O-291-59 ORDINANCE NO. 291
AN ORDINANCE AMENDING ORDINANCE NO. 273,
BEING THE MIAMI SHORES PENSION PLAN ORDINANCE.
BE IT ORDAINED BY MIAMI SHORES VILLAGE:
Section 1. Sections 3 (d). 4 (a), 4 (b), 5 (b), 6 (b), 6 (c), 10, 12 (a),
IS (a) (1) of Ordinance No. 273 of Miami Shores Village are hereby amended,
so-that they shall read as follows:
Section 3 (d) "Member" means any employee in service
included-Tn—the membership of the Plan, or any former
employee who shall have made contributions to the plan
and shall not have received a refund, except that no
employee shall be included as a member unless such
employee shall have completed at least one year of
continuous service and passed his Zlst birthday.
Section 4 (a) All employees in service on the effective date
who are Myears of age or over and have one year of
service are deemed to be members as of that dat.e. All
others in service on such date shall become members
after meeting the age and service requirements, and their
contributions shall begin with the first payroll period
after the effective date, after they become eligible.
(b) Any person who becomes an employee after
the effective date shall, upon completion of one year of
continuous service, 'become a member of the plan as a con-
ditiou of employment, provided said person is at least 21
years of age and under 45 years of age at the time of
completion of said one year of service. Contributions by
such employee under this plan shall begin with the first
.payroll period after the age and service requirement shall
have been fulfilled, and creditable service shall then begin
to accrue.
Section 5 (b) Each employee in service on the effective date
who becomes a member on the effective date, shall receive
prior service credit for employment with the Village prior
to the effective date, such service credit beginning with one
year after the date of employment or upon the attainment of
age 21, whichever occurred later.
Section 6 (b) Any member who shall have completed at least
25 years of creditable service may withdraw from service
at the age of sixty (60) or over and shall thereupon become
entitled to receive a service retirement annuity equal to the
actuarial equivalent value of his annuity at age 65, or at
his option such member shall become entitled to the service
retirement annuity, the payment of which, however# is to
be deferred until his attainment of the age of sixty-five (65).
(c) The amount of monthly retirement annuity to
which a member shall be entitled, shall be equal to two per
cent (216) of.the monthly average final compensation multiplied
by the number of years of creditable service, not to exceed
30 years of service.
Section 10. Contributions by Members: Beginning on the
date of esiablishment o plan, eacK"Village'employee who
is a member of the plan shall contribute 4016 of earnable
compensation accruing on and after said date for service
retirement annuity. Said rate of contribution shall be
increased to 6% beginning with the date this ordinance
amending Ordinance No. 273 becomes effective. Such
contribution by any member shall cease upon the com-
pletion of 30 years of membership service. This contri-
bution shall be made in the form of a deduction from
compensation and shall be made notwithstanding that the
compensation paid in cash to such employee shall be
reduced thereby below the minimum prescribed by law.
Every employee who is a member of the plan shall be
deemed to consent and agree to deductions made from his
compensation and provided for in this plan, and shall receipt
in full for salary or compensation, and payment to said
employee of compensation less said deduction shall con-
stitute a full and complete discharge and acquittance of all
claims and demands whatsoever for the services rendered
by such employee during the period covered by sruch pay-
meut except as to the benefits provided for under this plan.
Section 12 (a) Members shall, by virture of the payment of
contributions required to be paid to this plan, receive a
vested interest in the accrued benefits earned by such -
members upon (1) completion of 25 years of service or (2)
reaching the age of 60 with at least 10 years of credited
service. If separated from service, members under (1)
above shall be entitled to a service retirement annuity as
provided under Section 6. after attainment of age 60, and
members under (2) above shall be entitled to a service
retirement annuity after attainment of age 65, provided
such members have not applied for and have not received
a refund of their contributions to the Plan. Each such
member, in consideration of such vested interest, shall be
deemed to have agreed to, and authorized the deductions
from the payments of salary of all contributions payable to
this plan in accordance with this plan.
Section 15 (a)(1) The general administration of the Plan and
tre- responsibility for carrying out the provisions hereof
are hereby vested in a Pension Board. Such Board shall
be composed of seven members: the Mayor, the Village
Manager and the Chief of Police & Fire, ex officio, two
citizens and taxpayers of the Village who hold no office in
and are not employed by the VIllage, one Councilman besides
the Mayor and an active employee of the Village; the latter
four to be appointed by the Village Council. With the exception
of the Mayor, the Village Manager and the Chief of Police &
Fire, the Board members shall each serve for a period of
two years, or until their successors are appointed, which
appointment shall be evidenced by an acceptance in writing
of such appointment.
Section 2. Ordinance No. 273 of Miami Shores Village is hereby
amended by adding thereto Section 6 (f) and Section 20. which shall read
as follows:
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Sectiout(f) If the retired member shail be a police officer
and/or fireman and a participant in the Special Fund, he shall also be entitled
to the payment of the amount standing to his credit in the Special Fund in,the
manner provided under Section 20 (1).
SI
ection 20. Special Fund Created:
(a) There is hereby created in Miami Shores Village a Special
Fund, separate and distinct from Miami Shores Pension Fund, into which
shall be paid all monies hereafter received by Miami Shores Village under
the provisions of Chapters 175 and 185, Florida Statutes and this Ordinance
No. 291, to the credit of the police officers and firemen who are members
of the Miami Shores Pension Plan, hereinafter referred to as Participants,
pro-rated in proportion to the number of years of credited service.
(b) The Special Fund shall be administered by the same
Board and the same Trustee who are administering the Pension Plan.
(c) Each Participant shall be entitled to one share in the
Special Fund for each full year of service as a policeman and/or fireman
of the Village rendered before and/or after the passage of this ordinance.
Promptly after passage of this ordinance the number of full years of
service rendered by each Participant as a policeman and/or fireman of
the Village prior to the passage of this ordinance shall be determined and
a record thereof shall be made on the Participant's service record and the
Participant shall thereupon have as many shares as full years of service
rendered, and thereafter each full fiscal year of service shall add one
more share to the credit of each Participant.
(d) The total monies received, the interest earned on the
assets of the Special Fund, any gifts, bequests and devises when donated
for the fund, and the credits forfeited by the Participants shall constitute
income to the Special Fund during each fiscal year and shall be allocated
and the value of the respective Participant's shares shall be determined as
follows:
(1) The Pension Board shall pay all costs and
expenses of management and operation for the
fiscal year last ended.
(2) The Pension Board shall set aside as much of
the income as it considers advisable as a reserve
for expenses for the current fiscal year.
(3) After deducting the monies called for under (1)
and (2) above, the remaining monies shall be
allocated and credited to the share accounts of the
respective Participants.
(4) The number of shares to which each and every
Participant is entitled as at the close of each fiscal
year, shall be added together and the total number
of shares thus determined shall be divided into the
net amount of money available to be allocated and
credited to the respective share accounts. The amount
to be credited to the account of each Participant will
then be obtained by multiplying the value determined
for one share by the total number of shares to which
each Participant is entitled.
(5) As promptly as practicable after the close of
each fiscal year, the value of each Participant's share
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shall be calculated and credited to his share
account as at the end of the fiscal year for which
the calculation is made. Such calculation shall
be made and credits allocated to share accounts
once only in each fiscal year, and pro-rations
shall not be made for a part of a fiscal year.
(e) An individual account shall be established for each
Participant, and the amount to which each Participant is entitled shall be
credited to his account as at the end of each fiscal year. No credit shall
be made to an individual's account after he has been separated from
service, whether by retirement, transfer to another Village department,
or in any manner whatsoever.
(f) The cash received by the, Trustee in connection with this
Special Fund shall be kept in a �eparate account as far as accounting is
concerned, but may be merged and intermingled with the cash of the Pension
Fund for investment purposes.
If a Participant with less than 25 years of credited service
or under the age of 60 years, before attaining a vested interest under the
Pension Plan, shall become separated from the service of the Village by
reaignatiou,or discharge, he shall forfeit his interest in the accumulations
to his credit in the Special Fund and same shall revert back to the Special
Fund for the benefit of the remaining PartIcipants. This shall be considered
as an income to the Special Fund.
(h) If a Participant shall the while in service, having a service
credit of less than 10 years, his beneficiary or estate shall not be entitled
to any of the accumulations standing to the credit of the Participant and
same shanrevert back to the Special Fund for the benefit of the remaining
Participants. This shall be considered as an income to the Special Fund.
However, if a Participant shall the while in the performance of duty, his
beneficiary or estate shall be entitled to the accumulations standing to the
credit of the deceased Participant, irrespective of the age or years of credited
service of the Participant.
(i) Upon retirement, a Participant shall be paid the entire
amount standing to his credit in the Special Fund at the end of the last pre-
ceding fiscal year, in such manner as he shall elect to receive it, either in
a lump sum,, in quarterly installments, or as an additional retirement
annuity. Settlement as provided herein shall be in full acquittal of all
claims of a Participant against the Special Fund, and he shall thereupon
cease to be a Participant.
(j) Miami Shores Village shall have no responsibility for
the operation of the Special Fund except as specified herein, and shall
bear no expense in the operation of the Special Fund.
Section 3. In all other respects, said ordinance is unaffected by
this amendment.
Section 4. This ordinance shall take effect �ipon its passage.
PASSED AND ADOPTED this 7th day of April, 1959.
ATTEST: Ma��
�Vilage Clerk