§ 2-88.3. Administration of the retirement plan.

(a)

The sole and exclusive administration of, and the responsibility for, the proper effective operation of the retirement plan and for making the provisions of this part is vested in a board.

(b)

The board of trustees shall consist of five (5) persons. Three (3) persons shall be elected from among the membership of the plan. One (1) person shall be appointed by the city manager and one (1) person shall be appointed by the city commission. The board members appointed by the city manager and the city commission shall be either active members of the plan or retirees of the plan. Two (2) of the elected board members shall be active members of the plan and one (1) elected board member shall be either a retiree or an active member. Neither the city manager or a member of the city commission shall serve as a trustee.

(c)

All trustees shall serve a term of four (4) years. If a vacancy shall occur prior to the expiration of a member's term, a replacement member shall be chosen in the same manner as the person who has left office. A replacement trustee shall serve a full term measured from the date of replacement. All trustees shall serve until their replacements are selected. Notwithstanding the foregoing, effective May 1, 2015, the terms of office of two (2) of the trustees who are elected by the membership, and the trustee appointed by the city commission, shall be extended for two (2) years after their respective terms expire in 2015. The terms of office of the trustees affected by this provision will then come up for election, or appointment, in 2017, whereupon they will serve a four-year term of office.

(d)

The board shall prescribe a uniform election procedure for the selection of the active member trustees.

(e)

All trustees shall serve without compensation, but they shall be reimbursed from the fund for all necessary expenses authorized by the board. The board shall be permitted to prescribe uniform rules for reimbursement for travel expenditures. Board members shall receive a ten dollar ($10.00) per diem for meetings.

(f)

The board shall annually select a chairman and a secretary who shall execute all documents on behalf of the board.

(g)

A majority of the members of the board shall constitute a quorum for the transaction of business and shall have full power to act under the terms of the plan. Three (3) concurring votes shall be required of the board to take action.

(h)

The board shall keep minutes of all meetings and a record of any action taken by the board shall be kept in written form and maintained by the board.

(i)

The board shall have the authority to make such uniform rules and regulations and to take such action as may be necessary to carry out the provisions of the plan and all decisions of the board, made in good faith, shall be final, binding and conclusive on all parties.

(j)

The board shall be deemed the named fiduciary of the plan and shall discharge its responsibilities solely in the interest of the members and beneficiaries of the plan for the exclusive purpose of providing benefits to the members and their beneficiaries and to defray the reasonable expenses of the plan. The trustees shall exercise those fiduciary responsibilities with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a similar character and with similar aims.

(k)

The board shall have the following administrative duties:

(1)

To maintain such records as are necessary for calculating and distributing retirement benefits;

(2)

To maintain such records as are necessary for financial accounting and reporting of retirement plan funds;

(3)

To maintain such records as are necessary for actuarial evaluation of the retirement plan, including investigations into the mortality, service and compensation experience of its members and beneficiaries;

(4)

To compile such other administrative or investment information as is necessary for the management of the retirement plan;

(5)

To process, certify and/or respond to all correspondence, bills and statements received by the retirement plan, as well as all applications submitted to the board for retirement benefits;

(6)

To establish and maintain communication with city departments and other agencies of government as is necessary for the management of the retirement plan, including preparing, filing and distributing such reports and information as are required by law to be prepared, filed or distributed on behalf of the retirement plan;

(7)

To determine all questions relating to and process all applications for eligibility, participation and benefits;

(8)

To distribute at regular intervals to employees, a comprehensive summary plan description and periodic reports regarding the financial and actuarial status of the plan;

(9)

To retain and compensate such professional and technical experience as is necessary to fulfill its fiduciary responsibilities;

(10)

To make recommendations regarding changes in the provisions of the plan;

(11)

To assure the prompt deposit of all member contributions, city contributions, and investment earnings;

(12)

To establish a uniform set of rules and regulations for the management of the trust;

(13)

To take such other action as the trustees shall deem, in their sole and exclusive discretion, as being necessary for the efficient management of the plan.

(l)

The board shall have the authority to retain its own legal counsel, accountants, actuaries and other professional advisors to assist the board in the performance of its duties. The board may act without independent investigation upon the professional advice of the advisors so retained. The board may retain the services of a third party administrator or it may contract with the city for such services.

(m)

The board is authorized to prosecute or defend actions, claims or proceedings of any nature or kind for the protection of the fund assets or for the protection of the board in the performance of its duties.

(n)

Neither the board nor any of its individual members shall have any personal liability for any action taken in good faith. The trustees individually and the board as a whole shall be entitled to the protections in F.S. § 768.28. The trustees shall also be authorized to purchase from the assets of the fund, errors and omission insurance to protect the trustees in the performance of their duties. Such insurance shall not provide protection against a trustee's fraud, intentional misrepresentation, willful misconduct or gross negligence.

(o)

No trustee shall be responsible at his or her own expense, to take legal action to correct the misconduct of any other member of the board. A trustee shall have an affirmative obligation, however, to publicly reveal any misfeasance, malfeasance or nonfeasance by a co-trustee, and upon making such revelation in a public meeting, shall be relieved further individual responsibility of the actions of that co-trustee.

(Ord. No. 02O-09-165, § 1, 12-9-02; Ord. No. 09O-09-148, § 1, 9-29-09; Ord. No. 15O-09-145, § 1, 10-26-2015; Ord. No. 18O-01-102, § 1, 1-29-2018)