Ord. No. 14-05-1836ORDINANCE NO. 14-05-1836
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI, FLORIDA AMENDING THE CITY OF SOUTH
MIAMI PENSION PLAN, PROVIDING FOR AN INCENTIVE FOR
RETIREMENT FOR CERTAIN POLICE OFFICER EMPLOYEES OF THE
CITY OF SOUTH MIAMI TO INCLUDE A RULE OF SEVENTY (70),
WITHIN A SPECIFIED PERIOD OF TIME; PROVIDING FOR
SEVERABILITY; PROVIDING FOR CODIFICATION; AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the City of South Miami desires to provide a retirement incentive for certain
employees; and
WHEREAS, the City recognizes that such retirement incentive will actuarially impact
on the Pension Plan and shall be at the option of certain employees; and
WHEREAS, the City Commission has received and reviewed an actuarial impact
statement related to such early retirement incentive.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF SOUTH MIAMI, FLORIDA, THAT:
Section 1: Part I. Provisions governing the South Miami Pension Plan.
Sec. 16 -13. Eligibility.
(e) Notwithstanding the above sub - sections any participant classified
as a police officer who elects to retire after January 31 2005 and
before June 1 2005 shall be eligible for a retirement incentive,
which shall beequal to normal retirement provided:
(1) The police officer participant has attained an age that when
added to credited service equals or is reater than seventy 70 • and
2 The full actuarial cost of such retirement incentive shall be
paid by the police officer participant, no later than June 31, 2005.
Section 2: Should any section or provision of this Ordinance or portion hereof,
any paragraph, any sentence, or word, be declared by a court of competent jurisdiction to be
invalid, such decision shall not affect the validity of the remainder of this ordinance.
Section 3: Authority is hereby granted to codify this Ordinance.
Section 4: This Ordinance shall become effective upon adoption.
PASSED and ADOPTED this J-4 day of 12005
Ord.:cblazekon `MCGruff(J):Police Retirement Incentive
Pg. 2 of Ord. No. 14 -05 -1836
ATTEST
CTfY CLERK
I" Reading - 4/04/05
2nd Reading- 4/19/05
READ AND APPROVED AS TO FORM
CI TTORNEY
Ord.:chlazekon "McGruff (J)Tolice Retirement Incentive
MA" O
COMMISSION VOTE:
Mayor Russell:
Vice Mayor Palmer:
Comm. Wiscombe:
Comm. Birts- Cooper:
Comm. Sherar:
5 -0
Yea
Yea
Yea
Yea
Yea
South Miami
CITY OF SOUTH MIAMI
Inter -office Memorandum 1IIV
2001
To: Mayor and City Commission Date: April, , 2005
From: Maria V. Davis 2t�-- AGENDA ITEM #
City Manager Re: Ordinance to provide Rule of 70
to Eligible Police Officers.
ORDINANCE
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF SOUTH MIAMI, FLORIDA AMENDING THE CITY OF
SOUTH MIAMI PENSION PLAN, PROVIDING FOR AN INCENTIVE
FOR RETIREMENT FOR CERTAIN POLICE OFFICER EMPLOYEES
OF THE CITY OF SOUTH MIAMI TO INCLUDE A RULE OF SEVENTY
(70), WITHIN A SPECIFIED PERIOD OF TIME; PROVIDING FOR
SEVERABILITY; PROVIDING FOR CODIFICATION; AND PROVIDING
FOR AN EFFECTIVE DATE.
BACKGROUND
The attached ordinance is an amendment to the existing City pension ordinance to provide a
retirement incentive titled "Rule of 70" for eligible Police Officers who elect to retire within a
specified period of time. To be eligible for this incentive, the Police Officer has to be presently
vested in the City pension plan (the City vesting period is ten years) and have a combination of
years of service and age that is equal to or greater than 70 to retire with full retirement benefits, if
they so choose.
This incentive is being made available for a limited period of time through June lst, 2005, and the
full cost of offering the incentive to the Officers shall be borne by each Officer that chooses to
take advantage of it. There will be no cost to the Cily for offering the incentive. However, it will
provide the opportunity for the City to hire new Police Officers at a pay rate lower than that
presently being paid to any Police Officer that chooses to retire under the new incentive plan.
This type of incentive being offered to employees is a win -win situation. It enables and
encourages older employees to retire with better pension benefits, while presenting the City the
opportunity to hire new employees at a lower pay rate, resulting in net savings to the City.
RECOMMENDATION
I recommend approval of this ordinance by the City Commission.
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