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O-565-94 ORDINANCENO. 565-94 AN ORDINANCE AMENDING SUBSECTION (C) OF SECTION 18-49 OF THE CODE OF ORDINANCES OF MIAMI SHORES VILLAGE; ADDING FORMULA FOR CALCULATING RETIREMENT ANNUITY FOR POLICE OFFICER WHO RETIRES OR TERMINATES EMPLOYMENT DURING THE PERIOD FROM OCTOBER 1, 1993 UNTIL SEPTEMBER 30, 1994; PROVIDING EFFECTIVE DATE. BE IT ORDAINED BY THE COUNCIL OF MIAMI SHORES VILLAGE, FLORIDA: SECTION 1. Subsection (c) of section 18-49 of the Code of Ordinances of Miami Shores Village, Florida, shall stand amended to include paragraph (5) which shall read as follows: (5) The amount of monthly retirement annuity to which a police officer who retires or terminates employment between October 1, 1993 and September 30, 1994, 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 ten ( 10) 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 eleven ( 11) 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'B contribution shall not exceed nine percent (9%) of his earnable compensation. SECTION 2. This ordinance shall take effect upon adoption. APPROVED on the first reading hereof this 15th day of March , 1994 . PASSED and ADOPTED on second reading this 5th day of April 1994. kYw z // 141il- William- Ffeffernan Mayor ATTEST: Scott W. Davis Village Clerk APPROVED AS TO FORM: William F. FAnh, Jr. Village Attorney