O-579-96 ORDINANCE NO. 579-96
AN ORDINANCE AMENDING SECTION 18-49 (c) OF THE CODE OF
ORDINANCES OF MIAMI SHORES VILLAGE,FLORIDA; ESTABLISHING
BENEFITS FOR POLICE OFFICERS WHO RETIRE BETWEEN OCTOBER
1ST, 1995, AND SEPTEMBER 30TH, 1996, PROVIDING FOR AN
INCREASE IN PENSION BENEFITS FOR RETIRED POLICE OFFICERS;
PROVIDING FOR EFFECTIVE DATE.
BE IT ORDAINED BY THE COUNCIL OF MIAMI SHORES VILLAGE,
FLORIDA:
Section 1 . Sub-Section (c) of Section 18-49 of the Code of
Ordinances of Miami Shores Village shall stand amended to include
paragraph (7) thereof as follows:
(7) The amount of monthly retirement annuity
for a police officer who retires or
terminates subsequent to October 1, 1995 and
prior to September 30, 1996 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 f ive (5) ; plus two and three quarters
percent (2 .75%) 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 three-tenths percent (2 .3%) 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 .
The employee's contribution shall not exceed
nine percent (9%) of his earnable
compensation. 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.
SECTION 2 . Sub-Section (c) of Section 18-49 of the Code of
Ordinances of Miami Shores Village shall stand amended to include
paragraph (8) thereof as follows:
(8) Beginning October 1, 1995, Police Officer
retirees will receive a one percent ( 1%) cost
of living adjustments .
SECTION 3 . This ordinance shall become effective upon adoption.
APPROVED on the first reading hereof this 8th day of
November -, 1995.
PASSED and ADOPTED on second reading this 2nd day of
January 1996.
AC
LOUIS�—IMBURbIA, JR. aoX"
ATTEST:
By: 6M&2 (�2- Z,
Barbara A, Fugazzi I
Village Clerk
APPROVED AS TO FORM:
BY:
William F. Pann' �rr.
Village Attorney