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

0 N a) CL O Bonds issued by the State of Israel. UL UL s C a) M 0 4" h M CO rI L l•. 1+1.[\ r. L NO" T V D. The Board ofTrustees shall not invest more than twenty percent (20 %) of its C o c assets at cost in real estate. L O 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. T r F. No person or entity shall be liable for the making, retention or sale of any M Go 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, O willful misconduct or lack of good faith. a G. The Board may cause any investment in securities held by it to be registered E in or transferred into its name as Trustee or into the name of such nominee s 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 aC 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  1' f.1. a 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. 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 cv other of specific information, certification, direction or FL any entity, instructions, the Board shall be free of liability in failing to take such action o or perform such duty or function until such information, certification, N direction or instruction has been received by it. d a UL U. 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 T r- persons. ti N. Any of the foregoing powers and functions reposed in the Board may be M co performed or carried out by the Board through duly authorized Agents, provided that the Board at all times maintains continuous supervision over 0 the acts of any such Agent; provided further, that legal title to said Plan shall always remain in the Board of Trustees. a E SECTION 5. CONTRIBUTIONS. s 1. Member Contributions. Q 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 fnternal Reventic eode 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 fiinding 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 c more than five (5) days after receipt by the City. M a c 3. City Contributions. 0 as So long as this Plan is in effect, the City shall make quarterly contributions to the a Trust Fund in an amount equal to , between ffie total aggregate Met UL contributions for the year, plus state contributions for such year, and the total cost f6r the year, the required City contribution, as shown by the 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 be used to reduce what would have otherwise been required City r- contributions. v n SECTION iS. BENEFIT AMOUNTS AND ELIGIBILITY. M