Ordinance 1700. .
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ORDiNANCE N0. 1700
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AN ORD I NANCE AMEND I NG O�iD I NANCC N0. 845,
OF THE CITY OF MiAMI BEACH, FLORIDA, BEIN�
"AN ORDINANCE PROVIDtNG FUP. TME CREATION
AND MA t NTENANCE (3F A PENS i ON AND RETI REMENT
S'fSTEM FU�, CERTA t N EMPLOy'EES OF THE C I TY C+F
M�A;�IR �El�CR-I, F�OR�DA".
�� � 3 U�tU��� @ i�C� tiY TH� C 6 TY COUNC I L OF' THE C I TY OF MlAMi B�ACH,
�'L�)RIDA:
S�:CildN 1, That Sectiat� 5 of Ordinance No. 845 be and fihe s�me
��a ��� i s hereby am�nded i�y add i r�y a new sect i on fio fol 1 ow
i mmed i ate 1�,� af ter Sect i on 5D thereot= , and to be numbered and to
�' p� Ci a 5 'f O i 1 Ol+V 5:
"SECTION 5E,
.O1 Notwithstanding any provisions of this ordinance to
the contrary, as of and af ter Oecember 31 , 1 gb6, ariy
interest income in excess of the valuation interest rate
adopted by the Board in accordance with Section 5C of this
O!"dinance sF��ll be accumulated i� a special account ar�d
shal t be appl ied toward p�-oviding 1 ifetime in�reases t:o
pensione�-s and retirants on the roll of this Pension Plan.
At the end of each year, beginni�ig with December 31, 1967,
�he increase in the ConSumer Pri�e index measured f rom
December 31, 1966, or from such later year-end as of which
an increase has been granted hereunder, shall be noted and
Retirement Aiiowances and Pensions shatl be adjusted only
when the fndex has incre�sed by at least 3%. At that t'rme,
the Retirement Atlowance or Pension of each person who was
on the roll as of December 31, t966, or thereafter, shall
be increa�ed by 3% if the total additional liabilities to
the System under this Section can be �overed by the ex�ess
investment income accumulated si�ce December 31, 196�i. If
tiie exce�s investment income is insufficient to cov�r a 3%
increase, th�n the allowances shall be increased to �:.ht
1 owest one-quarter of 1°� on the bas i s of the amount ava i 1 �
able, but no increase shall be gr3nted if the excess
investmen� income is insufficient to cover an increase of
at least 1%. T�e increased atlowances shalt be made effec-
tive on ihe October lst following the year-end on which the
Cor��:.�;�er Pr i ce I ndex has i ncrea�ed by at 1 east 3%.
Provided, however, that� any acljustment under this subsection
shait be applied only to thafi portion of the Retirement
Allowance �r Pension which does not exceed $4,OQ0.00 per
year."
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S�CTION 2. That all ordinances, or parrs of ordir»nces, in
canf 1 ict I�erewi th, be and ti�e sarr►e are hereby
repealed,
�� �.:E; = B utJ ;. Tl��dt th i s urG i n�r�ce sl-�a i 1 go i nto eff���i i m-
���W mediately upon its passage and po�ting a�
requi red by la�v.
PASSED �nd AQOPTED this 3rd day of . �u�y , i968.
ATTEST:
City Cierk and Finance Director
lst reading - June 26, 1968
2nd reading - June 26, 1968
3rd reading - July 3, 1968
POSTED - Jul y 8, 1 g68
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1
��r���
Mayor
STATE OF FLORIDA
COUNTY OF DADE:
I, RUTH B. ROULEAU, City C lerk and Finance Director in
and for the City of Miami Beach, Florida, do hereby certify that
Ordinance No. 1700 entitled:
"AN ORDINANCE AMENDING ORDtNANCE N0. 845, OF THE CfTY OF MIAMi BEACH,
FLORIDA, BEING 'AN ORDINANCE PROVIDING FOR THE CREATION AND MAINTENANCE
OF A PENSION AND RETIREMENT SYSTEM FOR CERTAIN EMPLOYEES OF THE CITY OF
MIAMI BEACH, FLORtDA "'
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 t�e City of l�iiami Bea�h, one of which was at the door
of the City Hall in said City on the 8th day of Jul y, 1 g68,
� 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 21 st day of August, 1g68.
ity Clerk and Finance Director
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