Ordinance 93-2883 ORDINANCE NO. 93-2883
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLGRIDA, AMENDING
ORDINANCE NO. 88-2603 WHICH CREATED THE
UNCLASSIFIED EMPLOYEES AND ELECTED OFFICIALS
RETIREMENT SYSTEM BY ALLOWING THOSE MEMBERS OF
THE SYSTEM ON OCTOBER 17, 1993 WHO ELECTED TO
JOIN THE DEFINED CONTRIBUTION RETIREMENT
SYSTEM A PERIOD OF TIME TO RECONSIDER THEIR
PREVIOUS ELECTION, PROVIDING FOR A REPEALER,
SEVERABILITY AND AN EFFECTIVE DATE.
Whereas, the City of Miami Be adopted Ordinance 88-
2603 to provide for a retirement system for its Unclassified
Employees and Elected Officials on April 1, 1988 ; and,
Whereas, Ordinance 88-2603 was amended with the adoption
of Ordinance 92-2812 which allowed Members of the Unclassified
Employees and Elected Officials Retirement System to transfer the
value of their currently accrued benefit to a defined contribution
retirement system; and,
Whereas, the City desires to allow certain of the
previous Members to have an opportunity to reconsider their
decision.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Commission of
the City of Miami Beach, Florida:
Section 1 That Section 5. 11 be amended as follows:
5. 11 Transfer of Benefit
1. Commencing on the effective date of this Ordinance and
for sixty (60) days thereafter (the "Transfer Election
Period") , an Employee Member shall have an irrevocable right
to transfer the present value of his accumulated benefit or
the amount of the Employee's contributions plus the regular
interest provided for in Section 7 . 06 (d) , whichever is
greater, from this plan to the Defined Contribution Retirement
Plan. Upon such transfer, the Employee Member shall have no
further i g t`.5 or benefits under this system.
2 . Commencing on December 1, 1993 and for thirty (30) days
thereafter (the "Transfer Reconsideration Period") , any
previous Member who was a Member on October 17, 1992 , shall
have an right to rescind the previous election by electing to
transfer the balance of any Defined Contribution account into
this plan. After such transfer, the previous Member shall be
reinstated into membership in this system and shall have all
rights and benefits of persons as of October 17 , 1992 .
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