Ord. No. 04-85-1220ORDINANCE NO.4-85-1220
AN ORDINANCE OF THE CITY OF SOUTH MIAMI,FLORIDA,
AMENDING SECTION 16-14(d)OF CHAPTER 16 OF THE
CODE OF ORDINANCES OF THE CITY OF SOUTH MIAMI,
FLORIDA,3Y PROVIDING THAT A PARTICIPANT WITH WRITTEN
CONSENTOFTHE CITY,MAYELECTALATERETIREMENTDATE
STARTING ONTHE FIRST DAY OF ANY MONTH AFTERHIS NORMAL
RETIREMENT DATE;PROVIDING IT THE PARTICIPANTS CONTRIBU
TIONS SHALL TERMINATE ON HIS LATE RETIREMENT,BENEFITS
SHALLBEBASEDON ANNUAL EARNINGS AND CREDITED SERVICE
TOHISLATE RETIREMENT DATE.
BE IT ORDAINED BY THE MAYOR AND THE CITY COMMISSION OF THE
CITY OF SOUTH MIAMI,FLORIDA:
Section 1.That Section 16-14(d)of Chapter 16 of the Code
of Ordinances of the City of South Miami,Florida,be,and the same is hereby
amended,to-wit:
(d)Late Retirement.A participant,with the written consent of
his employer,may elect a Late Retirement Date which may be
the first day of any calendar month after his Normal
Retirement Date.If the Participant's contributions shall
terminate on his Late Retirement,benefits shall be based
on annual earnings and Credited Service to his Late
Retirement Date.
Commencing after the Paricipant's Late Retirement Date,the
basic benefit of any Participant retiring on or after
October 1,1970,will be supplemented by teh applicable
Supplemental Benefit determined in the same manner as
provided in Section 16-14(b)(2),based on the basic benefit
actually being paid;provided,however,that the first
applicable Valuation Date will be the first such date following
such Participant's Late Retirement Date.
Section 2.All ordinances or parts of ordinances in conflict
herewith be,and the same are hereby repealed.
Section 3.This ordinance shall take effect immediately at the
timeof its passage.
PASSED AND ADOPTED this 22nd day of January ,1984.
APPROVED:
ATTEST:
CITY/CLERK
READAND APPROVED ASTOFORM:
^CITY*ATTORNEY \T
Passed on1st Reading:I/O*
Passedon2nd Rea^-g:
MfiYOR"