§ 12-17. Board of trustees—Plan administrator.

(a)

The board shall be the plan administrator and as such shall be charged with the general administration and responsibility for the proper operation of the retirement plan and fund and for making effective the provisions of this article. The board shall consist of five (5) voting members as follows:

(1)

Two (2) employees as designated by the city manager.

(2)

One (1) city commission member to be appointed by the city commission, the tenure as a board member to be the lessor of two (2) years or the period of time remaining to fulfill such commission member's term of office. Any commission member so appointed may serve successive terms as a board member if so designated and selected by the city commission.

(3)

Two (2) general employees, who are actively employed participants of this plan to be elected by the retired and actively employed general employees who are participants in this plan, at times and places designated by the board. At such time as there are less than ten (10) but more than five (5) members who remain actively employed, the general employee representative shall consist of at least one (1) active employee and may include one (1) retired member. When the number of members remaining actively employed equal five (5) or fewer, one (1) or both general employee representatives on the board may be either actively employed or retired members. The employee representatives shall be elected at-large by all members. Their tenure as board members will be four (4) years, except at the first election, one (1) general employee will be elected for one (1) year and the other for a two (2) year term. Any general employee so elected may serve successive terms as a board member.

(4)

The board shall select from amongst its members who shall serve as chair. The chair shall serve in such capacity for a tenure of one (1) year. A trustee so elected to the position of chair may serve successive terms as chair.

(b)

If a vacancy occurs in the office of trustees, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

(c)

The trustees shall serve without compensation, but they may be reimbursed from the fund for all necessary expenses which they may actually expend through service on the board.

(d)

Each trustee shall, within ten (10) days after appointment or election, take an oath of office before the city clerk to diligently and honestly administer the affairs of the board, and will not knowingly violate or permit to be violated any of the provisions of law applicable to the plan. Such oath shall be subscribed to by two (2) members of the board and certified by the said clerk and filed in the office of the city clerk.

(e)

Each trustee shall be entitled to one (1) vote on the board. Three (3) affirmative votes shall be necessary for a decision by the trustees at any meeting of the board.

(f)

Subject to the limitations of this article, the board shall from time to time establish uniform rules and regulations for the administration of the plan and fund.

(g)

The board shall engage such actuarial and other services as shall be required to transact the business of the plan. The compensation of all persons engaged by the board and all other expenses of the board necessary for the operation of the retirement plan shall be paid at such rates and in such amounts as the board shall authorize. Funds may be disbursed by the city finance department or other disbursing agent as authorized by the board, but only upon written authorization by the board.

(h)

The duties and responsibilities of the board shall include but not necessarily be limited to the following:

(1)

To construe the provisions of the plan and determine all questions arising thereunder.

(2)

To determine all questions relating to eligibility and participation.

(3)

To determine or have determined and certified the amount of all retirement allowances or other benefits.

(4)

To receive and process all applications for participation and benefits and, where necessary, conduct hearings thereon.

(5)

To authorize all payments from the fund, and to notify the disbursing agent, in writing, or approve benefit payments and other expenditures arising through operation of the plan and fund.

(6)

To make recommendations to the city commission regarding changes in the provisions of the plan.

(7)

To review reports of and have meetings with the custodian and investment agent(s) or advisor(s); to require written reports from the custodian on fund assets and transactions on a semiannual or more frequent basis if deemed advisable by the board; to require written and oral reports from the investment agent or advisors on at-least a semi-annual basis, such reports to reflect fund investment performance, investment recommendation and overall review of fund investment policies.

(8)

To determine or have determined that the retirement plan complies at all times with the provisions of Florida law and including the following:

a.

Have prepared annually and distributed to all members a plan description which contains pertinent financial and actuarial information, and

b.

Assure that member contributions are deposited into the trust fund at least monthly and city contributions at least quarterly.

c.

Assure that all regular and special actuarial reports are filed with the Florida Division of Retirement within sixty (60) days of receipt.

d.

Have actuarial valuations performed on a regular basis. Have special actuarial work performed so as to determine the cost of any plan changes or amendments.

e.

Establish a uniform procedure for prompt review and re-hearing of all claims by members or beneficiaries.

(9)

To maintain a minute book containing the minutes and record of the proceedings and meetings of the board.

(i)

Board members; standards of responsibility. Board members, in the performance of their duties, must conform and act pursuant to the documents and instruments establishing and governing the plan. Members shall carry out their duties with the care, skill, prudence and diligence under the circumstances then prevailing which a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and like aims.

(Ord. No. 2001-105, § 1, 4-3-01; Ord. No. 2004-113, § 2, 9-7-04; Ord. No. 2005-108, § 4, 4-19-05; Ord. No. 2011-103, § 2, 7-19-11; Ord. No. 2018-109, § 2, 11-14-18)