O-429-81 ORDINANCE No. 429-81
AN ORDINANCE AMENDING ORDINANCE ESTABLISHING MIAMI SHORES
VILLAGE PENSION FUND; CHANGING DEFINITION OF "AVERAGE FINAL
COMPENSATION" ; AUTHORIZING EARLIER RETIREMENT; INCREASING
BENEFITS FOR EMPLOYEES WORKING BEYOND RETIREMENT AGE; RE-
DUCING MINIMUM VESTING PERIOD TO TEN YEARS; PROVIDING
EFFECTIVE DATE.
BE IT ORDAINED BY MIAMI SHORES VILLAGE:
Section 1. That the fifth paragraph of Section 17-19
of Article II of the Code of ordinances, Miami Shores Village,
comprises the definition of AVERAGE FINAL COMPENSATION as
follows:
"AVERAGE FINAL COMPENSATION: "Average final compensation"
means the average highest annual compensation of a member
for any sixty (60) consecutive calendar months while a
member is contributing within the last one hundred twenty
(120) calendar months while a member is contributing,
immediately preceding actual termination of service. "
Section 2. That the fifth paragraph of said Section 17-19,
being the definition of "average final compensation", is hereby
amended to read as follows:
"AVERAGE FINAL COMPENSATION: Average final compensation
means the average highest annual compensation of a member
for any thirty-six (36) consecutive calendar months while
a member is contributing within the last one hundred twenty
(120) calendar months while a member is contributing, as
determined immediately preceding actual termination of
service."
Section 3. The last sentence of sub-section 17-24 (e) of
Article II of the Code of ordinances, Miami Shores' Village,
reads as follows:
" (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 disbursements from said special fund shall be made in
accordance with subsection (d) of this section. All further
monies received from the state from the receipts of premiums
on casualty and fire insurance written in the village will
hereafter 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
and earlier retirement benefit at age fifty-eight (58) ."
Section 4. That the last sentence of sub-section 17-24 (e)
of Article II of the Code of ordinances, Miami Shores Village,
is hereby amended to read as follows:
" (e) . . . All further monies received from the state
from the receipts of premiums on casualty and fire insur-
ance written in the Village will hereafter 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 for the purpose of providing benefits
from the plan in addition to those available to general
employees."
Section 5. Sub-sections 17-31 (a) (b) (c) (e) of Article II
of the Code of ordinances, Miami Shores Village, read as follows:
" (a) Service Retirement Allowance: Any police officer and
fireman upon withdrawal from service upon or after the
attainment of the age of fifty-eight (58) , and any general
employee upon withdrawal from service upon or after the
attainment of age sixty-two (62) , shall become entitled to
receive a service retirement annuity in an amount provided
under subsection (c) hereunder. In the event that an employee
of the Village has been classified as a police officer or
fireman for part of his employment with the Village and a
general employee for another part of his employment with
the Village, his age for entitlement to receive a service
retirement annuity will be adjusted upon his date of change
in classification in the following manner:
(1) If the employee was classified immediately prior to
the current date of change as a police officer or fireman
and changes classification to a general employee, his
adjusted age of entitled ment to receive a service retire-
ment annuity will be ( (l) + (2) + (3) 4 (4) , where :
(1) is fifty-eight (58) multiplied by years and fractions
of creditable service accrued to date of current change
of classification while classified as a police officer or
fireman, (2) is sixty-two (62) multiplied by years and
fractions of creditable service accrued to date of current
change of classification while classified as a general
employee, (3) is sixty-two (62) multiplied by the number
of years and fractions from the date of change until the
date the employee would attain the age of sixty-two (62) ,
and (4) is the number of years and fractions of creditable
service the employee has accrued at his current date of
change plus the number of years and fractions from the
date of current change until the date the employee would
attain the age of sixty-two (62) .
(2) If the employee was classified immediately prior to
the current date of change as a general employee and
changes classification to a police officer or fireman,
his adjusted age of entitled to receive a service retire-
ment annuity will be ( (l) + (2) + (3) ) -A.- (4) , where:
(1) is sixty-two (62) multiplied by years and fractions
of creditable service accrued to date of current change
of classification while classified as a- general employee,
(2) is fifty-eight (58) multiplied by years and fractions
of creditable service accrued to date of current change of
classification while classified as a police officer or
fireman,
(3) is fifty-eight (58) multiplied by the number of years
and fractions from the date of current change until the
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date the employee would attain the age of fifty-eight
(58) , and
(4) is the number of years and fractions of creditable
service the employee has accrued at his current date
of change plus the number of years and fractions from
the date of current change until the date the employee
would attain the age of fifty-eight (58) . "
" (b) Any member who shall have completed at least fifteen
(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 which
is actuarially reduced to reflect receipt of his annuity prior
to age fifty-eight (58) if he is a police officer or fireman,
prior to age sixty-two (62) if he is a general employee, or
prior to his adjusted retirement age as defined in subswtion
17-31 (a) hereof, if he has been both a police officer or
fireman and a general employee. However, at his option,
such a member shall become entitled to the service retirement
annuity without actuarial reduction, 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, age sixty-
two (62) if he is a general employee, or at his adjusted
retirement age as defined in subsection 17-31 (a) hereof, if
he has been both a police officer or fireman and a general
employee. "
" (c) The amount of monthly retirement annuity to which as
member shall be entitled, shall be equal to two (2) per cent
of the monthly average final compensation multiplied by the
number of years of creditable service, not to exceed thirty
(30) years of service. "
" (e) Any employee who has thirty (30) years of membership
service and who is permitted to remain inthe service of the
Village after his normal retirement date at age fifty-eight
(58) for a police officer or a fireman, age sixty-two (62)
for a general employee, or adjusted retirement age (as
defined in subsection 17-31 (a) hereof) for an employee who
has been both a police officer or fireman and 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 fifty-eight (58) for a police officer and a
fireman, age sixty-two (62) for a general employee, and an
adjusted retirement age as defined in subsection 17-31 (a)
hereof, for an employee who has been both a police officer
or a fireman who has to his credit less than thirty (30)
years of membership service at age fifty-eight (58) years,
a general employee who has to his credit less than thirty (30)
years of membership service at age sixty-two (62) years, or
an employee who has been both a police officer or fireman and
a general employee who has to his credit less than thirty (30)
years of membership service at his adjusted retirement age,
as defined in subsection 17-31 (a) hereof, shall be allowed to
contribute to the plan until the completion of thirty (30)
years of membership service and have his service retirement
annuity based upon his total creditable service (but not more
than thirty (30) years) and average final compensation at his
termination of service. "
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Section 6. Sub-sections 17-31 (a) (b) (c) (e) of Article II
of the Code of Ordinances, Miami Shores Village, are hereby
amended to read as follows:
(a) Any police officer and fireman upon withdrawal from
service upon or after the completion of twenty-five (25)
years of creditable service, and any general employee upon
withdrawal from service upon or after the attainment of age
sixty-two (62) , shall become entitled to receive a service
retirement annuity in an amount provided under subsection
(c) hereunder. In the event that an employee of the Village
has been classified as a police officer or fireman for part
of his employment with the Village and a general employee
for another part of his employment with the Village, his age
for entitlement to receive a service retirement annuity
will be adjusted upon his date of change in classification
in the following manner:
(1) If the employee was classified immediately prior
to the current date of change as a police officer
or fireman and changes classification to a general
employee, his adjusted age of entitlement to receive
a service retirement annuity will be ( (l) + (2) + (3) )
(4) , where:
(1) is the age of the member as of the date on
on which such member would have completed twenty-
five (25) years of creditable service assuming
continued full-time service with the Village
multiplied by years and fractions of creditable
service accrued to date of current change of
classification while classified as a police officer
or fireman,
(2) is sixty-two (62) multiplied by years and
fractions of creditable service accrued to date of
current change of classification while classified
as a general employee,
(3) is sixty-two (62) multiplied by the number of
years and fractions from the date of change until
the date the employee would attain the age of
sixty-two (62) , and
(4) is the number of years and fractions of
creditable service the employee has accrued at his
current date of change plus the number of years
and fractions from the date of current change until
the date the employee will attain the age of sixty-
two (62) .
(2) If the employee was classified immediately prior
to the current date of change as a general employee
and changes classification to a police officer or
fireman, his adjusted age of entitlement to receive a
service retirement annuity will be ( (l) + (2) + (3) )
4 (4) , where:
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(1) is sixty-two (62) multiplied by years and
fractions of creditable service accrued to date of
current change of classification while classified
as a general employee,
(2) is the age of the member as of the date such
member would have completed twenty-five (25) years
of creditable service assuming continued
full-time service with the Village multiplied by
years and fractions of creditable service accrued
to date of current change of classification while
classified as a police officer or fireman,
(3) is the age of the member as of the date such
member would have completed twenty-five (25) years
of creditable service assuming continued full-time
service with the Village multiplied by the number
of years and fractions from the date of current change
until the date the employee would have completed
twenty-five (25) years of creditable service assum-
ing continued full-time service with the Village,
and
(4) is the number of years and fractions of credit-
able service the employee has accured at his current
date of change plus the number of years and fractions
from the date of current change until the date the
employee would have completed twenty-five (25)
years of creditable service assuming continued full-
time service with the Village.
(b) Any member who shall have completed at least fifteen (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 which is
actuarially reduced to reflect receipt of his annuity prior
to the age the member would have completed twenty-five (25)
years of creditable service assuming continued full-time
service with the Village if he is a police officer or fireman,
prior to age sixty-two (62) if he is a general employee, or
prior to his adjusted retirement age as defined in subsection
17-31 (a) hereof, if he has been both a police officer or
fireman and a general employee. However, at his option, such
member shall become entitled to the service retirement annuity
without actuarial reduction, the payment of which, however,
is to be deferred until the date as of which the member would
have completed twenty-five (25) years of creditable service
assuming continued full-time service with the Village if he
is a police officer or a fireman, or the attainment of age
sixty-two (62) if he is a general employee, or at his adjusted
retirement age as defined in subsection 17-31 (a) hereof, if
he has been both a police officer or fireman and a general
employee.
(c) (1) The amount of monthly retiremen annuity to which a
general employee member shall be entitled shall be equal to
two percent (20%) of the monthly average final compensation
multiplied by the number of years of creditable service,
not to exceed thirty (30) years of service.
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(c) (2) The amount of monthly retirement annuity to which
a police officer or fireman shall be entitled shall be
equal to two percent (20%) of the monthly average final
compensation multiplied by the number of years of creditable
service up to twenty-five (25) years, plus two and one-half
percent (2Vo) of the monthly average final compensation
multiplied by the number of years of creditable service over
twenty-five years (25) , but not to exceed a total of thirty
(30) years of creditable service.
(e) (1) Any general employee who has thirty (30) years of
membership service and who is permitted to remain in the
service of the Village after his normal retirement date
at age sixty-two (62) or an adjusted retirement age (as
defined in subsection 17-31 (a) hereof) for an employee who
has been a police officer or fireman and changed to a general
employee, may remain in service for periods of one (l) year
each. No contributions are to be made by such general
employee and no further annuity credits shall accrue to him
and his annuity shall be fixed as of age sixty-two (62) or
his adjusted retirement age as defined in subsection 17-31 (a)
hereof. A general employee who has to his credit less than
thirty (30) years of membership service at age sixty-two (62)
years or at his adjusted retirement age, as defined in
subsection 17-31 (a) hereof, shall be allowed to contribute to
the plan until the completion of thirty (30) years of member-
ship service and have his service retirement annuity based
upon his total creditable service (but not more than thirty
(30) years) and average final compensation as determined on
the earlier of his date of retirement or upon the completion
of thirty (30) years of membership service.
(2) Any police officer or fireman may remain in the
service of the Village until such employee has completed thirty
(30) years of membership service, provided the employee makes
contributions to the plan during such period. The employee
may remain in the service of the Village after the completion
of thirty (30) years of membership service provided such
employee continues to make contributions to the plan, however,
such employee will not accrue creditable service after he has
completed thirty (30) years. Upon retirement, the benefit
payable to the police officer or fireman will be based on his
creditable service as of his date of retirement, but not more
than thirty (30) years and his monthly final average compensa-
tion as of his actual retirement date.
Section 7. Sub-section 17-35 of Article II of the Code of
ordinances, Miami Shores Village reads as follows:
"Each village employee who is a member of the plan shall
contribute six (61%) per cent of earnable compensation. Such
contribution by any member shall cease upon the normal retire-
ment date of the member, or upon the completion of thirty (30)
years of membership service, if later. This contribution
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
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shall receipt in full for salary or compensation, and
payment to said employee of compensation less said deduction
shall constitute 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 such payment
except as to the benefits provided for under this Ian.
(Ord. No. 273, § 10, 10-16-56; Ord. No. 291, 4-7-A,
Ord. No. 394, 9 12, 9-7-76) "
Section B. Sub-section 17-35 of Article II of the Code of
Ordinances, Miami Shores Village is hereby amended to read as
follows:
Each village employee who is a member of the plan shall con-
tribute six (61Y.) per cent of earnable compensation. Such
contribution by any general employee shall cease upon the
normal retirement date of the member, or upon the comple-
tion of thirty (30) years of membership service, if later.
Such contribution for a police officer or fireman shall
continue until his actual retirement date. This contribution
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 deduct-
ions 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 constitute 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 such payment
except as to the benefits provided for under this plan.
Section 9. Sub-section 17-37 (a) of Article Ii of the Code
of Ordinances, Miami Shores Village reads as follows:
" (a) Members ahll, by virtue of the payment of the contribu-
tions required to be paid to this plan, receive a vested
interest in the accrued benefits earned by such members upon
(1) completion of twenty (20) years of service or (2) reach-
ing the age of sixty (60) with at least ten (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 17-31 after attainment of age
fifty-five (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 member, in consideration of such vested inter-
est, 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 10. Sub-section 17-37 (a) of Article II of the Code
of Ordinances, Miami Shores Village is hereby amended to read as
follows:
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(a) Members shall, by virtue of the payment of the contri-
butions required to be paid to this plan, receive a vested
interest in the accrued benefits earned by such members upon
completion of ten (10) years of creditable service. If
separated from service after ten (10) years of creditable ser-
vice the member shall be entitled to a service retirement
annuity after attainment of normal retirement age. If upon
separation of service the member has completed at least
fifteen (15) years of creditable service he shall be eligible
to elect a service retirement annuity as provided under
section 17-31 (b) after attainment of age fifty-five (55) in
lieu of receipt at normal retirement age. These a-mounts will
be payable 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 deduct-
ion from the payments of salary of all contributions payable
to this plan in accordance with this plan.
Section 11. This ordinance to become effective upon
adoption.
PASSED on first reading this 2nd day of Qune, 1981
PASSED AND ADOPTED this 16th- day of June. 1981.
IfYOR
ATTEST:
VILLAGE CLERK
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