Ordinance 90-2686 ORDINANCE NO. 90-2686
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, AMENDING ORDINANCE NO. 1901 WHICH CREATED
A RETIREMENT SYSTEM FOR GENERAL EMPLOYEES OF THE CITY OF
MIAMI BEACH TO CONFORM TO AMENDMENTS IN THE CITY' S
RELATED LAWS PASSED ON THE NOVEMBER 7 , 1989 BALLOT;
AMENDING ARTICLE 7 ENTITLED "BOARD OF TRUSTEES" BY
AMENDING SECTION 7 . 02 TO PROVIDE THAT SAID BOARD SHALL
HAVE NINE MEMBERS, FOUR BOARD MEMBERS TO BE APPOINTED BY
THE CITY MANAGER, THREE BOARD MEMBERS TO BE MEMBERS OF
THE SYSTEM ELECTED BY THE OTHER MEMBERS OF THE SYSTEM AND
TWO BOARD MEMBERS TO BE RETIREES ELECTED BY OTHER RETIRED
MEMBERS OF THE SYSTEM; AMENDING SECTIONS 7 .03 AND 7 .06
TO PROVIDE THAT THE BOARD SHALL PRESCRIBE RULES GOVERNING
ITS ELECTION; AMENDING SECTION 7 .05 TO PROVIDE THAT THE
BOARD SHALL SELECT A SECRETARY FROM AMONG THE CITY
MANAGER' S APPOINTEES; AMENDING SECTION 8. 01 OF ARTICLE
8 ENTITLED "INVESTMENTS" TO PROVIDE THAT THE AMOUNT OF
FUNDS INVESTED IN DIVIDEND-PAYING STOCKS OF ANY UNITED
STATES CORPORATION SHALL NOT EXCEED 50% OF THE TOTAL
FUNDS INVESTED, PROVIDING THAT ASSETS MAY BE INVESTED IN
CORPORATIONS CREATED AND EXISTING OUTSIDE OF THE UNITED
STATES BUT THAT NO MORE TH;hN 5% OF THE TOTAL EQUITIES
MAY BE SO INVESTED, AND PROVIDING THAT ASSETS MAY BE
INVESTED IN NON-DIVIDEND PAYING STOCKS BUT THAT SUCH
INVESTMENTS SHALL NOT EXCEED 20% OF THE TOTAL EQUITY
PORTFOLIO; REPEALING ALL ORDINANCES IN CONFLICT
THEREWITH; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COAMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA:
Section 1.
That Sections 7 . 02 , 7 . 03 , 7 . 05 and 7 . 06 of Article 7 , entitled
"Board of Trustees" of City of Miami Beach Ordinance No. 1901 shall
be amended to read as follows:
Article 7 Board of Trustees
* * * * * *
7 . 02 The Board shall consist of ocven (7) nine (9)
persons, each of whom shall be designated as a trustee,
as follows:
(a) City Hanagcr; Four persons appointed by the
City Manager;
(b) Finance Director; Three Members of the System
elected by Employees who are Members of the
System; and
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(c) Two (2) •-- - :- - : - - • - - - -.
by the City Commission; and Retirants elected
by the retired Members of the System.
(d) Three (3) Members or Retirants of the System
elected from time to time by Members and
Retirants, with t - - - . - - - - - - : -
O rs of the System regularly
employed in the Pei- :ee. and Fi—e—Depar ent-s--ter
in the Lifeguards, and Retiranta-r
regularly employed-411- o 1ericil and executive
positions.
in the above groups, the decision of the
Commission shall +a final. The basis of
in the grot*p through which he derives him
eligibility for membership in the System.
(Ord. No. 79 2182 , §2 . )
7 .03 Members of the C . • - - - - : : - - .:. :
Finance Director of - - - . - - - .:. _
Board of Trustees under this Ordinance shall consist of the
.:. : - - - - - - - - -- ---
governed by Ordinance No. 845. - -
- - - - - - -- 4 , - - - = - - '.p of the System Shall expire
- - . _ - - - -m- - a - . 0 a . - . - - -
845; as each such trustee ' s term expires, an election shall
a trustee for a three (3) year term. If a vacancy occurs
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filled for the unexpired part of term in the same manner as
it was previously filled--(Ord. No. 79 2182 , §3 . ) Trustees
shall serve for three (3) year terms and the rules governing
their election shall be as prescribed by the Board.
7 .05 The Board shall elect from its membership a Chairman
and a Vice Chairman; - - - . - - - p . - - _ _ - - - .
be Secretary of the Beard, and shall elect a Secretary from
among the City Manager' s appointees. Each trustee shall be
entitled to one (1) vote, and $ems—€ five (5) concurring
votes shall be necessary for a decision by the trustees at any
meeting of the Board. (Ord. No. 79-2182 , §4 . )
7 . 06 The Board shall nave, 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:
r) Establish rule:_ governing the election of
the trustees as described in Section 7 . 02 (b)
and (c) .
Section 2 .
That Section 8 . 01 of Article 8 entitled "Investments" of City of
Miami Beach Ordinance No. 1901 is hereby amended to read as
follows:
ARTICLE 8. Investments
8.01 The assets of the System, in excess of the amount
required to meet current operations or pension and retirement
payments, shall be invested in the following securities:
(a) Bonds, notes, securities or other evidences of
indebteaness which are the direct obligation
of the Government of the United States and for
which the full faith and credit of the
government is pledged.
(b) Loans, insured or guaranteed as to principal
and interest by the Government of the United
States or by any agency or instrumentality
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thereof, to the extent of such insurance or
guaranty.
(c) Bonds, notes or other securities of any state,
county or incorporated city in any State of the
United States or of the District of Columbia,
which are the direct obligation on such state,
county or city and for payment of which said
governmental body has the lawful authority to
levy taxes or mako assessments.
(d) Bonds, notes or other evidence of indebtedness
which are payable from revenues of any
structure or improvement owned by any state,
county or incorporated city within the United
States.
(e) Dividend-paying stocks, common or preferred,
of any corporation created and existing under
the laws of the United States or of any state,
provided that the amount so invested shall at
no time exceed thirty--fivc per ccntum (35%)
fifty per centum (50%) of the total funds
invested.
(f) Stocks, common or preferred, of any corporation
not created and existing under the laws of the
United States, or any state, provided however
that at no time shall investment in such stocks
exceed five per centum (5%) of the total
equities.
(g) Non-dividend-paying stocks, common or
preferred, of any corporation created and
existing under the laws of the United States
or of any state, provided however that no more
than twenty per centum (20%) of the total
equity portfolio shall be so invested.
(h) (f) Bonds, notes or other interest-bearing
obligations of any solvent corporation
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organized under the laws of the United States,
or any State, Territory or Possession of the
United States.
(i) -(-g)- Shares or savings accounts of federal
savings and loan associations, to the extent
that they are insured by any agency or any
instrumentality of the Government of the Untied
States.
Section 3. Repealer.
All Ordinances or parts of Ordinances in conflict herewith be
and the same are hereby repealed.
Section 4 . Severability
If any section, subsection, clause or provision of this
Ordinance is held invalid, the remainder shall not be affected by
such invalidity.
Section 5. Effective Date.
This Ordinance shall take effect on the 17th day of
March 1990.
PASSED and ADOPTED this 7th day of March
19 90 .
,YOR
ATTEST:
,0A-4,/CITY CLERK
1st Reading 2/21/90
2nd Reading 3/7/90 (as amended)
'TORD!! APPROVED
LEGL DEPT
By __ - ►,A
F'
Date
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Be, FLORIDA 3 3 1 3 9
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,* 1NCORORATED)*.
"VACATIONLAND U. S. A. "
'. 26
OFFICE OF THE CITY MANAGER CITY HALL
ROB W.PARKINS 1700 CONVENTION CENTER DRIVE
CITY MANAGER TELEPHONE: 673-7010
COMMISSION MEMORANDUM NO. /c I -610
n DATE: February 21, 1990
TO: Mayor Alex Dao : and
Members of t•• City Cornet sion,i
FROM: Rob W. Parks ���'� ,
City Manager
SUBJECT: CHANGES TO THE GENERAL EMPLOYEES PENSION SYSTEM AUTHORIZED BY THE
VOTERS IN THE NOVEMBER. ELECTION
On the ballot in the November Election were two ballot questions
requesting changes in the General Employees Pension System. The
first of these changes would reconstitute the Board of Trustees from
seven to nine members with four appointments by the City Manager,
three representatives elected from active employees and two repre-
sentatives elected from retirees of the System. The second change
that was approved by the voters was in the area of authorized in-
vestments. This change allows investments of up to 50% of the funds
assets and equities. Of this amount no more than 20% may be invested
in non dividend paying stocks and 5% in non U. S. corporations.
This Ordinance confirms Ordinance 1901 which governs the Pension
System to the changes in the City Charter.
This Ordinance will be considered by The General Employees Pension
Board at their meeting on Tuesday February 20 and we will inform the
Commission of their recommendation at the meeting on February 21.
ADMINISTRATION RECOMMENDATION:
The Administration recommends that the City Commission adopt this
Ordinance on first reading and sobedul.e_a public hearing and second
reading for their meeting of March 7, 1990.
RWP:RJN:sw
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