O-593-96 ORDINANCE NO. 591-96
AN ORDINANCE AMENDING SECTION 18-49 (C) OF THE CODE OF
ORDINANCES OF MIAIVII SHORES VILLAGE, FLORIDA; ESTABLISHING
BENEFITS FOR POLICE OFFICERS WHO RETIRE BETWEEN OCTOBER 1 ST,
1996, AND SEPTEMBER 30TH, 1997, PROVIDING FOR AN INCREASE IN
PENSION BENEFITS FOR RETIRED POLICE OFFICERS; PROVIDING FOR
AN EFFECTIVE DATE.
BE IT ORDAINED BY THE COUNCIL OF MIAMI SHORES VILLAGE,
FLORIDA:
Section 1. Sub-Section(C) of Section 1849 of the Code of Ordinances of Miami Shores
Village shall stand amended to include paragraph(9)thereof as follows:
(9) The amount of monthly retirement annuity for a police officer who retires or
terminates subsequent to October 1, 1996 and prior to September 30, 1997 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);
plus two and eight tenths percent(2.8%) 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 tenths percent(2.1%) 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(3 0)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(10)thereof as follows:
(10) Beginning October 1, 1996, 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 19th day of November, 1996.
PASSED and ADOPTED on second reading this 3rd day of December, 1996.
- 1 4
tL' h J
LOUIS S. IM[BfJRGIA, JR.,
ATTEST:
BY: e�
7 Ile
Barbara A. Fug azzi, Village Jerk
APPROVED AS TO FORM:
BY: +�Gt ✓f4
Mark Ulmer, Village Attorney