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1959-438IS Ir sP ORi,INANCE_ NO. SOTUH IWM PENSION PUN WHEREAS, it is to the advantage of the City of South Miami to inft6b competent and qualified employees to remain in the service of the City; and ,,\WHEREAS, one means of securing the above objective is by provision for an tdeq\414b retirement plan; and ,..ovHEREAS,.execution of the within instrument will provide for the secur rity and welfare of employees of the City of South Miami in a way which-will act as an inducement to them to increase their efficiency, loyalty and con- tinuity of service to the City of South IF?IamA,- NOW, THEREFORE, BE IT ORDAINED BY THE OF SOUTH IEW4I- Section 1. Name and Date of Establishment: A pension plan is 'ijWic':IhY established and -placed under the management of a Pension B6ard'for the purpose of providing retirement annuities for employees of the City of South Miami. The plan is,established as of the effective date of Oat. 1, 19597 subject to the approval of this ordinance by�"the freeholders of the City of South'Hiami, as her6inafter provided. The plan shall be lcnow, as the"South Miami Pension Man.,!, By such name all of its business shall be transacted, all of its ft,Ms shall be invested; and all of its cash and securities and other proper- ty shall be held in trust for the purposes set forth in this plan. Section 2. Purpose: The purpose of this plan is to(provide an orderly means whereby employees of the City who become superannuated may be retired from active service without prejudice and without inflicting a hardship upon the employees retired and to enable such employees to aocumulate reserves for themselves and their dependents to provide for old age and termination of em- ployments thus effecting economy and efficiency in the administration of the City government. Section 3. Definitions: The following words and phrases as used in this plan, unless a different meaning is plainly required by the context, have the following meanings: (a) "Plan" means the South Miami Pension Plan. (b) "Pension Board" or "Board" means the Board provided for under this plan to administer the plan. (c) "Employee" means any regular officer or employee who is em- ployed by the City on a permanent basis. Employees serving cn a part -time basis and persons employed under contract for a definite period or Tor the performance of a particu- lar, special service shall not be eligible' for particips- tion in the plan. (d) I'Memberl► means any employee in service included in the mem- bership of the plan, or any former employee who shall have made contributions to the plan and shall not have received C1. - a refund, except that no employee shall be included as a JJ member unless such employee shall have completed at`least two years of continuous service and passed his 25th birthday. (e) "Beneficiary" meanp_ar(y person receiving a service retire- E vent allowance or any other benefit as � provided 3.n this plan. (f) "Service" means service as an employee for which compensation j is paid by the City. (g) "Compensation" means salary orswages payable on a regular pay- roll by the City to any person for personal services currently performed. ;.(h) "Membership service" means service rendered while a member of the plan for which credit is allowable. (i) "Prior service" means service rendered prior to the effective date for which credit is allowable. (j) "Creditable service" means "Membership service" plus "Prior I service" for which credit is allowable. (k) "Military service" means service in the United States Army, Navy, { Marines or Coast Guard or any women's auxiliary thereof. "Average final compensation" means the average annual compensa- tion received by a member during the last ten (1:0) years of continuous service immediately preceding the date of retirement. (m) "Accumulated contributions" means the sum of amounts contributed by a member of the plan and cr ?dited to his individual account. (n) "Annuity" or "Pension" means annual peyments for life as pro - F' vided in the plan. All annuities shall be paid in twelve equal monthly installments. f (o) "Actuarial tables" means such tables as shall have been adopted w! by the Board in accordance with recommendatio;is of the actuary; ti _2- ,. r E , Section 5. Cre di tab? a S,rvi ne : (a) After the effective date, all service of a member since he last became -a member- with-­respact- -to —which contributions are made shall count as membership service. (b) Each employee in service on the effective date; who be- comes a member on the effective date, shall, if he so desires, receive prior r service credit for employment with 'the City''prior to the effective date, such service credit beginning with two vears after the date -of eynployrment, or ,upon the attainmeni of the age of 25, whichever occurred later, by paying 50 per s cent of the prior service ?.:.ability in a lump sum days within 90 of the effec- �� ! tive date of the plan, or'in monthly installments, subject to an- interest - r s charge of 3 percent, the period of nt not © �s payme to exceed 60 months nor beyond - the date' of retirement. I (o) ArV leave of absence due to entry into the military ser- vice of the United States during a period of national_ emergency shall be x deemed,to be service with the 'City, provided the employee has re- entered the employ of the City within ninety (9o) dcys after his honorable discharge {' from such military service and provided further the employee has paid into ` the plan an amount equal, to the contributions he would have made based upon his salary immediately prior to entry into military service, had he been so de5c employed by the City during his absence on account of his military service. Section 6. Service Retirement Allowances a; (a) Any member upon withdrawal from service upon or after the attainment of the age of 65, shall become entitled to receive a service re- _'' tirement annuity in amount provided under subsection (c) hereunder. _ (b) Ary member who shall have completed at least 30 "years of creditable service may - withdraw from service at the age of sixty (60) or over and shall thereupon become entitled to receive a service retirement annuity equal to the actuarial equivalent value of his annuity at age 65,` or at his option such member shall become entitled to the service retire- ment annuity, the payment of which, however, is to be deferred until his attainment of the age of sixty -five (65). ' (c) The amount of monthly retirement annuity to which a member having at least 10 years of service shall be entitled shall be equal " ',o one percent (1%) of the monthly average final compensation, multi- plied by the number of years of creditable service. -4- r 1, '- provided, that for the first five years of the plan the 1937 Standard Annuity Mortality Table shall be IL used. (p) "Retirement" means the acceptance of a service retire- ment allowance under this plan. (q) "Regular interedt" means 'interest -at the rate of 3% -per annum for the first five years, and thereafter such other kr rate determined from the actual experience of the plan as may subsequently be prescribed by the Board. (r) "City" means 'the City of South IOAT;i. (s) "Withdrawal from service" means complete severance of , employment of any member as an employee of the City by E resignation, discharge or dismissal. (t) "Fiscal year" means the twelve-month period - Oct. 1 to t Sept* 30. ' (u) The masculine pronoun, wherever used, shall include the feminine pronoun. Section 4. Membership: (a) AXI.©nployaes in service on the effective date who,are 25 years of a or over and have two � years of service shall be deemed to be members as of that date. All others in service on such date shall become members after meeting,the'age and service requirements, and their .. contributions shall begin 'with 'the first payroll period after the effec- tive date after they become eligible. k, (b) Any person who becomes an employee after the effective date shall, upon completion of two years of continuous service, become a member of the plan as a condition of employment, provided said piirson `at least 25 years of age and under 55 years of age at the time of`' completion of said two years of service. Contributions by such employee under this plan shall begin with the first payroll period after the age and service requirement shall have been fulfilled, and creditable ser- '' vice Ahall then begin to accrue. (c) Upon withdrawal from service the members accumulated contributions shall be refund9d to him and he shad thereupon cease to �< be a member of the' plan. t -3- 1, It L_ (d) The first monthly installment shall be payaLle on tFo first day of the month following the retirement of the member, and pay - meets thereafter shall be -ue and payable on the first day of each month during the lifetime of fie annuitant. (e) Any 'employee who is permitted to remain in the service of the City after his normal retirement date of age 65, may remain in ser- vice for periods of one year each. No contributions are to be made by such employee and no 'further annuity credits shall accrue to him and his annuity shall be fixed as of age 65 years except -where a member has to his credit less than 10 years of creditable service at age sixty -five (65) years. In such event the extended service shall be credited for' a nuity purposes and contributions shall continuelto, be made by the member until creditable ser- vice of ten (10) years is attained. (f) In the case of employees who on the effective date of the Plan were 65 years of age or over, such employees may retire after rendering -one year of contributory service, even though the total service credit is less than ten (10) years. Section 7. Reversionary Annuity: (a) Any member entitled to a service retirement annuity may elect at the time -of retiremen�-)to receive a lesser amount of service re- tirement annuity and with the remainder of his equity as actuarially de- termined provide an annuity for any person who is dependent upon such member at the time of retirement, as named in a written direction filed with the Board as a part of this application for a service retirement annuity; provided, that the condition of dependency exists and has been proved to�the satisfaction of the Board; and provided, further, -that the reversionary annuity resulting from such election is found to be not less than ten dollars per month, nor more than the'�amount`'of reduced service retirement annuity to which the member is entitled. (b) Ark► such reversionary annuity shall begin as of the first day of the month following the date of death of the member receiv- ing service retirement annuity; provided, that the person designated to receive the reversionary annuity shall have been alive on the date of 1``:, ; death of such member, but if such designated person does not survive the member who shall be receiving service retirement annuity, no reversionary .5- 1 s. 3 i.� i €` �� y *- r f I i (d) The first monthly installment shall be payaLle on tFo first day of the month following the retirement of the member, and pay - meets thereafter shall be -ue and payable on the first day of each month during the lifetime of fie annuitant. (e) Any 'employee who is permitted to remain in the service of the City after his normal retirement date of age 65, may remain in ser- vice for periods of one year each. No contributions are to be made by such employee and no 'further annuity credits shall accrue to him and his annuity shall be fixed as of age 65 years except -where a member has to his credit less than 10 years of creditable service at age sixty -five (65) years. In such event the extended service shall be credited for' a nuity purposes and contributions shall continuelto, be made by the member until creditable ser- vice of ten (10) years is attained. (f) In the case of employees who on the effective date of the Plan were 65 years of age or over, such employees may retire after rendering -one year of contributory service, even though the total service credit is less than ten (10) years. Section 7. Reversionary Annuity: (a) Any member entitled to a service retirement annuity may elect at the time -of retiremen�-)to receive a lesser amount of service re- tirement annuity and with the remainder of his equity as actuarially de- termined provide an annuity for any person who is dependent upon such member at the time of retirement, as named in a written direction filed with the Board as a part of this application for a service retirement annuity; provided, that the condition of dependency exists and has been proved to�the satisfaction of the Board; and provided, further, -that the reversionary annuity resulting from such election is found to be not less than ten dollars per month, nor more than the'�amount`'of reduced service retirement annuity to which the member is entitled. (b) Ark► such reversionary annuity shall begin as of the first day of the month following the date of death of the member receiv- ing service retirement annuity; provided, that the person designated to receive the reversionary annuity shall have been alive on the date of 1``:, ; death of such member, but if such designated person does not survive the member who shall be receiving service retirement annuity, no reversionary .5- 1 V annuity Rhall hA PAYAWA "d " ^114-lio a herenf, -shall W r- .- wn. nor change be-permitted by the h6ard in the written direction filed with the Board r 'iho service rotirenent annuity has been granted'-and has be- come �ffective. Section 8. Death Benefit: (a) Upon death of a member prior to retirement the executor- or administrator of such person as he shall have nominated by written di- `' rection duly y-acknowledged and filed with the Board, shall rece'ive'the ac- cumulated contributions of the member, without interest. (b) Upon death of a retired hember, unless a revers;'.onarY cs annuity is payabIe under the provisions of Section 7. hereof, a death benefit shal-I be payable consisting of the excess, if any, of the accumu- lated contributiomof the member, without interest, at time of retirement on service retirement annuity, over the total amount of all service retire- ment annuity payments received by said.retired mezbor prior to his death. Section'9. Disability Benefit: (a) Upon disability occurring prior to a member's attainment of the age of sixty-five (65) years, a member who shall havi conipleted'at least five (5) years of service shall be entAied to a disabilitypenefit as follows: Twenty-five (25) percent of actual monthly compensation re- ceived by employee at the time of disability to be paid for a period of one-quarter of the service rendered prior to the employee's disability',' provided that if an employee is sixty (66) years of age or over and not othenise entitled to a retirement annuity as provided under Section 6 (b), he shall be entitled to a retirement annuity as provided under Section 6, at the rates and under the conditions prescribed under subsections (c) and M thereof. (b) The Pension Board is to decide whether an employee is presumably permanently disabled and entitled to disability benefits*-. Section 10. Refund of Contributions: (a) Upon withdrawal from service of the City, a member shall receive a refund of his accumulated contributions without interest additions. (b) Any member receiving a refund of contribubions shall thereby forfeit and relinquish all accrued rights in the plan, including all accumulated creditable service; provided, if any member who has-with- 6 I drawn his contributior-i's-7 provided for in tMe section shall re-enter the service of the City, and again become a member of the plan, he may restore all monies previously received by him an a refund, including regular intcrq est for the period of his absence from the City service, and he shall thin again receive credit for service which he forfeited by the acceptance of such refund. Such restoration shall be permitted only after a member shall have rendered at least two (9) years of continuous service following his latest re-entry into the service of the City during which he shall have made contributions to the plan. Section 11. Contributions by Members: Beginning--on the date of establishment of the plan, each City employee who is a member of the plan shall contribute 3% of earnable compen- sation accruing on and after said date for service retirement annuity. Such contribution by any member shall cease upon reaching 4 the - age of sixty -five (65) years, as provided under Section 6 herein. This contribution shall-be I made in the form of a deduction f4iom compensation and shall be made notwithstand- ing that the compensation paid ik cash to such employee shall be reduced thereby below the minimum prescribed by law. Every employee who is a member of the plan shall be deemed to consent and agree to deductions made from his compensation and provided for in this plan, and shall receipt in full for salary or compensation, and payment to said employee of compensation less said deduction dmIl constitute a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such em- ployee during the period covered by such payment except as'to the benefits provided for under this plan. Section 12. Contributions by City: ,k Contributions by the Glty to meeA the requirements of this plan shall consist of contributions to the Olen by means of annual appropriations of the amounts which together with contributions made by members, interest income from investments and other income received by the plan, will be suf- ficient to meet the cost of maintaining and administering the'Plan and meet- ing its various requirements. Section 13. Vested Rights: (a) Members shall, by virtue of the payment of the contributions required to be paid to this plan., receive a vested interest in the accumulated -7 4f `i V contribution in the plan, and each Bach member, in consideration of such �r ' vested interest, shall be deemed to have agreed to, and authorized the de- _ ductions from the payments of sal ary of all oontr "ibutions payable to this - plan in accordance with this plan. (b) Payment of salary, less the amounts of contributions provided in tili9 plan, shall, together with such special vested rights be a full and complete discharge of all claims of payments for service rendered by 'a member to the City during the period covered by any such payment. Section 14.�e4torsl Claims: << (a) The assets of the plan shall be inrested' as '`one fund, and no particular person; group of persons or entity shall have any right Y. �.` in atpr specific security or property, or in ai,b'I item of cash other than t, a. an undivided interest in the whole as specified in this plan as it now n exists or is subsequently amended. Such assets shall not be subject to e levy or execution or to claims of creditors or to legal process of ar4r kind or issued by arw court with respect to any participant. (b) A11 annuities and other bensfits'payable` under this Plan and all accumulated credits of employees in this plan shall be un- �i assignable and Shan likewise not be subject to process as provided in subsection (a) hereof. Section 3,5. Miscellaneous: (a) Arw person who knowingly makes ow false statement, or falsifies or permits to be falsified any record or records of this plan �x shall be punishable as herein provided. +% (b) The attorney for the City of South Miami shall be the legal advisor to the Board. (c) The City Council, by a vote of four - fifths of its mem- bars, shall have the power to amend this plan, but no amendment shall be adopted which will reduce the then - accrued benefits of members or bene- ficiaries to which they would otherwise be entitled by reason of assets then held in the Trust Fund. Section 16. Pension Board: } (a) Administration (1) The general administration of the Plan and the responsibility for carrying out the provisions hereof is hereby vested in 4 4f `i V 4b PODW .Oard. -Such Board shall be composed of five m". era - the Vayor and the"City Fhnager oxofficio, a citizen and a tax payer of the =_ City who holds--no office and -is -not employed =hy -the City, one Counoilriaa besides the Mayor, and an active employee of the City, the latter three ' to be appointed by the City Council. With the exception of the Mayor and City Manager, the Board members shall each serve for a period of two years, t or until their successors are "Appointed, xhich appointment shall be'evi- ` danced by an acceptance in writing of such appointment. • (2) _'-The Board shall elect a Chairman from among its members. The Board shall also appoint a Secretary, ary who shall keep all re -. cords of its meetings and actions and execute with the Chairman in behalf of i the Board arty► paper or instrument when so required by the Board. (3) The Board members shall serve without compensationo (4) The Board members shall be' entitled to reimburse - ment for all reasonable and neeessFry disbursements made or expenses incur- their red by them in the performance of duties. (5) No member shall be personally liable by virtue of i� any contract, agreement, bond or other instrument or undertaking made or ex- x ecuted by him as a member of the Board nor for honest mistakes of judgment, � � � s ' nor for`ijW loss unless resulting from his own willful misconduct; and no member shall be liable for the act of neglect, omission or wrong doing of any other member, or for those of agents or co msel of the Board. l (6) ,The City shall`hold' the Pension Board harmless from and shall indemnify the members for the consequences of their acts or ` omissions and conduct in their official capacity, including the cost of r litigation and counsel fees, exeept for such act, omission or conduct i, for which such member is liable under subsection (5) hereof. (7) Meetings of the Board shall be hold at such IV, ` times and places as the majority of the members shall from time to time determine. A majority of the membership shall constitute a quorum,'and €. all decisions, acts and resolutions of the Board shall be by an affirms- tive vote of at least thxee (3) members. (8) Argv appointed member may resign at any time by delivering his resignation to the City Clerk, and such resignation shall thereafter take effect on the date therein specified. A member may also be removed at the pleasure of the City Council. Vacancies, however caused, i ins M shall be filled by action of the City Council. While a vacanoy exists, the remaining memberap provided that they are not less than three (3)j are authorized to perform all functions of the Board. (b) Powers and Duties: The Board shall have the duties expressly provided or implied under the provisions hereofs and in addition thereto, the following: (1) Hold meetings upon notice; as may from ,.time 'to time be required; (9) "Ascommerid the appointment of a corporate— trustee for the ma , nagement, investment and safekeeping of the Fund herein created; U (3) _144iAtiih Idequate 4agd'� 'service grid salary records on all employees D"jkd!rJ':d'Mfk under 1:,ji d a .. _11 1� If par plan an other relate ditt"ihit- be necessary ihlhi " 'ladmin- istrationof 'the - plan and iii h-6ffective operation I there - - ofj or that` , may` L be required 'in any survey or cost anal - ysis b5r the actuary, such data to be furriished'to the Board by the City. ( 4 ) pass upon applications for annuities and benefits, verify the qualifications of the applicants for bene- fits, and authorize thepayment thereof.by the Trustee; 'tiled reddfdt-6VrA-1-,aMuiiy'and benefit (5) X460 a &ti ey ii di i d pa;jiwrits and other -pen ures ma o the provisions of the plan to iiw ifying for such `payments, 'to that all transac- IWi end' an tions will be properly accounted for; a (6) Make and enforce uniform, �raiscrimiii tory rules and regulitions"fdr the efficient admifiiAiation of the plan and resolve arWquestione or interpretations that may arise in connection with the plan; )(7) Em ley actuarial or necessay durifig the oporat* fi--Of'thb plan; as it may 1QWo from' time to time the do- termination of cost and liabilities !'(t_­h6;ICAty to pay the fees th6refor),.and prescribe appropriate actuarial tables upon recommendation of the Actuary; (8) Authorize an annual actuarial valuation as of the end of each calendar year of the assets, liabilities and reserves under the plan; The Board shall establish arky necessary -rules and Ad 'for or the administriCion: of I 'the plan and the conduct of their meetings as 'Gf4j'deeM� advisable. The decisions and rules of a majority shall be final and binding on all parties and shall not be subject to appeal. (10) The Board shall'Annually, or as often ie;n as request- ed, transmit to tli6 City Council. a report showing the financial condition of the plan. Section 17. Trustee: (a) The plan shall operate as a Trust under a Trust Inden- ture. IhO prolksions of such Trust Indenture shall be construed in conjunc- 10 - j tion with the plan and shall constitute a part hereof. A Corporate trustee who shall manage the fund, make appropriate investments in accordance with the Trust Indenture and keep the cash, securities and other assets acquired' under the plan, shall be selected by the Board, subject to the approval by the City Council. The trustee shall hold title to the assets and have custody of all its cash, securities and other property belonging to the fund. -The Trustee shall disburse monies from said fund'ixpon the written authorize- tion of the Board in accordance with the provisions of the plan. All monies in said fund available for investment shall be invi; ted or reinvested by said Trustee, subject to the terms, restrictions and conditions prescribed in the Trust Indenture. (b) The Trustee shall perforn such other duties that devolve upon a Trustee and as expressly provided or izVlied under the Trust-Inden- ture, and shall receive such compensation as may be agreed upon in writing from time to time between the Board and the Trustee, subject to approval of the City Council. (c) The Trustee small keep complete account of all receipts and disbursements of the Trust,`and of all investments hereunder, and such other accounts, books and recor`ds'relating to the Trust as may be necessary. All such books and accounts small be open to inspection and audit by any person designated by the Board. The Trustee shall submit to the Board within forty -five (4�)\days following,. +.he close of each fiscal year a report of receipts and \W=.sbursements of the Trust for the preceding year and of the investments owned as of the close of the year, and any other information pertinent to the operation of the Trust, and shall submit such other reports from time to time as may be required. Section 18. Separability Provi'M onss If any part of this ordinance is held to be invalid, the remaining parts shall continue in full force and effect provided that such holding does not destroy the essential features of the plan. Section 19. Violation of any provision of this ordinance shat.], be punished by a fine not exceeding %00:00, or imprisonment at hard tabor on the streets, or other walks of the City, or elsewhere, for a term not _1l- „s „. _ ?fx.�'c..���,:�,_rrur`id �tlivvid l�dfi -a��vn .•., `.,� ...... -.. » ,�3e,.,yw,:, ®,.��:.i�ia acra��a; s:•. a .-w.�..,:ar..sss.niy.,�wrsm�:. :1 C i e-ceading "y (60) days# or by both Such fine and imprisonment in the discretion of the Courtp and in addition thereto, such conviction shall disentitle the person so convicted to further rights to participate by resolution shall so direct. Upon the filing of a copy of such resolution with the Boards the rights of such participant shall cease and the Board shall return to him such monies as he shall hate paid into the plan, subject to the rights of the City to a lion on such funds for the payment of said fine, if so ordered by the Council.. Section 20. This ordinance shall take effect upon its approval by the freeholders of the City of South Miami at an election to be hold on �P� ee7 X96 D Notice of the holding of said election shall be given at least thirty (30) days prior to the holding of said election by publication in a newspaper published in Dade County, Florida.. at least once a week for folur consecutive weeks during the thirty (30) day period.- Said notice shall state that an election had been called to be hold in the City of South Miami for the purpose'bf approving the South Miami Pbn- sion Plan, Which is to provide for the retirement of the qualified emplay- ees the ty of South Aami, and for an annual contribution not to ex- at all of the taxable property in the City of South Miami by said City, said election to be participated in only by registered qualified freeholders of said City. The notice shall further state that a copy of the pension plan is on file in the office of the City Clark and my be examined and inspected by any person between the houri_*.of 9too o'clock A.M. and 5sO0 o'clock P.M. from Moncuqa to Fridays each week,, be- ginning with the week in which said notice is published, and a copy of said notice shall also be posted in a prominent place in the Police Office in the City Hall and at some other prominent place in said Hall to be desig- nated by the City 1"4r. . Ir PASSED AND ADOPTED this day of A. Do- 1959 mayor ✓ ATTEST: Marl •12 •