Fort Walton Beach Ordinance — 1837 - Restate Fire Fighters Pension Trust Fund — reading text

D. Current amounts clearly reflecting all monies, funds and assets whatsoever attributable to contributions and deposits from the City, and E. All interest, dividends and gains ( or losses) whatsoever, and F. Such other entries as may be properly required so as to reflect a clear and complete financial report of the Fund. 5. An independent audit shall be performed annually by a certified public accountant for the most recent fiscal year of the City showing a detailed listing of assets and a statement of all income and disbursements during the year. Such income and disbursements must be reconciled with the assets at the beginning and end of the year. Such report shall reflect a complete evaluation of assets on both a cost and market basis, as well as other items normally included in a certified audit. Page 7 of53 Pages 6. The Board of Trustees shall have the following investment powers and authority: A. The Board of Trustees shall be vested with full legal title to said Fund, subject, however, and in any event, to the authority and power of the Fort Walton Beach City Council to amend or terminate this Trust, provided that no amendment or Plan termination shall ever result in the use of any assets of this Plan except for the payment of regular expenses and benefits under this Plan. All contributions from time to time paid into the Plan, and the income thereof, without distinction between principal and income, shall be held and administered by the Board or its Agent in the Plan and the Board shall not be required to segregate or invest separately any portion of the Fund. B. All monies paid into or held in the Pension Plan shall be invested and reinvested by the Board and the investment of all or any part of such funds shall be limited to: 1) Annuity and life insurance contracts of life insurance companies in amounts sufficient to provide, in whole or in part, the benefits to which all of the participants in the Plan shall be entitled under the provisions of this Plan and pay the initial and subsequent premium thereon. 2) Time or savings accounts of a national bank, a state bank or a savings/ building and loan association insured by the Federal Deposit Insurance Corporation in an amount not exceeding that insured. 3) Obligations of the United States or obligations guaranteed as to principal and interest by the government of the United States. 4) Bonds, stocks, cormningled ffinds adrirdnistered by National or State FN rw opp" P.-M.-. IRM _ : ---- i i . i i im ow " - i ii i Stocks, commingled funds, mutual funds and bonds or other evidences of indebtedness, provided that: a) Except as provided in subparagraph (b), all individually held securities and all securities in a commingled or mutual fund must be issued or guaranteed by a corporation organized under the laws of the United States, any state or organized Page 8 of53 Pages  territory of the United States, or the District of Columbia. Up to twenty -five percent ( 25 %) of the assets of the Fund at market value may be invested in foreign securities. c) The Board shall not invest more than five percent (5 %) of its assets in the common stock, capital stock, or convertible securities of any one issuing company, nor shall the aggregate investment in any one issuing company exceed five percent 5 %) of the outstanding capital stock of that company; nor shall the aggregate of its investments in common stock, capi- tal stock and convertible securities at market exceed seventy percent ( 70 %) of the assets of the Fund. 5) Real Estate. 50 Bonds issued by the State of Israel. r lt) h1Nr : til i l. 1 1 1i. 1 sL' 1nA 1' fc l l l l L l t C r 7.7 ?. 7!1 1 lt l 1 l d D. The Board of Trustees shall not invest more than twenty percent (20 %) of its assets at cost in real estate. E. The Board of Trustees may retain in cash and keep unproductive of income such amount of the Plan as it may deem advisable, having regard for the cash requirements of the Plan. F. No person or entity shall be liable for the making, retention or sale of any investment or reinvestment made as herein provided, nor for any loss or diminishment of the Fund, except that due to his or its own negligence, willful misconduct or lack of good faith. G. The Board may cause any investment in securities held by it to be registered in or transferred into its name as Trustee or into the name of such nominee as it may direct, or it may retain them unregistered and in form permitting transferability, but the books and records shall at all times show that all investments are part of the Trust Fund. H. The Board is empowered, but is not required, to vote upon any stocks, bonds, or securities of any corporation, association, or trust and to give general or specific proxies or powers of attorney with or without power of substitution; to participate in mergers, reorganizations, recapitalizations, consolidations, and similar transactions with respect to such securities; to deposit such stock or other securities in any voting trust or any protective or like committee with the Trustees or with depositories designated thereby; to amortize or fail to Page 9 of53 Pages  amortize any part or all of the premium or discount resulting from the acquisition or disposition of assets; and generally to exercise any of the powers of an owner with respect to stocks, bonds, or other investments comprising the Plan which it may deem to be to the best interest of the Plan to exercise. The Board shall not be required to make any inventory or appraisal or report to any court, nor to secure any order of court for the exercise of any power contained herein. J. Where any action which the Board is required to take or any duty or function which it is required to perform either under the terms herein or under the general law applicable to it as Trustee under this Ordinance, can reasonably be taken or performed only after receipt by it from a Member, the City, or any other entity, of specific information, certification, direction or instructions, the Board shall be free of liability in failing to take such action or perform such duty or function until such information, certification, direction or instruction has been received by it. K. Any overpayments or underpayments from the Plan to a Member or beneficiary caused by errors of computation shall be adjusted with interest at a rate per annum approved by the Board. Overpayment shall be charged against payments next succeeding the correction. Underpayments shall be made up from the Trust Fund. L. The Board shall sustain no liability whatsoever for the sufficiency of the Plan to meet the payments and benefits herein provided for. M. In any application to or proceeding or action in the courts, only the Board shall be a necessary party, and no Member or other person having an interest in the Plan shall be entitled to any notice or service of process. Any judgment entered in such a proceeding or action shall be conclusive upon all persons. N. Any of the foregoing powers and functions reposed in the Board may be performed or carried out by the Board through duly authorized Agents, provided that the Board at all times maintains continuous supervision over the acts of any such Agent; provided further, that legal title to said Plan shall always remain in the Board of Trustees. SECTION 5. CONTRIBUTIONS. 1. Member Contributions. A. Amount. Members of the Pension Plan shall be required to make regular contributions to the Plan in the amount of six and six- tenths percent (6. 6 %) of his salary. Member contributions withheld by the City on behalf of the Member shall be deposited with the Board ofTrustees immediately following each pay period. The contributions made by each Member to the Plan shall be designated as Employer contributions pursuant to § 414(h) of the -hxterna Reventie 6ode of i986 the Code. Such designation is contingent upon the contributions being excluded from the Members' gross income for Federal Page 10 of53 Pages  Income Tax purposes. For all other purposes of the Plan, such contributions shall be considered to be Member contributions. B. Method. Such contributions shall be made by payroll deduction. C. Interest. Interest shall be credited to Member contributions at the rate of three percent (3 %) per annum. 2. 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 Firefighters of the City shall be deposited In the Trust Fund comprising part of this Plan immediately and under no circumstances more than five (5) days after receipt by the City. 3. City Contributions. So long as this Plan is in effect, the City shall make quarterly contributions to the Trust Fund in an amount equal to the differermeh. each year, between the total aggregate Meti contributions for the year, plus state colib H- utions' 4 the required City contribution, as shown by the most applicable actuarial valuation of the Plan,. determined in accordance with Part VII, of Chapter 112, Florida Statutes and the applicable regulations.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 over not more than a thirty (30) year period. 4. Other. Private donations, gifts and contributions may be deposited to the Plan, but such deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from these sources may be used only for additional benefits for Members, as determined.by the Board, and may not