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Ord. No. 04-89-1418ORDINANCENO.4-89-1418 AN ORDINANCE OF THE CITY OF SOUTH MIAMI, FLORIDA AMENDING SECTION 16-13 OF CHAPTER 16 OF THE CITY PENSION ORDINANCE BY ELIMINATING AGE REQUIREMENTS FOR ELIGIBILITY IN THE PENSION PLAN;AMENDING SECTION 16-14 OF CHAPTER 16 OF THE PENSION ORDINANCE BY ELIMINATING PERCENTAGE DIFFERENTIAL BENEFITS BETWEEN MALES AND FEMALES FOR EARLY RETIREMENTS;AMENDING SECTIONS 16-12,16-18 AND 16-21 OF CHAPTER 16 OF THE PENSION ORDINANCE BY PROVIDING FOR PENSION FUNDS TO BE PLACED IN FUNDING SOURCES AS PROVIDED BY LAW;PROVIDING FOR SEVERABILITY;REPEALING ALL PRIOR LEGISLATION IN CONFLICT HEREWITH; PROVIDING AN EFFECTIVE DATE. WHEREAS,the City of South Miami has retained pension consultants to review the benefits and funding provisions of the City's Pension Plan;and WHEREAS,pursuant to the advise of its consultants,the City's Pension Boards have recommended the following amendments to the Pension Ordinance. NOW,THEREFORE,BE IT ORDAINED BY THEMAYORANDTHE CITY COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA: Section 1.That Sections 16-13 (b)&(c)of Chapter 16 of the Code of Ordinances is hereby amended as follows: Sec.16-13.Eligibility. (b)Each employee who becomes an employeesubsequent to October 1,1973,shall bea participant on the first participation dateon which hehas completed six(6)months of credited service and has attained his twentieth birthdayr^_p-^evi-d-e-d—fe-kafe—e«—o-p-te-ef-er-e—©«oh--^a-p-fe-3r0-i^a-fe-iofi <£a-W r -be--etoa-1-1--no*--ka-v-e--a%%a4 He d-4fh.-b--£i-£4>y--f4r£t&--b-i-pfc'k4a-y-T ©4*-i-£-kke*-e-m-pie-y-e-e--*&-e-3ra-»S'i-£i-e4--a-&-a--pK9-]ri-&e4aa-ft -ke*-ska-it -a-e-fc ka-v-e--a-fc-fc-a-jrft&d--ki-s--£*££•are-fe-k -fe-tp-kkd-a-y-T (c)An employee whohas received acash payment under Option 1of section 16—17(b)may elect to participate inthe plan upon meeting the following requirements: (1)Election to participate mustbe (30)days of receipt of notice of participate. made within thirty eligibility to (2)Such employee had received acashpaymentunder Option 1of section 16-I7(b). (3)Suchemployeepaystotheemployeranamountequal to the amount of cash payment he received under Option 1of section 16-I7(b),pluscreditedinterestcompoundedannually atthe rate of three (3)per cent per annum from the date on which such cash payment was made to the date of such repayment. ORDINANCENO.4-89-1418 AN ORDINANCE OF THE CITY OF SOUTH MIAMI, FLORIDA AMENDING SECTION 16-13 OF CHAPTER 16 OF THE CITY PENSION ORDINANCE BY ELIMINATING AGE REQUIREMENTS FOR ELIGIBILITY IN THE PENSION PLAN;AMENDING SECTION 16-14 OF CHAPTER 16 OF THE PENSION ORDINANCE BY ELIMINATING PERCENTAGE DIFFERENTIAL BENEFITS BETWEEN MALES AND FEMALES FOR EARLY RETIREMENTS;AMENDING SECTIONS 16-12,16-18 AND 16-21 OF CHAPTER 16 OF THE PENSION ORDINANCE BY PROVIDING FOR PENSION FUNDS TO BE PLACED IN FUNDING SOURCES AS PROVIDED BY LAW;PROVIDING FOR SEVERABILITY;REPEALING ALL PRIOR LEGISLATION IN CONFLICT HEREWITH; PROVIDING AN EFFECTIVE DATE. WHEREAS,the City of South Miami has retained pension consultants to review the benefits and funding provisions of the City's Pension Plan;and WHEREAS,pursuant to the advise of its consultants,the City's Pension Boards have recommended the following amendments to the Pension Ordinance. NOW,THEREFORE,BE IT ORDAINED BY THEMAYORANDTHE CITY COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA: Section 1.That Sections 16-13 (b)&(c)of Chapter 16 of the Code of Ordinances is hereby amended as follows: Sec.16-13.Eligibility. (b)Each employee who becomes an employeesubsequent to October 1,1973,shall bea participant on the first participation dateon which hehas completed six(6)months of credited service and has attained his twentieth birthdayr^_p-^evi-d-e-d—fe-kafe—e«—o-p-te-ef-er-e—©«oh--^a-p-fe-3r0-i^a-fe-iofi <£a-W r -be--etoa-1-1--no*--ka-v-e--a%%a4 He d-4fh.-b--£i-£4>y--f4r£t&--b-i-pfc'k4a-y-T ©4*-i-£-kke*-e-m-pie-y-e-e--*&-e-3ra-»S'i-£i-e4--a-&-a--pK9-]ri-&e4aa-ft -ke*-ska-it -a-e-fc ka-v-e--a-fc-fc-a-jrft&d--ki-s--£*££•are-fe-k -fe-tp-kkd-a-y-T (c)An employee whohas received acash payment under Option 1of section 16—17(b)may elect to participate inthe plan upon meeting the following requirements: (1)Election to participate mustbe (30)days of receipt of notice of participate. made within thirty eligibility to (2)Such employee had received acashpaymentunder Option 1of section 16-I7(b). (3)Suchemployeepaystotheemployeranamountequal to the amount of cash payment he received under Option 1of section 16-I7(b),pluscreditedinterestcompoundedannually atthe rate of three (3)per cent per annum from the date on which such cash payment was made to the date of such repayment. Participation under this section willbe effective asof September 1,1977.In determining an employee's credited service atanyfuturedate,thereshallnotbe included any service during which the employee didnot wa-&-e4ig4feie—te participate under this plan^_b-t*fc~d-i^-fto-W Section 2.That Section 16-14(c)of Chapter 16ofthe Code of Ordinances is hereby amended as follows: Sec.16-14.Pension benefits and retirement date. (c)Early retirement.A participant,excluding those participants who are classified as policemen,may elect an early retirement date which may be the first day of any calendar month coincident with,or subsequent to his sixtieth birthday andhis completion of fifteen (15)years 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 subsection(b). A participant who is classified as a policeman may elect an early retirement date which may be the first day of any calendar month coincident with,or subsequent to his fifty-fifth birthday and his completion of fifteen (15) years 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 II,to the amount of pension to which he is entitled upto his early retirement date in accordance with subsection (b). TABLE I—Age 65on Normal Retirement Date Years prior to normal Percentage retirement date Ma-ie Pei»a-ie 1 9&r2%91-8% 2 S-l-,4 84.5 3 74^2 77.9 4 fr?.4 72.1 5 S4.-9 66.9 Age on normal retirement date shall be age nearest birthday. Yearspriortonormalretirementdateshallmeanyearsand completed months from early retirement date to normal retirement date.Allowance for such months shall be made by interpolating in this table. TABLE II—Percentages forEarly Retirement Date Years prior to normal Percentage retirement date Mate Pe-ma-ie 1 **rty 92.9$ 2 S4.-5 86.5 3 7-7-r-9 80.7 4 ^r4 75.5 5 64r9 70.7 Age on normal retirement date shall beage nearest birthday. Yearspriortonormalretirementdateshallmeanyearsand completed months from early retirement dateto normal retirement date.Allowance for such months shall be made by interpolating in this table. Commencing after the participant's normal retirement date the Basis Benefits of any participant retiring on or after October 1,1970,will be supplemented by the applicable Supplemental Benefit determined inthesame manner asin section 16-I4(b)(2). Section 3.That Section 16-12of Chapter 16oftheCode of Ordinances is hereby amended as follows: Insurance Company &RaAi may mean New England Mutual Life Insurance Company of Boston,Mass. Investment shall be permitted in any fund,stock, insurance policy or any other instrument or method as provided by law. Group Annuity Policy shall mean a policy as described insection 16-I8(a)and issued by fc-ke an insurance company. Section 4.Section 16-18ofchapter16oftheCodeof Ordinances is hereby amended as follows: Sec.16-18.Groupannuity policy. (a)The employer,inorderto provide the benefits of this plan,s-Ra-il may procure from kke an insurance company a groupannuity policy.In general,suchgroupannuity policy shall provide for the establishment and maintenance of a fund or funds by the insurance company to which contributions will be credited and from which will be withdrawntheamountnecessarytopay pension benefits at retirement andtopay such other benefits asmaybe provided bytheplan.Any monies notso invested may be invested in other methods as provided by law. (b)The terms and provisions of such group annuity policy shall be agreed upon between the employer and N-e-w E-Rgia-Rd—Mttfcaal-lvi-i^the Insurance Company and shall,to the extent possible,be consistent withthe provisions of this plan and any amendments hereto. Section 5.Section 16-21 of Chapter 16 ofthe Code of Ordinances is hereby deleted in its entirety: Sec.16-21.The insurance company. (-a-)--Hew -Bftgia-ad--Mttt-tta-l.-Wi-£e.-l^tt-pa-Re-a.-Ga»pa-Ry--&k&it-ae-fe b-e—pa-pfcy—W--W>e—p-e-r***efl-^i.afi--e/-Rd-H3te2ri- p-a s pe«-e4-4>i-l-i-fe.y -•£©«*--t-fce--v-a-l-j-d-i-t-y -•©•€--tr^-p-l-e.-«--a-p-•#•€>*--&•»•? a^fe-ire'ft-feakeH-fey-^li^^>e*w94-€>^4H)aHrvd^—-J*ew.^ttg-l€HKi-M«.fe«a-l-tri.fie ift&ttjaaae^-Cempaay-H3^44.^ fe-h-e—p-e-n-s-i-e-n—-a-o^a-pd—H*--arl-t-«art>-fc-e*»-e—a-Rd—1»—a-o-e-e-p-k-i-n-g a-e «4H>i-fe-tt %4-o-n-s---f-p-a*--the --fye**«.i-aR -4««H*<i--e*-4>^-«*^K>y-e-p.T a-P-p-4-y-i**g--e eft fcp 4a\*fc 4e»e -ae--d-H^ee-ted--by--khe--pe^%*irOfr-boatf^-aft4 i-H--mark-tag--pa-y-aea-t-s--W r -e-p--e-a -di-pe^i-a-a _<^£-£.&©•-pe-a&i-e-a -&oa-pd-T wtfehe«4>--ti^b£Ai%y-«^-ko--fc]i^-app44eafc4eH- »aw--E**@.ka-ad --MtMHja-l--fe-i-f-e--t»&ttPa*-e-e--G^apa«y--&ha-l-i--H-©4>--^e ii-a-a-l-a -£e*»--fc&e--va-l-ue--g-£--aay--£ur d-«*««p%--a^-p*^wr<ie<i--i«.-fc.fte §pe*i*p -a»»i*lrt-y--p0.3-Jr&y-r G-k)--New-eR€4aRd-.Mtt4>^4--Lr-i^^ £»i 4 y--piM>.fe.e.e fc ed--£o**»-a«-y--l*a.b.i-l.i.fc-y--4 r--ae««flii«g-^he4>—feh-i-s p-ia-a -aa-&-ae-k -be-e-a -aae-ad^d--ap -fce-p»i-aa-Wd--wat-i-l.-w-pi-fe-ke-a -ae-fc-i-ee e-£--aH*y--€H»e4><kfre>Rfe--€H>-kepffl4^^^—fc-h-i-s—-¥>i-€K*—hae—be-e-R p-a^e-i-v-ad--by—kae--SrR&ttPaaee--aempaay--a-fe--irfc9>-ae»e--a-f^j-e-e-r (-9-)--New-B«g-lafld--M«4>u-a-l-4r-i-f-e--I-^*&iH»€HK>e—&o«ftparn-y--s-ka-tl--b-e £«-l-]ry-ppefeeefeed-4fl-^-ea44^-^^>h--4>h^—a-pe--m-e-iftb-e-p-B e-£--fe-h-e---p-e-n-s-i -e-a--b-e a-r-d--a e-e-o-p-d-i-»g --fc-o--khe-4L^W&k--w-r-i-k-t>e-« »e-fe4-f-ire-a-t4-o-fi---p-e-o-e-lr¥€-d--b-y—t>h-e---N-e-w--E-ftgia-fi-d-44i*feHa4-4i-irf:-e I-H-s-u-p-a-fre-e--Ge-m-B-an-y -at--irks--ke-m-e--e-f-f-i-e-e-T Section 6.A true copy of this Ordinance shall be transmitted by the City Clerk to the New England Mutual Life Insurance Company. Section 7.If any section,clause,sentence or phrase of this Ordinance shall be held tobe invalid or unconstitutional by any court of competent jurisdiction,such holding shall inno way effect the validity of the remaining portions of this ordinance. Section 8.All ordinances or parts of ordinances in conflict herewith be and the same hereby repealed. Section 9.This Ordinance shall take effect immediately at the time of its passage. PASSED AND ADOPTED this 21dayof February ,198 9. APPROVED: ATTEST: W&t/v— READ AND APPROVED AS TO FORM: lit CITY ATTORNEY vA underlining shows additions shows deletions sm.retirement.ord