Ordinance 1424ORDINANCE NO. 1424
AN ORDINANCE AMENDING SECTION 4.01.03 OF ORDINANCE NO.
845 OF THE CITY OF MIAMI BEACH, FLORIDA, ENTITLED
"AN ORDINANCE PROVIDING FOR THE CREATION AND MAINTENANCE
OF A PENSION AND RETIREMENT SYSTEM 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 Section 4.01.03 of Ordinance No. 845 of the City of
Miami Beach, Florida be and the same is hereby amended
to read as follows:
"4.01.03 Beginning January 1, 1962, every new Member
of this System shall contribute at the rate
of six (6) percent of every payment of earnings applicable
to his employment by the City of Miami Beach. Those who
became Employee Members prior to January 1, 1962, and who
contributed at the rate of five (5) percent must, in order
to receive the benefits provided for under Section 5A hereof,
contribute at the rate of six (6) percent and pay into
their respective accounts for Accumulated Employee Normal
Contributions, an amount equal to twenty (20) percent of
the total amount in that account on the date such Member
elected or shall elect to contribute at the rate of six
(6) percent. The twenty (20) percent contributions may
be made over a period of five (5) years, but the benefits
provided under Section 5A shall not be available until
the total amount is contributed. An Employee Member
who has made Employee Additional Contributions may
transfer all or a portion of his Employee Additional
Contributions to his Employee Normal Account in order
to satisfy this requirement. In the event of the death
of an Employee Member prior to the payment in full of the
twenty (20) percent contribution, a lump sum payment of
any balance may be made and benefits received under
Section 5A hereof."
SECTION 2. That all ordinances or parts of ordinances in conflict
herewith be and the same hereby are repealed.
SECTION 3. That this ordinance shall go into effect immediately
upon its passage and posting as required by law.
PASSED and ADOPTED this 60h day of September, A. D. 1961.
1st reading -
2nd reading -
3rd reading
POSTED
August 16, 1961
August 16, 1961
- September 6, 1961
- September 6, 1961
/ice
or
STATE OF FLORIDA
COUNTY OF DADE:
I, R. WM, L, JOHNSON, City Clerk in and for the City
of Miami Beach, Florida, do hereby certify that Ordinance No. 1424
entitled:
"AN ORDINANCE AMENDING SECTION 4.01.03 OF ORDINANCE NO. 845
OF THE CITY OF MIAMI BEACH, FLORIDA, ENTITLED 'AN ORDINANCE
pROVIDING FOR THE CREATION AND MAINTENANCE OF A PENSION 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, one of which was at the door of
the City Hall in said City on the 6th day of September, 1961,
and that said Ordinance 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 18th day of October, 1961.
City Clet k
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