O-349-70 ORDINANCE NO. 349
AN ORDINANCE AMENDING SECTIONS 3,
6, 11 and 20 OF THE MIAMI SHORES PENSION
PLAN ORDINANCE NO. 273, AS AMENDED
BY ORDINANCES NOS. 291, 321, 326 and 341.
BE IT ORDAINED BY MIAMI SHORES VILLAGE:
First: Sub-section (c) of Section 3 of Ordinance No. 273 is hereby
amended so that the same shall read as follows:
I'(c) "Employee" means any regular officer, or
employee, including police officer, fireman and any
general employee who is employed by the Village on a
permanent basis. Employees serving on a part-time
basis and persons employed under contract for a
definite period or for the performance of a particular
special service shall not be eligible for participation
in the plan. 11
Second: Sub-section (1) of Section 3 of Ordinance No. 273 is hereby
amended so that the same shall read as follows:
11(l) "Average final compensation" means the average
highest annual compensation of a member for any five
consecutive calendar years within the last ten calendar
years of creditable service immediately preceding the
date of retirement. It
Third: Sub-section (a) of Section 6 of Ordinance No. 273 is hereby
amended so that the same shall read as follows:
"(a) Any police officer and fireman upon withdrawal
from service upon or after the attainment of the age of
58 and any general employee upon withdrawal from
service upon or after the attainment of the age of 62,
shall become entitled to receive a service retirement
annuity in an amount provided under Sub-section (c)
hereunder. "
Fourth: Sub-section (b) of Section 6 of Ordinance No. 273 is hereby
amended so that the same shall read asfollows:
(b) Any member who shall have completed at least 15
years of creditable service may withdraw from service
at the age of fifty-five (55) or over and shall thereupon
become entitled to receive a service retirement annuity
equal to the actuarial value of his annuity at age 58 if he
is a police officer or a fireman, or at age 62 if he is a
general employee, 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 age fifty-eight (58) if he is a police officer
or a fireman, or age sixty-two (62) if he is a general
employee. "
Fif th: Sub-section (e) of Section 6 of Ordinance No. 273 is
hereby amended so that the same shall read as follows:
1'(e) Any employee who is permitted to remain in the
service of the Village after his normal retirement date
at age 58 for a police officer or a fireman, and 62 for a
general employee, may remain in service for periods of
one year each. No contributions are to be made by such
employee and no further annuity credits shall accrue to
him and his annuity shall be fixed as of age 58 for a
police officer and a fireman and 62 for a general employee,
except where a police officer or fireman has to his credit
less than 30 years of creditable service at age 58 years
and a general employee has to his credit less than 30
years of creditable service at age 62 years. In such event
the extended service shall be credited for annuity purposes
and contributions shall continue to be made by the member
until creditable service of thirty (30) years is attained. "
Sixth: Section 11 of Ordinance No. 273 is hereby amended so
that the same shall read as follows:
"Section 11. Contributions by State and Village:
(a) On and after January 1, 1970, any and all monies here-
after received by Miami Shores Village under the provisions
of Chapters 175 and 185, Florida Statutes, shall be deposited
into the Miami Shores Pension Fund for the exclusive benefit
of police officers and firemen who are members of the
Miami Shores Pension Plan.
(b) Contributions by the Village to meet the requirements
of this plan shall consist of contributions to the plan by
means of annual appropriations of the amounts which together
with contributions made by members, interest income from
investments and other income received by the plan, will be
sufficient to meet the cost of maintaining and administering
the plan and meeting its various requirements; provided,
that the total annual contribution by the Village does not
exceed the amount of one mill on all taxable property in the
Village according to the next preceding assessment. 11
Seventh: Sub-section (a) of Section 12 of Ordinance No. 273 is
hereby amended so that the same shall read as follows:
1'(a) Members shall, by virtue of the payment of the con-
tributions 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 55 and members
under (2) above shall be entitled to a service retirement
annuity after attainment of normal retirement age, pro-
vided such members have not applied for and have not
received a refund of their contributions to the plan. Each
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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 contri-
butions payable to this plan in accordance with this plan.
Eighth Section 20 of Ordinance No. 291 is hereby amended
so that the same shall read as follows:
Section 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 here-
after received on or before December 31, 1969, by Miami
Shores Village under the provisions of Chapters 175 and
185, Florida Statutes, 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 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 there-
upon 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.
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(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 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) The individual accounts in the special fund for police
officers and firemen as of December 31 , 1969, shall no longer
be augmented, reassigned or charged for expenses. All dis-
bursements from said special fund shall be made in accordance
with sub-paragraph (d) of this section. All further monies
received from the State of Florida from the receipts of premiums
on casualty and fire insurance written in the Village will here-
after go into the regular pension trust fund for the exclusive
benefit of police officers and firemen who are members of the
Miami Shores Pension Plan by making available an earlier
retirement benefit at age 58.
(f) The cash received by the Trustee in connection with this
Special Fund shall be kept in a separate account as far as
accounting is concerned, but may be merged and intermingled
with the cash of the Pension Fund for investment purposes.
(g) Upon death, retirement, or termination of employment,
from the Village, a Participant shall be paid the entire amount
standing to his credit in the Special Fund as of December 31,
1969, 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.
(h) 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.
Ninth: In all other respects said ordinance is unaffected by this
amendment.
Tenth: This ordinance shall be effective as of July 7, 1970,
PASSED and ADOPTED this 18th day of August, 1970.
�4ayor
ATTEST,
Village Clerk
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