Ordinance 1608F , .`• •
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ORDINANCE NO. 1608
AN ORDINANCE AMENDING ORDINANCE NO. 845 OF
THE CITY OF MIAMI BEACH, FLORIDA BEING "AN
ORDINP�NCE PROVIDING FOR THE CREATION AND
MAINTENANCE OF A PENSION AND RETIREMENT
SYSTEI�i FOR CERTAIN EMPLOYEES OF THE CITY
OF MIAMI BEACH, FLORIDA"
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORiDA:
SECTION 1: That Ordinance No. 845 of the City of Miami Beach
being "An Ordinance Providing for the Creation and
Maintenance of a Pension and Retirement System for Certain Employees
of the City o� Miami Beach, Florida" be and the same is hereby
amended by adding a new subsection thereto immediately following
�4.04.02.03, to be numbered and to read as follows:
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"§4.04.02.04 Anything herein contained to the
contrary notwithstanding, at the
time the pension benefits pursuant to the terms
of Section 5C hereof become effective, the City
shall, in lieu of the amount provided for under
Sub-section 4.04.02.03, pay into this System
such amount as is determined actu�rially to pro-
vide for the benefits under this System, includ-
ing tho�e under Section 5C, computed on the basis
of a valuation interest rate as determined from
time to time by the Board and on the assumption
that any unfunded liability for pa�t service
credits under the System shall be amortized uni-
formly over a period of thirty (30) years com-
mencing on the date the pension benefits under
Section 5C become effective."
SECTION 2: That Sub-section 4.10.01.07 of said Ordinance be �.nd
the same is hereby amended to read as follows:
"§4.10.01.07 After December 3l, 1961, such
amount as is required, in addition
to Employee Normal Contribution�, to pay the
benefits providec� under Section 5A or Section 5C
for those Employee Members who become such after
December 31, 1961, and such amount as is required,
in addition to Employee Normal and City Normal
Contributions of those Employee Members who were
such prior to January 1, i962, to pay any added
costs for such Employee Members or their Ben�fi-
ciarie� as elect to receive benefits under Sec-
tion 5A or Section 5C."
SECTION 3: That Sub-section 4.10.O1.08 of said Ordinance bE and ,
the same is hereby amended to read a� follow�:
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QFFICE OF CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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"§4.10.01.08 After December 31, 1961, the amount
of the Total City Credit of those
Employee Members who were such prior to January 1,
1962, and who elect or whose Beneficiaries elect
to receive benefits under Section 5A or Section
5C shall be tran�ferred to the Re�erve Fund."
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SECTION 4s That Sub-section 4.10.02.05 of said Ordinance be and
�he �ame is hereby amended to read a� follows:
"y4.10.02.05 Aft�r December 31, 1961, the amount
required, in addition to that pro-
vided by the Total Employee Normal Contribution
of an Employe� Member, to provide for the Employee
Member or th� Beneficiary of an Employee Member
�vho receive� benefit� unc�er Section 5A or Section
5C hereof . "
SECTION 5: That Section 5 of said Ordinance be and the �ame is
hereby amende�. by adding a new Section thereto, imme-
diately following Section 5B, the same to be numbered and to read
as follow�:
"Section 5C.
.O1 At such time as the investment return on the
funds of the System reache� a level �t which
the Board may adopt a valuation interest rate on
which basis the contribution required of the City
will meet the liabilitie� incurred to provide the
benefits un�.er the Sy$tem, including this Section
5C, and will not exceed the contribution paid by
the City for the fi�cal year immediately prior to
the fiscal year for which �uch valu�.tion int�rest
rate becomes effective and a certified actuarial
valuation to this effect by the actuary appointed
by the Board i� presented by the Board to the City
Manager, then the provisions of this Section 5C
shall becom� effective and those Employee Members
who are eligibl� for benefit� under Sections 5A.03,
5A.04 or 5A.09 hereof shall be �ntitled to receive
upon retirement, in lieu of the benefits provid�d
under Sub�ection� 5P,.03.04 or 5A.04.05, a Retire-
ment Allowance which �hall be two and one-half
(�-1/2) per cent of the final avErage monthly
e�rning� multiplied by the number of years of
Creditable Service not exceeding tv�enty (20), plu�
two (2) per cent of such final aver�ge monthly
earning� n�.ultiplied by the next �ucceeding fiv�
(5) or fewer number of years of Creditabl� S�rvice
plus on� and one-half (1-1/2) per c�nt of �uch
final average monthly earnings multiplied by the
numb�r of year� of Creditabl� Service in exce�� .
of tw�nty-five ( 25 ) ye�r� . In the event an Em-�
ploye� Memb�r retire� on a service retirernent
allowance prior to age �ifty-five (55) , he shall
r�ceive a reduced retirement allowance which is
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OFPICE OF CITIt ATTORNEY - 1130 WASHINGTON AVENUE - MIqMI BEACH, FLORIDA 33139
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the actuarial equivalent of the retirement allow-
ance beginning at age fifty-five (55) ."
SECTION 6: �h,at Sub-section 5A.05.02 of said Ordinance be and
the same is hereby amended to read as follows:
"§5A.05.02 Upon receipt by the Board of �ati�-
factory proof of the death of a Re-
tirant, there shall be paid to a spouse to whom
the Retirant was married at the time of retire-
ment and for at least one (1) year immediately
preceding his retirement, a pension equal to fifty
(50) per cent of the Retirement Allowance to which
the deceased Retirant would have been entitled at
date of retirement under Sub-section 5A.03.04 if
he retired on account of service or Sub-section
5A.04.05 if he retired on account of disability.
Ti�hen the spouse is more than fifteen (15) years
younger than the deceased Retirant, the pension
shall be reduced to the actuarial equivalent for
a person fifteen (l5) years younger than the de-
ceased Retirant. If there shall be no spouse,
or if the spouse dies after the Pension payments
have commenced, a Pension in the same amount as
payable to a�pouse will be continued to a depen-
dent minor child or children of the deceased Mem-
ber until the age of twenty-one (21)."
SECTION 7: That all ordinances or parts of ordinances in conflict
herewith be and the same are hereby repealed.
SECTION 8: That this ordinance shall go into effect immediately
upon its passage and posting a� required by law.
PASSED and ADOPTED this 5th day of October , 1966.
Atte�t:
' C ity C1 rk
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lst reading - September 21, 1966
2nd reading - September 21, 1966
3rd reading - October 5, 1966
POSTED - October 6, 1966
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OFFICE OF CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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STATE OF F�,ORIDA
COUi�TTY �F DADE s
3, Re �j��io �o JOHiVSON, City Clerk in and �or the
City of T���.iami Beach, Florida, do hereby certi�y that
Ord� nance I�To 0 1608 enti�.led �
AN ORDIN ANC E AMENDING ORDIN p.NC E NO . 8� 5 OF
THE CITY OF MIAMI BEACH, FLORIDA BEING "AN
ORDINANCE PROVIDING FOR THE CREATION AND
MAINTEN�.NCE OF A PENSION AND RETIREMENT
SYSTEM FOR C�RTAIN EMPLOYEES OF THE CITY
OF MIAMI BEACH, FLORIDA"
having been �assed and adonted by the City Council of the
City o� .��iami Beach, Florida, has been posted by me in three
cons�icuous places in the City of l�iiami Beacht on� o:i which
was at the door of the Cit� Ha11 in said City on the
f,th day oi October, 1966, and that said Ordinance
reinained posted for a;�eriod o� at least thirty days in
accordance wit� the rec�uirements of� th� Cit� Charter o� the
said City of Miami �each o
I�TVLTITNE�5 WHFREOF I have hereunto set my hand and
afiixed the official seal o� the Cit� of i�tiami 3each, Florida,
on this the 9th daf� of Riovember, 1.g66.
Cifi.y C�erk
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