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Home My Public Portal About2005-17 Amending Village Code re Retirement supersede Emergency Ordinance No 2005-15ORDINANCE NO. 2005-17 AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE VILLAGE OF KEY BISCAYNE, FLORIDA BY AMENDING CHAPTER 23 "RETIREMENT" AT SECTION 23-35 "CONTRIBUTIONS" TO SET THE EMPLOYEE CONTRIBUTION RATE AT 10.5%; PROVIDING THAT THIS ORDINANCE SHALL SUPERSEDE EMERGENCY ORDINANCE NO. 2005-15; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the State of Florida, Division of Retirement has advised the Village of Key Biscayne ("Village") that in order to continue to qualify for receipt of premium tax money from the State it is necessary to amend its Police Officers and Firefighters Retirement Plan ("Plan") to set the employee's contribution rate at 10.5 percent; and WHEREAS, the Village Council finds that it is in the best interest of the Village and its employees to amend the Plan. NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS: Section 1. Recitals Adopted. That each of the above stated recitals is hereby adopted and confirmed. Section 2. Village Code Amended. Section 23-35 "Contributions" of Chapter 23 "Retirement" of the Village Code is hereby amended to read as follows:' Sec. 23-25. Contributions. (a) Member contributions. (1) Amount. Effective October 1, 2000. each Member of the System shall be required to make regular contributions to _the Fund in the amount of 10.5 1 / Proposed additions to the existing Village Code text are indicated by underline; proposed deletions from the existing Village Code text are indicated by . percent of the Member's Salary. Frorn-the-Effective-Dateihrotter September the-year-(as-shown-brthe-most-recent-aetuarial-valtration-of the -System) -less . Each year after September 30, 2000 in which the Member contribution rate is eight percent of Salary and the total of such rate plus the State contribution exceeds the total cost for the year (as shown by the most recent actuarial valuation of the System) such excess shall be contributed to the Share Plan. Member contributions withheld by the Village on behalf of the Member shall be deposited with the Board at least monthly. The contributions made by each Member to the Fund shall be designated as employer contributions pursuant to § 414(h) of the Code. Such designation is contingent upon the contributions being excluded from the Members' gross income for Federal Income Tax purposes. For all other purposes of the System, such contributions shall be considered to be Member contributions. (2) Method. Such contributions shall be made by payroll deduction. (b) State contributions. Any monies received or receivable by reason of laws of the State of Florida, for the express purpose of funding and paying for retirement benefits for Police Officer or Firefighters of the Village shall be deposited in the Fund comprising part of this System immediately and under no circumstances more than five days after receipt by the Village. (c) Village contributions. So long as this System is in effect, the Village shall make contributions to the Fund in an amount equal to the difference in each year between the total aggregate Member contributions for the year, plus State contributions for such year that are not contributed to the Share Plan, and the total cost for the year, as shown by the most recent actuarial valuation of the System. The total cost for any year shall be defined as the total normal cost plus the additional amount sufficient to amortize the unfunded past service liability in accordance with the requirements of F.S. ch. 112. (d) Other. Private donations, gifts and contributions shall be deposited to the Fund, but such deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from these sources shall be used to reduce Member contributions. Section 3. Supersede Emergency Ordinance No. 2005-15. This Ordinance shall supersede Emergency Ordinance No. 2005-15 adopted on second reading on September 27, 2005. Section 4. Severability. The provisions of this Ordinance are declared to be severable and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be invalid or unconstitutional, such decision shall not affect the validity of the remaining sections, sentences, clauses, and phrases of this Ordinance but they shall remain in effect, it being the legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part. Section 5. Inclusion In The Code. It is the intention of the Village Council, and it is hereby ordained that the provisions of this Ordinance shall become and made a part of the Code of Key Biscayne, Florida; that the sections of this Ordinance may be renumbered or relettered to accomplish such intentions; and that the word "Ordinance" shall be changed to "Section" or other appropriate word. Section 6. Effective Date. This Ordinance shall take effect retroactive to October 1, 2000, upon passage by the Village Council on second reading. PASSED AND ADOPTED on first reading this 8`'' day of November, 2005. PASSED AND ADOPTED on second reading this 22nd day of November, 2005. cd4,t41 MAYOR ROBERT OLDAKOWSKI 'id '101 el a ?T: HITA H. ALVAREZ, CMC, VILLAGE CL APPROVED AS TO FORM AND LEGAL SUFFIC VILLAGE A TO 3 MIAMI DAILY BUSINESS REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Miami -Dade County, Florida STATE OF FLORIDA COUNTY OF MIAMI-DADE: Before the undersigned authority personally appeared O.V. FERBEYRE, who on oath says that he or she is the SUPERVISOR, Legal Notices of the Miami Daily Business Review f/k/a Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami in Miami -Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of VILLAGE OF KEY BISCAYNE - ORDINANCE - 8/30/2005 ORDINANCE AMENDING CHAPTER 23 "RETIREMENT", ETC. in the XXXX Court, was published in said newspaper in the issues of 08/25/2005 Affiant further says that the said Miami Daily Business Review is a newspaper published at Miami in said Miami -Dade County, Florida and that the said newspaper has heretofore been continuously published in said Miami -Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office in Miami in said Miami -Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that he or she has neither paid nor promised any person, firm or corporation any discount, r- .:te, co or refund for the purpose of securing t.' ad a ent f• publication in the said newspape Sworn to and subscribed before me this 25 da UGUST ,-A 2005 (SEAL) O.V. FERBEYRE personally known twenr; Maria I. Mesa • • My Commission DD293855 ice Expires March 04, 2008 VILLAGE OF KEY BI YNE OFFICE OF THE PILL CLERK PUBLIC NO The Village of Key Biscayne proposes to adopt the following Ordinance: RN ORDINANCE A G'Ti E Otte O-ORDWANCES OF THE LAGE OF KEY BISCAYNE, FLORIDA BY AMENDING CHAPTER "RETIREME1ffC" A'f- m ��VI• G SIM ELY � FOR. ,AND lopoi NG AN EFFECTIVE DAM Public Hearing en the first reading -of this proposed -Ordinance has been is heduted by the VIla9e Couitall ter Tiresday,,Augast 30, 2005 at 7:00 .m. in the Village Council fir- 580 Cmn n ' vavdi Key 8i- yne, Florida and the Public Herr> ltie sectindleathng of eat Ordi- nce has been scheduled by the Whys Council -for Tuesday, Septem- ber 6, 2005 at 7:00 p.m. in the Cour hantrer 560 Crandon Boulevard, Key Biscayne, Florida. The proposed Ordinance IT be lnspeoled'l a pubic. .thee Once of . the Village Clerk. IntereskidParties thaPublicHeatingand be heard with respectb. the proposeaCidinahsea Ahypersim**alky`#°. address the Village Council on any item at this Public Hearing is asked to register with the Village Clerk prior to thaflterh bekyltearo- In accordance with ttiiAmettcans ilotit e >-44INeict of 1990, all per - 'sons who are disabled arld who need Tecial r _accOrtnodOIOnti the Office'pate in this proceeding because of that dl of the Village. Clerk, 88 Weet ‘drityre Strut, S , Key Biscayne, Florida 33149, telephone number (305)3854506; lrt later -than two busi- ness days prior to such ph?Ceeding. Should any person to appeal any decision f the Wage Council with respect to any mattbr'to be considered AI tti meeting, that person - shall insure that a verbatim record of the proceedings is made including all testimony and evidertoe upon which any appa&' may be based (F.S. ` 286.0105).- ' Comments of any interested party relative to this matter may be submitted in writing and orpresertted in. person lit thepub1ichearinng• 8/25 Conchkrifl- AVOW, CMC Village Clerk' 05-4-28/578830M