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2006-11 ORDINANCE NO. 2006-11 AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA AMENDING THE CITY CODE BY AMENDING CHAPTER 36 "RETIREMENT" AT ARTICLE II "POLICE PENSION PLAN AND TRUST FUND" BY AMENDING SECTION 36-24 "CONTRIBUTIONS" AND DELETING SECTION 36-36 "RATE OF CONTRIBUTION"; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN CODE; PROVIDING FOR AN EFFECTIVE DATE. NOW THEREFORE, IT IS HEREBY ORDAINED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AS FOLLOWS: Section 1. Section 36-24(a) of the City Code of the City of Aventura is hereby amended to read as follows: Sec. 36-24. Contributions (a) The City shall pick-up, rather than deduct from each member's pay, beginning with the date of employment, six and three tenths (6.3%) percent of the member's earnable compensation. Effective October 1. 2005. the member contribution shall increase to six and seven hundred seventy-five one thousands percent (6.775%) of the member's earnable compensation. The monies so picked-up shall be deposited in the Fund immediately after each pay period. An account record shall be maintained continuously for each member. Pick-up contributions shall continue until death, disability or termination of service, whichever shall occur first. Contributions shall remain in the Fund unless withdrawn as provided in the Plan. No member shall have the option to choose to receive the contributed amounts directly instead of having them paid by the City directly to the Plan. All such pick-up contributions by the City shall be deemed and be considered as part of the member's accumulated contributions and subject to all provisions of the Plan pertaining to accumulated contributions of members. The intent of this provision is to comply with Section 414(h)(2) of the Internal Revenue Code. For the purpose of accruing and calculating pension benefits, and for all other purposes of calculating wage related benefits and calculations, the amounts picked up under this section shall be considered part of the earnable compensation of a member. Section 2. Section 36-36 of the Aventura City Code, which reads as set forth in Exhibit "A", is hereby deleted. Ordinance No. 2006- Page 2 Section 3. Severabilitv. 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 4. Inclusion in the Code. It is the intention of the City Commission, and it is hereby ordained that the provisions of this Ordinance shall become and made a part of the Code of the City of Aventura; that the sections of this ordinance may be renumbered or relettered to accomplish such intentions; and the word "ordinance" shall be changed to "section" or other appropriate word. Section 5. This Ordinance shall become effective immediately upon its adoption. The foregoing Ordinance was offered by Commissioner Auerbach, who moved its adoption on first reading. This motion was seconded by Commissioner Stern and upon being put to a vote, the vote was as follows: Commissioner Zev Auerbach Commissioner Bob Diamond Commissioner Harry Holzberg Commissioner Billy Joel Commissioner Michael Stern Vice Mayor Luz Urbaez Weinberg Mayor Susan Gottlieb yes yes yes yes yes yes yes The foregoing Ordinance was offered by Commissioner Joel, who moved its adoption on second reading. This motion was seconded by Commissioner Auerbach and upon being put to a vote, the vote was as follows: Commissioner Zev Auerbach Commissioner Bob Diamond Commissioner Harry Holzberg Commissioner Billy Joel Commissioner Michael Stern Vice Mayor Luz Urbaez Weinberg Mayor Susan Gottlieb yes yes yes yes yes yes yes PASSED on first reading this 11th day of July, 2006. Ordinance No. 2006- 11 Page 3 PASSED AND ADOPTED on second reading this 1ih day of Se,ptember, 2006. ~ )iv~ SUSAN GOTTLIEB, MAYOR '" APPROVED AS TO LEGAL SUFFICIENCY: fl~ CITY ATT6RNEY Ordinance No. 2006- ~ Page 4 EXHIBIT "A" Sec. 36-36. Rate of Contribution. The City contribution, effective October 1, 2003 shall be 14.5 percent of covered payroll. The employee contribution rate shall be six and three-tenths percent. The assumed rate of Chapter 185 insurance premium tax rebates shall be five percent of covered payroll. Future contribution increases or decreases in the plan shall be shared equally between the employees and the City through September 3D, 2005. Consistent with the requirements of F.S. 99 112.66 and 185.07, the City shall contribute the amount necessary to maintain the plan on an actuarially sound basis. To the extent that any changes are required in the member contribution rate, a separate amendment shall be required to reflect the revised member contribution.