§ 13-14. Board of trustees—Plan administration.

(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 plan and fund and for making effective the provisions of this chapter. The board shall consist of five (5) voting members as follows:

(1)

Two (2) legal residents of the city, to be selected by the city commission, the tenure as a board member to be two (2) years unless replaced sooner by the city commission at whose pleasure they shall serve. However, the term of office for each legal resident appointed on or after April 20, 2010 shall be four (4) years unless replaced sooner by the city commission at whose pleasure they shall serve. Any legal resident so selected may serve successive terms as a board member if so designated and selected by the city commission.

(2)

Two (2) police officers, who are actively employed as full time law enforcement officers, including DROP members, to be elected by a majority of the actively employed full time law enforcement officers at times and places designated by the board. Their tenure as board members shall be two (2) years, unless they sooner leave employment of the city as a police officer, whereupon the city commission shall choose a successor in the same manner as an original appointment. However, the term of office for each police officer elected on or after April 20, 2010 shall be four (4) years, unless they sooner leave employment of the city as a police officer, whereupon the city commission shall choose a successor in the same manner as the original appointment. Each police officer may succeed himself in office.

(3)

The fifth member shall be chosen by a majority of the previous four (4) members, and such persons name shall be submitted to the city commission for appointment to the board for a two (2) year term. However, the term of office for such member appointed on or after April 20, 2010 shall be four (4) years. Such member may serve successive terms as a board member.

(4)

The board shall meet, organize and elect members as chairman, vice chairman and secretary, within ten (10) days after the trustees are duly qualified.

(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 of the city, to diligently and honestly administer the affairs of the said 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 the board members and certified by the said clerk and filed in the office of the city clerk.

(e)

Each trustee shall be entitled to one 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 chapter, the board shall from time to time establish uniform rules and regulations for the administration of the plan and fund created by this chapter and for the transaction of its business.

(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 plan shall be paid at such rates and in such amounts as the board shall agree. Funds may be disbursed by the city's department of financial management or other disbursing agent as determined 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 hereunder.

(4)

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

(5)

To authorize all payments whatsoever 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 basis or more frequently basis if deemed advisable by the board; to require written and oral reports from the investment agents or advisors on at least a semi-annual basis, such reports to reflect fund investment, performance, investment recommendations 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 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 cost of any plan changes or amendments;

e.

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

(9)

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

(10)

The board shall meet at least quarterly each year.

(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. Members are subject to the fiduciary standards in F.S. §§ 112.656, 112.661, and 518.11, and the Code of Ethics in F.S. §§ 112.311—112.3187.

(Ord. No. 94-153, § 1, 12-6-94; Ord. No. 2006-100, § 3, 4-18-06; Ord. No. 2010-104, § 4 4-20-10; Ord. No. 2017-104, § 2, 5-17-17)