1965-528ORDINANCE NO. 528
ORDINANCE OF CITY OF SOUTH MIAMI, FLORIDA,
ESTABLISHING EMPLOYEES PENSION PLAN; -CREATING
PENSION BOARD; PROVIDING FOR MANAGEMENT AND
FUNDING; SETTING FORTH ELIGIBILITY REQUIREMENTS;
PROVIDING FOR CONTRIBUTIONS BY EMPLOYEES AND CITY;
PROVIDING DISABILITY AND DEATH BENEFITS; PROVIDING
FOR AMENDMENT AND TERMINATION OF PLAN; PROVIDING
FOR SEVERABILITY; PROVIDING FOR EFFECTIVE DATE.
WHEREAS, - -the - City - Charter as amended provides that the
City may, by ordinance, establish a pension plan for its
employees, and
WHEREAS, it is to the best interest of the City as well
as its employees to establish a pens "ion °plan, and
WHEREAS, at the request of the City Council, the Personnel
Advisory-Board has conducted an extensive investigation and
survey relating to the-most effective and efficient: manner for
establishing a pension plan and thereafter recommends that a
pension plan be established•prQvidn`g the benefits as herein-
after set forth and that such plan be funded by the New England
Mutual Life Insurance Company of Boston, Massachusetts, a copy`
of such recommendation is on file 'in`the office of the City
Clerk, and
WHEREAS, the City Council has considered the recommendation
of said Board and concurs with the findings set forth therein;
NOW, THEREFORE; BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF CITY OF SOUTH MIAMI, FLORIDA:
A pension plan ishereby established and placed under the
management of a Pension Board for the purpose of providing retire-
ment allowances for employees of the City of South Miami, Florida,
and shall be known as "South Miami Pension Plan." The effective
date of the plan shall be October 1, 1965.
ARTICLE I
Section
Definitions
1.1
".Plan" as used herein shall mean South Miami Pension
Plan effective January 1, 19G6, as the same may be
amended from time to time.
1.2
"Employer- oyer" shalt mean _•, t , of -South Miam
1.3
lWembar of the mean those
Pshall
ppPenseontBoard"
individuals a oint d in
accordance with the-provisions of Section- -9;1 ".
1.4
y..F
"Employee" shall mean any regular officer or person
employed by the employer on a regular, full -time,
permanent basis, eke'lud iig" elected officials anal
y
firemen, and bX' cliid nc an `
y'..person whose customary em-
ployment is for not more than twenty (20).hours "'in`any
olie week, or for not more than five (5) mouths `in any
calendar year. The City Manager, City Attorney, City
Judge and City Clerk shall be included within the
definition of employee.
1.5
`Particip�rit" shall mean any employee who has met the
requirements' of Article 'II'aN fo
d who has perrmed all
acts.re`quired of him under Article II. Unless other-
wise limi
'' ted by the context, it shall- include a 'former
employee who has retired and who is receiving'Vdne''f is
under 'this 'plan; ar,�w'a 'forner employee whose employ-
`
meht and who remains eligible
i
for benefits under this p
i
1.6
'Final Average Campensation" shall mean the partici-
{
pant's annual compensation, as determined by the
employer, acting in'a - uniform and -nondiscriminatory
manner, excluding overtime ''pay, bonuses and other
a
additional compensation, averaged ove, r the f� i ve (5 )
end, on the s retirement y ear p eriod n g p a i p an,
date, date of disability, da4 tie of termination of
employment or the date of termination of the plan,
whichever is applicable.
1.7
"Retirement date" shall mean the date 'n which pay-
ment of a participant's pension benefit commences,
whether such date is his normal or, if applicable,
early or late retirement date.
1.8
"Participation date" shall 'mean October l of each year
this plan is in effect, including October 1, 1965.
1.9
"Plan year" shall mean the twelve (12) month period
commencing on any participation date and ending on
the following September 30.
1.10
"Insurance Company" shall mean New England Mutual Life
Insurance Company of Boston, Massachusetts.
-1-
Section Definitions
1.11 "Group Annuity Policy" shall mean a policy as
described in Section 7.1 and - -issues: by the
Insurance Company to the employer.
1.1.2 "BeneV.ciary'' shall mean the person last designated
by a participant as entitled to receive any benefits
which may payable under this plan by reason of
the death of the participant,
1.13 Credited Service shall mean an employee's con -
tinuous employment with the employer. Leaves of
absence authorized by the employer with periods of
:h.: - . 'yes
absence in 'connectib i with'm�.li'tary service during
which the employee's empl`oyiiient rictus were protected
tong n' u, ihylof not 'hisbemplolmenteaprovided,bthat the
y
at the
employee'has become re- employed by the employer within
ninety (90) days from "his honorable dischar "ge from the
milita d service and urovided further, that the employee
has Y P
p q al to the coiitr "ibuti 6`6s he would -
have made "durin.; such 'leave of absence based on "-'his
_ ;.
salary ift&i diately "prior to his'''eiitry irito military
service. No employee shall be eligible to become a
participat during such absence.
ARTICLE II
Section Eligibility
.�_ :yi.s .mot'
2.1 Each employee employed °by the employer on ''October 1,
1965, shall be a partkci'pant on the first 'partic -
pat'ion date on which he has completed two (2) 'years
of 'credited service and has attained his twenty -fifth
(25) birthday.
Each employee who becomes an employee subsequent 'to
October 1, 1905, shall be'a participant on the first
participation date on which he has completed two (2)
years of credited service and has attained his twenty -
fifth (25) birthday, provided that on or before such
participation date, he shall not have attai 'ned his
fifty -fifth (55) birthday or if the employee is class-
ified as 'a policeman'he shall not have attained his
fiftieth (50)'birthday.
ARTICLE III
Section Pension Benefits and Retirement Dates
3.1 The normal retirement date of a parti.'cipait, exluding
those participants who are classified as policemen,
shall be the first day of the calendar month coincident
with or, otherwise', next following the later of his
sixty - -fifth (65) birthday and the date on which he has
completed ten (10) years of credited service. The
-2-
normal retirement of those participants who are
classified as policemen shall be the first day of
the calendar month come -ident with or, otherwise,
next following the later of his sixtieth (60) birthday
and the date on which he has completed ten (10) years
of credited service.
3.2 The yearly amount of pension payable to a participant
commencinq on °his retirement date shall be equal to
the product of (a) one per cent (1 %) of his final
average compensation, and (b) the number of complete
years of credited service of such participant, exclud-
ing, the first two (2) -years of such service and any
additional service completed by him prior to his twenty-
fifth '(25) birthday.
3.3 A participant, excluding those participants who are
classified -as policemen, may elect an early re "tire-
ment date which'amay be the first day of any calendar
month coincident with, or subsequent toahis sixil "6th
ell n
(60) birthday and his completion of thirty (300 y ears
of credited service. The pension "benefits payable to
any such': participant on'his'early-retirement` date shall
be equal `'to an actuarial equivalent, determined;-in
accordance with Table 1, of the amount of pension to
which °he 'is entitled up `to his early retirement date
in accordance with Section 3.2.
p .
A artici p ant who is classified as a policeman may
elect an early retirement date which °maybe the first
day "of any calendar month coincident with, or sub -
` sequeiit'to his fifty -fiftih (55) birthday andli s com-
pletion"of twenty' f.ive (25) years of credited service.
The pension'benef'ts payable to any such participant
on his early "retirement date shall be equal to an
actuarial equ'i`valent, determined in accordance with
Table II, to the amount of pension to which he is
entitled up to his early retirement date in accordance
with Section 3.2.
Table I - Age 65 on Normal Retirement Date
Years Prior-to Normal
Retirement Date
1
2
3
4
5
Percentage
Male Female
90.2% 91'.
81.6
84.5
74.2
77.9
67.6
72.1
61.9
66.9
Age on normal retirement date shall be age nearest birthday.
Years prior to normal retirement date shall mean years and
completed months from early retirement date to normal retire -
ment date. Allowance for such months shall be made by interpol-
ating in this table.
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Table II - Percentages for Early Retirement Date
Years Prior to Normal Percentage
Retirement Date Male Female
1 91.6% 92.9/1.
2 84.5 86.5 ,
3 77.9 80.7
4 72.1 7 -5.5
5 66.9 10.7
Age on normal retirement date shall be age nearest birthday.
Years prior to normal retirement date shall mean years and
completed months from early retirement date to normal retirement
date. Allowance for such months shall be made by interpolating
in this table.
3.4 A participant, with the written consent b�-` !Ii-s
employer may elect a late retirement date which may
be the 'first day of any calendar 'inoith . The yearly
amount of a i`sion a able to ari such 'U k
P P Y y participant`' on
his late retirement date shall'be equal to 'the yearly
amount to which he would have otle'rwise been -emit -led
on his normal ' retirrement da`te.` The participant shall "
receive no credit for service performed after normal
retirement date nor shall he receive any pension pay -
ments 'between his hor "mal retirement' date and his
retirement date. The participan`t's - contributions shall
terminate at normal retirement date.
3.5 The normal 'form of `pension shall be a{ life income
w it h the first monthly '`payment of 'a par tic`ipant'' s
pensiJ&i1V hg clue 'on`'his retirement date if he "is
then living; and `the last monthly' ?payment being due
t ,:�., .
on the last monthly -'due -date on- %4 li the partic`i'pant
is living. If the death of the participant "`occurs
after this form of pension-has become opekrafive but
before the sum of all" onthly``payments` that have
become due prior to his death exceeds the death'benefit
ediatele been h if the
died imm particparit'`had
which would have
p rior to payable is retirement date, thre
shall be payable in one sum to "the beneficiary en-
titled thereto an amount equal to'the excess of such
death benefit over the sum of such monthly payment.
ARTICLE IV
Section Disability Benefits
f
4.1 If a participant becomes totally and`permanently
disabled for a six (6) month' period while in the
active employ of the employer, he shall receive a
monthly disability benefit during the continuation
of his disability comme'ncin' as of the first day of
the calendar month following six (o) months of dis-
ability_equal to one - twelfth (1/12) of the yearly
amount of pension to which he is entitled in accordance
with Section 3.2, reduced in accordance with Table I.
-4-
-
If the participant remains disabled until his
normal retirement date, he shall receive a
pension on the normal annuity form "egUal to the
amount of disability benefit he-was receiving.
If the disabled participant ceases to be totally
and permanently disabled and returns to the service
of the employer he shall be entitled to resume
coverage under the plan on the first of the month
following his re- employment and his pension at
retirement steall -be base8 on'- credited service
before and after his period of disability. If he
does not return to the service of the employer;, his
vested`pe-nsi'on shall'be determined in accordance
with Article VI, inclu`din'g'as service for the pur-
poses of determining the.appl'icable vesting percentage
only, the period of his disability.
4.2 As used in this article "totally and permanently
disabled" means the inability to engage in any
substantial gainful acti "vi`ty p by reason or a 'm dicahy
ig .,p
determinable h`�s' ical or "mental im airment which can -
be expected to result in death or to be of long -con-
tinued and indefinte` duration.
The dig - V lity of -any' pa- rticipah't shall be `determined
by the Pension" "Board, in accordance with'uni'forn
principles 'consistent`ly "'app1ie'd, upon`the basis of
such evidence as the Pension Board deems necessary
and'desiralile. The Pensi"on'Board may, at any ''tme
prior to the par'ticipant's normal retirement date',
determine that the participant is no longer totally
and 'perma`nent'ly "dis'abled. In determining the nature,
A.M. 64 ,'
the PensiondBoard shallas electtacphysicanitobexamine
such participant and to 'advise the Pension Board with
respect to such disability. The final`determnation
of the nature, extent and duration of such disability
shall be made solely by the Pension Board.
Disability shall not include a permanent 'incapacity
directly incurred and due solely to "military service
of any.participa t whibb'prevents him from returning
to employment with the employer and for which'he
receives a disability benefit or pension from the
United States.
ARTICLE V
Section Death of a Participant
5.1 Upon the death of a participant prior to his retire-
ment date there shall be paid to the beneficiary
last designated by`him an amount equal to the'aggre-
gate of his contributions made prior to the date''of
his death with credited interest compounded annually
at the rate of three per cent DOOM per annum from the
-5-
end of the year of payment to the first of the
month in which the death benefit is paid.
5.2 Upon the death of a participant on or after his
retirement date, there shall be paid to the bene-
ficiary last designated by him in accordance with
the following provisions, the benefit, if any,
payable 1111'de l: Lhe group ant'iuity policy.
5.3 Each participant shall have the right to name a
beneficiary and to change his beneficiary designs-
tion-from me to time. Any such exercise of rights
shall become effective only in accordance with the
provisions of the group annuity policy and the rules
and practices of the Insurance - Company, where applicable.
5.4 Upon the death,-,of any participant the Pension Board
shall cooperate with his benefici'a'ry so that such
beneficiary may receive s- Ii be'ne`fits as are pro -
vided by this plan from the group annuity policy.
ARTIChE VI
Section Termination of Employment
6.1 If the empld3ftne'nt of a participant is terminated
except by retirement, trai4fer to ineligible status
or death,`'his interest and rights under this plan
shall be limited to those conta ned'in the following
sect`i�hs of this article.
6.2 Any such participant shall be entitled to elect
Option "1 or Option 2, as described below, except
that Option 2 shall be au'tomaticahly be considered
as having been elected 'by the partici'paiht unless
Option l is elected before the part'icipant's
normal retirement date.
Optiori-1: A cash payment of an amount equal to the aggregate
of the'coiitr`iuutions made by the participant prior to his
termination of employment with credited interest compounded
annually at the rate of tliree per cent (3%) per annum from
the end of the year of 'payment to the first of the month in
which the cash payment is made.
Option 2: Pension benefits commencing on what otherwise
would have been the normal retirement date of the partici-
pant in an amount equal to the greater-of (a) that which
can be prow did& y the aggregate of the contributions ' made
by the participant prior to the termination of'his employ-
ment, with credited interest compounded annually at the rate
of three per cent (3%) per annum from the end of'the year of
payment to the'date on which pension benefits commence, or
(b) an amount determined by multiplying the amoufit of pen-
sion to which he is entitled in accordance with Section 3.2
by a percentage, determined in accordance with the following
schedule on the basis of the length of his credited service.
-6-
-7-
qC
I M
Number of Years
of Credited Service Percentage
Less than 10 aX
11 10
12 20
13 30
14 40
i5 50
16 60
17 70
18 80
19 90
20 or more 100
ARTICLE VII
Section
Group Annuity Policy
7.
The employer, in order to provide the benb'fAb of this
plan, shall procure from New En41aiidA t6al Life
Insurance CoMpariy_, a group ahtibity p6llby. In general
such polity shall provi . de -for the establishment and
ain enance of
m a fund liy ew Englan Mutual Life
Insuran6eCo to wliith condibuttdhs will be
credited and 'from which will be withdrawn the amount
necessary to pay pension benefits at retirement and to'
Pay such O ther benefits as may be pkb*ided by the Plan.
"
The insur-ance policy pk'tvides that 'the contributions
made by the employer will be` deposited ib"the general
investment account of the Insurance Company.
7.2
the terms 'and 'pr-dvis io'h'.-�. of such Ve6xip- annuity policy
shall
11 be"a-g-reed upon betweeb'the employer and New
England Mu u'a 3- ompany an s 0
Life Insurance t W'd ha- . t_
the extent possible, be consistent with the provisions
of this plain And any amendments hereto.
j
ARTICLE VIII
Section
Contributions
8.1
i�i`t c6nt"ibute in" each calendar shall
Each pakUldipan r
year towards the cost of lAs pension an amount equal
to three per cent (i of his earnings. No participant
shall make any contributions towards the cost of any
past service pension 'to WIA -6 h he is entitled under this
plan. The employer shall annually contribute the balance
of the cost, actuarially determined, of providing the
benefits of the plan.
8.2
All amounts paid by the empldV6r to the Insurance
Company in accordahce with this plan shall represent
irrecoverable contributions, except as may be other-
wise 'provided in Section 11.2.
8.3
The employer shall . pay the-reasonable expenses of the
Pension Board, includinq"any expenses for legal and
actuarial services.
-7-
qC
I M
ARTICLE•. IX
Section Pension Board
9.1 The general administration of this plan and the
responsibility for carrying out the provisions
hereof is hereby vested in the - Pension Board.
Such Board shall be composed of five members
consisting of the Mayor, two active employees<•-�
of the City and two citizen••electors of the City
::he latter four to be appointed by the City Coun6•1.
With the exception of the Mayor, the Board members
shall each serve for a period of two (2) years, or
until their successors are appointed, which appolilt-
ment shall be evidenced by an acceptance in writing
of such appo'iiiment. The Mayor and C(ouncl'shall
serve as an interim Pension Board until appointment
and equajlf ications of the Board, as provided herein,
exert singrall du ties .and perogatives of said Board.
Provided, that the .Board shall be appointed and
qualified within sixty (60) days from the date of the
effecfve date of tih''s 'pe'nsion plan. An appointed
member of the Pension Board may resi.blay deliverin -'
his written resi;na`t on to the City Clerk abd such
resignation shall become effe t,ve upon its delivery
or at any later date specified therein. If at any
time there should be a vacancy in the memberslAp`of
the Board, the remaining members of the Pensio`n''Board,
provided there are not less than three 0) members,
shall continue to act until such vacancy is filled
as provided above.
3
9.2 The Board shall hold meetings upon such notice, at
City Hall, and at such times as its members may `:from
time to tine determine. A majot ty'of -the members
of the Board at the time in off"
q
y ice `shall constitute
y of business. All action
a uor'um for the transaction
taken li" the Board at an meeting shall be by vote of
the majority of its members 'present at such meeting';
provided, however, the Board may act without a
E meeting by unanimous action of its members evidenced
by a resolution signed by all such members.
9.3 Subject to the terms of this plan, the Pension Board
3
may from time to time adopt bylaws, rules and regula-
tions for the administration of the plan and the
conduct and transaction of its business and affairs.
9.4 The Pension Board sha`l have such °powers as may be
necessary to'discharge its 'duties hereunder; includ-
ing but not limited to, the power to interpret and
construe the plan, to determine all questions of
eligibility for benefits, duration of employment,
computation of benefits, value of benefits and similarly
related matters for the purposes of the plan, and the
-g-
1';
Pension Board's determination of all questions
arising under this plan shall be conclusive ana
binding upon all em P lbYees retired emplo yees,
oyees,
participants and all other persons.
9.5 No member of the Pension Board shall be precluded
from becoming a participant under this plan if he
would be otherwise eligible.
9.6 The Board shall keep accurate records and minutes of
its proceedings and actions. The Pension Board `shall
prepare annually a report showing in reasonable detail
an account of, the operations - for - the precediny-year .
and shall deliver a copy within sixty (60) thereof to
the City Council.
The Pension `Board sh61161so file with the appropriate
governmental bodies all necessary forms and documents
that must be furnished in accordance with 'applicable
law.
9.7 instroctionsato,theoInsurance issue c
' respect
to the pensions and other benefits to be provided
pursuant to this plan.
9.8 The Board may authorize one or more of its members
to sign on its behalf any- document relating to the
administration of this plan.
9.9 Except for gross negligence or willful 'breach of the
terms of 'this plan, no member of the Pension Board
-6
shall incur any individual liability for any action
or failure to act "purs "want to the terms of this plan.
No member of the Pension Board shall be liable for
the acts of any ocher idember of the Pension "Board.
The members of the P&bbion Board "may engabe agents to
assist them in their duties and may consult with
counsel who may be of counsel to the employer. The
members of the Pension Board shall be relieved of
all responsibility whatsoever for anything done or
not done upon the written advice of counsel.
9.10 The members of the Pension Board may inspect the
records of the employer whenever such inspection shall
be reasonably necessary in order to determine any 'fact
pertinent to the performance of their duties under this
plan. The members of the Pension Board, however, shall
not be required to make such inspection, but in 'good
faith may 'rely on any statement of the employer or any
of its officials or authorized employees.
9.11 The member's of the Pension Board shail receive for
their services as members of the Pension Board here-
under such compensation, if any, as the employer may
from time to time agree to pay from its own funds
to the individual members.
1�W'eNib� •. ��vs.e- :.w -nui n.rt.�we <v aiaum aw.uS�...mw�.0 .dcrWcru -� - m.�.rrce.�a.e. ,_x...
ARTICLE X
Section The Insurance Company
10.1 New England Mutual Life Insurance Company shall
not be a party to the pension plan and shall not
have any responsibility for the validity of the
plan or for any aption laRen ),y the Pension Board.
New England Mutual Life insurance Company shall be
fully protected in dealing with'tha Pension'Board
in all matters and in acceptingconer"IbJutions from
the Pension Board or the employer, I'yi
_, _ app 1, 64 conVri-
ly�l`t'Z_118 6 s --diTiOci-ed by -the - Pe-fisi-di, Board and in making
pay[ndhts to, or on direction"of, the Pension Board,
without liability ' as to the application of such pay-
ments. New England Mutual Life Insurance company
shall not be liable for-the value of any fund except
as provided in the group annuity policy.
10.2 New Eh4lgWd I -Mutua'l Life InArance Compa`hy shall be
x�u-i-i'y'''pr'o-t'e'&ted.from any iiiab-i'lity in assuming that
this plan 'h'as not been amended or terminated minate until
written notice of any amendment or termination -of this
plan has been received by'the Insurance Company at its
home office.
10.3 New England 'Mutual Life Jinskir&noe Company Will
'pr the , --' pany s a- 1 be'
fully'- ote6ted in dealing with the pers- - who -are
persons
<% members of the''_Pe'nsi`16`n Boai'd' according to the late.§t
written notification ' - rec6lved by the New 2n4l6rid
Mutual Life Insurance Company at its home office.
ARTICLE XI
Section Amendment and Termination of the Pension Plan
11.1 The employer may amend this pension p " I'a-W at any time
and Tr-6in time to time by an instrument in willu' §
iti n'
executed in its name by an'bfilcer or officers duly
authorized to execute such 16 ' rumbnt, and delivered
to the members of the Pension Board; provided, however,
that:
(1) No amendment shall increase the duties or,li6bilities
of the members of the Pension Board without their
written consent.
(2) No amendm6ht shill "provide for the use of funds
or assets heid"Un der this plan oth'er thm! 'for the
benefit of emp�l-
yees and no contribution: paid by
o
the employer shall ever revert to or be used or
enjoyed by the employer, except as provided in
Section 11.2.
11.2 The employer may terminate this plan as to its
employees at any time by an instrument in writing
executed in the name of the empl'oyer by an officer
or officers dU_ly authorized to execute such an
instrument and delivered to the Pension Board. In
_10-
such event the Pension Board shall take the
necessary steps to have all the funds held by
the Insurance Company under the group znnuity
policy with respect to such employer applied
to the purchase of - immediate or deferred annuties,
as the case may be, in the following order of
priority and in accordance with the..pxovisions of
Article XII, if applicable.
(a) An immediate 'annuity on the normal form of pension
for each eh pl'byee who -'is --a - -pai Ci7& pant &ad who has
attained his normal retirement date but who -has not
retired, in an amount equal to the amount of pension
to which he would have been entitled if he had
retired 'immediately prior to such termination.
(b) N--deferred annuity on a `full cash refund form of
pension commencing at normal 'retirement date for
each employee who is a participant and who has not
reached his 'normal retir'einent date, for each disabled
participant, and for each former employee who is a
•terminated'partic`ipatit, as defined in Article,V1
in an''a bunt of`h`is participant con'tr bUtions paid
to a`hd 'received by the Insurance Compa'iiy, with
credited interest at three per ceit (3%) -per annum.
' s normal` retirement
(c) datem�raeach di'sab led aparti6ip4 it. in an amount equal
e i
to the benefits he has been rec vlfig`inder Article IV.
(d) A deferred annuity on the .life annuity rorm commenc-
in at norriial retirement date for each terminated
parti`c'ipant as defined 'iii Article VI lh ":an amount
equal to the amount - he "`is entitled `to''under'TArtiele
It � "rtor
VI and a deferred annuity commencirig'ac normal,re-
tirement date -for each disabled participant and each
employee who is a participant "in an amount equal to
the amount he would be entitled to under Article VI
if the date 'of termination of this plan'were the
date of his termination of employment less the amount
of benefit applicable to him "in "(b) above.
(e) A deferred annuity on the life annuity " -form
COmmencing''at normal retie -6 dent "date for each
employee who is a participant and who has not
reached his normal retirement date in an amount
equal to the amount he would be entitled to if his
normal k6fireme'nt date were the date of termination
of this plan less the amount of benefit applicable
to him in (b), (c), and (d) above.
Provided, however, that if there are 'insufficient funds to
provide any category of such annuities, the amount of annuity to
be provided for each participant in that category shall be
reduced by a uniform percentage. If by reason of actuarial
error the purchase of such annuities as is provided for in (a),
(b), (c), (d), and (e) above does not exhaust the funds, any
excess shall be paid by the Insurance Company to such employer.
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ARTICLE XII
-- Sectio n Limitation of Pension Benefit Payment
f
12.1 Any provision in this plan-to the contrary notwith-
standing, during the ten (10) year period following
the date the plan is initiated the benefits provided
hereunder by the employer's contributions with respect
-te its twenty -five .(25) highest paid employees on the
date the plan is initiated 'who then become or who may
thereafter become participants and whose pension bene-
f fit at normal retirement date will exceed one thousand
red dollars50'0)'annually will be subject
r tov the ufollowing conditions:
'(1) The benefits payable to any such employee or his
` survivor (in the event of the death "after retire -
ment) shall not exceed those purchasable by the
larger of -(a) and (li)
(a) Twenty thousand dollars ($20, '000).
(b) Twenty per cent (20'16) of the average
regular annual 'compensatEion up ` `to
fifty thousand dollars ($50,Ooo) of
' any such employee multiplied by the
number of years the plan is in effect.
i
(2) As "'16ng as this plan remains in full effect and its
w t_ >.>
full c "ur're`nt costs have been "inet, the provisions of
this 'section shall not restrict the payments of
either 'full pension benefits to a-hy re tired'garti-
cipant or full survivor 's.benefits on account of
any deceased participant.
_ s:
3 (3) In the event of termination'of 'this "p,lan wi'thi`n ten
(10) years from the date the plan is initiated, any
benefits in excess of those set forth above shall be
apport'ione'd rata" Viy among the;'remain ng participants
who are employees.
ARTICLE XIII
Section Miscellaneous Provisions
13.1 this pension plan ",is created for the exclusive
benefit of employees of the employer and their
beneficiaries, and shall be interprets "d in a
r ? manner consistent with its being a qualified
Pe
Internal P Revenuedefined in Section 46 (a)'of'the
`
Code of 1954, as the same may
r be amended from time to time. This section
cannot be altered or amended.
13.2 Except as provided in Section 11.2, no funds
contributed to this plan'and no assets of this
plan shall ever revert to, or be used'or enjoyed
by the employer nor shall any such funds or assets
ever be used other than for the benefit of employees
,i of the employer or their beneficiaries. This section
&° �:annot be altered or amended.
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13.3 All parties to this plan and all persons claiming
any interest whatsoever hereunder agree to perform
any and all acts and execute any an6 all docuem'nts
or papers which may *.)e necessary or desirable for
carrying out any of the provisions of this plan or
of any amendments to this plan or for complying with
any Federal or State Disclosure laws.
13.4 The pension plan shall not be construed as creating
any ont r%f -,mi.%1f%Ant between the employer and
-- —T—I.— MP
any of its employees.
13.5 No participant shall have any right to assign, alienate
ant'ici:paLeor ind,-
e:rcept as otherwise proscribed by law, no payment shall
13e subjb6t to the debts, ' contracts or engagements of
any payee, nor to an judicial process to levy upon or
attach the same for the payment thereof.
13.6 this plan shall be construed according to the lawsof
the State of Florida whore it is made and whore it
shall be enforced.
13.7 Vfterover- used in this instrument, men "the masculine gender
shall include the feminine gender and the singular
shall include the plural.
13.8 If-At any time it is determined thait monthly payments
to be made at any time or at any future date to a
participant will be less than ten dollars (:°MO each,
a lump sum payment will be made' in liou •hereof.
ARTICLE Xlv
"If any provision, secti:on, --para . gra I ph, sentence, clause or
phrase of this or&kb-ahce is for a fiy reason found to be invalld or
inoerative or shall be hod,�d by any Court to be uncoh-stitutioifal
the p remainder of the he provisions of this ordinance shall neverthe-
less continue in full force and 'effect."
brdilniance shall be included 'in the Code f Oraiha-fices
0
of City of SoiAh'MMiami, Florida, and the sectons may be renum-
berbd for such purpose."
This ordinance shall become effective January 1, 1966.
PASSED AND ADOPTED this 7th day of December, A.D. 1965.
ATTEST:
CYty Clerk
APPROVED:
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