R5Y - Increase Inspector General Retirement Accrual F...

AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING AND RESTATING THE MIAMI BEACH EMPLOYEES’ RETIREMENT PLAN CREATED BY ORDINANCE NO. 2006-3504, AS SUBSEQUENTLY AMENDED, BY AMENDING SECTION 5.01(b)(6) TO PROVIDE FOR A FOUR PERCENT (4%) ACCRUAL FACTOR FOR THE INSPECTOR GENERAL AND TO PROVIDE THAT, AS APPLICABLE TO THE INSPECTOR GENERAL, EARNINGS SHALL INCLUDE TOTAL W-2 COMPENSATION PLUS ANY OTHER PAYMENTS OR ALLOWANCES UP TO THE LIMITATIONS SET FORTH IN SECTION 401(a)(17) OF THE INTERNAL REVENUE CODE AND REGULATIONS PROMULGATED THEREUNDER; AND PROVIDING FOR SEVERABILITY; REPEALING ALL ORDINANCES IN CONFLICT THEREWITH; AND PROVIDING AN EFFECTIVE DATE.