O-366-72 ORDINANCE NO. 366
AN ORDINANCE AMENDING SECTION 12 OF
THE MIAMI SHORES PENSION PLAN ORDIN-
ANCE NO. 273, AS AMENDED BY ORDINANCE
NO. 291, 321, 326, 341 AND 349.
BE IT ORDAINED BY MIAMI SHORES VILLAGE:
Sub-section (a) of Section 12 of Ordinance No. 349 is
hereby amended so that the same shall read as follows:
(a) Members shall, by virtue of the payment of
the contributions required to be paid to this
plan, receive a vested interest in the accrued
benefits earned by such members upon (1)
completion of 20 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, provided such
members have not applied for and have not
received a refund of their contributions to the
Plan. Each such members, 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. 11
This ordinance shall be effective as of this date.
PASSED and ADOPTED this 5th day of September, 1972.
Mayor
ATTEST:
Village Clerk
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