Ordinance 734 ORDINANCE NO. 734
AN ORDINANCE PROVIDING FOR THE CREATION
AND MAINTENANCE .OF A PENSION, ANNUITY
AND RETIREMENT SYSTEM FOR CERTAIN EMPLOY-
EES OF THE CITY OF MIAMI BEACH, FLORIDA.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH,
FLORIDA:
ARTICLE 1. CREATION.
Section 1.01 : AUTHORIZATION AND CREATION.
Under and by the authority of Chapter 18691, Laws of
Florida, Acts of 1937, as amended by Chapter 22402, Laws of Florida,
Acts of 1943, a Pension, Annuity and Retirement System for employees
of the City of Miami Beach, Florida, is hereby established and placed
under the direction of the Board of Trustees, hereinafter provided
for.
Section 1.02 : PURPOSE.
The purpose of this System is to establish a sound and
efficient means of Providing retirement annuities and other benefits
for qualified and eligible employees of the City of Miami Beach,
Florida, thereby enabling such employees to provide for old age, dis-
ability, death, and termination of employment, and thereby effecting
greater economy and efficiency in the public service by furnishing
an orderly method of retiring, without hardship and prejudice, em-
ployees who have become aged or otherwise incapacitated.
Section 1 .03: NAME.
The System so created shall be known as the " City of
Miami Beach Employees Retirement System" . All the affairs and busi-
ness of such system shall be transacted in such name .
Section 1.04: EFFECTIVE DATE.
This Ordinance shall become effective on July 1 , 1945.
ARTICLE 2. DEFINITIONS.
Section 2.01 :
Certain words and phrases when used in this Ordinance shall
for the purpose of this Ordinance have the meanings respectively as-
cribed to them in this Article, except in those instances where the
context clearly indicates a different meaning.
Section 2.02: SYSTEM.
The "City of Miami Beach Employees Retirement System" , the
System created by this Ordinance.
Section 2.03 : BOARD.
The Board of Trustees of the System, hs provided in Sect-
ion 6.01 hereof. .
Section 2.04: CITY.
The City of Miami Beach, Florida
Section 2.05: COUNCIL.
Shall mean The City Council of the City.
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Section 2.06: EMPLOYEE.
Any regularly employed and permanent officer, agent, servant
or employee of the City, except, unless other*TtrAuaLtfiedi members
brthe- City' Council, members of boards and... commissions, offiruers and
employees who receive no salary or a nominal salary, or persons who
are4: employed upon a provisional, or an original probationary or other
temporary basis. In all cases in which the above definitions of em-
ployee requires interpretation, the Board shall decide who is an em-
ployee within the intent of this Ordinance .
Section 2.0 : SERVICE.
The rendering of personal services to the City by an emplo-
yee and for which, as such, compensation is paid by the City. Length
of service shall be determined as follows :
( a) For those employees who, on the effective date of
this Ordinance , are members of the Pension, Annuity and Retirement
System created by Ordinance No. 498 of the City, length of service
shall mean that period of service beginning on the day upon which such
employee first became a member, together with all Prior Service Cre-
dit granted to him under the terms of said Ordinance No. 498, and
ending on the date under consideration, excluding all the interven-
ing periods during which such employee was not in the employment of
the City following resignation, lay-off, suspension, dismissal or
expiration of any term of employment, or was employed on a provision-
al or other temporary basis during which no contributions to the
Retirement System were made.
(b) For all other employees who become Participants
under the provisions of this Ordinance after the effective date here-
of, length of Service shall mean that period. of service beginning on
the day upon which such Employee first becomes a Participant under
the provisions of this Ordinance, and ending on the date under con-
sideration, excluding all intervening periods during which such Em-
ployee was not in the employment of the City following resignation,
lay-off, suspension., dismissal or expiration of any term of employ-
ment, or was employed on a provisional or other temporary basis
during which no contributions to the Retirement System were made.
Section 2.08: CREDITABLE SERVICE.
The length of service prior to age 70, on the date on which
retirement or other benefits become available as the result of app-
lication for such to an Annuitant or Beneficiary as hereinafter pro-
vided, excluding all periods prior to the date upon which a Part-
icipant, having received a Separation Benefit, again becomes a Part-
icipant.
Section 2.09 : PARTICIPANT.
Any person participating in this system as specified in
Sections 3.02, 3.03 and 3.04 of Article 3 hereof.
Section 2.10: PARTICIPATING EMPLOYEE.
Any Participant who on or after the effective date hereof
is in active service with the City as an Employee.
Section 2.11 : EARNINGS.
An amount equal to the sum of (a) the total gross compen-
sation normally and actually paid to an Employee for the _performance
of personal service for the City on a regular payroll, and (b) the
value, as determined by the City Manager, of any maintenance, board,
living quarters, personal laundry or other allowances provided by
the City for such Employee in lieu of money.
Section 2.12 : FINAL RATE OF EARNINGS.
The average Earnings during the entire period of creditable
service of an employee, provided that Average Earnings for the period
of creditable service prior to the effective date hereof shall be
computed as equal to the average earnings during the period of Cred-
itable Service within the period from January 1, 1939 to January 1,
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1945.
( a) In computing Average Earnings with respect to
any Participant who becomes such under Section 3.04 the Board
shall determine, by estimate, and include in such computations,
the calculated Average Earnings cf such Participant which he
might normally have received had he continued in service with the
City during the period when he was actually in Military Service.
Section 2.13 : PAST SERVICE CREDIT.
Past service credit shall mean all existing creditable
service rendered by a Participant prior to the effective date .
hereof .
Section 2,14: NORMAL CONTRIBUTIONS.
The amounts required by Section 4.02 hereof to be paid
by each Participating Employee.
Section 2.15: ADDITIONAL CONTRIBUTIONS.
The amounts paid in to this System as payroll deductions
under Section 4.03 hereof which are in addition to the Normal Con-
tributions, together with such gifts and gratuities approved by
the Board and credited to the account of a Participant or Annu-
itant.
Section 2.16 : ACCUMULATED NORMAL CONTRIBUTIONS.
The sum of all Normal Contributions deducted from the
Earnings of a Participant after the effective date hereof, and
credited to his irdivival account, together with the accumulated
interest thereon at the Prescribed Rate for the respective years.
Section 2.17 : ACCUMULATED ADDITIONAL CONTRIBUTIONS.
The sum of all Additional Contributions to, the credit
of a Participating Employee contributed after the effective date
hereof, together with accumulated interest thereon at the Pre-
scribed Rate for the respective years.
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Section 2.18: NORMAL CITY CONTRIBUTIONS.
Shall mean the amounts required to be paid to this
System by the City in behalf of each Participant to match the
Normal Contributions of Participants, as specified in Section
4.04.
Section 2.19 : TOTAL CITY CONTRIBUTIONS.
Shall mean the amounts required to be paid to this Sys-
tem by the City for the ecocunt of any Participant to cover Nor-
mal City Contribution/ plus such other amounts as may be requir-
ed to provide full interest on all contributions and credits for
past._.service.
Section 2.20: ACCUMULATED TOTAL CITY CONTRIBUTIONS.
Shall mean the total City Contributions together with
interest thereon at the prescribed rate for the respective years.
Section 2:. 1 : ANNUITY.
A series of equal monthly payments payable at the end
of each calendar month, and unless otherwise specified, during the
life of an Annuitant. The first payment shall be prorated for
any fraction of a month elapsing at the end of the first month
and the last payment shall be so prorated and made at the end of
the month. in which death occurs .
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Section 2.22 : ANNUITANT.
A person receiving a Retirement, Reversionary, cDeath Bene-
fit or Disability Annuity .hereunder.
Section 2.23 : BENEFICIARY.
The surviving person or persons designated by the Part-
icipant or Annuitant in the last written designation on file
. with the Board, or in the absence of such survivor or of such
designation, the estate of the deceased ParticipLmt or Annuitant
as provided for in Section 5.08 hereof.
Section 2.24: REVERSIONARY BENEFICIARY.
A dependent beneficiary properly designated by the
Annuitant at the time he becomes an Annuitant, or by a Part-
icipant who is eligible to become an Annuitant on the date of
such designation, which Beneficiary shall receive a life or other
specified annuity, or designated equal payments for a fixed term,
which can be provided from the sum the Annuitant elects to have
set aside from the total funds to his credit, which annuity shall
become payable at the time of the death of the Annuitant, or at
a fixed date thereafter.
Section 2.25 : DEPENDENT BENEFICIARY.
A person who at the death. of the Participant or Annu-
itant was dependent upon or received substantial support from
such Participant or Annuitant and who shall have been design-
ated by written disposition duly executed and filed with the
Board. The Board shall make such inquiry and require such proof
as it may deem necessary to determine dependency and may order
the withholding or discontinuance of benefits when after inquiry
it determines the named Beneficiary is no longer dependent upon
the annuity provided for herein. The death or remarriage of
husband or wife or the marriage or attainment of age 21 by any
child of a Participant or Annuitant shall be prima facie evid-
ence of the termination of such dependency within the meaning of
this Ordinance.
Section 2.26: ACTUARIAL TABLES.
Such tables as are adopted by the Board based upon the
experience of the System, provided that for the purpose of det-
ermining the amounts of all Annuities, the .Combined
Annuity Table of Mortality for male lives shall be used until at
least three ( 3) years cf experience are available.
Section 2.27: RSCRIBED RATE OF INTEREST.
Three per cent ( 3%) per annum compounded annually, or
such other rate based on expected long term investment returns
determined from the actual experience of the System over a period
of not less then three ( 3) years, and on the condition of the
Reserve Fund, as shall subsequently be prescribed by the Board;
provided however, that during the first three ( 3) years of oper-
ation under the provisions of This Ordinance the Prescribed Rate
of Interest shall be determined by the Board based upon an est-
imate of the probable earnings of the System, but shall not ex-
ceed 32%; and provided further, that in the computation of in-
terest on credits accruing to the account of a Participant,
Annuitant, or Beneficiary, by reason of gifts , donations or
other contributions from sources other than by payroll deduct-
ions based on actual earnings, the rate of interest thereon shall
in, no event be more than 3%, compounded annually. Unless other-
wise provided, interest at the Prescribed Rate shall be credited
and paid on the unpaid balance of any benefits payable.
Section 2.28: FISCAL YEAR.
The fiscal year shall be the same as the calendar year.
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Section 2.29: PHYSICAL EXAMINERS.
Shall mean the physicians provided for in sub-section
6.02 (h) of this Ordinances
Section 2.30: ORDINANCE NO. 498.
Ordinance No. 498 shall mean Ordinance No. 498" of the
City of Miami Beach passed and adopted December 3, 1937, entitled
"An ORDINANCE OF THE CITY OF MIAMI BEACH, FLORIDA, ESTABLISHING
A PENSION, ANNUITY AND RETIREMENT SYSTEM FOR EMPLOYEES IN THE SER..
VICE OF THE SAID CITY OF MIAMI BEACH; PROVIDING FOR DISABILITY AND
DEATH BENEFITS; PROVIDING FOR CONTRIBUTION TO THE COST THEREOF ON AN
ACTUARIAL BASIS; PROVIDING FOR THE MANNER IN WHICH EMPLOYEES MAY
COME UNDER THE OPERATION OF SAID SYSTEM; PROVIDING FOR REPAYMENT TO
MEMBERS LEAVING THE aERVICE OF SAID CITY;PROVIDING FOR THE INVEST-
MENT OF FUNDS CREATED UNDER SAID SYSTEM; PROVIDING FOR THE ADMIN-
ISTRATION AND OPERATION OF SAID SYSTEM AND PROVIDING FOR SUBMISSION
OF THIS ORDINANCE TO A REFERENDUM OF QUALIFIED VOTERS OF SAID CITY;
PROVIDING WHEN THIS ORDINANCE SHALL TAKE EFFECT, AND OTHER MATTERS
RELATING THERETO."
ARTICLE PARTICIPATION.
Section 3.01:
All Members, Pensioners or Beneficiaries under the Retire-
ment System created by Ordinance No. 498 who do not, within the
specified time, file application to avail themselves of the pro-
visions of this Ordinance shall continue to be Members, Pensioners
or Beneficiaties under the provisions of the Retirement System
created by Ordinance No. 498.
Section 3.02:
Any person who is hot a Participant and who becomes an
Employee, as herein defined, on or after the effective date of
this Ordinance, shall, as a condition of his employment, become
a Participant herein as of the date such person becomes an
Employee as defined herein.
Section 3.03:
Any Memberof the Retirement System created by Ordinance
No. 498, may elect to become a Participant hereunder as of the
effective date hereof, by filing a written application with the
Board not more' than ninety (90) days after the effective date of
this Ordinance, and notice of the right to so elect shall be
given to all members of said Retirement System created by
Ordinance No. 498 who, on the effective date .hereof, are not em-
ployees as defined therein, by registered mail addressed to the
last known address of such member.
Section 3.04:
Any Member of the Retirement System created by Ordi-
nance No. 498, who, prior to the effective date of This Ordi-
nance has been granted' a Military Leave of Absence from Active
Service as an Employee, which Military Leave is in effect on
the effective date of this Ordinance, will be deemed to have
elected to become a Participant in this Ordinance on the effective
date hereof; and to be entitled to all the privileges and bene-
fits hereof, including death and disability benefits; provided
however, that such Participant may, within ninety (90) days'
following the termination of such Military Leave of Absence, file
a written application with the Board, electing to resume his
status under Ordinance No. 498 as of the effective date hereof,
and to continue his membership service on that basis.
(a) In order to promote the efficiency of the public
service and to aid in the rehabilitation of returned war veterans,
any Member of the System created by Ordinance No. 498 who, after
September 15, 1940, and within the period of Ninety (90) days
immediately following his resignation from membership" therein and
the voluntary withdrawal of his Annuity Contributions, entered
into the Military Service of the United States, and who, within
the period of ninety (90) days immediately following his honora-
ble discharge from such Military Service, makes written applica-
tion to become an Employee as herein defined, shall be considered
within the spirit of this Ordinance to have been on Military
Leave of Absence for the period of such Military Service. Upon
becoming such Employee, he shall become a Participant herein,
with all rights and privileges of those Participants provided for
in Section 3.04, except the right to resume his status under Or-
dinance No. 498; provided, however, that such Participant may, '
within three (3) year..s from the date of becoming a Participant,
pay into his Normal Contributions Account, additional sums not
to exceed in total the amount of his Annuity Contributions Refund
under Ordinance No. 498, together with interest thereon at 3%
from the date of such withdrawal to the date of participation
herein, and the City will credit as City Contributions for such
Participant an amount computed by multiplying the total addition-
al. payments so made by the ratio of City Contributions for such
member under the provisions of Ordinance No. 498; and provided,
further, that any benefits payable under the provisions of this
Ordinance shall be computed on the basis of the actual amount of
contributions and credits to the account of such Participant on
the date upon which such benefits become payable.
Section 3.05:
In consideration of the benefits which will accrue to
the City by reason of simplified accounting resulting from the
effectual consolidation of the Pension, Annuity and Retirment
System created by Ordinance No. 498 with the System hereby created,
all persons who are Pensioners on Service or Disability Retire-
ment under Ordinance No. 498, and all vested Beneficiaries of
any Member or Pensioner under Ordinance No. 498, who, on the ef-
fective date of this Ordinance, have not received all benefits
to which they are entitled under Ordinance No. 498, may by
filing an application with the Board, within ninety (90) days
after the effective date of this Ordinance become Annuitants
hereunder.
Section 3.06:
Election by any Member, Pensioner or Beneficiary to be-
come a Participant or Annuitant under this Ordinance shall can-
cel and revoke all benefits to which he was entitled under the
provisions of the Retirement System created by Ordinance No. 498.
Section 3.07:
Each Participating Employee shall by virtue of the pay-
ment of the Normal Contributions required to be paid to this Sys.•
tem by means of payroll deductions, receive a vested interest in
the benefits arising from Normal and Additional Contributions of
such Employee. The deductions provided for herein shall be made
notwithstanding that the minimum compensation provided for by law
for any Participating Employee shall be reduced thereby. Every
Participating Employee shall be deemed to consent and agree to
the deductions made and provided for herein and shall receipt for
his full salary or compensation, and the payment of salary or
compensation less said deduction shall be full and complete dis-
charge and acquittance of all claims and demands whatsoever for
the services rendered by such persons during the period covered
by such payment, except as to the benefits under this Ordinance.
The proper authority or officer responsible for making up the
payroll shall certify to the Board on each and every payroll the
amounts deducted; and each of the said amounts shall be credited
to the individual account of the participating Employee from whose
compensation said deduction was made.
Section 3.08:
Should any Participant in any period of six (6) conse-
cutive years after becoming a Participant, be absent from service
more than five (5) years, or should he withdraw his accumulated
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contributions, or should he die, he shall thereupon cease to be
a Participant.
ARTICLE 4. REVENUE.
Section 4.01:
All Members, Pensioners or Beneficiaries under the terms
of Ordinance No. 498 who do not elect to become Participants or
Annuitants in the System created by this Ordinance shall continue
to contribute and to receive credits for such contributions in ac-
cordance with the provisions of Ordinance No. 498, and the City
shall continue tc contribute for such to the Retirement System
in accordance with the provisions of Ordinance No. 498.
Section 4.02:
Each Participating Employee shall make Normal Contri-
butions to this system of four per cent (4I) of each payment of
Earnings applicable to employment on and after July 1, 1945, pro-
vided that any Participant whose percentage of contributions as pro-
vided above is less than 120% of his percentage cf contribution '
as a Member under the provisions of Ordinance No. 498, may elect,
at the time he becomes a Participant, to make Normal Contributions
at 120% of his percentage of contribution under Ordinance No. 498;
provided further, that in no event shall the payroll deductions
for Normal Contributions, and for the Additional Contributions of
any Participant exceed ten per cent (10%) of the salary or wages
of such contributing Participant.
Section 4.03 :
Subject to such conditions and limitations as may be de-
termined by rules prescribed by the Board, any Participating Em-
ployee may make' Additional Contributions of a designated percent-
age of Earnings, not in excess of his Normal Contribution, as such
Employee shall elect in a written notice thereof filed with the
Board. Any Employee who elects to make Additional Contributions
shall continue such contributions at the same rate until he dis-
continues making Normal Contributions. Additional Contributions
may be withdrawn only' under the' same conditions as Normal Contri-
butions are withdrawn, provided, however, that at the time of ap-
plication' for Service Retirement under the provisions of this
Ordinance, any such Participant may elect to withdraw all or any
part of' his Accumulated Additional Contributions in a lump sum
payment, except where such withdrawal would result in ineligibility
for such Service Retirement as provided in Section 5.03 (b) .
Section 4.04:
After the effective date of this Ordinance, the City
shall, at the close of each month, pay:
(a) to the Pension Accumulation Fund for each Member of
the Retirement System created by Ordinance No. 498 who does not
elect to become a Participant in this System the proper amount to
match the contributions of such Member, together with all amounts
required for payment of interest thereon, as provided in Ordinance
No. 498.
(b) to the City's Normal Contributions account of each
Participating Employee during Creditable Service, a sum equal to
twice the amount of his Normal Contributions.
( c) into the Funds of the Retirement System:
(1) The uniform monthly amount required to amortize
over a period of 30 years following the effective date of this
Ordinance all of the obligations for credits as of the effective
date of this Ordinance arising out of service prior to July 1,
.945.
(2) A sum sufficient to provide 3% annual interest
on the unamortized portion of past service credits, which sum
bhall be regarded as interest earned.
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Section 4.05:
Should the funds forfeited in any fiscal year under the
provisions of Section 5.10 exceed 3% of the accumulated total of
all assets of the System at the close of that fiscal year, ex=-
clusive of the unamortized portion of the City's contribution,
then the forfeitures in excess of such 3% shall revert to the
City.
Section 4.o6:
There shall be credited to the account of each Partici-
pant as of the effective date hereof:
(a) To his account for Normal Contributions:
(1) the accumulated total of. his Annuity Contribu-
tions to his credit as a Member under Ordinance No. 498 on the
effective date of this Ordinance together with all accumulated
interest thereon to such date.
(b) To the City's Normal Contributions Account for axch
Participant:
(i) the accumulated total of the pension accumula-
tion fund to his credit as a member under. Ordinance No. 498 on the
effective date of this Ordinance, together with all the accumulated
interest thereon to such date.
(2) credit for an amount which would have been pro-
vided by 1, joint contribution ofof his average creditable
earnings ey ' p'. :. _ pari nd 8 of such earnings by the City,
together with accumulated interest at 3% over the entire period of
his creditable service under Ordinance No. 498 to the effective
date hereof but not less than the total funds and credits to the
account of suer: Pay ;icipant u._ member under Ordinance No. 498
on the effective date hereof, provided that the credits so com-
puted herein be reduced by the total amount credited to such
Participant under Section 4.06 (a) and Section 4.o6 (b) (1) above.
In computing such credits, his average creditable earnings shall
be computed as provided in Section 2.12.
Section 4.01:
Any Member of the Retirement System created by Ordinance
No. 498 who has beeh, or who may hereafter be, granted Military
Leave from active service with the City for service in the Armed
Forces of the United States in the time of war, if such Member be-
comes a Participant herein, shall have the privilege of continuing
his regular or normal contributions during the period covered by
such leave at the rate and on the salary basis which determined
the amount Of his contributions at the time such military leave
was granted, the salary basis for' such members paid by the hour
to be for a forty-eight hour week, or such member, upon his re-
turn to active service with the City, may within three ( 3) years
thereafter, make lump sum contributions, not to exceed the equiva-
lent of his regular contributions together with 3% interest thereon
during the period of such military leave, in either of which events
the City shall contribute, at the proper ratio, on account of" such
member, funds to match such regular or lump sum contributions, and
notwithstanding the definition of "creditable service" in this
ordinance hereinbefore set forth, and notwithstanding any of the
provisions of this ordinance to the contrary, any portion of the
period of such military leave for which the member shall contribute
as aforesaid shall be deemed to be and shall be " creditable
service" .
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Section 4.08:
Any Pensioner under Ordinance No. 498 who elects to be-
come an Annuitant under this Ordinarrcz shall receive the same
credit for creditable service rendered prior to his becoming a
Pensioner as he would have received had he been a Participant un-
der this Ordinance at the time he became a Pensioner. Any Bene-
ficiary of a Member or Pensioner under Ordinance No. 498 who elects
under the provisions of Section 3,05 to become an Annuitant here-
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under shall receive the same benefits as he would have received
had he become a Beneficiary of a Participant or Annuitant here-
under with the same amount of creditable ser'Tice under this Ordi-
nance as he had to hie credit under Ordinance No. 498.
Section 4cq2:
No further City credits shall be made to the account of
any Participant when
(i) the total amount credited to him as City Contri-
butions, together with all accumulated interest thereon, shall be
of itself sufficient together with interest computed at three per
cent ( 3%) to provide a. life annuity of 2 400. per year at age 60.
(2) The total amount credited to the Participant as '
a City Contributien together with all accumulated interest thereon,
shall be of itself sufficient together with. interest computed at
theee per cent (3w) to provide a life annuity at age 6o in an
amount of 50% of his average earnings computed as provided in
Section 2.12.
Section 4.10:
There shall be established a Reserve Fund to which:
(1) There shall be credited:
(a) All interest earned in excess of the pres-
cribed rate.
(b) Any residue remaining to the credit of a
Participant, Annuitant or Beneficiary at the time of the death of
such Participant, Annuitant or Beneficiary, for which no other dis-
position is provided by tris Ordinance.
( c) Any gift or gratuity which may be received
when the recipients of such gift are not specified.
(d) Forfeitures arising by reason of separation
from service or withdrawal of non-employed participants from mem-
bership.
( e) Income from any other source other than
interest earned.
( f) Gains in mortality and other actuarial ad-
justments .
( 2) There shall be charged:
( a) The amount the prescribed interest shall
exceed the interest earned in any year.
(b) Any deficit in the fund of an Annuitant or
Beneficiary arising from the payment of benefits beyond the age
of expectancy.
( c) Any deficit arising from a disability bene-
fit, except as provided in Section 5 ,07 hereof.
(d) r!.ny other deficit which may occur in the
operation of this 3 stem.
The condition of this fund shall be taken into account by
the Board in fixing the prescribed rate of interest from time to
time and by the Actuary in appraising the condition of the System.
Section 4.11: "
It is the' intention that the payment of (a) the required
City Contributions, (b) all expenses in connection with the admin-
istration and operation thereof are to be made obligations of the
City of Miami Beach, Florida, to the extent specified in the pro-
visions of this ordinance.
Section 4.12 :
So long as this Ordinance remains in effect, the City
covenants and agrees with the Employees who become Participants
of this System, to annually make the necessary levy of taxes to
raise funds for the purpose of making the City ' s contribution,
and to appropriate, collect and pay the moneys resulting there-
from, to the System under this Ordinance.
Section 4.13 :
The City Council shall levy and collect a tax for each
amount certified by the Board as the required contribution of the
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City for purposes of this System in accordance with the provi-
sions hereof, in the same manner and at the same time as other
advalorem taxes are levied and collected, and shall pay to this
System as specified herein the amount of the taxes so levied and
collected.
In determining the amount to be levied for such purpose,
the experience of collectibility of taxes of the immediately pre-
ceding year shall be taken into account, and the appropriation
and levy shall be such as to produce and pay during such fiscal
year the total" amount certified as necessary by the Board, pro-
vided, however, that the City shall have the right to deduct from
any such annual appropriations' the sum of any collections, in-
cluding interest and penalties, received during the preceding
fiscal year as the applicable proportion and share of the pro-
ceeds of the redemption or sale and assignment of Tax Sale Certi-
ficates for delinquent taxes for' previous years in which there
was levied a tax for this System, if such proportionate share of
Eeech delinquent taxes has been apportioned and paid into this
System as received.
ARTICLE 5. BENEFITS:
Section 5.01:
All Members, Pensioners and Beneficiaries under the Re-
tirement System created by Ordinance No. 498, who do not, within
the specified time, file application to avail themselves of the
provisions of this Ordinance shall continue to receive the bene-
fits provided for, and in the manner provided for in Ordinance No.
Ly .
Section 5.02:
Notwithstanding the provisions of Article V, Sections
5.03 to 5.08, inclusive, should any Participating Employee be ab-
sent from the service of the City for any reason other than ap-
proved vacation, sick or injury leave, or temporary absence with
leave not exceeding three months ( 'ler than Military Leave of
Absence) , his rights to any benefits / in the Retirement System, ex-
cept Seperation Benefits, shall be- eemed to be suspended until
such time as he shall return to service with the City as an em-
ployee, and neither he nor his Beneficiaries shall be entitled to
any benefits other than Separation Benefits during the period of
such suspension.
Section 5.03:
Any Participant whose employment is terminated after at-
tainment of age 60 and after five (5) years of contributions to
this System and/or the Retirement System established by Ordinance
No. 498, or after attainment of age 55 and after 20 or more years
of creditable service, or after attainment of age 50 and after
25 or more years of Creditable Service, shall be entitled to a
Retirement Annuity beginning on the date specified by such Parti-
cipant, in a written application therefor, provided:
(a) The date upon which the Annuity begins is not
prior to the date of final termination of employment of such
Participant and at least thirty ( 30) days subsequent to the re-
ceipt of such application by the Board.
(b) The Participant has sufficient credits to pro-
vide for an Annuity of at least Ten ($10.00) Dollars per month on
the date upon which the Annuity begins.
( c) Each Participant" who has attained the age of
seventy (70) prior to July 1, 1945, shall be retired from employ-
ment on such date and any Participating Employee attaining the
age of seventy ( 70) thereafter shall be retired no later than the
first day of the month immediately following the attainment of
such age; provided, that upon written request Of the City Manager
in exceptional cases and for substantial cause, such retirement
may be deferred by the Board for a period not to exceed one year
at any one time.
-10--
e,
(d) The payment of a Retirement Annuity may be def-
erred or. temporarily suspended by the Board at the request of the
Annuitant who elects to retire from active service as an employee
under the provisions of Section 5.03.
( e) Should any Annuitant after retirement on a Ser-
vice Retirement annuity be subsequently employed by the City in any
capacity for which compensation is paid, all such Retirement Bene-
fits shall thereupon be suspended for the period of such employment,
and no contributions or additional credits, other than accruing
interest, shall be made to the account of such Annuitant during the
period of such employment .
Section 5.04:
The amount of the Retirement Annuity to which any retired
Participant is entitled shall be a life annuity which can be provid-
ed from the accumulated totals of all funds and credits to his ac-
count together with all accumulated interest thereon at the time
the initial payment is made, determined on the basis of tables and
procedures adopted by the Board in effect at the time of retirement.
Section 5.05:
Any Participant entitled to apply for a Retirement Annu-
ity may designate a Reversionary Beneficiary, provided that
( a) Written notice thereof by the Participant is
received by the Board together with or prior to the application of
the Participant for a Retirement Annuity, and
(b) The amount of the Reversionary Annuity shall be
specified in such notice and shall be not less than Ten ( $10.00)
Dollars per month, nor more than the amount of the reduced Retire-
ment Annuity to which the Participant is entitled.
( c) Any such Reversionary Annuity shall begin on the
day following the day upon which the last payment of the Retirement
Annuity is payable because of death, or at a fixed date thereafter,
provided that the Beneficiary is alive at the time.
( d) If the Reversionary Beneficiary so designated
does not survive the Annuitant, no Reversionary Annuity shall be
payable but only the Death Benefit as provided in Section 5.08 here-
of.
Section Ob:
Upon retirement for disability an Annuitant shall receive
a Disability Annuity of such an amount as can be provided from the
accumulated total of all funds and credits to his account together
with all accumulated interest thereon, provided that:
( a) Upon the application of a Participating Employee
or of the City Manager, any Participating Employee may be retired by
the Board, . not less than thirty ( 30) days nor more than ninety (90)
days next following the date of filing such application, on a dis-
ability annuity, provided the Physical Examiners shall certify that
such Participant is either Mentally or physically incapacitated for
the performance of his duty, and that such disability is likely to
be permanent, and that said Participating Employee should be retired.
(b) The Physical Examiners shall, when requested by
the Board, examine any Annuitant retired on a disability annuity and
shall report their finding as to the permanency or continued exist-
ence of such disability to the Board. In the event that such dis-
ability shall not continue to incapacitate mentally or physically
the said Annuitant for service acceptable to the City, the Board. may,
at its discretion, require said Annuitant to return to active ser-
vice of the same or similar nature as that at which he was employed
prior to said disability or other work within the limits of his men-
tal or physical capabilities and . at a compensation not less than
seventy ( 70) per cent of the basic pay, at the time of his reinsta-
tement, for the grade of service occupied by said Annuitant prior
to his disability retirement.
( c) Upon return to active service of any Annuitant
retired on a disability annuity, said Annuitant shall again become
a Participating Employee and shall contribute according to his
compensation on reinstatement, and all payments on account of
disability shall cease. The period of such disability shall be in-
-.11-
cluded iri' c-Oriiput}ng creditable- se-rvice towarc' retirement with all
payments on account of disability charged against his Normal Qon-
.tributions, Additional Contributions, and City Contributions in _the
proportions in which such contributions were made.
( d) Any Participating Employee who shall be disabled
within the meaning of the State Workmen' s Compensation or sim-
ilar law shall, for the period of such compensation payments,
have the privilege of deferring his disability annuity and of con-
tributing to the funds of this System during such deferred period
at the rate and on the salary basis which determined the amount
of his contributions at the time such disability occurred; in
the event that such agreement is entered into and such contri-
butions are regularly made, credit shall be made to his account
in the same rate and in the same manner as though he was in ac-
tive service with the City.
Section 5.07:
There shall be established a Service Disability Reserve
Fund into which there shall be paid in addition to all contribut-
ions already provided for in this Ordinance :
( a) By any Participant who becomes such under the
provisions of Section 3.03 and Section 3.011 herein, and who shall
elect to contribute to such Service Disability Reserve Fund:
( 1) By annual payroll deduction, 1/4 of if
of his gross earnings after July 1, 1945.
(b) By any Participant who becomes such under the
provisions of Section 3.02 :
( 1) By annual payroll deduction, 1/4 of 1%
of his gross earnings after becoming such Participant.
( c) By the City , credit for an amount equal to
twice the amount of the contribution by the Participant to the
Service Disability Reserve Fund as provided for in this Section.
( d) Interest at the prescribed rate which shall be
credited on all balances in this fund.
The rate of contributions to this Service Disability
Reserve Fund may, from time to time, be increased Or decreased,
if after an actuarial appraisal of this Fund, such increase or
decrease is found advisable, provided, however, that the rate of
contribution to this Fund by any Participant shall not exceed
1/4 of l% of his gross earnings, and the ratio of the City' s Con-
tribution herein shall not be more than twice the amount of the
Participant' s contributions.
The Service Disability Reserve Fund herein established
shall be used to provide such benefits as may be required in add-
ition to the disability benefits already provided for in this Ord-
ance, to produce a minimum service disability annuity of $50.00
per month for such Participants as are permanently disabled as a
result of City service-connected injuries and for which such Part-
icipant receives Workmen' s Compensation payments under the provis-
ions of the State Workmen ' s Compensation Act, .provided, however,
that such additional Service Disability Reserve Payments shall not
become available as benefits until the expiration of the maximum
period for which such Workmen's Compensation is payable, and pro-
vided further that such Participant is , at the time these bene-
fits become available, still totally disabled and incapable phy-
sically or mentally of returning to active service with the City
under the provisions of Section 5.06 (b) of this Ordinance.
A designated dependent Beneficiary of a Participant el-
igible to receive benefits provided for in this Section, on whose
account a death benefit is paid under the provisions of the State
Workmen' s Compensation Act, shall receive from the Service Dis-
ability Reserve Fund such additional benefits as may be required,
in addition to the death benefits otherwise provided for in this
Ordinance, to produce a minimum Service-Connected Death Benefit
of $50.00 per month, which shall be payable at the same time and
in the same manner as provided for the payment of benefits from
this Fund to a disabled Participant.
Should the Fund established under the provisions of this
Section be insufficient at any time to provide the benefits here-
in specified, then such funds as may be available shall be equit-
ably prorated by the ' Board among the beneficiaries of the Service
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Disability Reserve Fund.
Section 5.08:
It is the intent and purpose of this Ordinance to pro-
vide certain Death Benefits to such dependent Beneficiaries of a
Participant or Annuitant as he may have designated by written dis-
position duly executed and filed with the Board, and to provide
for the refund to any designated beneficiary, or to the Estate of
the Participant or Annuitant of all or any unused part of his acc-
umulated Normal Contributions, and Accumulated Additional Contri-
butions. , In any event where it appears to the Board that the imm-
ediate designated Beneficiary is not a dependent Beneficiary as
herein defined, the Board shall order that all or the residue of
the credits from City Contributions be paid into the Reserve Fund.
Payments of any benefits under the provisions of this Ordinance
other than Disability Benefits shall be charged against the acc-
umulated total of the Normal and Additional Contributions of such
Participant or Annuitant until such funds have been fully exhaust-
ed before any subsequent benefits are charged to his accumulated
credits from City Contributions.
( a) Upon receipt by the Boerd of sufficient proof
of the death of a Participant or Annuitant; there shall be paid
as follows :
( 1) To such designated surviving Beneficiary,
where no Reversionary Beneficiary has been designated, a refund
of all or any unused portion of the Normal and Additional Con-
tributions of such Participant or Annuitant, with accumulated
interest to the date of death, in monthly installments or in such
other manner as the Participant or Annuitant shall have provided,
or in the absence of such provision, in the manner in which such
Beneficiary shall elect to receive such refund.
( 2) To such designated surviving Dependent
Beneficiary, other than a Reversionary Beneficiary, a life ann-
uity which can be provided by the sum of all funds and credits to
the account of such Beneficiary on the date such annuity becomes
payable , together with all interest to such date, and accruing
thereafter on the unpaid balance thereof, reduced by the amounts
necessary to provide for benefits granted under the provisions of
Section 5.08 ( a) ( 1) and Section 5.08 ( a) ( 3) , provided, however,
that in the computation of such life annuity, the accumulated
credits from City Contributions shall not exceed Fourteen Thou-
sand ( $14,000.00) Dollars together with interest to accrue there-
on; and provided further, that such Dependent Beneficiary shall
have the privilege of withdrawing from the amounts to his credit,
a cash payment, not to exceed the amounts to his credit, nor to
exceed 300.U0, and the balance shall be paid monthly as other-
wise herein brovided.
( 3) To a designated Reversionary Beneficiary,
the amount specified in such designation and in the manner there-
in provided.
(b) Where the annuity provided for in this section
would result in monthly payments of less than $15.00 per month,
other than a Reversionary Annuity, the Board may at its discret-
ion, upon application by the Beneficiary, order the total amount
to the credit of the Beneficiary to be paid in cash.
Section 5.09:
Notwithstanding any provision of this Ordinance to the
contrary, this Article shall apply to the existing Beneficiary
of any Member of the Retirement System created under Ordinance
No. 498, who elects to come under this Ordinance under the pro-
visions of Section 3.05 hereof.
Section 5.10 :
Any Participant whose employment with the City prior to
eligibility for Service or Disability Retirement has been termin •
-
ated, regardless of cause, shall be entitled to a Sep'a.ration Bene-
fit upon application therefor.
( a) The amount of any Separation Benefit shall be
the sum of the Accumulated Normal Contributions and the Accumul-
ated Additional Contributions, together with interest thereon to
-13.-
date of application for the Separation Benefit, credited to the
Participant on the date employment is terminated.
(b) Upon acceptance of a Separation Benefit, or
automatically upon conviction of a felony in any court of compentent
jurisdiction, all Creditable Service including all prior service
credits of the Participant shall be terminated, and such credits
shall not be reinstated upon his subsequent participation in this
System, or for any other cause. All credits for existing Accum-
ulated City Contributions, together with all accumulated interest
thereon, shall be declared forfeit, and shall be paid into the
Reserve Fund.
( c) Nothing herein shall be so construed as to pre-
vent the City from suspending, dismissing, removing or laying off
any Participant hereunder, when permitted by any other Ordinance,
rule or regulation so to do.
ARTICLE 6. ADMINISTRATION.
Section 6.01: BOARD OF TRUSTEES.
The System shall be construed as a trust and shall be
administered by a Board of Trustees each of whom shall be design-
ated as a Trustee.
( a) The general administration and the responsib-
ility for the proper operation of the System and for making effect-
ive the provisions of this Ordinance are hereby vested, except when
the authority shall be elsewhere allocated in this Ordinance, in said
Board of Trustees.
(b) The Board shall consist of seven ( 7) Trustees
as follows :
(1) The City Council shall appoint four ( 4)
Trustees of the Board, one of whom shall be the City Manager, one of
whom shall be the Chief Finance Officer of the City, and the other
two of whom shall be selected from among the members of the City
Council.
( 2) The remaining three Trustees shall be
Participants of this System or Members of the System created by
Ordinance No. 498, and shall be elected from time to time accord-
ing to such rules and regulations as may be adopted by the Council,
said remaining three Trustees shall consist of .one Participant or
Member from each of the following groups :
Group 1. Participants and Members regularly employed in
the Police and Fire Divisions, and all Life
Guards.
Group 2. All Participants or Members holding clerical or
executive positions.
Group 3. All other Participants of this System, or Members
of the System created by Ordinance No. 498.
In determining the classification of any Participant or Member
in the above Groups the decision of the Council shall be final.
The basis of such Groups shall be the group in which a Participant
or Member derives his eligibility for participation in this System,
or Membership under Ordinance No. 498.
( c) Members of the City Council serving on the
Board of Trustees shall serve during the pleasure of the Council
but only during their incumbency. The City Manager and the Chief
Finance Officer of the City shall serve during their incumbency.
The three Trustees selected from the groups of the Participants of
this System and Members under Ordinance No. 498 shall serve for a
term of three years . When this system becomes operative, the first
Board of Trustees thereof shall consist of the same individuals as
on said operative date constitute the Board of Trustees of the Pen-
sion, Annuity and Retirement System created by Ordinance No. 498.
The three members of the Board of Trustees cf this System who are
within the Groups hereinabove mentioned shall have terms of office
hereunder expiring at the same time as their respective terms -of `
office as members of the Board of Trustees of said Pension, Annuity
and Retirement System created by Ordinance No. 498, and as each term
shall expire the Participants of this System and any remaining mem-
bers of the System created by Ordinance No. 498 who are within the
same Group as the Trustee whose term is about to expire shall part-
icipate in an election of a Participant or Member from such group
for a new term of three years as Trustee of both this System and the
System created by Ordinance No. 498.
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(d) If a vacancy occurs in the office of Trustee,
the vacancy shall be filled for the unexpired term in the same
manner in which the office was previously filled. Service upon
the Board of Trustees shall be gratuitous. Each Trustee shall,
within ton (10) days after his appointment or election, take the
oath of office . Each Trustee shall be entitled to one vote in
the Board. Four concurring votes shall be necessary for decision
by the Trustees at any meeting of said Board.
(e ) The Board shall elect from its Membership
a Chairman and a Vice-Chairman; the Chief Finance Officer of the
City shall be Secretary of the Board. The Secretary and his regu-
lar assistants or subordinates shall serve without extra compensa-
tion.
(f) Upon the constitution and organization of the
Board of Trustees provided for hereunder, the moneys, securities
and other assets of the Pension, Annuity and Retirement System
created under Ordinance No. 498 shall be delivered over to said
Board of Trustees provided for hereunder in order that the benefit
of easier investment and simplified accounting may accrue to the
Members of said Pension, Annuity and Retirement System and the
aggregate amounts to the credit of the members of said Pension,
Annuity and Retirement System who remain as Members thereof and
do not elect to become Participants in the System created by this
Ordinance, shall remain a first charge on the combined funds of
both Systems above mentioned and the charge hereby created shall
be and is guaranteed by the City of Miami Beach.
(g) So long as there shall remain any Members
of the Pension, Annuity and Retirement System, created by Ordi-
nance No. 498, said Members shall be classified in Groups as
above set forth together with the Participants in the System cre-
ated by this Ordinance and said Members may take part in the elec-
tion of Trustees hereunder but shall have no other right, power or
privilege under this Ordinance except as is expressly granted in
the various provisions hereof.
Section 6.02: POWERS AND DUTIES OF BOARD.
The Board shall have, in addition to all other powers and
duties arising out of this Ordinance not otherwise specifically
reserved or delegated to others, the following specific powers and
duties, and is hereby authorized and directed to :
(a) Hold regular meetings at least quarterly in
each year and such special meetings at such times as a majority of
the Board may deem necessary.
(b ) Consider and pass on all applications for
annuities and benefits , authorize the granting of all annuities
and benefits, and limit or suspend any payment or payments, all in
accordance with the provisions of this Ordinance.
(c ) Certify the Prescribed Rate of Interest, pre-
scribe rules for the determination of the value of maintenance,
board, living quarters and personal laundry, and other allowances
to Employees in lieu of money, and adopt all necessary Actuarial
Tables.
(d) Submit to the City Manager on or before July
1, of each year, an estimate of the amount of appropriation re-
quired for the purposes of this System for the following Fiscal Year.
(e ) Be the legal custodian of all cash and secur-
ities belonging to the System, invest and reinvest all cash not re-
quired to meet current disbursements, in securities in accordance
with Section 7.01 hereof; and subject to said limitations and re-
strictions the Board shall have full power to hold, purchase, sell,
assign, transfer and dispose of any of the securities and invest-
ments in which any of the funds created herein have been invested
as well as the proceeds of said investments and the monies enuring
to said funds.
(f) Require such information as shall be necessary
for the proper operation of the System from any Participant, Bene-
ficiary or from any Officer, Department Head or other person or
persons in authority, as the case may be, or any Employee.
(g) Employ such actuarial, legal or investment
counsel and other persons as shall be required for the efficient
administration of the system, and determine and fix the rate of pay
of such persons or agencies, and prepare and approve, prior to the
beginning of each fiscal year, a budget of operating expenses for
such year.
- 15 -
(h) Designate as occasion may require as Physical
Examiners, three (3) physicians who are not eligible to membership
in the System. The Physical Examiners shall arrange for and con-
duct all physical and mental examinations required under the pro-
visions cf this Ordinance, shall investigate all essential state-
ments and certificates In connection with an application for Disa-
bility Retirement, and shall report in writing to the Board their
conclusions and recommendations upon all matters referred to them.
( i) Keep a permanent record of all proceedings cf
the Board which record shall be available for examination by any
Participant, Annuitant or Officer of the City, a separate account
for each individual Participant and Annuitant, adequate accounting
records which shall at all times reflect the financial condition
of the System, and such additional data as shall be necessary for
required calculations and valuations .
( j ) Receive all payments made to the System, make a
record thereof and cause them to be deposited immediately with the
Chief Finance Officer of the City.
(k) Provide for certification on its behalf of all
warrants upon its Treasurer in accordance with actions of the Board
authorizing payments for benefits, expenses and investments out of
funds belonging to this System, and of all amounts to be levied as
taxes by the City.
(1) Cause a general investigation to be made by a
competent actuary during the first year of operation of the System,
and at least once every three (3 ) years thereafter, of the retire-
ment, disability, separation, mortality, interest, and earnings
rates of Participating Employees; recommend, as a result of each
such investigation, the tables to be adopted for all required ac-
tuarial calculations.
•
(m) Cause an audit of the affairs of the System to
be made annually by an independent Certified Public Accountant, and
submit a copy thereof to the City Manager, as soon as possible
after the end of each fiscal year.
(n) Make available tc the Participants and Annui-
tants a financial statement including a Summary of the report cf
the Certified Public Accountant, and submit an individual statement
indicating the amount of accumulations to the credit, as of the
latest date practicable, of any Participant or annuitant so re-
questing.
(c ) Accept under such rules and regulations as may
be provided by the Board, any gift or other contribution of money
or securities for the credit of any one or more or all of the
Participants or Annuitants of the System as designated by the
Grantor, if such purpose and allocation is specified, or if no such
purpose and allocation is specified, for the credit of the Reserve
Fund of the System. Any such gift or other contribution which
shall be received for the benefit of two or mere in a designated
group among which the method of distribution has not been specified
by the grantor, shall be pro-rated by the Board on the basis of the
respective length of creditable service of each Member of the desig-
nated group en the date such gift is received by the Board.
(p) Establish such rules and regulations, not in-
consistent with the provisions of this Ordinance , as are deemed
necessary and advisable for the efficient administration of the
System, and generally carry on any other reasonable activities
which are deemed necessary to accomplish the intent of this System
in accordance with the provisions of this Ordinance .
Section 6.03: DUTIES OF CITY CLERK.
It shall be the duty of the City Clerk promptly to notify
the Board of any changes in personnel including now employees, pro-
;notions or demotions, changes in rates of compensation and with-
drawals or dismissals from the service, and to furnish in connection
therewith such information as the Board may require .
Section 6.04 : DUTIES OF CHIEF FINANCE OFFICER.
The Chief Finance Officer of the City shall be the custo-
dian of the assets belonging to the System and shall furnish bond
or surety therefor acceptable to the Board. He shall deposit all
- 16 -
cash on hand in regularly designated depositories of the City and
shall require surety or collateral therefor as is required by the
Charter or Ordinances of the City for ether funds of the City,
and shall hold all investments of the System under the joint cus-
tody of himself and the Board.
All payments from the funds of the System shall be made
by the Chief Finance Officer only upon uauchex.s 'countersigned by
two other Board. mer brs' designated by the }Board. , ' : _ A duly
•
attested copy of a resolution of the Board designating such person
and bearing upon its face a specimen signature of such person shall
be filed with the Chief Finance Officer of the City as his author-
ity for making payments upon such vouchers. No voucher shall be
drawn unless it shall have been previously authorized by resolu-
tion of the Board.
For the purpose of meeting disbursements for pensions,
annuities and other payments, there shall be kept on deposit
available cash equal in amount to the regular predictable demands
upon the retirement System for the ensuing six months.
Section 6.05 : DUTIES OF CITY OFFICERS AND EMPLOYEES.
Each officer or employee of the City responsible for
making payrolls upon which earnings are paid to Participating Em-
ployees hereunder shall cause to be deducted from the compensation
of each such Participant on every payroll covering services for
the City on and after July 1, 1945, the amount of Normal Contribu-
tions and Additional Contributions certified by the Board and shall
remit the total of all such deductions en each pay day to the Chief
Finance officer cf the City for the account of the System.
Section 6.06: DUTIES OF THE CITY ATTORNEY.
The City Attorney shall be the legal advisor of the
Board; his services in behalf of the Board shall not be compensa-
ted additionally.
ARTICLE 7. INVESTMENTS.
Section 7.01:
The cash assets of the system in excess of the amount
required for the current operations shall be invested in:
(1) Obligations of the United States, the interest
and principal of which are unconditionally guaranteed by the United
States , or
(2) Bonds of the City of Miami Beach, the interest
and principal of which are unconditionally guaranteed by the City.
Section 7.02:
All investments shall be clearly marked to indicate
ownership by the System and to the extent possible shall be regis-
tered in the name of the System.
Section 7.03:
All investments shall be carried at a book value such
that the yield, computed as a uniform interest rate compounded an-
nually or semi-annually, as the case may be will remain uniform to
maturity. No adjustments shall be made in investment valuations
for ordinary current market price fluctuations; but reserves may be
provided for anticipated losses upon redemption as determined by
the Board.
Section 7.04 :
All additions to assets received as income , interest and
dividends from deposits and investments authorized by this Ordinance
shall be added to other assets and used to pay benefits in accord-
, ance with the provisions of this Ordinance .
Section 7.05 :
Except as otherwise herein provided, no member or employee
of the Board shall have any direct interest in the income, gains or
- 17 -
profits of any investments made by the Board, nor shall any such
person receive any pay or emolument for services in connection
with any investment. No member or employee of the Board shall be-
come an endorser or surety, or in any manner an obligor for money
loaned or borrowed from the System. Proof that any such person
shall have violated any of these restrictions shall make such per-
son guilty of a misdemeanor or felony as the case may be, and such
person shall be punishable therefor as provided by law.
ARTICLE 8. GENERAL.
Section 8.01 :
The assets of the System shall be invested as one fund,
and no particular person, group of persons or entity shall have
any right in any specific security or property or in any item of
cash, other than an undivided interest in the whole as specified
in the provisions of this Ordinance as it now exists or is subse-
quently amended.
Section 8.02:
All annuities and other benefits payable under the pro.
visions of this Ordinance and all accumulated credits of Employees
in this System shall be unassignable and shall not be subject to
execution, garnishment or attachment.
Section 8.03:
Any person who shall knowingly make any false statement,
or shall falsify or permit to be falsified any record or records
of this System, in any attempt to defraud the System shall be
guilty of misdemeanor, and shall be punishable therefor under the
laws cf the State of Florida.
Section 8.04 :
No other provision of any ordinance which provides wholly
or partly, at the expense of the City, for pensions or retirement
benefits for employees of the City, their widows or other depend-
ents, shall apply to Participants or Beneficiaries of the Retire-
ment System established by this Ordinance, provided, however, that
any amounts payable by the City under the provisions of the State
Workmen' s Compensation or similar law, to a Participant or to the
Dependents of a Participant on account of disability or death,
shall be payable in addition to the benefits provided hereunder.
Section 8.05 :
All ordinances and parts of ordinances in conflict here-
with shall be and the same are hereby repealed.
Section 8.06 :
In the event any section, sub-section, sentence , clause
or phrase of this Ordinance shall be adjudicated invalid or un-
constitutional such adjudication shall in no manner affect the
other sections, sub-sections, sentences, clauses or phrases of this
Ordinance which shall be and remain in full force and effect as
fully as if the section, sub-section, sentence, clause or phrase so
adjudged invalid or unconstitutional was not originally a part
thereof.
Section 8.07:
This Ordinance shall not become effective until a major-
ity of the qualified voters of the City of Miami Beach, Florida,
voting on the matter at a special or general election called for
such purpose, shall vote in favor thereof.
PASSED and ADOPTED this 2nd day of May, ' A. D. , 1945.
Attest; (- , Mayor
(72, 1st reading Apr.25 1 45
r %ly Clerk _. ` 2nd reading pr. 2�j 45
3rd readingRay 2, igg Posted M
STATE OF FLORIDA )
COUNTY OF DADE )
I, C. W. TOMLINSON, City Clerk in and for the City
of Miami Beach, Florida, do hereby certify that Ordinance No. 734
entitled "AN ORDINANCE PROVIDING FOR THE CREATION AND MAINTENANCE OF
A PENSION, ANNUITY AND RETIREMENT SYSTEM FOR CERTAIN EMPLOYEES OF THE
CITY OF MIAMI BEACH, FLORIDA" , having been passed 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, Florida,
one of which was at the door of the City Hall in said. City on the
3rd day of May, A.D. , 1945, and that said Ordinance remained posted
for a period of at least thirty days in accordance with the require-
ments 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 8th day of June, A.D. , 1945.
City Clerk
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