compensation'earned.by the retired employees; and WHEREAS, an emergency presently exists andit is neces- sary that an increase in the pension allotment be granted to the retired employees due to the spiraling cost of living that has occurred; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Effective as of October 1, 1974, the pensions of all beneficiaries of the Miami City Employees' Retirement System and of the Miami City General Employees' Retirement Plan shall be adjusted so that, asrespects each beneficiary as of such date, the pension benefit shall be increased by an aggregate amount determined by increasing the pension benefit by one per- cent (1%0) of the present benefit for each year since the respective date of retirement for each beneficiary. The amount of each such increase shall be added to the present pension benefit, and the resulting amount shall henceforth be payable on a monthly basis. Section 2, For purposes of applying the ordinance provision of Ordinance No, 7798, adopted September 25,.1969, pertaining to variable units of retirement income, the adjusted pension benefit as hereinabove determined shall be used as the base monthly retire -bent aiiowande fof the computation of benefit dhanges, if any, which atite by teasnn of change in the Value of Vatiable .units • $edtion 3: if any section, sentence, clause, phrase of word of this Ordinance is fot any teason heldof declared to be unconstitutional, inoperative or void, stidh holding or invalidity shall not affect the remaining portions of this Ordinance, and it shall:be:construed to have been the intent of the Commission of the City of Miami to pass this ordinance. without such unconstitutional, invalid or inoperative part therein; and the remainder of this Ordinance after the exclusion such part or parts shall be deemed and held'to.,be valid as such parts had not been included therein. Section 4. That the requirement of reading this ordinance on two separate days is hereby dispensed with by a vote of not less than four -fifths of the members of the Commission. PASSED AND ADOPTED this 10 day of October, 1974. MAURICE A. FERRE T ' MAYOR ,"7 H. D. SnUTHERM City Clerk APPROVED AS TO FORM AND CORRECTNESS: S, Lloyd - City Att MtAMI-REVIEW AND BARN fi' BSkb " �ubllti►ed $eta, Ltedift gatithdoy, glide Mil Legal )lolidays bade tots*, tlotitldi OfiAtt Of tiO 3A tblINfY 8r bat ' 0610fe The iilt8er3t ftaa au"tABfity fiefibnatl a . fulifad Ruth GUMtter . WFo OA oath says that anti 16 Alilltaht to, the Pubilthef bf the Miami Revia*v alid Daily ReBO�rd, 6 daily (except Saturday, Sufiflay afld Legal ; Holidays). hewspaper(iubliShed� at MIarit) In Dade CoufltV _Florida; that the attached Ebpy bf adver• tigerneht, being a Legal Advertisement or Notice IA th6 htattaf bf Cite of Miami Vlorida Pe: AboDTIoN oP b1 bINANCI NO, 1318 MRXin -.. e COUrt, wetpublishedin said newspaper in the Issues of • odtobet 17r 1574 Afflant further says that the said Miami Review end Daily Record is a newspaper published at Miami, ih said Dade County, Floilda, and that the said news. - paper has heretofore been continuously published In said bade' County Florida, each day (except Saturday, . - Sunday and Legal Holidays) and has been entered as second class mail matter at the post office In Miami, in Said Dade County, Florida, for a period of one year next preceding the, first publication of the attached copy of advertisement: and affiant further says that she has neither paid nor promised any person, firm or corporation any discount, rebate. commission or refund for the purpose of securing this advertisement for publication In the said newspaper. Sworn toand subscribed before me this l7 th day of October; A.D.'39 7 4 ...... ►t]orie T. Smith eel Notary Publicar, State pf Florida at Large (SEAL) d My Commission expires September 1, 1977. 'OP dill(;:-:: tiAbt riltj,d i t: LtlftsbA t.ttiAt.rtittt 'Ali Inte1eetrd'.tt°tlf take hotted. thht t,n the' Toth :-day 'Of beta; het'.'i9`d, the CetnihIssihn:et the • City of "Afinmi. "1:'iofldn adopted nil oldlhnhre entitled = AN bfibfNANC l'o1R-•AN--. tbsTMENT ;,• s. EFFECTIVE - AS; OF; OCTO✓>, EER 1,.1n:4.I:1 THE'.PEN=- SToNS OF "ALL' EF.NE= FICfirRIEs OF THE: MIAMI CI'CY EMPLOYP.ES PF- 'i IREZ.a NT SYSTEM 'ANI) 'Of' 'Mr; DihA:dt CITY• t;F NERAL EtelPLOY F.ES' RETIITET.IENT PLAN ' SO - fHAT AS RESPECTS EACH 13ENtFIC1ARY AS OF suck! • LiA'fE". THE' PE:N• - SIGN BE::E:FIT SHALL BE: INCREASED ''BY ' AN r A(; ;R.1'ri: AMOUNT' I)E ERMINED' 13YINCH E:AS- i Iti 111E' PENSION BENE11T .13Y ONE PER- CENT V. i OF THE YRES- ENT ) ENEFIT F0I( • EACH YEAR SINCE THE RESPECTIVE DATE OF FOP. EACH BENEFICIARY AND P11O- VI;JINO T H .A T THE AMOUNT OF- EACH SHCII INCREASE )'H.1L'L BE ALDL.111 TO THE PRESENT PE.NsToN BENEFIT. ANI) • T!IE RESULTING .440t'N'T' SHALL HENCEFORTH BE I'.4 :'A)3L;: r;N A b10N'I'it• IX t-3.iS1S: AND • BY • l.' I:'I IT r: R. .} I:OYIJIN '1'I;IT FVEt PURPOSE'S OF' APPLYING '1 HE • URI)I- NANC'r PROV;?ION OF t'H131::ANcE: No. ADOPTED SEP'1E:I.11 ER'_s',. 3:l6fL PERTAINING To VARIABLE L'::11s Or ItI T;I:I`Mt :T ;`:^nr1E:. THE A;).it:si !) PENSION ) ENI:Pry AS IiE:RF IN- !tE0 E 'DETERMINED . SHALL BE USED AS BASE 11ON1'IILY' HETI1tEMr:NT ALLOWANCE }' 0 It T II E cbl1PUTAT10N rrF.I;ENE- i',CHANCES, 2F ANY,' \i'I3!Cfi ARISE BY REASON OF• (:IIANCE• 2N THE .V A LITE U F...VARIABLE •1 1':aiS: AND CONTAIN- IN(.1 A . FEVE:RABILITY PE:Ot'2S)UN~• 1,;:SPFN5}Nr, ' :`u'ITH TILE REQUIREt1ENT OF I1RAD3NG THIS NtNC'r". ON TWO SEr*A- i RATE. DAYS BY A VOTE OF • NOT LESS TITAN' • FOUR. FIFTHS OF THE MEMBERS OF THE COMMIS£20N.' i . %Nhirh Is designated, Otdinance- Nn. S.31f. B. D.:SOUTHERN; ' CITY CLERK • CITY OF AIlA611, FLORIDA Publication at thin notice ort the 17th do)' of October, 2974.' '1(N17 ill 30( j ' s)3 14 0.!I' t All ihttlte ted will take *'16tide that o.t -Elio iota day of ( dtbb 1 j iO4 the Counis iTn Of tho City bE Miami, Vlorida 6.dbptad of o. dirlante e;itih lcd A13 ORDINANCE : PROVIDINu FOR AU ADJUST. ENT : -EFFECTIVE AS OF OCTOB R ;1 0, 1974 IN `11 E PENSIONS .OF ALL BENEFICIARIES OF THE ITh 4I CITY EMPLOYEES'. RETIREMENT SYSTI 4.AND OF THE MIAMI CITY GENERAL EMPLOYEES' FETIREMEN PLAN 50 THAT AS RESPECTS EACH BENEFICIARY AS OF SUCH DATE,THE PENSIO1Y7 ,BENEFIT SHALL. BE INCREASED BY AN AGGREGATEAMOUNT DETERMINED BY `INCREASING THE PENSION . BENEFIT BY ONE PERCENT (1%) OF , THE PRESENT BENEFIT FOR EACH YEAR SINCE . THE RESPECTIVE DATE OF :RETIREMENT FOR EACH BENEFICIARY AND PROVIDING THAT THE AMOUNT OF EACH SUCH INCREASE SHALL BE ADDED :TO. THE PRESENT PENSION BENEFIT, AND':THE RE-. SULT ING , ZtMOU T SHALL HENCEFORTH BE PAYABLE ON A MONTHLY BASIS; AND BY FURTHER PROVIDING.. THAT FOR PURPOSES OF APPLYING THE ORDINANCE PROVISION OF .ORDINANCE NO. 7798, ADOPTED SEPTEMBER 25, 1959, PERTAINING TO VARIABLE'' UNITS OF RETIREMENT INCOME, THE ADJUSTED PENSION BENEFIT. AS HEREINABOVE DETERMINED SHALL BE USED AS BASE MONTHLY RETIREMENT ALLOWANCE FOR THE COMPUTATION OF BENEFIT CHANGES, IF ANY, WHICH ARISE BY REASON OF CHANGE IN THE'VALUE OF VARIABLE UNITS; AND CONTAINING A:SEVERABILITY PROVISION DIS- PENSING WITH THE REQUIREMENT OF READING THIS:, ORDINANCE. ON TWO SEPA? ATE DAYS. BY A VOTE OF NOT LESS THAN FOUR -FIFTHS OF THE MEMBERS OF THE COMMISSION. which is designated Ordinance No, 8318, U,D. SOUTHERN, CITE' Cr�RRK CITY -OF MIAMI, FLORIDA