Ordinance 78-2116 ORDINANCE NO. 78-2116
AN ORDINANCE AMENDING SECTION 5 . 03 OF ORDINANCE
NO. 1901 TO PROVIDE IMMEDIATE VESTING FOR ALL
MEMBERS OF THE RETIREMENT SYSTEM FOR GENERAL
EMPLOYEES AND ELECTED OFFICIALS OF THE CITY OF
MIAMI BEACH, FLORIDA.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA:
SECTION 1: That Section 5. 03 of Ordinance No. 1901 which reads
as follows :
"5 . 03 Vested Retirement Allowance
(a) Any Member whose service with the City is
terminated, voluntarily or involuntarily, prior
to the date as of which he would first become
eligible for retirement on a normal or early
service retirement allowance but after having
completed at least ten (10) years of creditable
service or, if the Member is within five (5)
years of the date as of which he would be eligi-
ble for retirement on a normal or early service
retirement allowance but for his termination,
after having completed at least five (5) years
of creditable service shall be entitled, in lieu
of a refund of his Accumulated Employee Contri-
butions, to apply for a vested retirement allowance.
(b) Any Member with five (5) or more years of
creditable service, who is separated from service
with the City without cause by the operation of
law or by the transfer of a City function to any
political subdivision of the State of Florida or
of any other State, shall be entitled, in lieu of
a refund of his Accumulated Employee Contributions,
to apply for a vested retirement allowance.
(c) The vested retirement allowance shall be a
deferred allowance commencing on the earliest date
as of which a Member with his years of creditable
service would first be eligible for retirement on
a normal or early service retirement allowance and
shall be equal to the amount computed in accordance
with this Article 5 as a normal or early service
retirement allowance on the basis of the Member' s
final average monthly earnings and creditable ser-
vice at the time of his termination and his age as
of the date on which payment of the allowance com-
mences. "
be and the same is amended to read as follows:
"5 . 03 Vested Retirement Allowance
(a) Any Member whose service with the City is
terminated voluntarily or involuntarily, prior to
the date as of which he would first become eligible
for retirement on a normal or early service retire-
ment allowance shall be entitled, in lieu of a
refund of his accumulated employee contributions, to
apply for a vested retirement allowance.
r
OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
(b) The vested retirement allowance shall be a
deferred allowance commencing on the earliest date
as of which a member with his years of creditable
service would first be eligible for retirement on
a normal or early service retirement allowance and
shall be equal to the amount computed in accordance
with this Article 5 as a normal or early service
retirement allowance on the basis of the member ' s
final average monthly earnings and creditable ser-
vice at the time of his termination and his age as
of the date on which payment of the allowance com-
mences . A Member who terminates with less than
five years of creditable service will not be eligi-
ble to receive benefits until after his 62nd birth-
day. "
SECTION 2 : All ordinances or parts of ordinances in conflict here-
with be and the same are hereby repealed.
SECTION 3: This Ordinance shall become effective ten (10) days
after its passage.
PASSED and ADOPTED this 1st day of March , 1978 .
Mayor
Attest:
'7((j/1-'61-11
City lerk
1st Reading - February 15, 1978
2nd Reading - March 1 , 1978
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OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
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