Ordinance 76-2068 ORDINANCE NO. 76-2068
AN ORDINANCE AMENDING ARTICLE 10 OF ORDINANCE
NO. 1901, THE LATTER ORDINANCE BEING THE
ORDINANCE CREATING THE RETIREMENT SYSTEM FOR
GENERAL EMPLOYEES AND ELECTED OFFICIALS OF
THE CITY OF MIAMI BEACH, BY ADDING A PROVISION
THAT ALL FUNDS OF THE SYSTEM SHALL BE HELD IN
TRUST FOR THE BENEFIT OF MEMBERS OR THEIR
BENEFICIARIES, AND THAT BENEFITS THEREUNDER
SHALL BE NONFORFEITABLE; THE PURPOSE OF SAID
AMENDMENT BEING TO COMPLY WITH THE REQUIRE-
MENTS OF THE FEDERAL INTERNAL REVENUE SERVICE.
WHEREAS, the City of Miami Beach, by and through the
provisions of Ordinance No. 1901, has created and does maintain a
general pension system for the benefit of the general employees of
the City of Miami Beach and its elected officials, and
WHEREAS, the Federal Internal Revenue Service of the
Department of the Treasury, by appropriate regulations governing
the qualified and exempt status of pension systems generally,
requires that such pension systems must specifically provide that
pension funds shall be trust funds, and that no part thereof may be
diverted to any use other than for the exclusive use of the employ-
ees and beneficiaries of such pension system, and must also provide
that upon termination or complete discontinuance of contributions
the rights of all employees accrued to the date of such termination
or discontinuance to the extent then funded or credited to an
employee' s account shall be fully vested and nonforfeitable, and
WHEREAS, it is the intent and purpose of the City Council
that such requirements and regulations of the Federal Internal
Revenue Service, pertaining to Pension Systems, be met by the City
of Miami Beach Retirement System for General Employees and Elected
Officials;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1: That Article 10 of Ordinance No. 1901 be and the
same is hereby amended by adding to the end of Section
10. 01 the following sentences:
"All the funds of the System shall be held
in trust for use in providing the benefits
of the System and paying its expenses not
paid directly by the City; provided that no
part of the corpus or income of the funds
shall be used for, or diverted to, purposes
other than for the exclusive benefit of
members or their beneficiaries under the
System prior to the satisfaction of all
liabilities for benefits with respect to them
or for the administrative expenses of the
System. In case of termination of the System,
or in the event of the discontinuance of
contributions thereunder having the effect of
such termination, the rights of all members
of the System to benefits accrued to the date
of such termination or discontinuance, to the
extent then funded, shall be nonforfeitable. "
•
OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUk - MIAMI BEACH, FLORIDA 33139
SECTION 2 : All ordinances or parts of ordinance in conflict
herewith be and the same are hereby repealed.
SECTION 3: This ordinance shall become effective ten days after
passage.
PASSED and ADOPTED this 4th day of August , 1976 .
Mayor
Attest:
City Clerk
1st Reading - July 7, 1976
2nd Reading - August 4, 1976
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE T MIAMI BEACH, FLORIDA 33139 a
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