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South Miami
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER-OFFICE MEMORANDUM
The Honorable Mayor & Members of the City Commission
H.=c M;rnbil. PhD, C., M, ... " 11( /('
October 13. 20 I I ( f r / Agenda Item No.: V
2001
An Ordinance amending the City of South Miami Pension Plan. providing for an
amendment to Section 16-21 Purchase of credited service. to provide an incentive
for retirement for qualified police officer employees of the City of South Miami by
including an additional eight (8) months of prior credited service. within a
specified period of time.
The City of South Miami desires to provide a retirement incentive for qualified
police officers; and recognizes that such retirement incentive will actuarially
impact the Pension Plan and shall be at the option of qualified police officers.
Chapter 16 Article II. Section 16-21. ""Purchase of credited service" of the City
of South Miami Code of Ordinances is hereby amended as follows:
ill Any participant classified as a police officer who retires between November I.
20 I I, and before November 15. 20 II, shall be eligible for a retirement incentive.
which shall be equal to normal retirement provided:
ill The City of South Miami will pay for the full actuarial cost. no later than the
earlier of benefit commencement or December I. 20 I I. of up to eight (8)
additional months of any prior Credited Service earned by the electing participant
police officer before he or she became a participant in the South Miami Pension
Plan.
Based on the attached list of Police Officers under the South Miami Pension Plan
who were active as of October I. 20 I 0 and who entered the Plan after their
initial date of eligibility. the City anticipates a cost of $17.000. The City anticipates
an overall annual savings of over $30.000. Prior to second reading. the actuarial
impact statement will be provided.
00 I, 191 0.521,221 0 Police Pension Plan Contribution. with a current balance of $
Backup
Documentation:
622.292.00
• GRS list of police officers under the South Miami Pension Plan who were
active as of October I. 20 I 0 and who entered the Plan after their initial
date of eligibility.
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ORDINANCE NO.
An Ordinance amending the City of South Miami Pension
Plan, providing for an amendment to Section 16-21 Purchase
of credited service, to provide an incentive for retirement for
qualified police officer employees of the City of South Miami
by including an additional eight (8) months of prior credited
service, within a specified period of time.
WHEREAS, the City of South Miami desires to provide a retirement incentive for
qualified police officers; and
WHEREAS, the City recognizes that such retirement incentive will actuarially impact
the Pension Plan and shall be at the option of certain police officers; and
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF SOUTH MIAMI, FLORIDA, THAT:
Section 2: That Chapter 16 Article II, Section 16-21, ""Purchase of credited service"
of the City of South Miami Code of Ordinances is hereby amended as follows:
***
(£} Any participant classified as a police officer who retires between November 1,
2011, and before November 15,2011, shall be eligible for a retirement incentive, which shall be
equal to normal retirement provided:
ill The City of South Miami will pay for the full actuarial cost, no later than
the earlier of benefit commencement or December 1, 2011, of up to eight
(8) additional months of any prior Credited Service eamed by the electing
participant police officer before he or she became a participant in the
South Miami Pension Plan.
***
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 ENACTED on this __ day of ,2011.
ATTEST: APPROVED:
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CITY CLERK
51st Reading
6 2nd Reading
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8 READ AND APPROVED AS TO FORM
9 LANGUAGE, LEGALITY AND
10 EXECUTION THEREOF:
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13 CITY ATTORNEY
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MAYOR
COMMISSION VOTE:
Mayor Stoddard:
Vice Mayor Newman:
Commissioner Palmer:
Commissioner Beasley:
Commissioner Harris:
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GRS Gabriel Roeder Smith & Company
Consultants & Actuaries
October 7,2011
Ms. Dixie Martinez
The Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, Florida 33410
Re: South Miami Pension Plan
Police Officers
Dear Dixie:
Ont East Broward Blvd.
Suite 505
F1. Lauderdale, FL 33301-1804
954.527,]616 phone
954.52.5.0083 fax
www.gabriclrocdcJ..com
As requested, please enclosed find a list of Police Officers under the South Miami
Pension Plan who were active as of October I, 20 I 0 and who entered the Plan after their
initial date of eligibility.
If you should have any questions concerning the above or if we may be of further
assistance with this matter, please do not hesitate to contact us.
Sincerest regards,
~~.G~
Lawrence F. Wilson, A.s.A.
Senior Consultant and Actuary
Enclosure
cc: Javier Banos, Esq.
Ronald Cohen, Esq.
Mr. Alfredo Riverol
South Miami Pension Plan
Listing of active Police Officers as of October 1, 2010
who entered the Plan after their Date of Hire
Social Security Date of Date of Date of
Number Group Name Sex Birth Hire Participation
XXX-XX-7755 P Ball, Susan I P 0611811958 09/0411979 1010111994
XXX-XX-7060 P Corbin, Larry M 1111711963 03/20/1987 04/0111999
XXX-XX-9728 P D'Angelo, Michael M 09/2811970 01123/1991 12/0111998
XXX-XX-5394 P Delaespriella, Pra M 07/2311967 02/26/1990 10/0111992
XXX-XX-933I P Everett, Rodgerick M 0311611966 06/0111995 06/01/1998
XXX-XX-163 I P Griffin, Jeffrey M 01/15/1963 09/2911995 0510111998
XXX-XX-5721 P Hechavarria, Alexa M 06/2711959 0112711987 01101/1996
XXX-XX-2051 P Lawson, Samuel G. M 02/09/1950 03/0111993 0110111994
XXX-XX-8564 P Robinson, Gregory M 04/2311955 06/0711982 10/0111994
XXX-XX-7538 P Rodriguez, Ruben M 10/0411962 01/22/1987 02/0111992
XXX-XX-8456 P Salerno, Daniel M 06/30/1946 03/2111988 1010111989
XXX-XX-29 I 5 P Torres, Rita P 07/18/1952 02/0711994 1110111994
I A benefit calculation was processed after October I, 2010 -this Police Officer may no longer be employed by the City.
2 Reflects 3 year service purchase (original date of participation was 10/0111995).
3 Reflects 5 year service purchase (original date of participation was 02/01/1997).
4 Reflects 2 year service purchase (original date ofparlicipation was 11/0111996).
Prepared: October 7, 2011 Gabriel Roeder Smith & Company
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