Ordinance 1701.�
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ORDiNANCE N0. �701
AN ORDtNANCE AMENDING ORDiNANCE N0. 845
4F iNE CITY OF MtA��fl BEACH, FLORIDA,
��dTITLED "AN ORDtNANCE PROUIDING FOR THE
Ct�EAT I ON AND MA I NTENANCE OF A PENS I ON AND
RETI i�.�MEt�T SYSTEM FOR CEnTA 1 N Ex1FL0YEES
OF 1'N�: CITY OF M1�1N1 BEACH, FLG"IDA.",
F E 1`�" ORDA 1 N�D BY TNE C i TY COUNC I L OF THE C I TY OF MI AMi BEACH,
Fl.�RtDA:
S�CT{ON 1. That Se�tion 5C of Ordinance No. 845 be and the
same is hereby amended to read as follows:
"SECTION 5C.
, Ol At su�ch t i me as the i nves �me�it return on the funds
of t�rz �ystem reaches a lcv�:l at' which the goard
may adopt a v�luation interest rate on whi�h basis the
contribution required of the City will meet the liabiii-
t��s in�urrEd to provide the benefits under the Sys�;emy
including this Section 5C, and will not exceed the
contri5ufiion paid by the City for tiie fiscal year im-
mediately prior to the fiscal year for which such
valuation interest rate becomes effec�Cive and a certi-
fied actuarial valuation to this effect by the actuary
appointed by the �oard is presented by the Board to �he
City Manayer, then fihe provisions of this Section 5C
shall become effective and t��ose Empioyee Members who
are eligible for benefits under Sections 5A.03, 5A.04,
5A,08 or 5A.09 hereof shali be entitled to receive upon
retirement, in lieu of the benefits provided under Sub-
sections 5A.03.04 or 5A,04,05, a Retirement Allowance
which sha}1 be two and one-haif (2-l/2} percen� o�� the
final avera�e monihly earnings multiplied by the number
of ��rna r s of C red i tah i e Serv i ce not exceed i ng twen t�,� (20)
plus two {2) percent of such final average monthly
earnings mui�ipiied by the next succeeding five (5} or
fewer number of yea rs of Creditab]e Service plus one and
�ne-half �1-i/2) percent of such finai average monthly
earnings muitipiied by the number of years of Creditable
Ser�vice in excess of twenty-five years. In the event an
Employee Member retires on a service retirement altowance
pr i or to age f i f ty-f i ve (55) , he sha 11 rece i ve a reduced
retirement allowance which is the actuarial equivalent of
the retirement allowance beginning at age fifty-five (5S}.
An Employee Member retiring under the provisions of
Section 5C may convert his Retirement All�wance into a
joint allowance of equivalent actuarial value in accord-
ance w i th tt�e prov i s i ons of Sect i on 5A he reof , as i f
said Retirement Allowance were payabte under fih� provi-
sions of Section SA.��
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STATE QF FLORIDA
COUNTY OF DADE:
I, RUTH B. RQULEAU, City Clerk and Finance Director in
and for the City of Miami Beach, Florida, do hereby certify that
Ordinance No. 1701 entitled:
"AN ORDINANCE AMENDtNG ORDINANCE N0. 845 OF THE CITY OF MIAMI BEACH, FLORIDA,
ENTITLED 'AN ORDINANCE PROVIDING FOR THE CREATION AND MAINTENANCE OF A PENSION
AND RETtREMENT SYSTEM FOR CERTAtN EMPLOYEES OF THE CITY OF MIAMI BEACH, FLORtDA "'
having been passe� and adopted by the City Council of the City of
Miami Beach, Florida, has been posted by me in three conspicuous
places in the City of Miami Beach, one of which was at the door
of the City Hall in said City on the 8th day of �u1 Y� 1968 �
and that said 4rdinance remained posted for a period of at least
thirty days in accordance with the requirements of the City Charter
of the said City of Miami Beach.
IN WITNESS WHEREOF I have hereunto set my hand and
affixed the official seal of the City of Miami Beach, Florida,
on this the 2� St day of August, 1 g68.
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City Clerk and Finance Director