Fort Walton Beach Ordinance — 2113--Amend COO CH 2.07 General Employees' Retirement Plan Committee Investment Authorization — reading text

READING DATE 1st 2nd 1 ORDINANCE 2113 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA; PROVIDING FOR AUTHORITY; AMENDING CHAPTERS 2. 07. 03 AND 2. 07.05 OF THE CODE OF ORDINANCES TO AUTHORIZE THE PENSION ADVISORY COMMITTEE TO MAKE INVESTMENT DECISIONS BASED UPON RECOMMENDATIONS BY THE CITY OF FORT WALTON BEACH' S INVESTMENT CONSULTANT; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE WHEREAS, administration of the City of Fort Walton Beach General Employees' Retirement Plan, including investment decisions, is presently vested in the City Council under Ordinances of the City of Fort Walton Beach and; WHEREAS, the City of Fort Walton Beach City Council finds that it would be in the best interest of the citizens of the City and the members of the General Employees' Retirement Plan to transfer authority to the Pension Advisory Committee; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA, AS FOLLOWS: SECTION 1: That the General Employees' Retirement Plan is hereby amended as follows: CHAPTER 2 — ADMINISTRATION SECTION 2. 07. 03. ESTABLISHMENT OF PENSION ADVISORY COMMITTEE; ELECTION; TERM; VACANCY; DUTIES. 2. 07. 03. - Establishment of pension advisory committee; election; term; vacancy; duties. a) There shall be a pension advisory committee made up of five ( 5) persons appointed by the City manager. Four (4) members of the committee shall be active Plan members, no two ( 2) of whom shall be employed in the same division. The fifth member shall be the plan administrator. Committee members shall serve four ( 4) year, staggered terms, and may succeed themselves. If a committee member resigns, retires or terminates employment, their successor shall be appointed by the City manager to serve the remainder of their term. An appointed committee member shall not serve more than two ( 2) consecutive terms. b) Members of the advisory committee shall serve without additional compensation beyond that earned in their respective capacities as regular employees of the City, except when a member is required to travel in the course of meeting the responsibilities enumerated in this plan, they shall be paid reimbursement for travel expenses and per diem according to the policy established by the City for payment of such expenses to employees of the City. c) The Committee shall perform the following functions and duties:  1) Fully acquaint itself with full details of the benefit and administrative provisions of the pension fund. 2) Serve as liaison between trustees, Plan administrator and members to promote the exchange of information concerning the fund. 3) Review all applications for disability benefits and supporting documentation, and render a decision granting or denying the application. 4) Make all investment decisions related to fund assets in accordance with the laws of the State of Florida. Perform other functions and duties as directed by the Pension Advisory Committee of trustees. d) The advisory committee may not engage in transactions prohibited under Internal Revenue Code, Section 503( b). CHAPTER 2 -ADMINISTRATION SECTION 2. 07.05. DEPOSIT AND INVESTMENT OF MONIES AND SECURITIES. 2. 07. 05. - Deposit and investment of monies and securities. All monies paid into or held in the fund shall be invested and reinvested by the beard pension advisory committee and the investment of all or any part of such funds shall be subject to the following: 1) Notwithstanding any limitation in prior city ordinances to the contrary, all monies paid into or held in the fund may be invested and reinvested in such securities, investment vehicles or property wherever situated and of whatever kind, as shall be approved by the beard pension advisory committee, including but not limited to common or preferred stocks, bonds, and other evidence of indebtedness or ownership. However, the Beard- advisory committee shall be permitted to invest 215. 47 and shall be only in those investments set forth in F. S. § limited to the investment restrictions provided for therein. 2) The beard pension advisory committee shall develop and adopt a written investment policy statement setting forth permissible types of investments, goals and objectives of investments and setting quality and quantity limitations on investments in accordance with the recommendations of its investment consultants. The investment policy statement shall be reviewed by the beard pension advisory committee at least annually.  3) In addition, the beam pension advisory committee may, upon recommendation by the board' s pension advisorycommittee' s investment consultant, make investments in group trusts meeting the requirements of Internal Revenue Service Revenue Ruling 81- 100 and Revenue Ruling 2011- 1 or successor rulings or guidance of similar import, and operated or maintained exclusively for the commingling and collective investment of monies, provided that the funds in the group trust consist exclusively of trust assets held under plans qualified under Section 401( a) of the Code, individual retirement accounts that are exempt under Section 408( e) of the Code, eligible governmental plans that meet the requirements of Section 457( b) of the Code, and governmental plans under [ Section] 401( a)( 24) of the Code. For this purpose, a trust includes a custodial account that is treated as a trust under Section 401( f) or under Section 457( g)( 3) of the Code. While any portion of the assets of the fund are invested in such a group trust, such group trust is itself adopted as a part of the system or plan. SECTION 2: Specific authority is hereby granted to codify and incorporate this Ordinance in the existing Code of Ordinances of the City of Fort Walton Beach. SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed. SECTION 4: If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 5: That this Ordinance shall become effective upon its adoption. 12 Adopted: Nlar#-k Iu, a0 a, 3 A. Rynearson, Mayor Attest: Approved for form, n-oa' Kim . Barnes, City Clerk Additions are underlined;