Ordinance 92-2811ORDINANCE NO. 92-2811
AN ORDINANCE OF THE CITY OF MIAMI BEACH, FLORIDA,
AMENDING ORDINANCE NO. 88-2603 WHICH CREATED THE
RETIREMENT SYSTEM FOR UNCLASSIFIED EMPLOYEES AND ELECTED
OFFICIALS, BY PROSPECTIVELY REDUCING THE BENEFIT ACCRUAL
RATE FROM FOUR PERCENT (4%) TO THREE PERCENT (3%) AND THE
MAXIMUM ALLOWANCE FROM NINETY PERCENT (90%) TO EIGHTY
PERCENT (80%) FOR CURRENT EMPLOYEES, PROVIDING FOR
SEVERABILITY; REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Commission adopted Ordinance No. 88-2603
creating the Retirement System for Unclassified Employees and
Elected Officials and therein specificized a benefit accrual rate
for Members of the System to accrue their retirement benefit, and
WHEREAS, The City Commission is desirous of reducing the
prospective benefit accrual rate for current members from four
percent (4%) to three percent (3%) and the maximum allowance from
ninety percent (90%) to eighty percent (80%), and
WHEREAS, no vested benefit would be altered by virtue of this
amendment,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA:
Section 1. That Article 5 of Ordinance 88-2603 be amended
by adding Subsection 5.01 (d) as follows:
(d) Notwithstanding subsections (a), (b) and (c) of this
Section 5.01, the normal service retirement allowance for
all creditable service earned on and after October 18,
1992 shall be computed at the rate of three percent (3%)
per year of creditable service for all Members who were
Members on or before October 18, 1992, provided that such
allowance shall not exceed eighty percent (80%) of his
final average monthly earnings for all Members with
twenty or less creditable years of service on or before
October 18, 1992; and provided further, that the normal
service retirement allowance during the Election Period
for any Employee -Member who elects early retirement
pursuant to Ordinance No. 92-2810 shall continue at
four percent (4%). For Members with more than twenty
years of creditable service on or before October 18,
1992, the allowance shall not exceed ninety percent (90%)
of his final average monthly earnings.
Section 2. REPEALER
All Ordinances or parts of Ordinances in conflict herewith be
and the same are repealed as of the effective date, as defined in
Section 4 below.
Section 3. SEVERABILITY
If any section, subsection, clause or provision of this
Ordinance is held invalid, the remainder shall not be effected by
such invalidity.
Section 4. EFFECTIVE DATE
This Ordinance shall become effective on the
October , 1992.
Passed and Adopted this 8th
Attest:
1.---JAJLJe
City Clerk wfu/c
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1st reading 9/16/92
2nd reading 10/8/92
18th day of
ORM APPROVED
LEGAL DEPT.
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