O-558-93 ORDINANCE NO. 558-93
AN ORDINANCE AMENDING SUBSECTION (b) OF
SECTION 18-47 AND SUBSECTION (c) OF SECTION
18-49 OF THE CODE OF ORDINANCES OF MIAMI
SHORES VILLAGE; DELETING MAXIMUM AGE
LIMITATION FROM PENSION PLAN AND ADDING
FORMULA FOR CALCULATING RETIREMENT ANNUITY FOR
POLICE OFFICER WHO RETIRES OR TERMINATES
EMPLOYMENT DURING THE PERIOD FROM OCTOBER 1,
1992 UNTIL SEPTEMBER 30, 1993; PROVIDING
EFFECTIVE DATE.
BE IT ORDAINED BY THE COUNCIL OF MIAMI SHORES VILLAGE, FLORIDA:
SECTION 1. Paragraph (b) of section 18-47 of the Code of
Ordinances of Miami Shores Village, Florida, reads as follows:
Any person who becomes an employee after the date this
section takes effect shall, upon completion of one ( 1)
year of continuous service, become a member of the plan
as a condition of employment, provided such person is
under fifty-five (55) years of age at the time of
completion of one ( 1) year of service. Contributions of
such employee under this plan shall begin with the first
payroll period after the age and service requirements
shall have been fulfilled, and creditable service shall
then begin to accrue.
SECTION 2 . Paragraph (b) of section 18-47 of the Code of
Ordinances of Miami Shores Village, Florida, shall stand amended to
read as follows:
Any person who becomes an employee after the date this
section takes effect shall, upon completion of one ( 1)
year of continuous service, become a member of the plan
as a condition of employment. Contributions of such
employee under this plan shall begin with the first
payroll period after the service requirements shall have
been fulfilled, and creditable service shall then begin
to accrue.
SECTION 3. Paragraph (3) of subsection (c) of section 18-49 of
the Code of Ordinances of Miami Shores Village, Florida reads as
follows:
The amount of monthly retirement annuity to which a
police officer who retires or terminated employment of or
after July 1, 1989 shall be entitled shall be equal to
two and four-tenths (2 .4) percent of the monthly average
final compensation multiplied by the number of creditable
years service up to twenty-five (25) years, plus two and
one-half (2 .5) percent of the monthly average final
compensation multiplied by the number of years of
creditable service over twenty-five (25) years, but not
to exceed a total of thirty (30) years of creditable
service.
SECTION 4 . Paragraph (3) of subsection (c) of section 18-49 of the
Code of Ordinances of Miami Shores Village, Florida, shall stand
amended to read as follows:
The amount of monthly retirement annuity to which a
police of f icer who retires or terminated employment after
June 30, 1989, and before October 1, 1992, shall be
entitled shall be equal to two and four-tenths (2 .4)
percent of the monthly average final compensation
multiplied by the number of creditable years service up
to twenty-five (25) years, plus two and one-half (2 .5)
percent of the monthly average final compensation
multiplied by the number of years of creditable service
over twenty-five (25) years, but not to exceed a total of
thirty (30) years of creditable service.
SECTION 5. Subsection (c) of section 18-49 of the Code of
Ordinances of Miami Shores Village, Florida, shall stand amended to
include paragraph (4) which shall read as follows:
(4) The amount of monthly retirement annuity to which a
police office who retires or terminated employment
between October 1, 1992 and September 30, 1993,
inclusive, shall be an amount that will be equal to two
and four-tenths percent (2 .4%) of the monthly average
final compensation multiplied by the number of years of
creditable service up to fifteen ( 15) years; plus two and
seven-tenths percent (2 .7%) of the monthly average final
compensation multiplied by the number of years of
creditable service beginning at sixteen ( 16) years and up
to twenty-five (25) years; plus two and one-half percent
(2 .5%) of the monthly average final compensation
multiplied by the number of years of creditable service
over twenty-five (25) years, but not to exceed a total of
thirty (30) years of creditable service. The employee' s
contribution shall not exceed nine percent (9%) of his
earnable compensation.
SECTION 6 . This Ordinance shall take effect upon adoption.
APPROVED on the first reading hereof this 4th day of
May 1993.
PASSED and ADOPTED on second reading this 18th day of
May 1993.
William A IfedAernan
Mayor
ATTEST:
Scott W. Davis
Village Clerk
APPROVED AS TO FORM:
Wilriam F. Far�h, Jr.
Village Attorney