Ordinance 92-2812ORDINANCE NO. 92-2812
AN ORDINANCE OF THE CITY OF MIAMI BEACH,
FLORIDA, AMENDING ORDINANCE NO. 88-2603 WHICH
ESTABLISHED THE UNCLASSIFIED EMPLOYEES AND
ELECTED OFFICIALS RETIREMENT SYSTEM, PROVIDING
FOR THE ABILITY ON A ONE TIME ELECTION BY THE
EMPLOYEE TO TRANSFER THE VALUE OF HIS BENEFIT
TO A DEFINED CONTRIBUTION PLAN, ALSO PROVIDING
THAT ANY EMPLOYEE ENTERING THE SERVICE OF THE
CITY ON OR AFTER OCTOBER 18, 1992, MAY SELECT THE
DEFINED CONTRIBUTION PLAN OR THIS PLAN UPON
EMPLOYMENT WITH THE CITY, PROVIDING FOR
SEVERABILITY, A REPEALER AND AN EFFECTIVE DATE.
Whereas, the City Commission of the City of Miami Beach, Florida enacted
Ordinance no. 88-2603 which created the Unclassified Employees and Elected Officials
Retirement System for all employees in such service to the City; and,
Whereas, the City Commission is desirous of offering an optional defined
contribution retirement plan for unclassified employees as an alternative to this plan for
both existing and future employees,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA;
Section 1 - That Article 2 "Definitions", Section 2.05 "Employee" of Ordinance
88-2603 be amended by adding subsection (g) which will read as:
Persons who have elected to join the defined contribution retirement
plan authorized under Section 401(a) of the Internal Revenue Code
of 1986 as amended.
Section 2 - That Article 3 "Membership", Section 3.05 be amended to read as
follows:
3.05 All individuals holding the position of either City Manager or City
Attorney, shall have the option to reject membership in the plan provided herein and
to be a member in a retirement program with any public trust fund named by the
aforesaid individuals and approved by the City Commission. Any employee entering
service with the City on or after October 18. 1992. shall have an irrevocable option
to reject membership in the plan provided herein. and select the retirement plan
provided as a defined contribution plan authorized under Internal Revenue Code
Section 401(a) as amended.which plan is sponsored by the City (the "Defined
Contribution Retirement System").
Section 3 - That Ordinance 88-2603 be amended by adding Section 5.11 "Transfer
of Benefit" to read as follows:
.11 Transfer of Benefit
Commencing on the effective date of this ordinance and for sixty (60) days thereafter
(the "Transfer Election Period"). an employee who is a member of this system shall
have an irrevocable right to elect to transfer the present value of his accumulated
benefit or the amount of the employee's contributions plus the regular interest as
provided for in Section 7.06(d), whichever is greater, from this plan to the Defined
Contribution Retirement Plan. Upon such transfer. the employee shall have no
futher rights or benefits under this system.
Section 4 - All Ordinances or parts of Ordinances in conflict herewith be and the
same are hereby repealed.
Section 5 - If any section, subsection, clause or provision of this Ordinance is held
invalid, the remainder shall not be effected by such invalidity.
Section 6 - This Ordinance shall take effect on the 18 day of October, 1992.
Passed and Adopted this 8th day of October 1 , 1992.
Attest:
City Clerk 1412/41--
1st
1iI4L1st reading 9/16/92
2nd reading 10/8/92
Mayor
FORM APPROVED
LEcAL:DEPT.
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