Res No 053-11-13367RESOLUTION NO. 53 -11 -13367
A Resolution of the Mayor and City Commission of
the City of South Miami, Florida, authorizing a
transfer of $6,720.00 from account number 001-
1330 -513 -2210, Pension Plan Contribution, to
account number 001- 1330 -513 -2220, ICMA
Deferred Compensation for $3,712.00 and to
account number 001 - 1330 -513 -5210, Supplies for
$2648.00 and to account number 001- 1330 -513-
5410, Memberships and Subscriptions for $360.00;
providing an effective date.
WHEREAS, the budgeted pension contribution for the department
head was allocated and is no longer required due to the election as per
Ordinance 38 -10 -2063, which provided a one -time opt -out from the City of
South Miami Pension Plan. Therefore the budget pension contribution
funds are being transferred to account number 001- 1330 -513 -2220, ICMA
Deferred Compensation for $3,712.00 and to account number 001 -1330-
513 -5210, Supplies for $2648.00 and to account number 001- 1330 -513-
5410, Memberships and Subscriptions for $360.00; and
WHEREAS, the Mayor and the City Commission desire to transfer
sufficient funds from account 001 - 1330 - 513 - 2210 -, Pension Plan
Contribution, with a current balance of $20,012.50, settlements to account
number 001 - 1330 - 513 -2220 for $3,712, ICMA Deferred Compensation,
with a current balance of - $397.67; account number 001 -1330- 513 -5210,
Supplies for $2648.00, with a current balance of $697.49; and account
number 001- 1330 - 513 -5410, Memberships and Subscriptions for $360.00,
with a current balance of $0.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA:
Section . The Mayor and the City Commission approve the
transfer of $6,720.00 from account number 001 - 1330 - 513 -2210, Pension
Plan Contribution, to account number 001- 1330 - 513 -2220, ICMA Deferred
Compensation, for $3,712.00 and to account number 001 -1330- 513 -5210,
Supplies for $2648.00 and to account number 001 - 1330 - 513 -5410,
Memberships and Subscriptions for $360.00.
Section 2.. This resolution shall take effect immediately upon
adoption.
Passed and adopted this 4 thday of Apri 1 2011.
Attest: Approved:
Pg. 2 of Res. No. 53 -11 -13367
Clerk
Mayor
Xic d as to form Commission Vote:
and Mayor Stoddard:
Vice Ma yor Newman:
Commissioner Palmer:
Commissioner Beasley:
Commissioner Harris:
4 -0
Yea
Yea
Yea
absent
Yea
South Miami
au- AmeticaCily
CITY OF SOUTH MIAMI t
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM zoos
To: The Honorable Mayor and Members off th City Commission
Via: Hector Mirabile, PhD, City Manager /r
From: LaTasha M. Nickle, Human Resources or
Date: Date: March 16, 2011 Agenda Item No:
Subject:
A resolution of the Mayor and City Commission of the City of South
Miami, Florida, authorizing a transfer of $6,720.00 from account
number 001 - 1330 - 513 -2210, Pension Plan Contribution, to account
number 001 - 1330 - 513 -2220, ICMA Deferred Compensation, for
$3,712.00 and to account number 001 -1330- 513 -5210, Supplies
for $2648.00 and to account number 001 - 1330 -513 -5410,
Memberships and Subscriptions for $360.00; providing an effective
date.
Background:
It is required that the budget for ICMA Deferred Compensation
Contribution be increased from account number 001- 1330 -513-
2210. The budgeted pension contribution for the department head
was allocated and is no longer required due to the election as per
Ordinance 38 -10 -2036, which provided a one -time opt -out from the
City of South Miami Pension Plan. Therefore, a portion of the
budget pension contribution funds are being transferred as
indicated.
Transfer Amount:
$6,720.00
Transfer From:
Account 001 - 1330 - 513 - 2210 -, Pension Plan Contribution, with a
current balance $20,012.50.
Transfer To:
Account number 001 - 1330 - 513 -2220 for $3,712, ICMA Deferred
Compensation, with a current balance of - $397.67; account number
001 - 1330 -513 -5210, Supplies for $2648.00, with a current balance
of $697.49; and account number 001- 1330 - 513 -5410,
Memberships and Subscriptions for $360.00, with a current
balance of $0.00.
BUDGET TRANSFER CALCULATIONS
FY 2011
FROM ACCT #
TO ACCT #
AMOUNT
001 - 1330 -513 -2210
001- 1330 -513 -2220
3,712.00
001 - 1330 -513 -2210
001- 1330 -513 -5210
2,648.00
001 - 1330 -513 -2210
001- 1330 -513 -5410
360.00
6,720.00
ICMA CALCULATIONS
15 PAY PERIODS TO
COMPLETE FISCAL YEAR
k@ 220.93
PERIOD 2/25/11
PERIOD 3 /11111
"AL TRANSFER
3,313.95
176.74
220.93
3,71 1.62
GM20OI13
Fiscal Year 2011
Account number
Fund .
Department .
Division .
Activity basic
Sub activity .
Element . . .
Object . . . .
Original budget
CITY OF SOUTH MIAMI
Account Balance Inquiry
1- 1330 - 513.52 -10
001 GENERAL FUND
13 ADMINISTRATION
30 HUMAN RESOURCES
51 GENERAL GOVERNMENT
3 INFRASTRUCTURE
52 OPERATING SUPPLIES
10 SUPPLIES
Actual expenditures - current . .
Actual expenditures - ytd . . . .
Unposted expenditures . . . . . .
Encumbered amount . . . . . . . .
Unposted encumbrances . . . . . .
Pre - encumbrance amount . . .
Total expenditures & encumbrances:
Unencumbered balance . . .
F5= Encumbrances F7= Project data
F10= Detail trans F11 =Acct activity list
1,650
.00
952.51
.00
.00
.00
.00
952.51
697.49
F$ =Misc inquiry
F12= Cancel
3/16/11
15:53:10
57.70
42.3
F9 =Misc update
F24 =Mare keys
GM20OI13
Fiscal Year 2011
Account number
Fund . . . . .
Department . .
Division .
Activity basic
Sub activity .
Element . . .
Object . . . .
CITY OF SOUTH MIAMI
Account Balance Inquiry
1- 1330 - 513.22 -20
001 GENERAL FUND
13 ADMINISTRATION
30 HUMAN RESOURCES
51 GENERAL GOVERNMENT
3 INFRASTRUCTURE
22 RETIREMENT CONTRIBUTIONS
20 DEFERRED COMP CONTRIB.
Original budget . . . . .
Actual expenditures - current . .
Actual expenditures - ytd . . . .
Unposted expenditures . . . . . .
Encumbered amount . . . . . . . .
Unposted encumbrances . . . . . .
Pre - encumbrance amount . . . .
Total expenditures & encumbrances:
Unencumbered balance . . . . .
F5= Encumbrances F7= Project data
F10= Detail trans Fll =Acct activity list
0
.00
176.74
220.93
.00
.00
.00
397.67
397.67 -
FS =Misc inquiry
F12 =Cancel
3/16/11
15:54:56
0.0%
0.0
F9 =Misc update
F24 =Mare keys
GM20OI13
Fiscal Year 2011
Account number
Fund. . . . .
Department . .
Division .
Activity basic
Sub activity .
Element . . .
Object . . . .
CITY OF SOUTH MIAMI
Account Balance Inquiry
1- 1330 - 513.54 -10
001 GENERAL FUND
13 ADMINISTRATION
30 HUMAN RESOURCES
51 GENERAL GOVERNMENT
3 INFRASTRUCTURE
54 BOOKS, PUB, SUBS & MEMBER
10 MEMBER. & SUBSCRIPTIONS
Original budget . . . . . . . . .
Actual expenditures - current . .
Actual expenditures - ytd . . . .
Unposted expenditures . . . . . .
Encumbered amount . . . . . . . .
Unposted encumbrances . . . . . .
Pre - encumbrance amount . . . .
Total expenditures & encumbrances:
Unencumbered balance . . . . .
F5= Encumbrances F7= Project data
F10= Detail trans F11 =Acct activity list
G
.00
.00
.00
.00
.00
.00
.00
.00
F$ =Misc inquiry
F12= Cancel
3/16/11
15:53:47
0.0%
0.0
F9 =Misc update
F24 =More keys
ORDINANCE NO. 38-10-2063
An Ordinance of the Mayor and City Commission of the City of
South Miami, Florida amending the South Miami Pension Plan,
providing for an amendment to Section 16 -12, Definitions, to
comply with current City policy concerning the definitions of
annual compensation, final average compensation, department
head, employee, full time employee, participation and part -time
employee; amending Section 1644(f}(1)(b) to allow retired
participants to change a beneficiary up to two times at the
participant's cost In compliance with Chapter 2009 -97,. Laws of
Florida; amending the City of South Miami Police Officers
Retirement Trust Fund to provide for compliance with chapter
2009 -97, Laws of Florida; amending Section 16 -171bl to eliminate
the 36/6 interest payment on return of contribution; providing for
severability; providing for codification; and providing for an
effective date.
WHEREAS, the current language in the pension ordinance does not comply with
city policy concerning the definition of Annual Compensation, Final Average
Compensation, Department Head, Employee, Full -time Employee, Participation and
Park -Time Employee; and
WHEREAS, an amendment to the City code is necessary to coordinate the
pension ordinance language and the city policy; and
WHEREAS, the 2009 Florida Legislature enacted Chapter 2009 -97, Law of
Florida, which mandates certain amendments to the City of South Pension Plan and
City of South Miami Police Officers' Retirement Trust Fund; and
WHEREAS, recent changes to State statutes require several amendments to the
Plan in order to maintain eligibility for receipt of state premium tax revenues; and
WHEREAS, an amendment to the City code is necessary to permit such new
obligations and conditions; and
Page 1 of 9
Ord. No. 38 -10 -2063
WHEREAS, the trustees of the City of South Miami Pension Plan and City of
South Miami Police Officers' Retirement Trust Fund have requested and approved the
amendments provided herein as being in the best interests of the participants and
beneficiaries and improving the administration of the plan, and
WHEREAS, the City Mayor and City Commission has received and reviewed an
actuarial impact statement related to these change and attached as such; and
WHEREAS, the City Commission, deems it to be in the public interest to provide
these changes to the pension plan and to the pension plan for its police officer
employees;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA, THAT:
Section 1. That the foregoing whereas clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Ordinance upon adoption hereof.
Section 2. Section 16 -12 of the Code of Ordinances of the City of South
Miami, Florida, is hereby amended as follows:
Sec. 16-12. Definitions.
Annual Compensation shall mean regular wages and salaries, including
Page 2 of 9
Ord. No. 38 -10 -2063
Employee shall mean any person employed full -time by the Employer on a
regular, permanent basis. Elected officials and any pem-en—whose
hall be excluded. The city
manager, city clerk, and any persons defined as [department Heads
within this section, shall be included within the definition of Employee,
Employer shall mean City of South Miami.
f=inal, average compensation shall mean the Participant's annual
compensation, as determined by the Employer, acting in a uniform and
nondiscriminatory manner averaged over the last three -year period ending
on the Participant's retirement date, date of disability, date of termination
of employment or the date of termination of the plan, whichever is
applicable. For police officers, final average compensation shall mean the
greater of:
(1) The average of the Participant's five (5) best years of annual
compensation during the last ten (10) years of service or
(2) The average of the Participants annual compensation over
the Participants last three (3) years, as described above.
Participation date shall mean date of participation in this Plan by a Full
time employee.
Page 3 of 9
Ord. No. 38 -10 -2063
Section 3. Section 16- 14(f)(1)(b) of the Code of Ordinances of the City of
South Miami, Florida, is hereby amended as follows:
Sec. 16 -14. Pension benefits and retirement date.
(f) Optional forms of payment.
(1) A participant entitled to a normal or early service retirement
benefit shall have the right at any time prior to the date upon which the
first payment is received to elect to have the benefit payable under one of
the options provided in this section. The participant shall be permitted to
revoke any such election. and to elect a new option at any time prior to the
receipt of the first payment. Election of the retirement option shall be on a
form prescribed by the board of trustees.
b. Joint and last survivor option. A participant may elect to receive
a reduced benefit for life and to have the same benefit (or a
designated fraction of the benefit) continued after the participant's
death and during the lifetime of a designated joint pensioner. The
participant shall have the option of electing to receive the payment
of a benefit of seventy -five (75) percent, sixty -six and two- thirds (66
213) percent, or fifty (50) percent of the participant's monthly
retirement allowance to be paid at the participanPs death to a joint
pensioner designated by the participant at the time of or prior to
retirement, such benefit to be payable during the lifetime of the joint
pensioner. The reduced retirement benefit shall be the actuarial
equivalent of the amount of the retirement compensation otherwise
payable to the participant. A designated joint pensioner may be any
natural person, but need not be the spouse of the participant. In the
event that the designated joint pensioner dies, before the
participant's benefit payments begin, this option shall be canceled
automatically and a retirement income shall be payable to the
mamhar in the form of a life annuity as if the election had never
Page 4 of 9
Ord. No. 38 -10 -2063
Section 4. Section 16 -33 of the South Miami Code of Ordinances is hereby
amended to read as follows:
Sec. 16-33. Membership of board; term; officers; meetings; quorum.
(a) Where is hereby created a seven- member board of trustees of the city
police officers' retirement trust fund, which board shall consist of three (3)
the city commission and shall serve as
by the G4y iGn ttae rester tfi<' mayor,
Additionally the mayor and commission shall appoint three residents
0
a period of two (2) years
_ "JLET'S _:f- Tihfr.�nml -r, 1.r_PS�IUrnxso..
:'GSI - .— z r. .nTCE
Page 5of9
d . No. 38-10-206
yea
RMN
.. .
ear — #et The board shall annually elect from its
membership a chairman and secretary. The chairman, when present, shall
preside at all meetings. The secretary shall keep complete minutes of all
proceedings of the board and shall comply with requirements of F.S. §
185.06(3). At each quarterly meeting a report detailing the assets and
liabilities of the fund as of the date of such meeting shall be presented. All
elections of the board shall be by a majority vote, a quorum being present.
Three - {}Four 4 or more trustees shall constitute a quorum. Trustees
shall receive not compensation as such but may be reimbursed for any
expenses related to board business.
Section 5. Section 16 -37 of the South Miami Code of Ordinances is hereby
amended to read as follows:
Sec. 16 -37. Powers of board.
The board shall have the power and authority as follows:
(a) To invest and` reinvest monies of the fund. in making such
investments they shall be governed by F.S. ch. 185 relating to the
investment of fiduciary funds, except that the allocation of assets shall not
be less than fatty (40) percent in fixed income investments at market. The
board may, however, invest up to tea- {1- 0)twenty -five {25} percent of the
assets in international securities.
administrative action against the board or any employee officer. director.
Page 6of9
Ord. No. 38 -10 -2063
or advisor of such board based upon the divestiture of any security
pursuant to is paragraph.
Section 6. Section 16 -42 of the South Miami Code of Ordinances is hereby
amended to read as follows:
Sec. 16 -42. Benefits.
No participant shall receive benefits from the fund in excess of the amount
credited to his account. Subject to this provision a participant shall receive
benefits as follows:
(f) Death of a participant. • Upon the death of a participant prior to
retirement, there shalt be paid to the beneficiary last designated by him all
the monies credited to the participant's account plus four (4) per cent
interest, compounded annually, for the period commencing with the
December 31st immediately preceding, but not including, the day of death
of the participant. In the event a participant dies on or after January 1
(g) Change of beneficiary. Each participant shall have the right
to name a beneficiary and to change his beneficiary designation
from time to time. , Any such exercise of rights shall become
effective immediately upon proper execution of the beneficiary
designation form provided by the board as a standard form under
this plan. A retired participant may chancre his or her designated
Section 7. Sec. 16 -17. Termination of employment.
Page 7 of 9
Ord. No. 38 -10 -2063
(a) If the employment of a Participant is terminated except by retirement, transfer to
ineligible status or death, the Participant's interest and rights under this plan shall be
limited to .those contained in the following sections of this section.
(b) Any such Participant shall be entitled to elect Option 1 or Option 2, as described
below, except that Option 2 shall be automatically considered as having been elected
by the Participant unless Option 1 is elected before the Participants normal retirement
date.
Option 1: A cash payment of an amount equal to the aggregate of the
contributions made by the Participant prior to termination of employment w+tkr
s£ec�ite seat- per= rtsttx -�txt
paygent4s- rnade. Provided that police officer Participants eligible to withdraw
their contributions from this pension plan may only withdraw their contributions
without interest.
Option 2: Pension benefits commencing on what otherwise would have been the
normal retirement date of the Participant in an amount equal to the greater of that
which can be provided by the aggregate of the contributions made by the
Participant prior to the termination of employment, with credited interest
compounded annually at the rate of three (3) percent per annum from the end of
the year of payment to the date on which pension benefits commence; or an
amount determined, by multiplying the amount of pension to which the Participant
is entitled in accordance with section 16 -14(a) or 16- 14(b), whichever is
applicable by a percentage determined in accordance with the following schedule
on the basis of the length of Credited service.
Section B. If any section, clause, sentence or phrase of this ordinance is for
any reason held invalid or unconstitutional by a court of competent jurisdiction, the
holding shall not affect the validity of the remaining portions of this ordinance.
Section 9. All ordinances or parts of ordinances in conflict with the
provisions of this ordinance are repealed.
Section 10. This Ordinance shall take effect upon adoption.
PASSED AND ADOPTED this ISP day of October, 2010.
Ord. No. 38 -10 -2063
ATTEST:
*74
IN CLER
1St Reading — 7/20/10
2 "0 Reading — 10/5/10; 10/19/10
ATTORNEY CYN
MAYOR
COMMISSION VOTE:
5 -0
Mayor Stoddard:
Yea
Vice Mayor Newman:
Yea
Commissioner Palmer:
Yea
Commissioner Beasley:
Yea
Commissioner Harris:
Yea
Page 9 of 9
South Miami
sovx�t
e cif •AmcricaC(t71
� r
F �
CITY OF SOUTH MIAMI e
MCO pP EO' OirIC OF THE CITY MANA Cri l2 99
2001
<O s'q" INTER OFFICE MEMORANDUM
To:. The 146110rable Mayor & Members of the City' Conimissi0i1
From:
Date:.
Subject:
12equesf-
Buford R. "Randyl 'W tt. Acting City Manager
September 7, 201.0
Agenda Item Na „
An Ordinance of the Mayor and City Commission of
the City of South. Mlami; plorida Amending the
South Miami Pension. Plait; providing for an
Amendment of Section 15 -12; Definitions, to `comply
with current City policy coneerning. the definitions of
annual compensation,. final average cotnpeusatiaq,
department head, employee, full tithe, employee,
p'arficipation and part -time employee; amending
Sac ion 6- 14(4(1)(b) to: allow retired, participasits to
change. , a beAeficlary up to two times of the
participatioWs cost in compliance with Chapter 2004-
97, Laws: of Morida; amending, the City a£8ouiix Miami
pollce Officers Redreilient Trust l=4 to' ptovide'for'
catnpliadee rift) chapter 2009-97? Laws of Florl€ta;
amending setu % iiteresi
i 7 ei h3
payment on return of. contriliutioxi; providing for
sevekabiliiy; providing for codification; and providing .
for an effecti e..tiate.
Apptove .Amendment to the Ordinance on second reading-
. ..... ...... ..
Reitsou/ Need-' 1:' Fe` propos �d
' e8 "Oiina'iu�e'k�egttire�'auame
Page three, line 32 of the "proposed Ordinance requires a change, removing "less"
and replaeiiig with. "not more "
_than 32 hours. This complies with the State 6f
Florida hart time definition.