93-2883 OrdinanceORDINANCE NO. 93-2883
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLGRIDA, AMENDING
ORDINANCE NO. 88-2603 WHICH CREATED THE
UNCLASSIFIED EMPLOYEES AND ELECTED OFFICIALS
RETIREMENT SYSTEM BY ALLOWING THOSE MEMBERS OF
THE SYSTEM ON OCTOBER 17, 1993 WHO.ELECTED TO
JOIN THE DEFINED CONTRIBUTION RETIREMENT
SYSTEM A PERIOD OF TIME TO RECONSIDER THEIR
PREVIOUS ELECTION, PROVIDING FOR A REPEALER,
BEVERABILITY AND AN EFFECTIVE DATE.
Whereas, the City of Miami Be~.ch zdopted Ordinance 88-
2603 to provide for a retirement system for its Unclassified
Employees and Elected Officials on April 1, 1988; and,
Whereas, Ordinance 88-2603 was amended with the adoption
of Ordinance 92-2812 which allowed Members of the Unclassified
Employees and Elected Officials Retirement System to transfer the
value of their currently accrued benefit to a defined contribution
retirement system; and,
previous
decision.
Whereas, the City desires to allow certain of the
Members to have an opportunity to reconsider their
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Commission of
the City of Miami Beach, Florida:
Section I
That Section 5.11 be amended as follows:
5.11
Transfer of Benefit
1. Commencing on the effective date of this Ordinance and
for sixty (60) days thereafter (the "Transfer Election
Period"), an Employee Member shall have an irrevocable right
to transfer the present value of his accumulated benefit or
the amount of the Employee's contributions plus the regular
interest provided for in Section 7.06(d), whichever is
greater, from this plan to the Defined Contribution Retirement
Plan. Upon such transfer, the Employee Member shall have no
further ~'ight~ or benefits under this system.
2. Commencing on December 1, 1993 and for thirty (30) days
thereafter (the "Transfer Reconsideration Period"), any
previous Member who was a Member on October 17, 1992, shall
have an right to rescind the previous election by electing to
transfer the balance of any Defined Contribution account int,-,
this plan. After such transfer, the previous Member shall bc
reinstated into membership in this system and shall have ali
rights and benefits of persons ~s of October 17, 1992.
Section 2 Repealer
Ail Ordinances or parts of Ordinances in conflict herewith
shall be and the same are hereby repealed.
Section 3 Severability
In the event any article, section, paragraph, sentence, clause
or phrase of this Ordinance shall be adjudicated invalid or
unconstitutional, such adjudication shall in no manner affect the
articles, sections, paragraphs, sentences, clauses or phrases of
this Ordinance, which shall remain in force and effect as fully as
if the item adjudged invalid or unconstitutional was not originally
a part hereof.
Section 4 Effective Date
This Ordinance shall take effect on December 1, 1993 after its
adoption on second reading.
PASSED AND ADOPTED by the Mayor a~J.,~ity Commission of the
/
city of Miami Beach, Florida this 17/h ,/ day of ~November ,
1993.
Attest:
Mayor
City Clerk
1st reading 10/20/93
2nd reading 11/17/93
FORM APPROVED
LEGAL DEPT.
CITY OF MIAMI BI=ACH
C',TYHALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
OFFICE OF THE CITY MANAGER
TELEPHONE: (305) 673-7010
FAX: (305) 673-7782
COMMISSION MEMORANDUM NO.
To:
Mayor Seymour Gelber and
Members of the City Commission
From:Roger M. Car~.~ City Manager
November17, 1993
Sub j ect:
Ordinance allowing those persons who elected to transfer
their retirement funds from the defined benefit plan to
the defined contribution plan a reconsideration period
Administrative Recommendation
The Administration recommends that the City Commission adopt
this Ordinance after a public hearing and second reading.
Backqround
On October 8, 1992, the City Commission adopted Ordinance 92-
2812 which allowed members of the Unclassified Employees and
Elected Officials Retirement System to transfer their retirement
assets from that plan to the newly created defined contribution
plan. The amount to be transferred was the present value of the
persons accrued retirement benefit. The estimates of the amount'
that was to be transfered was based on a set of assumptions that
were different than the assumptions used by the actuary in the
calculation of the amount to be transfered. For certain persons the
actuary calculated amount was different than the internally
estimated amount. Certain of those who made the election have
requested the ability to reconsider their election to transfer.
'Analysis
The adoption of this Ordinance has no immediate impact on the
cost of the Unclassified Employees and Elected Officials Retirement
System. The only effect of this Ordinance is to allow a eight
employees a thirty day period of time to reconsider their previous
election.
Conclusion
As there is no cost implication of this Ordinance and the
effect is beneficial to those interested employees, the
Administration recommends that the City Commission adopt this
Ordinance after a public hearing and second reading.
RMC/RJN/me
AGENDA
ITEM
DATE