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Ordinance 891ORDINANCE NO. 891 AN ORDINANCE AMENDING ORDINANCE NO. 845 OF THE CITY OF MIAMI BEACH, FLORIDA, ENTITLED: "AN ORDINANCE PROVIDING FOR TIF CREATION AND MAIN- TENANCE OF A PENSION AND RETIREMENT SYSTEM FOR CERTAIN EMPLOYEES OF THE CITY OF MIAMI BEACH, FLORIDA"; DEFINING THE TERM "DEPENDENT BENEFI- CIARY"; PROVIDING FOR INCREASED EMPLOYEE CON- TRIBUTIONS AND BENEFITS AT EMPLOYEE'S OPTION; PROVIDIING FOR CONDITIONAL INCREASE IN THE CITY'S CONTRIBUTIONS; PROVIDING FOR MIiNIMUM RETIREMENT AND PENSION BENEFITS; AND PROVIDING FOR THE PARTICIPATION BY RETIRANTS IN ELECTIONS FOR TRUSTEES. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA: SECTION 1: That Section 2.03 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".03 BENEFICIARY (Dependent): A person who, at the death of the Employee Member or Retirant, was de- pendent upon, or received substantial support from, such Employee Member or Retirant, and who shall have been designated by written disposition duly executed and filed with the Board. Unless otherwise designated, a legal wife or husband and minor children of either or both, shall be con- sidered to be dependent because of relationship. Other persons named by the Employee Member or Retirant as Dependent Beneficiaries, whether related or not shall be considered dependent only if evidence to the effect that such person or persons received their main support from the Employee Member or Retirant immediately preceding his death, is presented to the Board, and the Board shall find such evidence satisfactory. The marriage or the attainment of age twenty-one shall be prima facie evidence of termination of dependency within the intent of this Ordinance." SECTION 2: That Section 4.01 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".01 Every Employee Member shall make Employee Normal Contributions to this System as follows: .01 The standard minimum rate of Employee Normal Contri- bution shall be five (5) per cent of every payment of earnings applicable to his employment by the City of Miami Beach while a member, on and after the first day of July, 191+8, until such time as he shall cease to be a Member or shall reach the age of mandatory retire- ment. If employment is continued beyond the age of mandatory retirement under the provisions of Sub -section 5.03.02, the continuance of Employee Normal Contributions shall not be compulsory for such Employee Member. .02 Beginning January 1, 1950, every Employee Member may, at his individual election, make Optional Employee Normal Contributions equal to six (6) per cent of his earnings; and he shall there- after contribute at such rate until such time as he shall cease to be a Member or shall reach the age of mandatory retirement. If employment is continued beyond the age of mandatory retirement under the provisions of Sub -section 5.03.02, the continuance of the Optional Employee Normal Con- tributions shall not be compulsory for such Employee Member." SECTION 3: That Section 4.02 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".02 Any Employee Member may make additional contributions at such rate per cent as he may designate in writing, provided, however, that such additional contributions together with his Employee Normal Contributions shall not exceed ten (10) per cent of his earnings. Such designation shall specify the percentage to be withheld as Additional Contributions, and shall be continued in force from year to year unless such Employee Member shall, by written notice, terminate such arrangement, or elect to contribute at a changed rate of deduction, at least thirty (30) days preceding the start of a new fiscal year. Additional Contributions may be withdrawn only under the same conditions as Employee Normal Con- tributions are withdrawn; except that, upon approval of a Disability or Service Retirement, under the terms of this Ordinance, the Retirant may elect to withdraw, as a lump sum, all or any part of such Accumulated Additional Contributions standing to his credit, or may elect to use all or any part of such Accumulated Additional Contributions to provide an increased Retirement Allowance computed over, and payable for, his life ex- pectancy, as established by the Actuarial Tables in effect at the time of his retirement. In the event of the death of such Retirant prior to the accumulated Additional Contributions having been fully paid out, the pay- ment shall be continued, so long as any balance of Accumulated Additional Contributions remain, at the same rate to a designated Dependent Bene- ficiary, or if no Dependent Beneficiary is designated or survives, the balance of the Accumulated Additional Contributions shall be paid in a lump sum to a designated Non-dependent Beneficiary, or to the estate if no Beneficiary is designated or survives." SECTIOTN 4: That Section 4.04 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".04 After the first day of July, 1948, the City shall pay into the System created by this Ordinance: .01 At the end of each month: .01 A sum equal to two (2) times the total of all Employee Members' Normal Contributions for that month. .02 A uniform amount required to amortize, over a period of thirty (30) years, following the effective date of this Ordinance, all of the City's obligations for credits, as of the first day of July, 1948, arising out of service prior to January 1, 1948; and a sum sufficient to provide three (3) per cent annual interest on the un -amortized portion of such obligations, which sum shall be regarded as interest earned. .03 After the first day of January, 1950, a uniform amount required to amortize over a period of twenty (20) years following January 1, 1950, all of the City's added obli- gations for credits arising out of service prior to January 1, 1950, of those Employee Members who, prior to January 1, 1950, elect to contribute at the Optional Employee Normal Contribution rate as provided in Sub -section 4.01.02; and a sum sufficient to provide three (3) per cent annual interest on the un -amortized portion of such obligation, which sum shall be regarded as interest earned. .02 At the end of each year: .01 An amount equal to two (2) times the amount contri- buted to the Service Disability Reserve Fund by Employee Members during the preceding year, as provided in Section 4.11. .02 Such amount as is required, to reimburse the System for payments, during the preceding year, of that portion of minimum Retirement Allowances not provided for by the credits of the individual Retirants whose credits were insufficient to produce the minimum Retirement Allowance provided for in Sub -section 5.03.05. .03 Such amount as is required to reimburse the System for payments, during the preceding year, of Retire- ment Allowance and Pension increases provided for in Sub -section 5.07." - 2 - SECTION 5: That Section 4.05 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".05 There shall be credited to the account of each member, as of the first day of July, 1948: .01 To his account for Accumulated Employee Normal Contribu- tions, the accumulated total of his Employee Normal Con- tributions, under Ordinance No. 734. .02 To his account for Accumulated Additional Contributions, the accumulated total of his Additional Contributions under Ordinance No. 734. .03 To his account for Accumulated City Normal Contributions: • .01 The accumulated total of his City Normal Contributions under Ordinance No. 734. .02 An amount that would have been produced by a total joint contribution of fifteen (15) per cent of his average earnings, accumulated at three (3) per cent per annum interest com- pounded annually, over the entire period of Past Service Credit, reduced by the amount credited under Sub -section 4.05.01 and 4.05.03.01 of this Section, together with interest at the rate of three (3) per cent per annum to the first day of July, 1948. Average Earnings and Past Service Credit shall be computed as provided in Sections 2.09 and 2.28 respectively. .03 As of January 1, 1950, there shall be added to the total City Credit of each Employee Member, who prior to that date, elects to contribute at the Optional Employee Normal Contribution rate, as provided in Sub -section 4.01.02, an amount equal to ten (10) per cent of the sum of his Total City Credit an d Total Employee Credit as of December 31, 1949." SECT_I,0N 6: That Section 4.08 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".08 No further City funds shall be credited to the account of a Member when: .01 The amount credited to him as Total City Credit shall be, of itself, sufficient with interest computed thereon at three (3) per cent per annum compounded annually, to provide a Retirement Allowance of three thousand, three hundred dollars ($3,300.00) per year at age sixty (60) , or .02 The amount credited to him as Total City Credit shall be, of itself, sufficient with interest computed thereon at three (3) per cent per annum compounded annually, to provide a Retirement Allowance of sixty (60) per cent of his average earnings, or .03 The Employee reaches the age of mandatory retirement." SECTION 7: That Section 5.03.05 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".05 An Employee Member, upon retirement, shall be entitled to a Retirement Allowance which shall be the amount which can be provided from the Accumulated Total Credit to his account at the time payments are commenced, based on tables and procedures adopted by the Board and in effect at the time of Retirement, except as provided with respect to Additional Contri- butions in Sub -section 4.02; and except that the minimum Retirement Allow- ance for an Employee Member who has ten (10) years or more of Creditable Service and who is at least sixty (60) years of age shall be sixty dollars ($60.00) per month, which minimum Retirement Allowance shall be effective as of July 12 1948, and shall be applicable to Employee Members who retired after April 8, 1947. Beginning July 1, 1949, the minimum Retirement Allowance for Employee Members who retire after that date, and who have reached age sixty-five (65) with fifteen (15) or more years of Creditable -3 - Service, shall be seventy-five dollars ($75.00) per month. The minimum Retirement Allowances provided for in this Sub -section shall not be effective for Employees who become Members of this System after January 1, 1A50." SECTION 8: That Section 5.06.01 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".01 To a designated Dependent Beneficiary, in the order named, a Pension which can be provided from the Accumulated Total Credit to the account of the deceased Employee Member, Retirant or Pen- sioner at the time of his death, based on the then expectancy of life of such Dependent Beneficiary and tables aid procedures adopted by the Board and in effect at the time of the death of the Employee Member, Retirant or Pensioner; provided that such Dependent Beneficiary shall have the right of withdrawing in cash from the Accumulated Total Credit of the deceased Employee Member or Retirant an amount not to exceed such Accumulated Total Credit, nor to exceed three hundred dollars ($300.00); and provided further that in no case shall the Pension derived from Total City Credit exceed three thousand three hundred dollars ($3,300.00) per year, but any excess of Total City Credit over that required to produce three thousand three hundred dollars ($3,300.00) per year shall be forfeited and shall be credited to the Reserve Fund. Where the Pension computed under this Sub- section results in less than Fifteen dollars ($15.00), the Board, upon application of the Dependent Beneficiary, shall order the Accumulated Total Credit of the deceased Employee Member or Retirant to be paid as a lump sum settlement." SECTION 9: That Section 5.07 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".07 Any annuitant or beneficiary of a participant under Ordinance No. 734, who becomes a Retirant or Pensioner hereunder, as provided for in Sub -section 3.04 shall receive a Retirement Allowance or Pension, which shall be in the amount that his Accumulated Total Credit, computed under the provisions of Sub -section 4.06 will pay, based on the number of years remaining of the expectancy of life used in computing his original benefit. Beginning with January 1, 1950, all computed Retirement Allowances or Pensions then being paid under this ordinance shall thereafter be increased ten (10) per cent; except that this provision shall not act to increase or decrease the minimum Retirement Allowances provided for in Sub -section 5.03.05." SECTION 10: That Section 6.01.01 of Ordinance No. 845 of the City of Miami Beach, Florida, be and the same is hereby amended to read as follows: ".01 The Board shall consist of seven (7) Trustees as follows: .01 The City Council shall appoint four (4) Trustees of the Board, one of whom shall be the City Manager, one of whom shall be the Chief Finance Officer of the City, and the other two shall be elected from among the members of the City Council. .02 The other three (3) Trustees shall be Members or Retirants of the System created by this Ordinance, or by Ordinance No. 734, and shall be elected from time to time according to such rules and regulations as may be adopted by the Council. One Trustee shall be elected from each of the following groups: Group 1. Members of this System who are regularly employed in the Police and Fire Departments or in the Life Guards, and Retirants of this System. Group 2. Members of this System who are regularly employed in clerical and executive positions. Group 3. All other members of this System, and members of the Systems created by Ordinances No. 734 and 498. In determining the Classification of any Member in the above Groups, the decision of the Council shall be final. The basis of classification shall be that a Member belongs in the Group through which he derives his eligibility for participation in this System." SECTION 11: All ordinances or parts of ordinances in conflict herewith shall be, and the same are, hereby repealed. SECTION 12: This ordinance shall go into effect upon its passage and post- ing as required by law, provided, however, that a majority of the qualified voters of the City of Miami Beach, voting upon this ordinance at a special or general election called for such purpose, shall vote in favor thereof. ATTEST: PASSED and ADOPTED this 17th day of August A. D. 1949. �J `pity Clerk 1st reading - August 2nd reading - August 3rd reading - August POSTED - August 3, 1949 3, 1949 17, 1949 18, 1949 - 5 - Mayor STATE OF FLORIDA COUNTY OF DADE: I, C. W. TOMLINSON, City Clerk in and for the City of Miami Beach, Florida, do hereby certify that Ordinance No. 891, entitled: "AN ORDINANCE AMENDING 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; DEFINING THE TERM "DEPENDENT BENEFICIARY"; PROVIDING FOR INCREASED EMPLOYEE CONTRIBUTIONS AND BENEFITS AT EMPLOYEE'S OPTION; PROVIDING FOR CONDITIONAL INCREASE IN THE CITY'S CONTRIBUTIONS; PROVIDINCC FOR MINIMUM RETIREMENT AND PENSION BENEFITS; AND PROVIDING FOR THE PARTICIPATION BY RE- TIRANTS IN ETECTIONS FOR TRUSTEES", 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 17th day of August, A. D. 1949, and that said Ordinance re- mained 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 WITN!;SS WHEREOF I have hereunto set my hand and affixed the official seal of the City of Miami Beach, Florida, on this the 5th day of October, A. D. 1949. t s