Fort Walton Beach Council agenda — 02-08-11 regular — reading text

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 Municipality, acting in a ministerial capacity only, who shall be liable in the same manner and to FL C the same extent as he is liable for the safekeeping of Funds for the Municipality. However, any 0 Funds and securities so deposited with the Finance Director of the Municipality shall be kept in a C separate fund by the Finance Director or clearly identified as such fiinds and securities of the City as a of Fort Walton Beach Municipal Firefighters' Pension Trust Fund. In lieu thereof, the Board of UL Trustees shall deposit the Funds and securities of the City of Fort Walton Beach Municipal LL Firefighters' Pension Trust Fund in a qualified public depository as defined in § 280. 02, Florida c a Statutes, which depository with regard to such Funds and securities shall conform to and be bound E by all of the provisions of Chapter 280, Florida Statutes. In order to fulfill its investment M 0 responsibilities as set forth herein, the Board may retain the services of a custodian bank, an investment advisor registered under Investment Advisors Act of 1940 or otherwise exempt from ti M ao such required registration, an insurance company, or a combination of these, for the purposes of investment decisions and management. Such investment manager shall have discretion, subject to a any guidelines as prescribed by the Board, in the investment of all Plan assets. c c 4. F3 All funds and securities of the Plan may be commingled in the Plan, provided that L- 0 accurate records are maintained at all times reflecting the financial composition of the Plan, including accurate current accounts and entries as regards the following: A. Current amounts of Accumulated Contributions of Members on both an individual and aggregate account basis, and M CO r B. Receipts and disbursements, and a O C. Benefit payments, and c CD E D. Current amounts clearly reflecting all monies, funds and assets whatsoever t v attributable to contributions and deposits from the City, and a 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  11. 1. a ffivestment Powers and ikuth ". 16. 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 c shall not be required to segregate or invest separately any portion of the Fund. a 0 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 a D shall be limited to: U. U. 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, emmningled ffinds administered by Nationaf or State ti M 00 r IlLVJ IMAMIJ11111114 ELVIIIIIIIIIJI t i i i i L r • O lip 0) E IN L v Q 1•/••• • Stocks, commingled funds, mutual fiends 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 fiend 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. C 5) Real Estate. M FL C