BH.9 - Approve Gese Excess Benefit Plan
View full title
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING AND ADOPTING THE ANNUAL BUDGET OF THE CITY OF MIAMI GENERAL EMPLOYEES’ & SANITATION EMPLOYEES’ EXCESS BENEFIT PLAN (“GESE EXCESS BENEFIT PLAN”), ATTACHED AND INCORPORATED, IN THE AMOUNT OF ONE HUNDRED TWENTY-SIX THOUSAND, SIX HUNDRED FORTY-FIVE AND 00/100 DOLLARS ($126,645.00), TO PROVIDE FOR THE ADMINISTRATION OF THE GESE EXCESS BENEFIT PLAN FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027.
September 10, 2026
Department: General Employees' and Sanitation Employees' Retirement Trust
Category: Other
WHEREAS, Section 40-243 of the Code of the City of Miami, Florida, as amended, authorizes the Board of Trustees ("Trustees") to administer the City of Miami General Employees' and Sanitation Employees' Excess Benefit Plan ("GESE Excess Benefit Plan"); and
WHEREAS an annual budget is required to properly administer the GESE Excess Benefit Plan; and
WHEREAS the Trustees reviewed and approved the GESE Excess Benefit Plan budget for Fiscal Year 2026-2027 on March 20, 2026; and
WHEREAS the Trustees request the approval of the GESE Excess Benefit Plan budget for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount One Hundred Twenty-Six Thousand, Six Hundred Forty-Five and 00/100 Dollars ($126,645.00), attached and incorporated as Exhibit “A”;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as is fully set forth in this Section.
Section 2. The GESE Retirement Trust Fund Fiscal Year 2026-2027 budget, attached and incorporatedas Exhibit “A,” for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of One Hundred Twenty-Six Thousand, Six Hundred Forty-Five and 00/100 Dollars ($126,645.00), to provide for the administration of the GESE Excess Benefit Plan, is approved and adopted.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.
WHEREAS an annual budget is required to properly administer the GESE Excess Benefit Plan; and
WHEREAS the Trustees reviewed and approved the GESE Excess Benefit Plan budget for Fiscal Year 2026-2027 on March 20, 2026; and
WHEREAS the Trustees request the approval of the GESE Excess Benefit Plan budget for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount One Hundred Twenty-Six Thousand, Six Hundred Forty-Five and 00/100 Dollars ($126,645.00), attached and incorporated as Exhibit “A”;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as is fully set forth in this Section.
Section 2. The GESE Retirement Trust Fund Fiscal Year 2026-2027 budget, attached and incorporatedas Exhibit “A,” for the Fiscal Year commencing October 1, 2026, and ending September 30, 2027, in the amount of One Hundred Twenty-Six Thousand, Six Hundred Forty-Five and 00/100 Dollars ($126,645.00), to provide for the administration of the GESE Excess Benefit Plan, is approved and adopted.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.
Fiscal Impact
Total Fiscal Impact: $126,645