O-573-95 ORDINANCE NO. 573-95
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
SUBSEQUENT TO SEPTEMBER 30, 1994;
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 (6) which shall read as follows:
(6) The amount of monthly retirement annuity to which a
police officer who retires or terminates employment subsequent to
September 30, 1994, 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 five (5) 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 six (6) 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; plus two percent (2%) of the monthly average final
compensation multiplied by the number of years of creditable
service over thirty-nine and one fourth (39 .25) years. Under no
circumstances shall an employee receive an amount of monthly
retirement annuity less than two-percent (2%) times the total
number of years of service. The employee's contribution shall not
exceed nine percent (9%) of the employee's compensation.
SECTION 2 . This Ordinance shall take effect upon adoption.
APPROVED on the first reading hereof this 3rd day of
January 1995.
PASSED and ADOPTED on second reading this 21st day of
March 1995.
r /Y
WILLIAM J. HEFVERNAN
Mayor
ATTEST:
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Barbara Fugaz4zi Z�v
Village Clerk
APPROVED AS TO FORM:
William F. Fgnn,' Jr.
Village Attorney