ORDINANCE 929ORDINANCE NO 12 -77 -929
AN ORDINANCE OF THE CITY OF SOUTH MIAMI,
FLORIDA, ESTABLISHING AN EMPLOYEES
DEFERRED COMPENSATION PROGRAM: DESIGNATING
THE CITY MANAGER TO APPROVE AND ADMINISTER
A DEFERRED COMPENSATION PLAN WHICH WILL
EXIST AND SERVE IN ADDITION TO ANY OTHER
RETIxEMENT, PENSION OR BE14EFIT SYSTEM;
DESIGNATING THE CITY ATTORNEY TO DETERMINE
WHETHER THE PLAN IS TAX EXEMPT; PROVIDING
INCLUSION IN THE CODE; PROVIDING SEVERAB'ILITY;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Florida Statute Section 112,215 (1976) authorizes any
County, .Municipality or other Political Subdivision of the State to
adopt and establish for itself and its employees' a Deferred Compen-
sation Program and
WHEREAS, the establishment of -a Deferred Compensation Program
will benefit the municipality of 'South Miami by being able to assure
reasonable retirement Security to its employees, by being more able to
attract competent personnel to its service, and by increasing its
flexibility in personnel management through the elimination of the need
for continued employment for the sole purpose of allowing an employee
to qualify for retirement benefits;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF SOUTH MIAMI;
Section 1. There is hereby established a Deferred Compensation
Program of the City of South Miami.
Section 2. The City Manager is hereby designated as the
Official to approve and administer a Deferred Compensation Plan as
required by State law.
Section 3. The City Attorney is hereby designated as the
appropriate official to determine, in accordance with the requirements
of Plorida Statute 'Section 112.215(5) (b) (1976), whether the Cotipen-
sation Deferred under an *, plan approved by the City Manager will 'not
be included in the employees taxable income under the Federal or
State law until it is actually received by such employee under the
terms of the plan, and that such Compensation will nonetheless be
deemed Compensation at the time of the Deferral for the purposes of
Social Security, the Retirement System of the City of South Miami or
nor any other Retirement, Pension or Benefit program required by law.
Section 4. The Deferred Compensation Program authorized
hereunder and any other plan approved and adopted as herein provided,
will exist and serve in addition to any other Retirement, Pension or
Benefit system established by the ;Federal 'Government, the State of
Florida or the City of South Miami, and shall not supersede, make
inoperative or reduce any benefits provided by the Florida. Retirement
System or by any other Retirement, Pension or Benefit program established
by law.
Section 5, it is the intention of the Mayor and City Council
and it is hereby ordained that the provisions of this Ordinance shall
become and be made a part of the Code of the City of South Miami,
Florida; that the Sections of this ordinance may be renumbered or
re,lettered to accomplish such intention; and that the word "Ordinance"
may be changed to "Section ", "Article ", or other appropriate word.
Section 6. zf any Section, Subsection, Clause'or.Provision of
this Ordinance is held invalid, the remainder of this Ordinance shall
not be affected by such invalidity.
Section 1. The provisions of this Ordinance shall become effec-
tive at the time of its Adoption..
PASSED and ADOPTED this 1st clay Of *4arch 1971.
APPROVED.-
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