The City of North Miami Beach is the sponsor of the North Miami Beach General Management Employees Retirement Plan. All full-time, unclassified management employees of the City, who are not members of any other City-sponsored pension plan, are eligible to participate in the plan.
Committee
The pension plan is administered by the Plan Retirement Committee which consists of the City Manager or his or her designee, a City Council Member, an Active Member of the Plan and Trust, a Retiree Member of the Plan and Trust, and the City Attorney. Both the Active Member of the Plan and the Retiree Member of the Plan and Trust shall be chosen by the other three board members. The Plan Retirement Committee may make recommendations to the City Council concerning any amendment or proposed amendment to the Plan.
Funding
Employees contribute 8% of earnings into the pension plan from their date of hire. Additional contributions to the pension plan come from the City of North Miami Beach and investment earnings.