Ordinance 845 g- PI 5
1.01
ORDINANCE NO. 81+5
AN ORDINANCE PROVIDING FOR THE CREATION----
AND MAINTENANCE OF A PENSION AND RETIRE-
MENT SYSTEM FOR CERTAIN EMPLOYERS OF THE
CITY OF MIAMI BEACH, FLORIDA
• BE IT ORDAIIQ1l) BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. CREATION
.01 Authorization and Creation: Under and by authority of Chapter 18691,
Laws of Florida, Acts of 1937 as amended,
a Retirement and Pension System for employees of the City of Miami Beach,
Florida, is hereby established and placed under the direction of the Board
of Trustees, hereinafter provided for.
.02 Purpose: The purpose of this System is to establish a sound and
efficient means of providing retirement allowances and
pensions, and other benefits, for qualified and eligible employees of
the City of Miami Beach, Florida, thereby assisting such employees to
provide for old ago, disability, death and termination of employment, and
so effect greater economy and efficiency in the public service by furnishing
an orderly method of retiring, without hardship or prejudice, employees who
have become aged or otherwise incapacitated.
.03 Name: The System, so created, shall be mown aQe "City of Miami
Beach:inpls,yees Retirement "SvsW in;, All affairs and business
of such system shall the-rancto T
�p - _uch name.
w vd '
.04 Effective Date: This Ordinance shall become effective on the first
day of July, 1948, provided it shall have first been
approved by a majority of the qualified voters of the City of Miami Beach,
.71 rida, voting on the same at an election called for that purpose.
2
SECTION 2. DEFINITIONS:
Certain words and phrases when used in this Ordinance shall for the purpose
of this Ordinance have the meanings respectively ascribed to them in this
Section, except in those instances where the co text clearly indicates a
different meaning:
.01 Actuarial Tables: Such tables, based on mortality and other experi-
ence, as the Board shall, from time to time adopt
for use in the operation of this System.
.02 Beneficiary: The surviving person or persons designated by the
Employee Member or Retirant in the last written
designation on file with the Board, or in the absence of such survivor
or of such designation, the estate of the deceased Member or Retirant,
subject to the provisions of Section 5.07 hereof.
.03 Beneficiary (Dependent): A person who, at the death of the Employee
Member or Retirant, was dependent 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. When so designated, a legal wife or husband and
- - minor children of either or both, shall be considered 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 Pmployee Member or Retirant
immediately preceding his death, is presented to the Board, and the
Board shall find such evidence satisfactory.( The marriage or the attain-
ment of age twenty-one (21) shall be „rima f i A evi denc e of the tarmi na tlj on
of dependency of any Dependent Beneficiary within the intent of this
Ordinance. )
.04+ Board: The Board of Trustees of the System created by this Ordinance,
as provided for in Section 6.01 hereof.
.05 City: The City of Miami Beach, Florida.
.06 Contributions:
.01 Additional Contributions: The amounts ;paid into this System,
under the provisions of Section
4.02, as payroll deductions, which are in addition to the Normal Contri-
butions, together with such gifts and gratuities as are approved by the
Board and credited to account of a Member or Retirant.
.02 Accuimilated Additional Contributions: The sum of all Addit-
ional Contributions of
or on behalf of a Membor, contributed on or after the first day of July,
1948, with interest thereon; and for those Members who become such under
the provisions of Section 3.03, including the amount of Additional Contri-
butions -'transferrea frcu,l the system under Ordinance No. 734, with interest
thereon; or the balance of such sum at the time under consideration.
2.06.03
.03 City Normal Contributions: The amounts required to be paid
to this System by the City on
behalf of each Employee Member to match the Employee Normal Contributions
as specified in Sub-section 4+.04.01.01 hereof.
.04 Accurmzated a ty uouw. coutIioile: The sum of all C: &y
Normal Contributions
on behalf of a Member contributed on or after the first day of July, 1948
with interest thereon; and for those Members who become such under the pro-
visions of Section 3.03, including the amount of City Normal Contributions
transferred from the system under Ordinance No. 734 and the added credits
provided for in Sub-section 4+.05.03.02, with interest thereon; or the
balance of such sum at the time under consideration.
• .05 Employee Normal Contributions: The amount required to be
contributed by each Employee
Member, as provided -for in Section +.01.
.06 Accumulated Employee Normal Contributions: The sum of all
Employee Normal .
Contributions contributed on or after the first day of July, 1948, with
interest thereon; and for those Members who become such under the provisions
of Section 3.03, including the amount of Employee Normal Contributions trans-
ferred from the system under Ordinance No. 734, with interest thereon; or
the balance of such sum at the time under consideration.
-.07 Total City Credit: The sum of all City Normal Contributions,
together with the amount credited for
Past Service, to the account of an individual Member, with interne thereon;
or the balance of such sam at the time under consideration.
.08 Total Employee Credit: The sum of all Employee Normal Con-
tributions and all Additional Contri-
butions to the account of an individual Member, with interest thereon; or the
balance of such sum at the time under consideration.
.09 Accumulated Total 'Credit: The sum of all Employee Normal
Contributions, Additional Contri-
butions and City Normal Contributions, together with the amount credited for
Past Service, to the account of an individual Member, with interest thereon;
or the balance of such sun at the time under consideration.
.07 Council: Tho City Council of the City of Miami Beach, Florida.
.08 Dividend: i_n such cases as the Board shall prescribe a Rate of In-
terest greater than three (3) per cent as provided in Sub-
section 2.21.04E, the amount in excess of the throe (3) per cent credited to
the accounts from which Retirement Allowances or Pensions are paid as pro-
vided in Sub-section 2.21.01, shall be considered a Dividend, payable in a
lump sum.
.09 Earnings: An amount equal to the sum of the gross compensa.tie_n nor- 3
orally and actually paid to an Employee Member for the per-
formance of personal services for the City on a regular payroll; and the
value, as determined by the Board, of any maintenance, board, living quarters
clothing, personal laundry, or other allowances provided by the City in lieu
of money.
2.10
.10 Earnings (Average): The average earnings during the entire period of
Creditable Service of an Employee Mombor; pro-
vided that average earnings for tho period of. Creditable Service prior to
July 1, 1945, shall be computed as equal to the average earnings for Credit-
able Service under Ordinance No. I+98 within the period. from January 1, 1939
to January 1, 1945.
.11 Employee: Any officer, department head, servant or agent of the City,
regularly receiving compensation from the City for personal
services; except, unless otherwise qualified, members of the City Council,
members of Boards or Commissions, officers and employees who receive no
salary or a nominal salary, or persons who are employed upon a.provisional,
original probationary, or other temporary basis. For purposes of this Ordi-
. nance, a Member who is injured in line of duty, and who is receiving benefits
under the provisions of the Workmen's Compensation Act, shall be considered
an Employee diring the periods covered by such benefits. In all cases in
which the abo 'e definition requires interpretation, the Board shall decide
who is an Employee within the intent of this Ordinance.
.12 Employee Member: Any Member who, on or after the first day of July,
1948, is in service with the City as an Employee.
.13 Fiscal Year: The Fiscal Year shall be the same as the calendar year.
.14 Member: Any person participating in this System, as specified in
Sections 3.02 and 3.03 hereof. Such person shall be con-
strued to be a Member until such time as he shall receive a Separation
Refund, be retired for disability or service and receive monthly or lump sum
benefits, or shall die prior to Retirement.
.15 Or inane nr^ 498: Sh1r�1 mon„ Or.7 L 98 . f the C•+ Council
_� iiwii� -r^-s •FJv. �.- _ ...�,..... ��«iil,:uii.c; No. T/v of City
of the City of Miami Beach, Florida, - entitled:
"ATT ORDINANCE OF THE CITY OF MIAMI BEACH, FLORIDA, ESTABLISH-
ING A PENSION, ANNUITY APP RETIREMENT SYSTEM FOR EMPLOYEES IN
THE SERVICE OF THE SAID CITY OF MEAMI BEACH: PROVIDING FOR
DISABILITY AND DEATH BENEFITS: PROVIDING FOR CON'hIBUTION TO
THE COST THEREOF ON AN ACTUARIAL BASIS: PROVIDING FOR TSC
MANNER R IN TIHICH EMPLOYEES MAY COME UNDER THE OPERATION OF
SAID SYSTEM: PROVIDING FOR REPA I T TO MEMBERS LEAVING THE
SERVICE OF SAID CITY: PROVIDING FOR THE INVESTMENT OF FUNDS
CREW^Ty T) UNDER SAID SYSTEM: PROVIDING FOR THE ADMINISTRA'1'l0N
AND OPERATION OF SAID SYSTEM AND PROVIDING FOR THE SUBMISSION
OF THIS ORDINANCE TO A R}FERENDUM OF QUALIFIED VOTERS OF SAID
CITY: PROVIDING WHEN THIS ORDINANCE SHALL TAKE EFFECT, AND
OTHER MATTERS RELATING THERETO."
.16 Ordinance No. 73i : Shall moan Ordinance No. 734 of the City Council
of the City of Miami Beach, Florida, entitled:
"AN ORDINANCE PROVIDING FOR THE CREATION AND MAINTENANCE
OF A PENSION, ANNUITY AND RETIREMENT SYSTEM FOR CERTAIN
EMPLOYE= OF TIE CITY OF MIAMI BEACH, F'LO DA."
.17 Pension: A series of equal monthly payments, payable at the end of
each calendar month daring the life of a Pensioner. The
first payment shall be pro-rated for any fraction of the month at the end
of the first month for which such Pension is payable; and the last payment
shall be so pro-rated and made at the end of the month in which death occurs.
2.18
.18 Pensioner: A Dependent Beneficiary, so designated by an Emoloyeo
Member, who because of such Member's subsequent death, is
receiving; a Pension. Such person shall be considered a Pensioner, during
such time as Pension is paid, until death occurs.
.19 Physical Examiners: Shall mean the physicians provided for in Sub-
section 6.01.06.08 of this Ordinance.
.20 Police and Fire Pension Plan: Shall mean Chapter 23414, Laws of Florida,
Acts of 1945, entitled:
"AN ACT CREATING IN THE CITY OF MIAMI BEACH A SYSTEM OF PENSIONS FOR
DISABILITY AND RETIEEMI1T FROM SERVICE OF MEMBERS OF POLICE AND FIRE
DEPARTMENTS EMPLOYED BY APPOINTMENT OR OTHERWISE IN SAID DERAR'BVI T
IN SAID CITY, AND TO PROVIDE A FUND IN SAID CITY TO BE KNOWN AS TBE
CITY PENSION FUND FOR FL ENLN AND POLICEMEN AND PROVIDING FURTER FOR
THE CREATION OF A BOARD OF TRUSTEES IN SAID CITY, PRESCRIBING THE
POWERS AND DUTIES OF SUCH BOARD, PROVIDING FOR TFL' PAYMENT OF CERTAIN
SUMS TO ALL PERSONS EMPLOYED IN THE FIRE AND POLICE DEPARTMENTS IN
SAID CITY AS SHALL HAVE RETIRED AND .HAV.E BEEN RETIRED AND THEIR DE-
PENDENTS, TO FURTHER PRESCRIBE TILE QUALIFICATIONS AS TO WHO SHALL BE
ELIGIBLE AND WHO SHALL RECEIVE A PENSION UNDER THIS ACT; PROVIDING
FOR THE INVESTMENT AND SAFEKEEPING OF THE FUNDS CREATED UNDER 'MIS
ACT; PROVIDING FOR TUE REGULATION OF THE SUBJECT OF PENSIONS TO ALT,
PERSONS ENTITLED TO RECEDE THE SANE AND TO PROVIDE EULFE AND REGU-
LATIONS FOR Dill: ADMINISTRATION, OF '1aE FUND CPEO TL,D HEREUNDER; PRO-
VIDING FOR TEL LEVY OF AD VALOREM AND EXCISE TAXES FOR SAID PENSION
FUND; AND PROVIDING FOR TEE ENFORCEMENT OF THIS ACT; AND PROVIDING
FOR THE SUBMISSION OF SAID ACT TO A REFERENDUM OF THE QUALIFIED
VOTERS OF SAID CITY."
.21 Rate of Interest:
.01 Computations of Retirement Allowances and Pensions shall be
based on interest at three (3) per cent compounded on unpaid
balances, and interest shall be credited at such rate on all accounts from
which monthly Payments are Dade. This shall not be construed to prevent the
payment, to Retirants and Pensioners, of lump sum dividends for interest in
excess of three (3) per cent during; such periods as the Board shall prescribe
a rate higher than three (3) per cent, as provided in Sub-sections 2.21.04
and 4.07.01.02.
.02 Interest due from the City on the unamortized portion of the
City's obligation for Past Service credits shall be at the
rate of three (3) per cent as provided for in Sub-section 4.04.01.02.
.03 Interest on Additional Contributions shall not exceed the rate
of three (3) per cent, nor shall it exceed the rate Provided
for under Sub-section 2.21.04.
.04 Interest on Accumulated Employee Normal Contributions and on
Accumulated City Normal Contributions shall be at the rate of
three (3) per cent compounded annually, or such other rate as may be pre-
scribed by the Board, based on expected long term investment returns and the
condition of the Reserve Fund, as provided in Sub-section 4.10.03.
.05 Rate of Interest as provided for herein, shall also apply to
the individual accounts of persons who are Participants in tho
System created under Ordinance No. 734, and who do not elect to become Mem-
bers of this System.
2.21.
.0;` Where any Member's account becomes inactive by reason of
separation from service without withdrawal of the Separation
Refund, or by reason of deferring payment of benefits due, interest shall be
credited at the rates prescribed by the Board and in effect at the time as
provided herein. When a Retirant's or Pensioner's account becomes inactive
after monthly payments have con:lensed, by reason of suspension or deferment
of payments, interest shall be credited at the rate of three (3) per cent
per annum compounded annually. All :payments of interest under this Sub-
. section shall be limited to periods not to exceed five (5) years, after which
no further interest shall be allowed.
.22 Retirant: An Employee Member who has been retired either for Disability
or Service, and who is receiving a monthly Retirement Allow-
ance. Such person shall be considered a Retirant, during such time as
Retirement Allowance is paid, until death.
.23 Retirement: Separation from Service with the City of Miami Beach afts.r
having met the requirements of this Ordinance for the pay-
ment of a Retirement Allowance.
.24 Retirement Allowance: A series of equal monthly payments, payable at
the end of each calendar month during the life
of a Retirant. The first Payment shall be pro-rated for any fraction of a
month at the end of the first month for which Retirement Allowance is pay-
able, and the last payment shall be so pro-rated and made at the end of the
month in which death occurs.
.25 Service: The rendering of personal services to the City by an Employee
and for which, as such, regular compensation is paid by the
City on City payrolls.
.26 Service (Length of): Length of Service shall be determined as follows:
.01 For those Employees who, on the first day of July, 1948, are
members of the Pension Annuity and Retirement system created
by Ordinance No. 734 of the City, Length of Service shall mean that period of
service beginning on the day upon which such Employee first became a Member
of the System created by this Ordinance, together with all service credit
granted to him under the terms of said Ordinance No. 734, and ending on the
date under consideration, excluding all the periods, after becoming a Member
of this System, during which such Employee vas not in the employment of the
City following resignation, cr was employedon a provisional or other tempo-
rary basis during which no contributions to this System were made.
.02 For all other EMployees, who become Members under the provisions
of this Ordinance, after the first day of July, 1948, Length of
Service shall mean that period of service beginning on the clay upon which
such Employee first becomes a Member under the provisions of this Ordinance,
and ending on the date under consideration, excluding all intervening periods
during which such Employee was not in the employ of the City following resig-
nation, lay-off, suspension, dismissal or expiration of any term of employ-
ment, or was employed on a provisional or other temporary basis during which
no contributions to this System were .,ado
.27 Service (Creditable): The Length of Service prior to age seventy (70)
or prior to the date on which retirement or
other benefits become due as the result of application for such as herein
provided, excluding all Periods prior to the date upon which a Member,
2.27
having received a Separation Refund or having joined the Police and Fire
Pension Plan, again becomes a Member.
.28 Service (Past Credit): All service prior to the first day of January,
19+8 for whin credit was granted as "Prior
Service" under the provisions of Ordinance No. 498, and all service for which
contributions were made under the provisions of Ordinances No. 498 and/or
734.
29. System: The City of Minm-i Beach Fm-lloyees Retirement
System, the System created by this Ordinance.
-
3.01
SECTION 3. PARTICIP!!TION
.01 In order to receive adjustments and additional credits for Prior Service
as provided in Sub-sections 4.05.03.02 and 4.06, Participants and
Annuitants under the Retirement System created by Ordinance No. 734, must
file application to avail themselves of the provisions of this Ordinance on
or before the first day of July, 1948. Participants or Annuitants under the
Retirement System created by Ordinance No. 734, who do not, on or before the
• first day of July, 1948, file application to avail themselves of the pro-
visions hereof, shall continue to be Participants and Annuitants under the
provisions of the Retirement System created by Ordinance No. 734; provided,
however, that such Participants of the System created under Ordinance No. 734
who do not, by the first day of July, 1948, elect to become Members of the
System created hereby, may subsequently elect to become Members of this System,
but no adjustments or additional credits shall be made for creditable service
prior to the first day of July, 1948, or prior to the date of their becorni ng
Members.
.02 Any person who becomes an Employee, as herein_ defined, on or after the
first day of July, 1948, unless he shall be eligible for and elect to
come under the provisions of the Police and Fire Pension Plan, shall as a
condition of his employment, become a Member herein as of the date such person
becomes an Employee.
.03 Any Participant under the Retirement System created by Ordinance No.
734, may elect to become a member hereunder, by filing a written appli-
cation with the Board, and notice of'the right to so elect shall be given to
all Participants under said Retirement System created under Ordinance No.
734, who are not Employees as heroin defined, not less than thirty (30) days
prior to the effective date hereof, by registered mail addressed to the last
known address of s,rh. Prti^ipant.
.04 All persons who are Annuitants, on service or disability retirement, and
all beneficiaries of any Participant or Annuitant under Ordinance No.
734, who have not received all the benefits to which they are entitled under
Ordinance No. 734, may by filing application with the Board, on or before the
first day of July, 1948, become Retirants or Pensioners hereunder. Notice
shall be given of the right to so elect to come under the provisions of this
Ordinance, to all such interested persons, not less than thirty (30) days
prior to the first day of July, 1948, by registered mail addressed to the
last known address.
.05 Election of any Participant or Annuitant under Ordinance No. 734 to be-
come a Member, Retirant or Pensioner under this Ordinance shall cancel
and revoke all benefits to which he was entitled under the provisions of the
Retirement System created by Ordinance No. 734.
.06 Each Employee Member shall by virtue of the payment of the Normal Contri-
butions required to bo paid to this System by means of payroll deductions,
receive a vested interest in the benefits arising from Normal and Additional
Contributions of suchnployee. The deductions provided for herein shall be
made notwithstanding that the minimum compensation provided for by law for
any Employee Member shall be reduced thereby. Every Employee Membr?^ shrol 0A
deemed to consent and agreo to the deductions made and provided for herein
and shall receipt for his full salary or compensation, and the payment of
salary or compensation less said deduction shall be full and complete dis-
charge and acquittance of all claims and demands whatsoever for services
rendered by such persons during the period covered by such payment, except
3.06
as to the benefits under this Ordinance. The Personnel Department shall
certify to the Board on each and every payroll, the amount deducted, and
each of the said amounts shall be credited to the individual account of the
Employee Member from whose compensation said deduction was made.
.07 Should any Member, in any period of six (6) consecutive years, after
becoming a Member, be absent from -service for more than five (5) years,
or should he be granted a Separation Refund or Retirement Allowance, or
should he die, he shall thereupon cease to be a Member.
x+.01
SECTION 4. REVENUE
.01 Every Employee Member shall make Employee Normal Contributions to this
System of five (5) per cent of each and every payment of earnings appli-
cable to his employment while a Member, on and after the first day of July,
1948, until such time as he shall reach the age of mandatory retirement; and
if employment is continued under the provisions of Sub-section 5.03.02, the
continuance of Employee Normal Contributions shall be optional with such
Employee Member.
.02 Any Employee Member may make Additional Contributions, not to exceed
five (5) per cent of his earnings, he shall designate in writing.
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 ina
be withdrawn only under the same conditions as Employee Normal Contributions
are withdrawn; except that, upon approval of a Disability or Service Retire-
ment, under the terms of this Ordinance, the Retirant may elect to withdraw,
as a lump sum, all or any part of the Accumulated Additional Contributions
standing to his credit, or may elect to use all or any part of such Accumu-
lated Additional Contributions to provide an increased Retirement Allowance
computed over, and payable for, his life expectancy, 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 paytent shall be continued, so long as any
balance of Accumulated Additional Contributions remain, at the same rate to
a designated Dependent Beneficiary, or if no Dependent Beneficiary is desig-
nated or survives, the balance of the Accumulated Additional Contributions
shall be paid in a lump sum to a desi.matea Nes neper cnf Beneficiary, or to
the estate if no Beneficiary is designated or survives.
.03 Members of the System created by this Ordinance who later become eli-
gible for and elect to join the Police and Fire Pension Plan shall be
refunded all of their Total Employee Credit, and the Total City Credit saall
be forfeited and transferred to the Reserve Fund of the System created by
this Ordinance. The refund of the Total Employee Credit, under the pro-
visions of this Section, shall have the effect of cancelling all Service
Credits and other rights in this System, and such Service rights shall not
be reinstated upon his subsequently becoming a member of this System, or for
any other reason.
.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 mmortize, over a period
of thirty (30) years, following the `ff_:ive datil
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.
f
4.04.02
.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.
•
.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 Contributions,
the accumulated total of his Employee Normal Contributions
under Ordinance No. 734.
.02 To his account for Accumulated Additional Contributions, the
accumulated total of his Additional Contributions under
Ordinance No. f34
.03 To his account for Accumulated City Normal Contributions:
.01 The accumulated total of his City Normal Contri-
butions under Ordinance No. 731..
.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.
.06 The accounts from which the annuities received under the provis.ior.s
of Ordinance No. 734, aro paid, if such annuitants shall elect to
receive benefits under the System created by this Ordinance, shall be
adjusted to an amount that would have been provided by a total joint con-
tribution of fifteen (15) per cent of Average E-rnings, accumulated at three
(3) per cent interest compounded annually, over the period of Creditable
Service, reduced by the amount of the annuity payments made and interest
thereon, computed to the first day of July, 1948.
.07 There shall be credited to the account of each Member, Retirant or
Pensioner after the first day of July, 1948:
.01 To his account for Accumulated Employee Normal Contributions:
.01 The amount of his payroll deductions as provided
for in Section 4.01, and
.02 Interest at three (3) per cent per annum, or othe,•
Rate of Interest as prescribed by the Board, on
previous yearly balances and on current Emplorree Normal Contributions;
except that where a Rate of Interest higher than three (3) per cent per
4.07.01.02
annum is prescribed by the Board_, the individual accounts from which Retire-
ment Allowances and Pensions are being paid shall be credited at the rate of
three (3) per cent per annum interest and the difference between the higher
prescribed Rate of Interest per annum and three (3) per cent per annum shall
be paid to the Retirant or Pensioner as a lump sum Dividend.
.02 To his account for Accumulated Additional Contributions:
.01 The amount of his payroll deductions as provided
for in Section 1+.02, and
.02 Interest at tnree k3) pew vontper annum , or other
lower Rate of Interest as prescribed by the Board,
on yearly balances and on current contributions.
.03 To his account for Accumulated City Normal Contributions:
.01 An amount equal to two (2) times the amount of
current Employee Normal Contributions as provided
in Section 1+.01, and ,
.02 Interest at three (3) per cent per annum, or c ther
Rate of Interest as prescribed by the Board, on
previous yearly balances and on current City Normal Contributions; except
that where a Rate of Interest higher than three (3) per cent is prescribed
by the Board, the individual accounts from which Retirement Allowances and
Pensions are being paid, shall be credited at the rate of three (3) per cent
Per annum interest, and the difference between the higher prescribed Rate
of Interest per annum and three (3) per cent per annum shall be paid to
the Retirant or Pensioner as a lump sum Dividend.
.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 Allow-
ance of three thousand dollars ($3,000.00) per year at age sixty (60) years,
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 (6o) per cent of his average earnings, or
.03 The Employee Member reaches the age of mandatory retirement.
.09 There shall be charged against the account from which each Retirement
Allowance or Pension is paid:
.01 Against the account for Accumulated Employee Normal Contri-
butions:
.01 In cases of Disability Retirement, the proportion-
ate part of the Retirement Allowance that the Accu-
mulated Employee Normal Contributions is of the Accumulated Total Credit or
Retirement v.ao
•
•
4.09.01.02
.02 In cases of Service Retirement, the entire amount
of the Retirement Allowance shall be charged
against the account for Accumulated Employee Normal Contributions until
such account is exhausted.
.03 In cases of death benefits, the entire amount of
any lump sum advance, and the entire amount of the
Pension shall be charged aainst the account for Accumulated Employee Con-
tributions until such account is exhausted.
.02 Age aat_th Contributions:
.Ol In canes of Disability Retyrement, any lump sum
• withdrawals, and the eropor I0 e part of the Re-
tirement Allowance that the balance of the Accumulated Add..,-tonal Contri-
butions is of the Accumulated Total Credit on which the Retireia. Allow--
once was based.
.02 In cases of Service Retirement, any lump sum with-
drawals, and the proportionate part of the Retire-
ment Allowance that the balance of the Accumulated Additional Contributions
is of the Accumulated Total Credit on which the Retirement Allowance was
based.
.03 In cases of death benefits, the proportionate part
of the Pension that the Accumulated Additional Con-
tributions is of the Accumulated Total Credit on which the Pension was
based.
.03 Against the account for Accumulated City Normal Contributions:
.01 In cases of Disability Retirement, the proportionate
part of the Retirement Allowance that the Accumu-
lated City Normal Contributions is of the Accumulated Total Credit on which
the Retirement Allowance was based.
.02 In cases of Service Retirement, after the account
for Accumulated Employee Normal Contributions is
exhausted, the entire amount of the Retirement Allowance.
.03 In cases of death benefits, any balance of a lump
sum advance not available from Accumulated Employe^
Normal Contributions, and after the account for Accumulated Employee Normal
Contributions is exhausted, the entire amount of the Pension.
.10 There shall be established a Reserve Fund.
.01 There shall be credited to the Reserve Fund:
.01 By transfer from the System created under Ordinance
No. 734, the balance of the Reserve Fund under that
System, as of the effective date of this ordinance.
.02 All interest earned on investments representing the
assets of the System created by this Ordinance, ani.
all interest on the unamortized portion of the City's liability for Past
Service.
•
x+.10.01,03
.03 Total City Credit remaining at the death of a Member,
Employee Member, Retirant or Pensioner, for which no
• other disposition is provided under the terms of this Ordinance.
.04 Any gifts or gnat t=.tios which may be received when
the recipients of such gifts or gratuities are not
specified.
.05 Forfeitures arising by reason of Separation Refunds,
or by reason of loss of membership through becoring
a member of the Police and Fire Pension Plan or otherwise, subject to the
restrictions provided in Section 4.12.
.06 Income from any other source, and any gains chich
may occur in the operation of the System. -
.02 There shall be charged against the Reserve Fund:
.01 The total of all interest, credited to individual
accounts under this System and the Syst m. created.
under Ordinance No. 734 for Employee Norral, Additional and City Mrma1
Contributions.
.02 The amount required to pay interest at the rate of
three (3) per cent per annum on yearly balances in
the Service Disability Reserve Fund.
.03 Payments of Retirement Allowances and Pensions to
Retirants and Pensioners under this System, and of
Annuities to Annuitants under the System created by Ordinance No. 734, for
those Retirants, Pensioners or Annuitants who live beyond the computed years
of expectancy and whose individual accounts have become exhausted.
.04 Any other deficits which may occur in the operation
pf the System.
.03 In determining a Rate of Interest per annum other than three
(3) per cent as provided in Sub-section 2.21.0+, the Board
shall consider the investment experience over a period of not less than three
(3) years, and shall also take into account gifts and forfeitures to the
Reserve Fund in addition to investment returns, but there dhall be at all
times maintained an adequate balance to provide for other charges against
the Fund. Computations of the amount required to be maintained in the Fund
for payment of Retirement Allowances and Pensions to those Retirants and
Pensioners who live beyond their computed expectancy shall be based on the
increased expectancy of life as it accrues for each Retirant or Pensioner
in accord with the Expectancy Table adopted by the Board and in effect at
the time of the computation, provided such amount shall at all times be
maintained at not less than thirty thousand dollars ($30,000.00) .
•
.11 There shall be established a Service Disability Reserve Fund, into
which shall be paid:
.01 By transfer from the System created under Ordinance No. 734,
an amount equal to the balance of all contributions rade by,
and on behalf of, participants in the Service Disability Reserve Fund under
Ordinance No. 734, who elect to become Members of the System created by this
Ordinance, computed with three (3) per cent interest per annum.
4.11.02
.02 By an Employee Member who becomes such under the provisions of
Section 3.03, and who elects to participate in the Service Dis-
` ability Reserve Fund, one-fourth (1/4) of one (1) per cent of his gross
annual earnings, by annual deduction.
.03 By an Employee Member who becomes such under the provisions
of Section 3.02, one-fourth (1%1t.) of one (1) per cent of his
gross earnings as -a Member, by annual deduction.
.04 By the City, an amount equal to two (2) times the amount con-
tributed by participants in the Service Disability Reserve
Fund as provided for S geet. b.n' ,11.2.2.„02 and 4.71 .03, annually.
.05 From the Reserve Fund as provided for in Section 4.10.02.02 of
this Ordinance, an amount sufficient to provide interest at the
rate of three (3) per cent per annum on the annual balance in the Service
Disability Reserve Fund, annually.
.12 Should the City Credits forfeited in any Fiscal Year under the provisions
of Section 5.08.02 exceed five, (5) per cent of the total of all assets
of the System, exclusive of the unamortized portion of the City's obligation
for Past Service, at the close of that fiscal year, then the forfeitures in
excess of such amount shall revert to the City.
.13 Any Member of the Retirement System created by this Ordinance who is
granted a Military Leave of Absence from service with the City for
active duty as a member of the Armed Forces of the United States, shall have
the privilege of continuing his Employee*Normal Contributions during the
period covered by such. Leave, at the rate and on the salary basis which
determined the amount of Employee Normal Contribution at the time such Mili-
tary Leave was granted, the salary basis for such Members paid by the hour
to be a forty-eight (48) hour Week; or such Member upon his return to his
City duties may, within three (3) years thereafter, make a lump sum contri-
bution equivalent to his accumulated Employee Normal Contributions for the
period of Military Leave and interest thereon at three (3) per cent com-
pounded annually. Notwithstanding the definition of "Creditable Service",
or any other provisions of this Ordinance to the contrary, any period of
Military Leave for which a Member contributes as provided above shall be
deemed Creditable Service.
.14 It is the intent that the payment of the required City Contributions
and credits, and all expenses in connection with the administration and
operation of this System, be made obligations of the City of Miami Beach,
Florida, to the extent specified in the provisions of this Ordinance. The
City covenants and agrees with the Employees who become Members .of this
System, to annually make the necessary levy of taxes to raise funds for the
purpose of making the City's contribution; and to appropriate, collect and
pay the moneys resulting therefrom to the System under this Ordinance.
15. The City Council shall levy and collect a tax for each amount certified
by the Board as the required contribution of the City for purposes of
this System in accordance with the provisions hereof, in the same manner and
at the same time as other advalorem taxes are levied and collected, and shall
pay to this System as specified herein the amounts so certified by the Board.
In determining the amount to be levied for such purpose, the experience of
collectibility of taxes of the immediately preceding year shall be taken in-
to account, and the appropriation and levy shall be such as to produce and
nay during such Fiscal Year, the total amount certified as necessary by the
Board.
5.01
SECTION 5. BFNWITS
.01 All Participants and Annuitants under the Retirement System created by
Ordinance No. 731,., who do not avail themselves of the provisions of
this Ordinance, shall continue to receive the benefits provided for, and in
the manner provided, in Ordinance No. 73)4-.
.02 Should any R ployee Member be absent from service with the City for any
reason other than approved vacation, sick or injury leave, or temporary
absence with leave not exceeding three (3) months (other than Military Leave
of Absence), his rights to any benefits in this System, except a Separation
,l(? ^ti.- l rte+ ace crl p1Y-11,Trrl Pf_ until such time as he shall return to
service with the City as an Employee, and neither he nor his beneficiaries
shall be entitled to�any benefits other than the refund of the Total Empl yce
Credit during the period of such absence, except ag c nerwiUC LUCCifiC011t7
provided for in this Ordinance.
.03 Any Em-nloyee Nonber who meets the requirements prescribed hereafter
shall be eligible for service retirement, and shall be entitled to a
Retirement Allowance beginning on the date specified in a written request
for retirement by the E nloyee Member, but not prior to the discontinuance of
his services to the City as an Employee, nor Prier to the receipt of a written
request for such retirement.
.01 After termination of employment, and upon meeting the following
combinations of age and years of Creditable Service, an Em-
ployee Member shall be eligible fov service retirement:
AGE ti,i th CREDITABLE SERVICE
50 25
51 24
52 23
53 22
5)4. 21
55 20
56 17
5i 14
58 11
59 3
6o 5
Ago shall not be earlier than the birth-date on which the Employee Member
becomes the required age. Creditable Service shall be as defined in Sub-
section 2.2".
.02 Any Employee Member who roaches the age of seventy (70) shall
be mandatoril r retired no later than the first day of the
month immediately following the attainment of such age; provided that upon
written approval of the City Manager, in exceptional cases and for substan-
tial reasons, such retirement may be deferred by the Board for periods not
to exceed one (1) year at any one time.
.03 The payment of a Retirement Ai lowanc e may be deferred by the
Board at the request of an Employee Member who is eligible
therefor under the provisions of Sub-section 5.03.01 and who elects to
retire; provided that in no case shall deferments of more than five (5)
years be granted. When such deferments are granted, interest shall be
5.03.03
accrued at the rate of three (3) per cent per annum, and the Retirement
Allowance shall be computed as of the time the payments are commenced.
.01i Should any Retirant or Pensioner be subsequently employed by
the City in any capacity for which regular compensation is paid,
the Retirement Allowance or Pension shall be suspended for the period of such
employment, and no contributions or additional credits, other than accruing
interest, shall be made to his account during the period of such employment.
Upon termination of such employment, the Retirement Allowance or Pension
shall be re-computed based on the Accumulated Total Credit as increased by
accrued interest and the then expectancy of life of the Retirant or Pensioner,
and monthly payments shall be resumed at the newly computed rate.
.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 Addition-
al Contributions in Sub-section 4.02; and except that the minimum Retirement
Allowance for an Employee Member who has ten (10) or more years of Creditable
Service and who is at least sixty (60) years of age, shall be sixty dollars
($60.00) per month.
.06 Upon Retirement for Service, an Employee Member may elect to
receive a Retirement Allowance jointly with husband or wife,
in which case the Retirement Allowance shall be based on the life expectancy
of the younger of the two, and payments shall be continued so long as either
shall survive at the same rate. If such election is made, there shall be no
Beneficiary until both husband and wife are deceased.
.04 Upon application of an flw loyee Member, or of the City Manager, any
Employee Member may be retired by the Board, not less than thirty (30)
days or more than ninety (90) days subsequent to the filing of such appli-
cation, on a disability Retirement Allowance, subject to the following pro-
visions:
.01 Before approval of any disability Retirement, the Physical
Examiners shall certify that the Employee Member is either
mentally aux' physically incapacitated for the performance of his duty, that
such incapacity is likely to be permanent, and that such Employee Member
should be retired.
.02 Any Employee Member, so retired for disability, shall be su',-
ject to re-examination by the Physical Examiners upon request
of the Retirant, the Board, or of the City Manager; and the Physical Examin-
ers shall report their conclusions as to the continuance of the incapacity.
In the event that such disability shall not continue to incapacitate the
Retirant for service acceptable to the City in accord with the requirements
of the Personnel Deparlmont, the City Manager may require that such Retirsnt
be returned to active duty of the same or similar nature as that at which
he was employed prior to his becoming incapacitated, or other work within
the limits of his mental or physical capacities at a rate of compensation
not less than seventy (70) per cent of the pay he would have been entitled
to at the time of his return to active service for the grade of service
occupied by the Retirant prior to his incapacity.
5.0 -.03
.03 Upon return to active service of an Employee Member retired
for disability, he shall again become an Employee Member, and
shall contribute according to his compensation thereafter, and all payments
on account of the disability shall cease. The period of such disability shall
be included in computing length of Creditable Service toward service Retire-
ment.
.O!- Any Employee Member who shall be incapacitated within the terms
of the State Workmen's Compensation Law, for the period of
such Workmen's Compensation payments, shall have the privilege of deferring
his Disability Retirement Allowance, and of contributing to this System at
the rate and on the salary basis which determined the amount of his contri-
butions at the time the incapacity occurred. In the event such election is
made, and such contributions are regularly made, credits shall be made to his
account in the same manner as though he were in active service with the City.
.05 Upon Retirement for disability, a ReLirant shall receive a
Retirement Allowance of such amount as can be provided from try..
Accumulated Total Credit to his account, together with interest thereon, com-
puted over his life expectancy, based on tables and procedures adopted by the
Board and in effect at the time of such Retirement, except as provided with
respect to Additional Contributions in Section 4.02.
.05 The Service Disability Reserve Fund provided for in Section 4.11 shall
be used to provide benefits for Members participating therein, as
follows:
.01 Such amounts as may be required, in addition to the disability
benefits provided for in Sub-section 5.04.05, as are required
to produce a service disability Retirement Allowance of fifth, dollars (350.00)
per month for such Thployee Members as are permanently disabled as a result
of City service-connected injuries, and for which Workmen's Compensation pay-
ments are received under the provisions of the State Workmen's Compensation
Act. Such additional Service Disability Reserve payments shall nst become
available until the expiration of the maximum period for which such Wort non's
Compensation payments are payable; and provided that such T'mployee Member
is, at the time these benefits become available, still disabled and incapable
physically or mentally of returning to active service with the City as pro-
vided in Sub-section 5.0 ..02.
.02 A designated Dependent Beneficiary of an Employee Member
eligible to receive benefits provided for in this Section, on.
whose account a death benefit is paid under the provisions of the State `dork.-
men's Compensation_ Act, shall receive from the Service Disability Reservo
Fund such additional benefits as may be required, in addition to the death
benefits provided for in Section 5.06, to produce a service-connected Pension
of fifty dollars ($50.00) per month, which shall be payable at the same time
and in the same manner as provided for the payment of benefits from this
Fund to a disabled Employee Member.
.03 Should the Service Disability Reserve Fund be insufficient
any time to provide the benefits herein specified; then such
funds as may be available shall be pro-rated by the Board among the bene-
ficiaries of such Fund.
.06 It is the intent and purpose of. this Ordinance to provide Death Benefit
based on his Accumulated Total Credit, to such Dependent Beneficiary c _
an Employee Member or Retirant, as he may have designated by written disc -
sition duly executed and filed with the Board; and to provide for the refur_d
5.06
of the Total Employee Credit to a designated Non-dependent Beneficiary, or
to the estate of the Employee Member, Retirant or Pensioner, in addition to
• an allowance from Total City Credit for funeral or other final expenses of
an Employee Member as hereafter provided. Upon receipt by the Board of satis-
factory proof of the death of an Employee Member, Retirant or Pensioner,
there shall be paid 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 Pensioner at the
time of his death, based on the then expectancy of life of such Dependent
Beneficiary and tables and 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 dollars
(33,000.00) per year, but any excess of Total City Credit over that required
to produce three thousand dollars ( ,000.00) 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 Rotirant to be paid as a
lump sum settlement.
.02 Where no Dependent Beneficiary is designated, or where desig-
nated Dependent Beneficiaries have pre-deceased an Employee
Member, Retirant or Pensioner, to a designated Non-dependent Beneficiary, or
where no Dependent or Non-dependent Beneficiary is designated, to the estate
of the deceased Employee Member, Retirant or Pensioner, the Total F ployee
Credit, in such manner as shall have been provided for by written disposition
duly executed and filed with the Board, or in the absence of such written
disposition, in such manner as the Board shall determine to be in the best
interests of the party or parties concerned. In addition to the above, there
shall be made available from the Total City Credit an amount not to exceed
the amount of the Total City Credit, nor to exceed five hundred dollars
($500.00) for the purpose of defraying costs in connection with final illness
and burial of an Employee Member. Any balance of Total City Credit shall be
forfeited and shall be credited to the Reserve Fund.
.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 pro-
visions of Sub-section 4.O6 will pay, based on the number of years remaining
of the expectancy of life used in computing his original benefit.
.08 Any Employee Member whose employment prior to eligibility for service
or disability Retirement has been terminated, regardless of cause, sha .
be entitled to a Separation Refund upon application theref or.
.01 The amount of the Separation Refund shall be the Totali-
ployee Credit.
.02 Upon acceptance of a Separation Refund, all Creditable Serv —
including all prior service credits of a Member, shall be
cancelled, and such credits shall not be reinstated upon his subsequently
5.08.02
again becoming a Member in this System, or for any other cause. The Total
City Credit of such Member shall be forfeited and shall be paid into the
Reserve Fund, subject to the restrictions provided in Section 4.12.
.09 No Employee Member who has met the requirements for Service Retirement
as specified in Sub-section 5.03.01, and no Employee Member who has to
his credit the required number of years of Creditable Service and is within
five (5) yeaLs of the specified retirement age for that number of years of
Creditable Service as prescribed in Sub-section 5.03.01, shall forfeit his
right to such Retirement by reason of subsequent separation from his employ-
ment with the City by lawful removal for cause; provided that no Retirement
Allowance shall be commenced under this Section prior to the age at which
such removed Employee Member would otherwise be eligible to receive benefits.
10. Any Member who has completed twenty-five (25) years of Creditable Ser-
vice prior to age fifty (50) years, or who has completed twenty (20)
years of Creditable Service prior to age fifty-five (55) , may elect to retia_;
from service with the City, but his Retirement Allowance shall not be
commenced until such time as he reaches the age at which he would otherwise
have been eligible to receive benefits.
11. Notwithstanding any provisions of this Ordinance, any Department Head
or other Unclassified Employee as defined in the Civil Service Act, who
is a Member of this System, and who has to his credit ten (10) or more years
of Creditable Service, shall be eligible for service Retirement benefits if
he shall be involuntarily separated from service for reasons other than mis-
conduct, mis-feasance or mal-feasance; provided that no Retirement Allowance
shall be commenced under this Section until such time as the person so eli-
gible for Retirement benefits shall reach the age at which he would other-
wise have been eligible to receive benefits. No person having an unexpired
Leave of Absence from a position in the Classified Service of the City shall
be eligible under this Section.
.12 Notwithstanding any provisions of this Ordinance, any Classified Em-
ployee who is a Member of this System, and who has to his creeit ten
(10) or more years of Creditable Service, if separated from service involun-
tarily because of retrenchment or curtailment programs, or because of po-
sitions being abolished, shall be eligible for service Retirement benefits
upon expiration of his period of eligibility for re-employment; provided
that no Retirement Allowance shall be connnenced under this Section prior to
the age at which such separated Employee Member would otherwise have been
eligible to receive benefits.
.13 In such cases as payment of Retirement Allowance to Members who haw,
met the requirements therefor, is deferred, either by election of the
Member or because of provisions of this Ordinance, such Member shall be
considered as having the same status with respect to other provisions of
this Ordinance as though he were, in fact, receiving his Retirement Allow-
ance by monthly payments.
6.01
SECTION 6. ADMINISTRATION
.01 Board of Trustees: The System created by this Ordinance shall be con-
strued as a trust and shall be administered by a
Board of Trustees, each of whom shall be designated as a Trustee, and the
general administration and responsibility for the proper operation of the
Systemm, and for making effective the provisions of this Ordinance are here-
by vested, except when the authority shall be otherwise specifically allo-
cated in this Ordinance, in said Board of Trustees. The Board shall also
have the responsibility for the operation of the Systems created by Ordi-
nance No. 734 and 498 so long as any members remain or any claims exist
against such Systems; and for the final closing when there ceases to be any
members or claims against such Systems.
.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 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 or Fire Department or in the Life Guard.
Group 2. Members of this System who are regularly employed
in clerical or 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 the Member belongs in the Group through which he derives his eli-
gibility for participation in this System.
.02 Members of the City Council, serving on the Board of Trustees,
shall serve -during the pleasure of the Council but only during,
their incumbency. The City Manager and the Chief Finance Officer of the
City shall serve during their incumbency as such. The first Board of
Trustees hereof shall consist of the same Trustees as constitute the Board
of the System created by Ordinance No. 734. The term of the three (3)
Trustees, elected from the membership shall expire at the same time as
their terms expire under the provisions of Ordinance No. 734, and as each
such Trustee's term shall expire, an election shall be hold within the
Group represented by such Trustee, to select a Trustee for a three (3) y
term. If a vacancy occurs in the office of Trustee, the vacancy shall be
filled for the unexpired term in the same manner in which the office was
previously filled. Each Trustee shall, within ten (10) days after his
appointment or election, take the oath of office, and his service on the
Board shall be gratuitous.
6.01.03
.03 The Board shall elect from its membership a Chairman and a
Vice-Chairman; the Chief Finance Officer of the City shall be
Secretary of the Board. Each 1rustee shall be entitled to one vote, and
four (4) concurring votes shall be necessary for a decision by the Trustees
at any meeting of the Board.
.04 For purposes of over-all control, more flexible investment
and simpler accounting, all moneys, investments and assets
of the Systems created under Ordinances No. 734 and 498 shall be combined
with the moneys; invesLments and assets of the System created under this
Or
n
B
rd of
Trusteeseproovvidedon for7e hereunder, the Boardstitution and rs ai5aa"s '-af thele responsibility
bility
for all such moneys, securities and other asbse. e��' the Pension Systems
created by Ordinances No. 734 and. 498, and the amounts credited to, as__
well as the benefit rights of, persons who retain their membership under
the Systems created by Ordinance No. 734 and 498 shall be a claim against
the combined funds of all Systems.
.05 So long as there remain any members of the Systems created by
Ordinances No. 734 and 498, such members shall be classified
and included in Groups as provided in Sub-section 6.01.01.02 and may take
part in the election of Trustees hereunder, but they shall have no other
right; power or privilege under this Ordinance except as specifically
provided herein.
.06 The Board shall have, in addition to all other powers and
duties arising, out of this Ordinance, not otherwise specific-
ally reserved or delegated to others, the following specific powers and
duties, and is hereby authorized and directed to:
.01 Hold regular meetings at least quarterly in each
year, and such special meetings at such times as
a majority of the Board, or the Chairman, nay deem necessary. -
.02 Consider and pass on all applications for retire-
ment and benefits, authorize the granting of all
Retirement Allowances, Pensions and lump sum settlements, and suspend any
payment or payments, all in accordance with the provisions of this Ordinance,
.03 Certify the Rate of Interest as provided for in
Sub-section 2.21.0-i-; prescribe rules for the
determination of the value of maintenance, board, living quarters, personal
laundry and other allowances to Members in lieu of money, and adopt all
necessary Actuarial Tables.
.04 Submit to the City Manager on or before July 1st of
each year, an estimate of the amount of appro-
priation required for the purposes of this System, and the Systems created
under Ordinances No. 734 and 498, for the following fiscal year.
.05 Be the legal custodian of all cash and securities
of this System, and the Systems created under
Ordinances No. 734 and 498, invest and reinvest all cash not required to
meet current disbursements in securities in accordance with Section 7.01
of this Ordinance; and subject to the limitations and restrictions of
Section 7.01, the Board shall have full Power to hold, purchase, sell, -
assign, transfer and dispose of any of the securities and investments, as
well as the proceeds of such investments.
6.01.06.06
.o6 Require such information as shall be necessary for
the proper operation of this System, and the Systems
created under Ordinances No. 734 and 498, from any Member, Beneficiary,
Employee, Retirant, or from any Officer, Department Head or other person or
persons in authority as the case may be.
.07 Recommend to the City Council the employment of such
actuarial, legal or investment counsel, or specialized
tcchni cal assistance as may be required for the efficient administration of
this System, or the Systems created under Ordinances No. '(34 and 498, and
prepare and submit to the City Manager, prior to the beginning of each fiscal
year, a budget of operating expenses for such year.
.08 Designate, for specified periods, or as occasion
may require, three (3) Physicians who are not
eligible for membership in this System, as Physical Examiners. The Physical
Examiners shall arrange for, and conduct, all physical and mental examinat.'.o
required under the provisions of this Ordinance, or under the provisions cf
Ordinances No. 734 and 498; shall investigate all essential statements and
certificates in connection with applications for Disability Retirement, and
shall report in writing to the Boardf their conclusions and recommendations
upon all matters referred to them.
.09 Keep a permanent record of all proceedings of the
Board, which record shall be available for exami-
nation by any Member, Retirant or Pensioner, or by any Officer of the City;
and require the keeping of a separate account for each individual Member,
Retirant or Pensioner, an adequate accounting record which shall at all times
reflect the financial condition of the Systems, and such additional data as
shall be necessary for the required calculations and valuations.
.10 Prcvide for receipt of all payments made to the
Systems, and records thereof, and cause them to be
deposited immediately with the Chief Finance Officer of the City.
.11 Provide for certification on its behalf of all
warrants issued in accordance with actions of the
Board authorizing payments for benefits, expenses and investments out of
funds belonging to this System, and the Systems created under Ordinances
No. 734 ane. 498, and provide for certification on its behalf of all amounts
required by the Systems to be levied as taxes by the City.
.12 Cause a general investigation to be made by a Con-
sulting Actuary, at least once every three (3) years,
of the retirement, disability, separation, mortality, interest and earning
rates of Members, Retirants and Pensioners, and cause recommendations to be
f urnl_shed as a result of such investigation, for adoption of required
Actuarial Tables.
.13 Cause an audit of the affairs of this System, and so
long as necessary the Systems created under Ordinarc_,
No. 734 and 498, to be made annually by an independent Certified Public
Accountant, and submit a copy thereof to the City Manager as soon as possible
after the end of each fiscal year.
.14 Make available to Members, Retirants and Pensioner,,
a financial statement including a summary of the
report of the Certified Public Accountant, and provide for submitting anns s '_.,
6.01.06.14
to Members of this System individual statements, indicating the amount of
accumulations to the respective accounts at the end of each Fiscal Year.
.15 Accept under such terms as they shall decide, any
gift or other contribution of money or securities
for the credit of any individual member, or group of the Members, Retirants
or Pensioners of this System, as may be designated by the grantor if such
purpose and allocation is specified; or if no such purpose and allocation is
specifiod, for credit to the Reserve Fund of the System. Any such gift or
other contribution which shall be received for the benefit of a croup of
Members, Petirants or Pensioners, where the method of distribution is not
specified by the grantor, shall be pro-rated on the basis of the respective
length of creditable service of the Members; Retir^nts and. for pensioners in
the designated group on the date such gift is received.
16. Adopt such Administrative Regulations, not incon-
sistent with the provisions of this Ordinance, as pry `
doomed necessary and advisable for the efficient administration of this Syc-
tem, and the Systems created under Ordinance No. 734 and 498, and generally
carry on any other reasonable activities which are deemed necessary to
accomplish the intent of the System'created under this Ordinance, and the
Systems created under Ordinances No. X34 and 498.
.02 Duties of Personnel Department:
.01 It shall bo the duty of the Personnel Department to notify
the Board of any new Members, withdrawal of Members, appli-
cations for disability or service retirement, and such other personnel
information as the Board may require.
.02 The Personnel Department shall be responsible for computing
the amount of Employee Normal and Employee Additional Contri-
butions for each Employee Member and for entering such amount as a deduction
from the compensation of each such Employee Member on the City payrolls, and
shall certify all payrolls on which any such deductions are entered.
.03 It shall also be the duty of the Personnel Department to keep
individual records of the Members' Contributions and of City
contributions on their behalf, to compute and credit interest to individual
accounts, to hoop records of the separate Systems and of the Funds created
by those Systems, to compute Retirement Allowances, Pensions, and Separation
Refunds and other lump sum settlements, and to make such analyses, compu-
tations, and other determinations and records as the Board may deem nocessar;;
to the efficient operation of this System, and the Systems created by
Ordinances No. 734 and 498.
.03 Duties of Chief Finance Officer:
.01 The Chief Finance Officer of the City shall be the custodian
of the combined assets of this System, and the Systems created
under Ordinances No. 734 and 498, and shall furnish bond or surety therefor
acceptable to the Board. He shall deposit all cash on hand in regularly
designated depositories of the City and shall require surety or collateral
therefor as is required by the Charter or Ordinances of the City for other
funds of the City, and shall hold all investments under the joint custody '
himself and the Board.
6.03.02
.02 The Chief Finance Officer shall maintain necessary records to
show receipts by payroll deductions, City contributions, do-
nations and investment returns, and to show disbursements for Retirement
Allowances, Pensions, and Separation Refunds and other lump sum. settlements.
He shall also keep such other financial records of the combined moneys and
investments of this System and the Systems created under Ordinances No. 734
and 498, as the Board deems necessary.
.0� All payments from the combined funds of this System and the
Systems created under Ordinances No. (.j4 and 498, shall be
made by the Chief Finance Officer, only upon vouchers signed by him and
countersigned by two other hereon designated y the Board. A duly attested
copy of a resolution of the Bos,' (iesignating such persons, and bearing on
its face specimen signatures or such persons shall be filed as authority
making payments upon such vouchers. No voucher shall be drawn unless it
shall have been previously authorized by resolution of the Board, except
that the Board may, by resolution; authorize the Chief Finance Officer to
issue vouchers for Separation Refunds not exceeding one thousand dollars
($1,000.00) and for minor adjustments of Employee contributions.
.04 For purpose of meeting current disbursements, there shall be
kept on deposit, available cash equal in amount to the regular
predictable demands for the ensuing six (6) months.
.04 Duties of City Attorney: The City Attorney shall be legal advisor of
• the Board; his services in behalf of the
Board shall not be compensated additionally.
7.01
SECTION 7. INVESTMENTS.
.01 The combined cash assets of this System, and the Systems created under
Ordinances No. 734 and 498, in excess of the amount required for current
operations shall be invested in the folloving securities:
.01 Obligations of the United States, the interest and principal
of which are unconditionally guaranteed by the United States, of
.02 Bonds of the City of Miami Beach, the interest and
of which are unconditionally guaranteed ay the City.
.02 All investments shall be clearly marked to indicate that they are a part
of the combined assets of the Systems, and to the extent possible, they
shall be so registered.
.03 All investments shall be carried at a book value such that the yield,
computed at a uniform interest rate, compounded annually or semi-
annually as the case may be, will remain uniform to maturity. No adjust-
ments shall be made in investment valuations for ordinary current market
price fluctuations, but reserves may be provided for anticipated losses
upon redemption as determined by the Board.
.04 Except as otherwise herein provided, no Trustee or employee of the
Board shall have any direct interest in the income, gains or profits
of any investments made by the Board, nor shall any such person receive any
pay or emolument for services in connection with any investment. Proof that
any such person shall have violated any of these restrictions shall make
such person guilty of a misdemeanor or felony, as the case may be, and such
person shall be punishable therefor as provided by law.
8.01
SECTION 8. GENERAL
.01 The combined assets of this System, and the Systems created under Ordi-
nances No. 134 and 498, shall be invested as one fund, and no particular
System, or person or group of persons, within such Systems, shall have any
right in any specific security of property, or in any item of cash, other
than an undivided interest in the whole as specified in the provisions of
this Ordinance, or in Ordinances No. 734 and 498.
.02 All Retirement Allowances, Pensions and other benefits payable under the
provisions of this Ordinance, and all accumulated credits of Flnployees
in this System, or in the Systems created under Ordinances No. 734 and. 198,
shall be unassignable.
.03 Any person who shall knowingly make any false statement, or shall falsify
or permit to be falsified, any record or records of this System, or the Systca
created under Ordinances No. 734 and 498, in any attempt to defraud the
System, shall be guilty of a misdemeanor, and shall be punishable therefor
upon conviction, by a fine of not more than one thousand dollars (51,000.00)
or imprisonment for not more than ninety (90) days, or both in the discretion
of the Court.
.04 No provision of any other law or ordinance, which provides wholly or
partly, at the expense of the City, for retirement allowances, pensions,
or other benefits for employees of the City, their widows or other dependents,
shall apply to Members or Beneficiaries of the System established by this
Ordinance; provided, however, that any amounts payable by the City under the
provisions of the State Workmen's Compensation or similar law, to a Member
or to the Dependent Beneficiary of a deceased Member, on account of service
connected disability or death, shall be payable in addition to the benefits
provided hereunder.
.05 A11 ordinances and parts of ordinances in conflict herewith shall be,
and the same are, hereby repealed.
.06 In the event any Section, Sub-section, sentence, clause, or phrase of
this Ordinance shall be adjudicated invalid or unconstitutional, such
adjudication shall in no manner affect the other Sections, Sub-sections,
clauses or phrases of this Ordinance, which shall be and remain in full force
and effect as fully as if the Section, Sub-section, sentence, clause or
phrase, so adjudged invalid or unconstitutional, was not originally a part
hereof.
PASSED and ADOPTED this 18th day of February, A. D. 1948.
Mayor
ATT EST:
tea_,-
City lerk
1st reading - Feb. 4, 1948 •
2nd reading - Feb. 4 1948
3rd reading - Feb. 18, 1948
Posted - Feb. 18, 191+8
STATE OF FLORIDA
COUNTY OF DADE:
I, C. W. TOMLINSON, City Clerk inand for the City of
Miami Beach, Florida, do hereby certify that Ordinance No. 845,
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", 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, Florida, one of which was at the door of the City Hall in
said City on the 18th day of February, A. D. 1948, 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 City
of Miami Beach.
IN WITNESS WHERJ;OF I have hereunto set my hand and affixed
the official seal of the City of Miami Beach, Florida, on this the
24th day of March, A. D. 1948.
City Clerk ���
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