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ORDINANCE NO.
An Ordinance of the Mayor and City Commission of the City of South
Miami, Florida amending the City of South Miami Police Officers
Retirement Trust Fund, providing for compliance with Chapter 2009 -97,
Laws of Florida; providing for severability; ordinances in conflict, and an
effective date.
WHEREAS, the 2009 Florida Legislature enacted Chapter 2009 -97, Law of Florida,
which mandates certain amendments to the 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
WHEREAS, the trustees of the 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 this change and attached as such; and
WHEREAS, the City Commission deems it to be in the public interest to provide this
change 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.
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Section 2. 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) There is hereby created a seven - member board of trustees of the city police
officers' retirement trust fund, which board shall consist of three (3) police
officers as defined herein and in F.S. § 185.02(11), who shall be elected by a
majority of the police officers who are participants of the fund, appointed as a
ministerial act by the city commission and shall serve as trustee for period of two
(2) years; unless he or she sooner leaves the employment of the city as a police
officer, whereupon a successor shall be elected in the same manner as an original
appointment. Each police officer trustee may succeed himself or herself in
office;
and appointed h., the .t.. ni$szvn, the ,olive chief-, the finance dife.ter , the
mayor, three of whom, who may be a resident or an employee of the city shall be
appointed by the city commission, and shall serve as trustee for a period of two
(2) years, unless sooner replaced by the city commission at whose pleasure the
trustee shall serve, and a r ..:dent of the eity (to be me — by— the--eity
0a n dzsion)seventh trustee that shall be selected by a majority of the other six
trustees, and appointed as a ministerial duty by the city commission. The seventh
trustee shall have the same rights as each of the other six (6 ) trustees appointed or
elected as herein provided, shall serve as trustee for a period of two (2) years and
May succeed himself or herself in office the eit° maaager as a nonvoting,
vmcie member of said bear . Eff ..tiye November 1 2006 the eembe. of
the board shall consist of five (5)-membefs and all pfior terms shall expire. Two
(2) of who ,,.ilex,. otherwise prohibited by law, shall be appointed L,. _ttp, . I �d shall serve as trastee for a period of two (2) years, unless soene
office. replaced by the eity eommission at whose pleasure
may succeed himself of herself as a ttrustee. 'we (2) of whom shall
effieers as defined herein and in F.S. § 185.02(i 1), whe shall be eleeted by
majority of the Pohee- _4�r^ _A,0 are participants fefl the fund, and shall sery
4�_ 4' P-1) yeafs, unless e of sh—e sooner leaves the
employment of dhe eily as a poke officer, whereupeii a successor shall be eleetel
majority of the previous four (4) trustees, and appointed as a ministerial duty b)
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(1) police o ffi er shall be eleeted to sen�e as tfustee fbr ., two year term. 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 — (3)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 3. Section 16 -37 of the South Miami Code of Ordinances is hereby amended
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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 forty (40) percent
in fixed income investments at market. The board may, however, invest up to ten
00)twenty -five (251percent of the assets in international securities.
(�f The board shall identify and publiclreport any direct or indirect holdings
it may have in any scrutinized company, as defined in Florida Statutes, Section
215.473, and proceed to sell, redeem, divest, or withdraw all publicly traded
securities it may have in such company beginning January 1, 2010 and shall
thereafter be prohibited from purchasing or holding such securities. The
divestiture of any such security must be completed by September 30, 2010. In
accordance with Ch. 2009 -97, Laws of Florida, no person may bring and
criminal, or administrative action against the board or any employee. officer,
director, or advisor of such board based upon the divestiture of any security
pursuant to this paragraph.
Section 4. Section 16 -42 of the South Miami Code of Ordinances is hereby amended
to read as follows:
Sec. 16 -42. Benefits.
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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:
(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 in change his or her designated beneficiary up to
two times without the approval of the Board or the current designated beneficiar.
The retired member need not provide proof of the good health of the designated
beneficiary being removed and the designated beneficiary being removed need
not be living.
Section 5. 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.
20 Section 6. All ordinances or parts of ordinances in conflict with the provisions of
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this ordinance are repealed.
Section 7. This Ordinance shall take effect upon adoption.
PASSED AND ADOPTED this day of
ATTEST:
CITY CLERK
1 si Reading —
2 "a Reading —
El
APPROVED:
MAYOR
COMMISSION VOTE:
Mayor Stoddard:
Vice Mayor Newman:
Commissioner Palmer:
Commissioner Beasley:
Commissioner Harris:
2010.
2 READ AND APPROVED AS TO FORM
3 AND SUFFICIENCY:
0
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8 LAURENCE FEINGOLD
9 CITY ATTORNEY
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