O-603-98 ORDINANCE NO. 603-98
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 1 ST,
1997, AND SEPTEMBER 30TH, 1998, 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 18-49 of the Code of Ordinances of Miami Shores
Village shall stand amended to include paragraph(11)thereof as follows:
(11) The amount of monthly retirement annuity for a police officer who retires or
terminates subsequent to October 1, 1997 and prior to September 30, 1998 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 eighty-five hundreths percent (2.85%) 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 one and nine tenths percent (1.9%)
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(12)thereof as follows:
(12) Beginning October 1, 1997, 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 20'day of January, 1998.
PASSED and ADOPTED on second reading this 3'day of February, 1998.
1,� 41A4,44 i,,
MAR ROSS A STA, MAYOR
ATTEST:
BY: N
Barbara A. Fugazzi, Vi lage erk
APPROVED AS TO FORM:
BY:
Village Attorney