Fort Walton Beach Council agenda — 02-22-11 regular — reading text

acceptance of the terms and conditions of the Pension a c Plan, including an initialing of any declaration of ineligibility for disability 0 benefits,, and, N c as a B. Designation of a beneficiary or beneficiaries, and, C. A certified statement as to prior medical history. D. A written release permitting the Board to obtain and distribute all medical records to the Board Members, its attorney, and any medical professionals retained by the Board. For purposes of all benefits hereunder, membership shall be considered to have been in effect from date of employment, even though officially accepted and approved by the Board at a later date. 3. Change in Designation of Beneficiary T IRr A Member may from time to time change his designated beneficiary by written notice to the Board upon forms provided by the Board. Upon such change the rights of all previously r- designated beneficiaries to receive any benefits under the Plan shall cease. M CO r SECTION 3. BOARD OF TRUSTEES. O 1. The sole and exclusive administration of and responsibility for the proper operation a of the retirement Plan and for making effective the provisions of this ordinance are hereby vested E in a Board of Trustees consisting of five (5) Trustees, two of whom, unless otherwise prohibited by v law, shall be legal residents of the Municipality, who shall be appointed by the Fort Walton Beach City Council, and two of whom shall be full -time Firefighter Members of the Plan, who shall be Q elected by a majority of the Firefighters who are Members of the Plan. The fifth trustee shall be chosen by a majority of the previous four trustees as provided for herein, and such person's name shall be submitted to the Fort Walton Beach City Council. Upon receipt of the fifth person's name, the Fort Walton Beach City Council shall, as a ministerial duty, appoint such person to the Board of Trustees as its fifth trustee. The fifth trustee shall serve a two ( 2) year term and have the same rights as each of the other four trustees appointed or elected as herein provided and may succeed himself in office. Each resident trustee shall serve as Trustee for a period of two ( 2) years, unless sooner replaced by the Fort Walton Beach City Council at whose pleasure he shall serve, and may succeed himself as a Trustee. Each Firefighter trustee shall serve as Trustee for a period of two (2) years, unless he sooner leaves the employment of the City as a Firefighter or his position as Trustee, Page 5 of53 Pages whereupon his successor shall be chosen in the same manner as the departing Member. Each Firefighter may succeed himself in office. The Board of Trustees shall meet at least quarterly each year. Each Board of Trustees shall be a legal entity with, in addition to other powers and responsibilities contained herein, the power to bring and defend lawsuits of every kind, nature, and description. 2. The Trustees shall by a majority vote elect a chairman and a secretary. The secretary of the Board shall keep a complete minute book of the actions, proceedings, or hearings of the Board. The Trustees shall not receive any compensation as such, but may receive expenses and per diem as provided by law. 3. Each Trustee shall be entitled to one vote on the Board. Three affirmative votes shall be necessary for any decision by the Trustees at any meeting of the Board. A Trustee shall have the right to abstain from voting as the result of a conflict of interest provided he complies with the provisions of Section 112. 3143, Florida Statutes. 4. The Board of Trustees shall engage such actuarial, accounting, legal, and other services as shall be required to transact the business of the Pension Plan. The compensation of all persons engaged by the Board of Trustees and all other expenses of the Board necessary for the operation of the Pension Plan shall be paid from the Plan at such rates and in such amounts as the Board of Trustees shall agree. 5. The duties and responsibilities of the Board of Trustees shall include, but not necessarily be limited by, the following: A. To construe the provisions of the Plan and determine all questions arising thereunder. B. To determine all questions relating to eligibility and participation. C. To determine and certify the amount of all retirement allowances or other benefits hereunder. D. To establish uniform rules and procedures to be followed for administrative ti purposes, benefit applications and all matters required to administer the Plan. M co r E. To distribute to Members at regular intervals information concerning the O Plan. c a F. To receive and process all applications for participation and benefits. E s G. To authorize all payments whatsoever from the Plan, and to notify the disbursing agent, in writing, of approved benefit payments and other a expenditures arising through operation of the Plan. H. To have performed actuarial studies and at least biennial valuations, and make recommendations regarding any and all changes in the provisions of the Plan. I. To perform such other duties as are specified in this Ordinance. 6. The Board shall be independent of the City to the extent required to accomplish the intent, requirements, and responsibilities provided for by law. Page 6 of53 Pages  SECTION 4. FINANCES AND FUND MANAGEMENT Establishment and Operation of Fund. 1. As part ofthe Plan there is hereby established the Fund, into which shall be deposited all of the contributions and assets whatsoever attributable to the Plan, including the assets of the prior City of Fort Walton Beach Municipal Firefighters' Retirement Fund. 2. The actual custody and supervision of the Plan (and assets thereof) shall be vested in the Board of Trustees. Payment of benefits and disbursements from the Plan shall be made by the disbursing agent but only upon written authorization from the Board. 3. All Funds and securities of the City of Fort Walton Beach Municipal Firefighters' c Pension Trust Fund may be deposited by the Board of Trustees with the Finance Director of the a Municipality, acting in a ministerial capacity only, who shall be liable in the same manner and to the same extent as he is liable for the safekeeping of Funds for the Municipality. However, any 0 N Funds and securities so deposited with the Finance Director of the Municipality shall be kept in a as separate fund by the Finance Director or clearly identified as such fiinds and securities of the City a of Fort Walton Beach Municipal Firefighters' Pension Trust Fund. In lieu thereof, the Board of U. U. Trustees shall deposit the Funds and securities of the City of Fort Walton Beach Municipal 0 Firefighters' Pension Trust Fund in a qualified public depository as defined in § 280. 02, Florida a Statutes, which depository with regard to such Funds and securities shall conform to and be bound M by all of the provisions of Chapter 280, Florida Statutes. In order to fulfill its investment 0 responsibilities as set forth herein, the Board may retain the services of a custodian bank, an r- investment advisor registered under Investment Advisors Act of 1940 or otherwise exempt from M CO such required registration, an insurance company, or a combination of these, for the purposes of as investment decisions and management. Such investment manager shall have discretion, subject to any guidelines as prescribed by the Board, in the investment of all Plan assets. a c 4. All funds and securities of the Plan may be commingled in the Plan, provided that L O accurate records are maintained at all times reflecting the financial composition of the Plan, Ir- including accurate current accounts and entries as regards the following: A. Current amounts of Accumulated Contributions of Members on both an ti individual and aggregate account basis, and M 00 r B. Receipts and disbursements, and O C. Benefit payments, and