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.
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William- Ffeffernan
Mayor
ATTEST:
Scott W. Davis
Village Clerk
APPROVED AS TO FORM:
William F. FAnh, Jr.
Village Attorney