BIE - Amend MBERP, IG Accrual Factor (6/6/2025)
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov
TO: Mayor Steven Meiner and Members of the City Commission
FROM: David Martinez, Assistant City Manager
MEETING DATE: June 25, 2025
SUBJECT: BUSINESS IMPACT ESTIMATE
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, AMENDING AND RESTATING THE MIAMI BEACH EMPLOYEES’
RETIREMENT PLAN CREATED BY ORDINANCE NO. 2006-3504, AS
SUBSEQUENTLY AMENDED, BY AMENDING SECTION 5.01(b)(6) TO PROVIDE FOR
A FOUR PERCENT (4%) ACCRUAL FACTOR FOR THE INSPECTOR GENERAL AND
TO PROVIDE THAT, AS APPLICABLE TO THE INSPECTOR GENERAL, EARNINGS
SHALL INCLUDE TOTAL W-2 COMPENSATION PLUS ANY OTHER PAYMENTS OR
ALLOWANCES UP TO THE LIMITATIONS SET FORTH IN SECTION 401(a)(17) OF
THE INTERNAL REVENUE CODE AND REGULATIONS PROMULGATED
THEREUNDER; AND PROVIDING FOR SEVERABILITY; REPEALING ALL
ORDINANCES IN CONFLICT THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
Is a Business Impact Estimate Required?
☒ Yes ☐ No (If no, please check one of the boxes below)
If one or more boxes are checked below, this means the City of Miami Beach has
determined that a Business Impact Estimate for the above-referenced Ordinance is not
required by State law.
☐ The proposed Ordinance is required for compliance with Federal or State law or
regulation;
☐ The proposed Ordinance relates to the issuance or refinancing of debt;
☐ The proposed Ordinance relates to the adoption of budgets or budget
amendments, including revenue sources necessary to fund the budget;
☐ The proposed Ordinance is required to implement a contract or an agreement,
including, but not limited to, any Federal, State, local, or private grant or other
financial assistance accepted by the City;
☐ The proposed Ordinance is an emergency ordinance;
☐ The Ordinance relates to procurement; or
☐ The proposed Ordinance is enacted to implement the following:
a. Private applications for comprehensive plan amendments and land
development regulation amendments;
b. Development orders, development permits, and development agreements;
c. Sections 190.005 and 190.046, Florida Statutes, regarding community
development districts;
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Business Impact Estimate
Page 2
d. Section 553.73, Florida Statutes, relating to the Florida Building Code; or
e. Section 633.202, Florida Statutes, relating to the Florida Fire Prevention Code.
If none of the above exceptions apply, this Business Impact Estimate is hereby provided
in accordance with Section 166.041(4), Florida Statutes.
1. Summary
The Ordinance proposes to amend the Miami Beach Employees’ Retirement Plan
by amending the benefit structure for the Inspector General consistent with the
benefit structure for all other Charter officers. The proposed Ordinance amends
the benefit multiplier from 2.5% to 4% and includes all W-2 earnings to calculate
the pension benefit. The pension benefit is calculated by multiplying the creditable
years of service times the multiplier times the average monthly earnings and is
capped at 80% of final average monthly earnings. The proposed Ordinance
governs the employment relationship between the City and the Inspector General
by amending the pension benefit as part of the Inspector General’s compensation
package. As such, the proposed Ordinance has no direct fiscal impact on private
industry.
A summary of the proposed Ordinance and its purpose is more fully set forth in the
Commission Memorandum and the actuarial impact statement accompanying the
Ordinance, as well as in the recitals to the Ordinance itself.
2. An estimate of the direct economic impact of the proposed Ordinance on private, for-
profit businesses in the City of Miami Beach, if any:
Not applicable.
(a) An estimate of direct compliance costs that businesses may reasonably incur;
(b) Any new charge or fee imposed by the proposed Ordinance or for which businesses
will be financially responsible;
(c) An estimate of the City’s regulatory costs, including estimated revenues from any new
charges or fees to cover such costs.
3. Good faith estimate of the number of businesses likely to be impacted by the proposed
Ordinance:
Not applicable.
4. Additional comments:
Docusign Envelope ID: 53743C02-3AD2-4028-8D7B-EA7873777E68