HomeMy WebLinkAboutAgenda GEPB 0215111.
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AGENDA
CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEES’ PENSION FUND
Tuesday February 15,11;86AM
CITY COUNCIL CHAMgERS 101 3 0
CALL TO ORDER
PLEDGE OF ALLEGIANCE
ROLL CALL:
Allan Owens
Mary Anderson-Pickle
Dindial Laljie
ADDITIONS, DELETIONS, MODIFICATIONS
APPROVAL OF MINUTES
a. August 17,2010
OLD BUSINESS
NEW BUSINESS
a. Review of Adoption Agreement
b. Review of Quarterly Investment Report, October 1,2010 through
December 31,2010
COMMENTS BY PUBLIC
COMMENTS BY THE BOARD
X. ADJORNMENT
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CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEE PENSION BOARD
REGULAR MEETING
AUGUST 17,2010
I. CALL TO ORDER
The meeting was called to order at 11 :00 a.m. by Finance Administrator Allan Owens.
11. PLEDGE OF ALLEGIANCE
111. ROLLCALL
PRESENT: Finance Administrator, Chair Allan Owens; Deputy Finance Administrator,
City Manager Designee Mary Anderson-Pickle.
ABSENT: None.
ALSO PRESENT: Florida League of Cities Florida Municipal Pension Trust Fund
(FMPTF) Retirement Services Manager Paul Shamoun; Dindial Laljie.
None.
V. APPOINTMENT OF TRUSTEE
Maw Anderson-Pickle nominated plan merqber Dindial Laliie as trustee.
Allan Owens seconded.
Motion passed 2-0.
VI. APPROVAL OF MINUTES
Maw Anderson-Pickle made a motion for approval of the August 10, 2009 and
January 28,2010 minutes.
Dindial Laliie seconded.
Motion passed 3-0.
VII. OLD BUSINESS
None.
VIII. NEWBU ss
a.
Paul Shamoun presented the fund update.
b.
Discussion ensued. A special meeting will be held in October, date to be determined.
c. Discussion of legal services.
Maw Anderson-Pickle made a‘ motion to terminate the services of Attorney Scott
Christiansen and hire attorney Jim Linn of the law firm Lewis, Longman & Walker on
an “as needed” basis.
Dindial Laliie seconded.
Motion passed 3-0.
IX. COMMENTS BY PUBLIC
None.
X. COMMENTS BY BOARD
None.
IV. ADDITIONS, DELETIONS, MODIFYCATLOAS
Update by Florida Municipal Pension Trust Fund.
Discussion of Florida Municipal Pension Trust Fund model plan document.
(The remainder of this page intentionally left blank.)
GENERAL EMPLOYEE PENSION BOARD
08. 17- 1 0
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XI. ADJOURNMENT
Dindial Laliie made a motion to adjourn.
Mary Anderson-Pickle seconded.
Motion passed 3-0.
The meeting adjourned at 1 1 :3 1 a.m.
The next regularly scheduled meeting will be held at a date to be determined.
APPROVED
Allan Owens, Finance Administrator
~ ~ ~~ ~ ~~
Mary Anderson-Pickle, City Manager Designee
Dindial Laljie, Trustee
ATTEST
Donna M. Cannon
Municipal Services Coordinator
Note: These minutes are prepared in compliance with 286.01 1 F.S. and are not verbatim
transcripts of the meeting. A verbatim audio record is available from the Office of the City
Clerk. All referenced attachments on file in the Office of the City Clerk.
GENERAL EMPLOYEE PENSION BOARD
08. 17.10
Page 2
FLORIDA MUNICIPAL PENSION TRUST FUND
DEFINED BENEFIT PLAN AND TRUST
ADOPTION AGREEMENT
The undersigned employer adopts the Florida Municipal Pension Trust Fund Defined Benefit Plan and
Trust for those Employees who shall qualify as Participants hereunder, to be known as the City of Palm
Beach Gardens General Employees’ Pension Plan. It shall be effective as of the date specified below.
The Employer hereby selects the following Plan specifications:
EMPLOYER INFORMATION
Employer:
Contact Name and Title:
Address:
Telephone:
NAME AND ADDRESS OF TRUSTEE:
Florida Municipal Pension Trust Fund
301 South Bronough , P.O. Box 1757
Tallahassee, FL 32302-1757
TEL: (850) 222-9684 Fax: (850)222-3806
Citv of Palm Beach Gardens
Allan Owens, Finance Director
LOCATION OF EMPLOYERS PRINCIPAL OFFICE:
The Employer is located in the State of Florida and this Trust shall be enforced and construed under the
laws of the State of Florida.
EMPLOYER FISCAL YEAR:
Twelve months commencing on October 1st and ending on September 30th.
A. PLAN INFORMATION
This Adoption Agreement shall establish a Plan and Trust with the following provisions:
AI) Effective Date:
Effective Date: Februaw 6, 1997
A2) Plan Year (12 consecutive months): Beginning October 1 and ending September 30
A3) Plan Anniversary Date (Annual Valuation Date): October 1
B.
C.
D.
E.
City of Palm Beach Gardens General Employees' Pension Plan
ADOPTION AGREEMENT
Name of Plan Administrator:
Florida League of Cities, Inc.
Post Office Box 1757
Tallahassee, Florida 32302-1 757
Tel: (850) 222-9684 Fax: (850) 222-3806
Florida Municipal Pension Trust Fund I.D. Number:
59-2961 075
Plan's Agent for Leaal Process:
PLAN
The Plan represents the General Employees of the City of Palm Beach Gardens:
ELIGIBILITY
All general employees who are members of the system as of the effective date shall remain
members of the system. All general employees who are not members of the system as of the
effective date, and all future new general employees, including reemployed retirees, shall be
ineligible to become members of this system.
SALARY
Salary means the total compensation for services rendered to the city, reportable on the
member's W-2 form, plus all tax deferred, tax sheltered or tax exempt items of income derived
from elective employee payroll deductions or salary reductions. Compensation in excess of
limitations set forth in Section 401 (a)(l7) of the Code shall be disregarded. The limitation on
compensation for an "eligible employee" shall not be less than the amount which was allowed
to be taken into account hereunder as in effect on July 1, 1993. "Eligible employee" is an
individual who was a member before the first plan year beginning after December 31, 1995.
CREDITED SERVlC E
Means the total number of years and fractional parts of years of service as a general employee
with member contributions, when required, omitting intervening years or completed months
when such member was not employed by the city as a general employee. A member may
voluntarily leave his accumulated contributions in the fund for a period of five years after
leaving the employ of the city pending the possibility of being rehired, and remaining employed
for a period of not less than three years, without losing credit for the time that he was a
member of the system. If a member who is not vested does not remain employed for a period
of three years upon reemployment within five years, then his accumulated contributions, if
$1,000.00 or less, will be returned. If a member who is not vested is not reemployed within five
years, his accumulated contributions, if more than $1,000.00 will be returned only upon the
written request of the member and upon completion of a written election to receive a cash
lump sum or to rollover the lump sum amount on forms designated by the board. If a vested
member leaves the employ of the city, his accumulated contributions will be returned only upon
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City of Palm Beach Gardens General Employees' Pension Plan
ADOPTION AGREEMENT
his written request. Upon return of his accumulated contributions, all of his rights and benefits
under the system are forfeited and terminated.
Unless otherwise prohibited by law, the years or fractional parts of years that a general
employee who was previously a member, but who terminated employment and is not
otherwise entitled to credited service for such previous period of employment as a general
employee, or the years or fractional parts of years that a member previously served as an
employee for any governmental agency in the United States, including but not limited to
federal, state or local government service, and for which he does not otherwise qualify for and
receive credit under this system, shall be added to his years of credited service provided that:
(1) The member contributes to the fund the sum that he would have contributed had he
been a member of the system for the years or fractional parts of years for which he is
requesting credit plus amounts actuarially determined such that the crediting of service
does not result in any cost to the fund plus payment of costs for all professional services
rendered to the board in connection with the purchase of years of credited service.
(2) Multiple requests to purchase credited service pursuant to this section may be made at
any time prior to retirement.
(3) Payment by the member of the required amount shall be made within six months of his
or her request for credit, but, in any event, prior to retirement, and shall be made in one
lump sum payment upon receipt of which credited service shall be given.
(4) There shall be no maximum purchase of credited service pursuant to this section and
credited service purchased shall count for all purposes including vesting, except that
credited service purchased for prior government service other than with the City of Palm
Beach Gardens shall not count toward vesting.
(5) In no event, however, may credited service be purchased pursuant to this section for
prior service with any other governmental agency, if such prior service forms or will form
the basis of a retirement benefit or pension from a different employer's retirement system
or plan.
FINAL MONTHLY COMPENSATION
One-twelfth of the highest average earnings during the three best years of creditable service out
of the last five years of credited service prior to separation as an active member or the career
average, whichever is greater.
BENEFIT AMOUNTS AND ELIGIBILITY (Section 6)
GI) Normal Retirement Date (Section 6.0f):
A members normal retirement date shall be the first day of the month coincident with, or
next following attainment of age sixty-two (62) regardless of years of credited service,
provided the participant is vested at the time of termination of employment. Members
reaching their Normal Retirement Date shall become one-hundred percent (I 00%) vested
in their accrued benefit.
G2) Normal Retirement Benefit (Section 6.02):
The monthly retirement benefit shall be equal to the number of years of credited service
multiplied by two and one-half percent (2.5)% and multiplied by average final monthly
compensation.
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City of Palm Beach Gardens General Employees' Pension Plan
ADOPTION AGREEMENT
G3) Early Retirement Date (Section 6.03):
A member may retire on his early retirement date which shall be the first day of any
month coincident with or next following the later of the attainment of age fifty-five (55) and
the completion of ten (IO) years of credited service.
The amount of the accrued benefit will be reduced by one fifteenth for each of the first
five years and one-thirtieth for each of the next five years by which the commencement
of benefits precedes the date which would have been the member's normal retirement
date had he continued employment as a general employee.
G4) Early Retirement Benefit (Section 6.04):
H. DISABILITY BENEFITS (Section 8)
(a) Disability benefits. Any member who shall become totally and permanently disabled to the
extent that he is unable, by reason of a medically determinable physical or mental impairment,
to render useful and efficient service as a general employee in his current position or in
another position that the city makes available to him, shall, upon establishing the same to the
satisfaction of the board, be entitled to a monthly pension equal to two and one-half percent of
his average final compensation multiplied by his total years of credited service. Terminated
persons, either vested or non-vested, are not eligible for disability benefits, except that those
terminated by the city for medical reasons may apply for a disability within 30 days after
termination.
(b) Conditions disqualifying disability benefifs. Each member who is claiming disability benefits
shall establish, to the satisfaction of the board, that such disability was not occasioned
primarily by:
(1) Excessive or habitual use of any drugs, intoxicants or narcotics.
(2) Injury or disease sustained while willfully and illegally participating in fights, riots or
civil insurrections.
(3) Injury or disease sustained while committing a crime.
(4) Injury or disease sustained while serving in any branch of the Armed Forces.
(5) Injury or disease sustained after his employment as a general employee with the
city shall have terminated.
(6) Willful, wanton or intentional misconduct or gross negligence of the member.
(7) Injury or disease sustained by the member while working for anyone other than the
city and arising out of such employment.
(8) A condition preexisting the general employee's membership in the system. No
member shall be entitled to a disability pension because of or due to the aggravation of
a specific injury, impairment or other medical condition pre-existing at the time of
membership in the system, provided that such pre-existing condition and its
relationship to a later injury, impairment or other medical condition be established by
competent substantial evidence. Nothing herein shall be construed to preclude a
disability pension to a member who, after membership in the system, suffers an injury,
impairment or other medical condition different from some other injury, impairment, or
other medical condition existing at or prior to said membership.
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City of Palm Beach Gardens General Employees' Pension Plan
ADOPTION AGREEMENT
(c) Physical examination requirement. A member shall not become eligible for disability
benefits until and unless he undergoes a physical examination by a qualified physician or
physicians and/or surgeon or surgeons, who shall be selected by the board for that purpose.
The board shall not select the member's treating physician or surgeon for this purpose except
in an unusual case where the board determines that it would be reasonable and prudent to do
so.
Any retiree receiving disability benefits under provisions of this article may be required by the
board to submit sworn statements of his condition accompanied by a physician's statement
(provided at the retiree's expense) to the board annually and may be required to undergo
additional periodic re-examinations by a qualified physician or physicians and/or surgeon or
surgeons who shall be selected by the board, to determine if such disability has ceased to
exist. If the board finds that the retiree is no longer permanently and totally disabled to the
extent that he is unable to render useful and efficient service as a general employee, the board
shall recommend to the city that the retiree be returned to performance of duty as a general
employee, and the retiree so returned shall enjoy the same rights that member had at the time
he was placed upon pension. In the event the retiree so ordered to return shall refuse to
comply with the order within 30 days from the issuance thereof, he shall forfeit the right to his
pension.
The cost of the physical examination and/or re-examination of the member claiming or the
retiree receiving disability benefits shall be borne by the fund. All other reasonable costs as
determined by the board incident to the physical examination, such as, but not limited to,
transportation, meals and hotel accommodations, shall be borne by the fund.
If the retiree recovers from disability and reenters the service of the city as a general
employee, his service will be deemed to have been continuous, but the period beginning with
the first month for which he received a disability retirement income payment and ending with
the date he reentered the service of the city will not be considered as credited service for the
purposes of the system.
The board shall have the power and authority to make the final decisions regarding all
disability claims.
(d) Disability payments. The monthly benefit to which a member is entitled in the event of the
member's disability retirement shall be payable on the first day of the first month after the
board determines such entitlement. However, the monthly retirement income shall be payable
as of the date the board determined such entitlement, and any portion due for a partial month
shall be paid together with the first payment. The last payment will be:
(1) If the retiree recovers from the disability prior to his normal retirement date, the
payment due next preceding the date of such recovery, or
(2) If the retiree dies without recovering from disability or attains his normal retirement
date while still disabled, the payment due next preceding his death or the 120th
monthly payment, whichever is later. Provided, however, the disability retiree may
select, at any time prior to the date on which benefit payments begin, an optional form
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I City of Palm Beach Gardens General Employees' Pension Plan
ADOPTION AGREEMENT
of benefit payment as allowed by the plan, which shall be the actuarial equivalent of the
normal form of benefit.
1. DEATH BENEFITS
11) Death Prior to Vesting
If a member dies prior to retirement, and he is not vested, his beneficiary shall receive a
refund of one hundred percent (100%) of the members accumulated contributions
12) Death After Vesting
If a member dies prior to retirement, but he is vested, his beneficiary shall receive:
(1) If the member was vested, but not eligible for normal or early retirement, the
beneficiary shall receive a benefit payable for ten years, beginning on the date that the
deceased member would have been eligible for early or normal retirement, at the
option of the beneficiary. The benefit shall be calculated as for normal retirement based
on the deceased member's vested percentage, credited service and average final
compensation as of the date of his death and reduced as for early retirement, if
applicable. The beneficiary may also elect to receive an immediate benefit, payable for
ten years, which is actuarially reduced to reflect the commencement of benefits prior to
the early retirement date.
(2) If the deceased member was eligible for normal or early retirement, the beneficiary
shall receive a benefit payable for ten years, beginning on the first day of the month
following the member's death or at the deceased member's otherwise normal or early
retirement date, at the option of the beneficiary. The benefit shall be calculated as for
normal retirement based on the deceased member's credited service and average final
compensation as of the date of his death and reduced as for early retirement, if
a pp I ica ble.
(3) A beneficiary may elect an optional form of benefit as provided for in section 3-135
and the board may elect to make a lump sum payment pursuant to section 3-
135,subsection (9).
(4) A beneficiary may, in lieu of any benefit provided for in (1) or (2) above, elect to
receive a refund of the deceased member's accumulated contributions.
J. TERMINATION OF EMPLOYMENT AND VESTING
If a member's employment is terminated either voluntarily or involuntary, the following
benefits are payable: (Enter the number of years of vesting)
1) If the member has less than five (5) years of credited service upon termination the
member shall be entitled to a refund of the money he has contributed or the member
may leave it deposited with the Fund.
2) If the member has five (5) or more years of credited service upon termination the
member shall be entitled to their accrued monthly retirement benefit, starting at the
member's otherwise normal or early retirement date, provided he does not elect to
withdraw his contributions and provided he survives to his normal or early retirement
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City of Palm Beach Gardens General Employees’ Pension Plan
ADOPTION AGREEMENT
date. Every member who has attained his normal retirement date shall be fully
vested in his accrued retirement benefit regardless of his credited service. Except as
otherwise provided herein, each member not otherwise fully vested shall have a
minimum vested interest in the amount of his accrued benefit equal to the
percentage thereof, as hereinafter indicated, applicable to the number of his years of
credited service:
Years of Credited Service
04
5
6
7
8
9
10
Vested Interest in Accrued Benefit (percent)
0%
25%
40%
55%
70%
85%
100%
EM PLOY E E CONTRl BUT1 ONS (Section 5.01);
Members of the Plan shall be required to make regular contributions to the Fund in the amount of
six percent (6%) of their salary as defined in the plan on a pre-tax basis.
COST OF LIVING ADJUSTMENT ( Not applicable)
DEFERRED RETIREMENT OPTION PROGRAM-“DROP” (Not applicable)
BOARD OF TRUSTEES
The board shall consist of three trustees: one of whom shall be a member of the system, a
retiree or, if a member or retiree is unwilling or unable to serve, the human resources director
or hidher designee; one of whom shall be the city manager or hidher designee; and one of
whom shall be the finance administrator or hidher designee. The board shall meet at least
semi-annually each year.
7
City of Palm Beach Gardens General Employees’ Pension Plan
ADOPTION AGREEMENT
This Adoption Agreement shall be used only in conjunction with the Basic Plan Document.
This Adoption Agreement and the Basic Plan Document shall together be known as the Florida
Municipal Pension Trust Fund Defined Benefit Plan and Trust.
The Adoption Agreement and the Basic Defined Benefit Plan Document are furnished
for the consideration of the Employer and its legal and financial advisors. The Florida
Municipal Pension Trust Fund advises the sponsoring Employer to consult with its own
attorney and financial advisors on the legal and tax implications of the Defined Benefit
Plan and the Adoption Agreement. Nothing herein should be construed as constituting
legal or tax advice.
We understand that the Employer may amend any election in this Adoption Agreement by giving the
Trustee written notification of such Amendment as adopted.
The Employer hereby agrees to the provisions of the Plan and Trust
IN WITNESS WHEREOF, the Employer and Trustee hereby cause this Agreement to be executed on
the day of ’ 20-.
EMPLOYER:
(Name of Employer)
By: Date:
Date:
(Name of Trustee)
Date:
(Name of Trustee)
8
6 3-122 PALM BEACH GARDENS CODE
Secs. 3-122-3-126. Reserved.
ARTICLE XII. GENERAL EMPLOYEES' PENSION PLAN @B)*
Sec. 3-126. Definitions.
(a) As used herein, unless otherwise defined or required by the context, the following words
and phrases shall have the meaning indicated
Accumulated contributions means a member's own contributions with interest at the rate
of six percent per annum. For those members who purchase credited service with interest
or at no cost to the system, any payment representing the amount attributable to member
contributions based on the applicable member contribution rate, and any payment repre-
senting interest and any required actuarially calculated payments for the purchase of such
credited service, shall be included in accumulated contributions without the crediting of
interest of six percent per annum.
Actuurial equivalent means a benefit or amount of equal value, based upon the 1983
Group Annuity Mortality Table and an interest rate of eight percent per annum.
Df the average salary of the three best
consecutive years of the last five years of credited s.ervice prior to retirement, termination,
or death, or the career average as a full-time general employee, whichever is greater. A year
shall be 12 consecutive months.
Average final compensation means one-tw
Beneficiary means the person or persons entitled to receive benefits hereunder at the
death of a member who has or have been designated in writing by the member and filed with
the board. If no such designation is in effect, or if no person so designated is living, at the
time of death of the member, the beneficiary shall be the estate of the member.
Board means the board of trustees, which shall administer and manage the system
herein provided and serve as trustees of the fund.
City means City of Palm Beach Gardens, Florida.
Code means the Internal Revenue Code of 1986: as amended from time to time.
Credited service means the total number of yearri and fractional parts of years of service
as a general employee with member contibution:3, when required, omitting intervening
years or completed months when such member was not employed by the city as a general
employee. A member may voluntarily leave his accumulated contributions in the fund for a
period of five years after leaving the employ of the city pending the possibility of being
rehired, and remaining employed for a period of n13t less than three years, without losing
credit for the time that he was a member of the sys;em. If a member who is not vested does
not remain employed for a period of three years upon reemployment within five years, then
*Editor's note-Ord. No. 11-2004, 0 1, adopted April 15, 2004, amended art. XII in its
entirety to read as herein set out. Formerly, said artic1.e pertained to similar subject matter as
enacted by Ord. No. 25-1996, $8 1-26, adopted Feb. 6, 1997.
Supp. No. 21 CD3:6
PERSONNEL PROGRAM 3 3-126
his accumulated contributions, if $1,000.00 or less, will be returned. If a member who is not
vested is not reemployed within five years, his accumulated contributions, if more than
$1,000.00 will be returned only upon the written request of the member and upon completion
of a written election to receive a cash lump sum or to rollover the lump sum amount on forms
designated by the board. If a vested member leaves the employ of the city, his accumulated
contributions will be returned only upon his writtcn request. Upon return of his accumulated
contributions, all of his rights and benefits under the system are forfeited and terminated.
Effective date means February 6, 1997.
Fund means the trust fund established herein as part of the system.
General employee means any actively employed person in the regular full-time service of
the city, including those in their initial probationary employment period, but not including
certified police officers and certified firefighters employed by the city.
Member means an actively employed general employee who fulfills the prescribed
membership requirements. Benefit improvements which, in the past, have been provided
for by amendments to the system adopted by city ordinance, and any benefit improvements
which might be made in the future shall apply prospectively and shall not apply to members
who terminate employment or who retire prior to the effective date of any ordinance
adopting such benefit improvements, unless such ordinance specifically provides to the
contrary.
Plan year means the 12-month period beginning October 1 and ending September 30 of
the following year.
Retiree means a member who has entered retirement status.
Retirement means a member's separation from city employment with eligibility for
immediate receipt of benefits under the system.
Salary means the total compensation for services rendered to the city, reportable on the
member's W-2 form, plus all tax deferred, tax sheltered or tax exempt items of income
derived from elective employee payroll deductions or salary reductions. Compensation in
excess of limitations set forth in Section 401 (aI(17) of the Code shall be disregarded. The
limitation on compensation for an "eligible employee" shall not be less than the amount
which was allowed to be taken into account hereunder as in effect on July 1,1993. "Eligiblc:
employee" is an individual who was a member before the first plan year beginning after
December 31, 1995.
Spouse means the lawful wife or husband of a member or retiree at the time benefits
become payable.
System means the City of Palm Beach Gardens General Employees' Pension Plan (DB) as
contained herein and all amendments thereto.
(b) Masculine gendeer. The masculine gender, where used herein, unless the context
specifically requires otherwise, shall include both the feminine and masculine genders.
(Ord. No. 11-2004, 3 1, 4-15-04; Ord. No. 3, 2007, Q 1, 2-15-07)
Supp. No. 24 CD3:7
Q 3-127 PALM BEACH GARDENS CODE
Sec. 3-127. Membership.
All general employees who are members of the system as of the effective date shall remain
members of the system. All general employees who are not members of the system as of the
effective date, and all future new general employees, including reemployed retirees, shall be
ineligible to become members of this system.
(Ord. No. 11-2004, 3 1, 4-15-04; Ord. No. 3, 2007, 3 2, 2-15-07)
Sec. 3-128. Board of trustees.
(a) The sole and exclusive administration of and responsibility for the proper operation of
the system and for making effective the provisions of this article are hereby vested in a board
of trustees. The board is hereby designated as the plan administrator. The board shall consist
of three trustees: one of whom shall be a member of the system, a retiree or, if a member or
retiree is unwilling or unable to serve, the human resources director or hisher designee; one
of whom shall be the city manager or hisher designee; and one of whom shall be the finance
administrator or hisher designee. The board shall meet at least semi-annually each year. The
board shall be a legal entity with, in addition to other powers and responsibilities contained
herein, the power to bring and defend lawsuits of every kind, nature, and description.
(b) The trustees shall, by a majority vote, elect a chairman and a vice-chairmadsecretary.
The secretary of the board shall keep a complete minute book of the actions, proceedings, or
hearings of the board. The trustees shall not receive any compensation as such, but may
receive expenses and per diem as provided by law.
(c) Each trustee shall be entitled to one vote on the board. Two affirmative votes shall be
necessary for any decision by the trustees at any meeting of the board. Atrustee shall have the
right to abstain from voting as the result of a conflict of interest provided that trustee complies
with the provisions of F.S. 0 112.3143.
(d) The board shall engage such actuarial, accounting, legal, and other services as shall be
required to transact the business of the system. The board is authorized to enter into a contract
with the Florida Municipal Pension Trust Fund for administration and investment manage-
ment services. The compensation of all persons engaged by the board and all other expenses
of the board necessary for the operation of the system shall be paid from the fund at such rates
and in such amounts as the board shall agree. In the event the board chooses to use the city's
legal counsel, actuary or other professional, technical or other advisors, it shall do so only
under terms and conditions acceptable to the board.
(e) The duties and responsibilities of the board shall include, but not necessarily be limited
to, the following:
(1) To construe the provisions of the system and determine all questions arising thereun-
der.
(2) To determine all questions relating to eligibility and membership.
Supp. No. 24 CD3:8
PERSONNEL PROGRAM (i 3-129
(3) To determine and certify the amount of all retirement allowances or other benefits
hereunder.
(4) To establish uniform rules and procedures to be followed for administrative purposes,
benefit applications and all matters required to administer the system.
To distribute to members, at regular intervals, information concerning the system. (5)
(6)
(7)
To receive and process all applications for benefits.
To authorize all payments whatsoever from the fund, and to notify the disbursing
agent, in writing, of approved benefit payments and other expenditures arising
through operation of the system and fund.
To have performed actuarial studies and valuations at least as often as required by
law, and make recommendations regarding any and all changes in thc provisions of the
system.
(8)
(9) To perform such other duties as are required to prudently administer the system.
(Ord. No. 11-2004, fj 1, 4-15-04; Ord. No. 6, 2008, Q 1, 4-17-08; Ord. No. 40, 2009, (i 1, 1-7-10)
See. 3-129. Finances and fund management.
Establishment and operation of fund.
(a) As part of the system, there is hereby established the hd, into which shall be
deposited all of the contributions and assets whatsoever attributable to the system,
including the assets of the prior retirement plan for general employees of the city,
including the assets from any previous group annuity contract.
The actual custody and supervision of the fund (and assets thereof) shall be vested in
the board. Payment of benefits and disbursements from the fund shall be made by the
disbursing agent but only upon written authorization from the board.
All funds of the general employees' pension plan (DB) may be deposited by the board
with the finance administrator of the city, acting in a ministerial capacity only, who
shall be liable in the same manner and to the same extent as he is liable for the
safekeeping of funds for the city. However, any funds so deposited with the finance
administrator of the city shall be kept in a separate fund by the finance administrator
or clearly identified as such funds of the general employees' pension plan (DB). In lieu
thereof, the board shall deposit the funds of the general employees' pension plan (DB)
in a qualified public depository as defined in F.S. Q 280.02, which depository with
regard to such funds shall conform to and be bound by all of the provisions of F.S. ch.
280. In order to fulfill its investment responsibilities as set forth herein, the board may
retain the services of a custodian bank, an investment advisor registered under tho
Investment Advisors Act of 1940 or otherwise exempt from such required registration,
an insurance company, the Florida Municipal Pension Trust Fund, or a combination of
(b)
(c)
Supp. No. 24 CD3:9
0 3-129 PALM BEACH GARDENS CODE
these, for the purposes of investment decisions and management. Such investment
manager shall have discretion, subject to any guidelines as prescribed by the board, in
the investment of all hnd assets.
All funds and securities of the system may be commingled in the fund, provided that
accurate records are maintained at all times reflecting the financial composition of the
fund, including accurate current accounts and entries as regards the following:
(1)
(d)
Current amounts of accumulated contributions of members on both an individual
and aggregate account basis;
(2) Receipts and disbursements;
(3) Benefit payments;
(4) Current amounts clearly reflecting all monies, funds and assets whatsoever
attributable to contributions and deposits from the city;
All interest, dividends and gains (or losses) whatsoever; and
Such other entries as may be properly required so as to reflect a clear and
complete financial report of the fund.
(5)
(6)
(e) An audit shall be performed annually by a certified public accountant for the most
recent fiscal year of the system 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.
The board shall have the following investment powers and authority:
(1)
(0
The board shall be vested with full legal title to the assets of the plan, subject,
however, and in any event to the authority and power of the city council to amend
or terminate this system, provided that no amendment or system termination
shall ever result in the use of any assets of this fund except for the payment of
regular expenses and benefits under this system, except as otherwise provided
herein. All contributions from time to time paid into the fund, and the income
thereof, without distinction between principal and income, shall be held and
administered by the board or its agent in the fund and the board shall not be
required to segregate or invest separately any portion of the fund.
All monies paid into or held in the fund shall be invested and reinvested by the
board and the investment of all or any part of such funds shall be limited to:
a. Annuity and life insurance contracts with life insurance companies in
amounts sufficient to provide, in whole or in part, the benefits to which all
of the members in the fund shall be entitled under the provisions of this
system and pay the initial and subsequent premium thereon.
Time or savings accounts of a national bank, a state bank insured by the
Bank Insurance Fund or a savingshuilding and loan association insured by
(2)
b.
Supp. No. 24 CD3: 10
PERSONNEL PROGRAM 8 3-129
the Savings Association Insurance Fund which is administered by the
Federal Deposit Insurance Corporation or a state or federal chartered credit
union whose share accounts are insured by the National Credit Union Share
Insurance Fund.
Obligations of the United States or obligations guaranteed as to principal
and interest by the government of the United States or by an agency of the
government of the United States.
Individual bonds, stocks and comniingled or mutual funds.
Open-end, noncommission bank or insurance company real estate fund with
ability to liquidate every three months.
c.
d.
e.
f. Foreign securities.
The board shall not invest more than five percent 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 of the
outstanding capital stock of that company; nor shall the aggregate of its
investments in common stock, capital stock and convertible securities at cost
exceed 65 percent of the assets of the fund.
(4) The board shall not invest more than five percent at cost of its assets in open-end,
noncommission bank or insurance company real estate funds.
(5) At least once every three years, and more often as determined by the board, the
board shall retain a professionally qualified independent consultant to evaluate
the performance of all current investment managers and make recommendations
regarding the retention of all such investment managers. These recommenda-
tions shall be considered by the board at its next regularly scheduled mceting.
The board may retain in cash and keep unproductive of income such amount of
the fund as it may deem advisable, having regard for the cash requirements of the
system.
Neither the board nor any trustee shall be liable for the making, retention or sale
of any 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, willful
misconduct or lack of good faith.
The board may cause any investment securities held by it to be registered in or
transferred into its name as trustee or into the name of such nominee 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 investments are part of
the fund.
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 trans-
(3)
(6)
(7)
(8)
(9)
Supp. No. 24 CD3:ll
6 3-129 PALM BEACH GARDENS CODE
actions 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 fall to 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 fund which it may deem to be to the
best interest of the fund to exercise.
(10) 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.
(11) 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 article, can reasonably be taken or
performed only after receipt by it from a member, the city, or any other entity, of
specific information, certification, direction or instructions, the board shall be
free of liability in falling to take such action or perform such duty or function until
such information, certification, direction or instruction has been received by it.
(12) Any overpayments or underpayments from the fund to a member, retiree or
beneficiary caused by errors of computation shall be adjusted with interest at a
rate per annum approved by the board in such a manner that the actuarial
equivalent of the benefit to which the member, retiree or beneficiary was correctly
entitled, shall be paid. Overpayments shall be charged against payments next
succeeding the correction or collected in another manner if prudent. Underpay-
ments shall be made up from the fund in a prudent manner.
(13) The board shall sustain no liability whatsoever for the sufficiency of the fund to
meet the payments and benefits herein provided for.
(14) 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 fund
shall be entitled to any notice or service of process. Any judgment entered in such
a proceeding or action shall be conclusive upon all persons.
(15) Any of the foregoing powers and functions reposed in the board may be performed
or carried out by the board through duly authorized agents, provided that the
board at all times maintains continuous supervision over the acts of any such
agent; provided further, that legal title to said fund shall always remain in the
board.
(Ord. No. 11-2004, 9 1, 4-15-04; Ord. No. 40, 2009, 0 2, 1-7-10)
Sec. 3-130. Contributions.
(a) Member contributions.
(1) Amount. Each member of the system shall be required to make regular contributions
to the fund in the amount of six percent of his salary. Member contributions withheld
Supp. No. 24 CD3:12
PERSONNEL PROGRAM 3 3-131
by the city on behalf of the member shall be deposited with the board at least monthly.
The contributions made by each member to the fund shall be designated as employer
contributions pursuant to Section 414(h) of the Code. Such designation is contingent
upon the contributions being excluded from the members' gross income for federal
income tax purposes. For all other purposes of the system, such contributions shall be
considered to be member contributions.
(2) Method. Such contributions shall be made by payroll deduction.
(b) City contributions. So long as this system is in effect, the city shall make quarterly
contributions to the fund in an amount equal to the difference in each year, between the total
aggregate member contributions for the year, and the total cost for the year, as shown by the
most recent actuarial valuation of the system. 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 as provided in Part VII, F.S. ch. 112.
(c) Other. Private donations, gifts and contributions may be deposited to the fund, 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 contributions.
(Ord. No. 11-2004, 4 1, 4-15-04)
Sec. 3-131. Benefit amounts and eligibility.
(a) Normal retirement date. A member's normal retirement date shall be the first day of the
month coincident with or next following attainment of age 62, regardless of years of credited
service.
A member may retire on his normal retirement date or on the first day of any month
thereafter, and each member shall become 100 percent vested in his accrued benefit on the
member's normal retirement date. Normal retirement under the system is retirement from
the city on or after the normal retirement date.
(b) Normal retirement benefit. A member retiring hereunder on or after his normal
retirement date shall receive a monthly benefit which shall commence on the first day of the
month next following his retirement and be continued thereafter during member's lifetime and
ceasing upon death, but with 120 monthly payments guaranteed in any event. The monthly
retirement benefit shall equal two and one-half percent of average final compensation for each
year of credited service.
(c) Early retirement date. A member may retire on his early retirement date which shall be
the first day of any month coincident with or next following the attainment of age 55 and the
completion of ten years of credited service. Early retirement under the system is retirement
from employment with the city on or after the early retirement date and prior to the normal
retirement date.
Supp. No. 24 CD3:13
3 3-131 PALM BEACH GARDENS CODE
(d) Early retirement benefit. A member retiring hereunder on his early retirement date may
receive either a deferred or an immediate monthly retirement benefit payable in the same form
as for normal retirement as follows:
Adeferred monthly retirement benefit which shall commence on what would have been
his normal retirement date had he continued employment as a general employee and
shall be continued on the first day of each month thereafter. The amount of each such
deferred monthly retirement benefit shall be determined in the same manner as for
retirement on his normal retirement date except that credited service and average
ion shall be determined as of his early retirement date; or
An immediate monthly retirement benefit which shall commence on his early retire-
ment date and shall be continued on the first day of each month thereafter. The benefit
payable shall be as determined in paragraph (1) above, reduced by one-fifteenth for
each of the first five years and one-thirtieth for each of the next five years by which the
commencement of benefits precedes the date which would have been the member's
normal retirement date had he continued employment as a general employee.
(Ord. No. 11-2004, 0 1, 4-15-04)
Sec. 3-132. Pre-retirement death.
(a) Prior to vesting or eligibility for retirement. The beneficiary of a deceased, actively
employed member who was not receiving benefits or was not yet vested or eligible for early or
normal retirement shall receive a refund of 100 percent of the member's accumulated
contributions.
(b) Deceased members vested or eligible for retirement. The beneficiary of any member who
dies while actively employed and who, at the date of his death was vested or eligible for early
or normal retirement, shall be entitled to a benefit as follows:
(1) If the member was vested, but not eligible for normal or early retirement, the
beneficiary shall receive a benefit payable for ten years, beginning on the date that the
deceased member would have been eligible for early or normal retirement, at the
option of the beneficiary. The benefit shall be calculated as for normal retirement based
on the deceased member's vested percentage, credited service and average final
compensation as of the date of his death and reduced as for early retirement, if
Supp. No. 24 CD3:14
PERSONNEL PROGRAM 5 3-133
applicable. The beneficiary may also elect to receive an immediate benefit, payable for
ten years, which is actuarially reduced to reflect the commencement of benefits prior
to the early retirement date.
If the deceased member was eligible for normal or early retirement, the beneficiary
shall receive a benefit payable for ten years, beginning on the first day of the month
following the member's death or at the deceased member's otherwise normal or early
retirement date, at the option of the beneficim. The benefit shall be calculated as for
normal retirement based on the deceased member's credited service and average final
compensation as of the date of his death and reduced as for early retirement, if
applicable.
A beneficiary may elect an optional form of benefit as provided for in section 3-135 and
the board may elect to make a lump sum payment pursuant to section 3-135,
subsection (g).
(4) A beneficiary may, in lieu of any benefit provided for in (1) or (2) above, elect to receive
a refund of the deceased member's accumulated contributions.
(2)
(3)
(Ord. No. 11-2004, 0 1, 4-15-04)
Sec. 3-133. Disability,
(a) Disability benefits. Any member who shall become totally and permanently disabled to
the extent that he is unable, by reason of a medically determinable physical or mental
impairment, to render useful and efficient service as a general employee in his current position
or in another position that the city makes available to him, shall, upon establishing the same
to the satisfaction of the board, be entitled to a monthly pension equal to two and one-half
percent of his average hal compensation multiplied by his total years of credited service.
Terminated persons, either vested or non-vested, are not eligible for disability benefits, except
that those terminated by the city for medical reasons may apply for a disability within 30 days
after termination.
(b) Conditions disqualifying disability benefits. Each member who is claiming disability
benefits shall establish, to the satisfaction of the board, that such disability was not occasioned
primarily by:
(1)
(2)
Excessive or habitual use of any drugs, intoxicants or narcotics.
Injury or disease sustained while wilWy and illegally participating in fights, riots or
civil insurrections.
Injury or disease sustained while committing a crime.
Injury or disease sustained while serving in any branch of the Armed Forces.
Injury or disease sustained after his employment as a general employee with the city
shall have terminated.
Willful, wanton or intentional misconduct or gross negligence of the member.
(3)
(4)
(6)
(6)
Supp. No. 16 CD3:15
3-133 PALM BEACH GARDENS CODE
Injury or disease sustained by the member while working for anyone other than the
city and arising out of such employment.
A condition preexisting the general employee's membership in the system. No member
shall be entitled to a disability pension because of or due to the aggravation of a specific
injury, impairment or other medical condition pre-existing at the time of membership
in the system, provided that such pre-existing condition and its relationship to a later
injury, impai
evidence. Nothing herein shall be construed to preclude a disability pension to a
member who, after membership in the system, suffers an injury, impairment or other
medical condition different from some other injury, impairment, or other medical
condition existing at or prior to said membership.
or other medical condition be established by compete
(c) Physical examination requirement. A member shall not become eligible for disability
benefits until and unless he undergoes a physical examination by a qualified physician or
physicians andlor surgeon or surgeons, who shall be selected by the board for that purpose.
The board shall not select the member's treating ician or surgeon for this purpose except
in an unusual case where the board determines that it would be reasonable and prudent to do
so.
Any retiree receiving disability benefits under provisions of this article may be required by
the board to submit sworn statements of his condition accompanied by a physician's
statement (provided at the retiree's expense) to the board annually and may be required to
undergo additional periodic re-examinations by a qualified physician or physicians and/or
surgeon or surgeons who shall be selected by the board, to determine if such disability has
ceased to exist. If the board finds that the retiree is no longer permanently and totally
disabled to the extent that he is unable to render useful and efficient service as a general
employee, the board shall recommend to the city that the retiree be returned to performance
of duty as a general employee, and the retiree so returned shall enjoy the same rights that
member had at the time he was placed upon pension. In the event the retiree so ordered to
return shall refuse to comply with the order within 30 days from the issuance thereof, he
shall forfeit the right to his pension.
The cost of the physical examination and/or re-examination of the member claiming or the
retiree receiving disability benefits shall be borne by the fund. All other reasonable costs as
determined by the board incident to the physical examination, such as, but not limited to,
transportation, meals and hotel accommodations, shall be borne by the fund.
If the retiree recovers from disability and reenters the service of the city as a general
employee, his service will be deemed to have been continuous, but the period beginning with
the first month for which he received a disability retirement income payment and ending
with the date he reentered the service of the city will not be considered as credited service
for the purposes of the system.
The board shall have the power and authority to make the final decisions regarding all
disability claims.
Supp. No. 16 CD3:16
PERSONNEL PROGRAM 4 3-134
(d) Disability payments. The monthly benefit to which a member is entitled in the event of
the member's disability retirement shall be payable on the first day of the first month after the
board determines such entitlement. However, the monthly retirement income shall be payable
as ofthe date the board determined such entitlement, and any portion due for a partial month
shall be paid together with the first payment. The last payment will be:
If the retiree recovers from the disability prior to his normal retirement date, the
payment due next preceding the date of such recovery, or
If the retiree dies without recovering from disability or attains his normal retirement
date while still disabled, the payment due next preceding his death or the 120th
monthly payment, whichever is later.
Provided, however, the disability retiree may select, at any time prior to the date on
which benefit payments begin, an optional form of benefit payment as described in
section 3-135, subsection (a)(l) or (a)@), which shall be the actuarial equivalent of the
normal form of benefit.
(e) Benefit offset. When a member is receiving a disability pension, workers' compensation
benefits pursuant to F.S., Chapter 440, Social Security benefits or any other salary continu-
ation program provided by the city, for the same disability, and the total monthly benefits
received from all sources (but considering only 60 percent of Social Security benefits as an
offset) exceed 100 percent of the member's final monthly salary, excluding overtime, the
disability pension benefit shall be reduced so that the total monthly amount received by the
member does not exceed 100 percent of such salary. The amount of any lump sum workers'
compensation payment shall be converted to an equivalent monthly benefit payable for ten
years certain by dividing the lump sum amount by 83.9692.
(Ord. No. 11-2004, 0 1,4-15-04)
(1)
(2)
Sec. 3-134. Vesting.
If a member terminates his employment as a general employee, either voluntarily or by
discharge, and is not eligible for any other benefits under this system, the member shall be
entitled to the following:
If the member has less than five years credited service upon termination, the member
shall be entitled to a refund of his accumulated contributions or the member may leave
it deposited with the fund.
Every member who has attained his normal retirement date shall be fully vested in his
accrued retirement benefit regardless of his credited service. Except as otherwise
provided herein, each member not otherwise fully vested shall have a minimum vested
interest in the amount of his accrued benefit equal to the percentage thereof, as
hereinafter indicated, applicable to the number of his years of credited service:
(1)
(2)
Supp. No. 21 CD3:17
9 3-134
Years of Credited Service
M
PALM BEACH GARDENS CODE
(percent)
0
I I Eested Interest in Accrued Benefit I
8
9
10
70
85
100
-- I
15 I 25 I
(3)
(Ord. No. 11-2004, 0 1, 4-16-04)
Sec. 3-135. Optional forms of benefits.
(a) In lieu of the amount and form of retirement income payable in the event of normal or
early retirement as specified herein, a member, upon written request to the board, may elect
to receive a retirement income or benefit of equivalent actuarial value payable in accordance
with one of the following options:
A retirement income of a monthly amount payable to the member for his lifetime only.
A retirement income of a modified monthly amount, payable to the member during the
lifetime of the member and following the death of the member, 100 percent, 75 percent,
66Y3 percent or 50 percent of such monthly amount payable to a joint pensioner for his
lifetime. Except where the retiree's joint pensioner is his spouse, the payments to the
joint pensioner as a percentage of the payments to the retiree shall not exceed the
applicable percentage provided for in the applicable table in the treasury regulations.
If a member retires prior to the time at which social security benefits are payable, he
may elect to receive an increased retirement benefit until such time as social security
40 I
Supp. No. 21 CD3:18
PERSONNEL PROGRAM § 3-136
benefits shall be assumed to commence and a reduced benefit thereafter in order to
provide, to as great an extent as possible, a more level retirement allowance during the
entire period of retirement. The amounts payable shall be as recommended by the
actuaries for the system, based upon the social security law in effect at the time of the
member's retirement.
(b) The member, upon electing any option of this section, will designate the joint pensioner
(subsection (a)(2) above) or beneficiary (or beneficiaries) to receive the benefit, if any, payable
under the system in the event of member's death, and will have the power to change such
designation fiom time to time. Such designation will name a joint pensioner or one or more
primary beneficiaries where applicable. If a member has elected an option with a joint
pensioner or beneficiary and member's retirement income benefits have commenced, the
member may thereafter change his designated beneficiary at any time, but may only change
his joint pensioner if the designated joint pensioner and the member were married at the time
of member's retirement and are divorced subsequent thereto and the joint pensioner is alive at
the time of the change; provided however, in no event may a member change his or her
designated joint pensioner more than twice.
(c) The consent of a member's or retiree's joint pensioner or beneficiary to any such change
shall not be required. The rights of all previously-designated beneficiaries to receive benefits
under the system shall thereupon cease.
(d) Upon change of a retiree's joint pensioner in accordance with this section, the amount
of the retirement income payable to the retiree shall be actuarially determined to take into
account the age and sex of the former joint pensioner, the new joint pensioner and the retiree.
Any such retiree shall pay the actuarial recalculation expenses. Each request for a change will
be made in writing on a form prepared by the board and on completion will be filed with the
board. In the event that no designated beneficiary survives the retiree, such benefits as are
payable in the event of the death of the retiree subsequent to his retirement shall be paid as
provided in section 3-136.
(e) Retirement income payments shall be made under the option elected in accordance with
the provisions of this section and shall be subject to the following limitations:
(1) If a member dies prior to his normal retirement date or early retirement date,
whichever first occurs, no retirement benefit will be payable under the option to any
person, but the benefits, if any, will be determined under section 3-132.
If the designated beneficiary (or beneficiaries) or joint pensioner dies before the
member's retirement under the system, the option elected will be canceled automati-
cally and a retirement income of the normal form and amount will be payable to the
member upon his retirement as if the election had not been made, unless a new
election is made in accordance with the provisions of this section or a new beneficiary
is designated by the member prior to his retirement,
If both the retiree and the beneficiary (or beneficiaries) designated by member or
retiree die before the full payment has been effected under any option providing for
(2)
(3)
Supp. No. 21 CD3:19
0 3-135 PALM BEACH GARDENS CODE
payments for a period certain and life thereafter, made pursuant to the provisions of
subsection (a), the board may, in its discretion, direct that the commuted value of the
remaining payments be paid in a lump sum and in accordance with section 3-131.
If a member continues beyond his normal retirement date pursuant to the provisions
of section 3-131, subsection (a), and dies prior to his actual retirement and while an
option made pursuant to the provisions of this section is in effect, monthly retirement
income payments will be made, or a retirement benefit will be paid, under the option
to a beneficiary (or beneficiaries) designated by the member in the amount or amounts
computed as if the member had retired under the option on the date on which his death
occurred.
(4)
(0 Aretiree may not change his retirement option &er the date of cashing or depositing his
first retirement check.
(g) Notwithstanding anything herein to the contrary, the board in its discretion, may elect
to make a lump sum payment to a member or a member's beneficiary in the event that the
monthly benefit amount is less than $100.00 or the total commuted value of the remaining
monthly income payments to be paid do not exceed $5,000.00. Any such payment made to any
person pursuant to the power and discretion conferred upon the board by the preceding
sentence shall operate as a complete discharge of all obligations under the system with regard
to such member and shall not be subject to review by anyone, but shall be final, binding and
conclusive on all persons.
(Ord. No. 11-2004, $ 1, 415-04; Ord. No. 3, 2007, $ 3, 2-16-07)
Sec. 3-136. Beneficiaries.
(a) Each member or retiree may, on a form provided for that purpose, signed and filed with
the board, designate a beneficiary (or beneficiaries) to receive the benefit, if any, which may be
payable in the event of his death. Each designation may be revoked or changed by such
member or retiree by signing and filing with the board a new designation of beneficiary form.
Upon such change, the rights of all previously designated beneficiaries to receive any benefits
under the system shall cease.
(b) If a deceased member or retiree failed to name a beneficiary in the manner prescribed
in subsection (a), or if the beneficiary (or beneficiaries) named by a deceased member or retiree
predeceases the member or retiree, the death benefit, if any, which may be payable under the
system with respect to such deceased member or retiree, shall be paid to the estate of the
member or retiree, and the board, in its discretion, may direct that the commuted value of the
remaining monthly income benefits be paid in a lump sum.
(c) If a beneficiary dies before all of the guaranteed monthly payments have been paid, and
there is no designated contingent beneficiary, the remaining number of monthly payments will
be paid to the beneficiary's estate in a single lump sum payment.
Supp. No. 21 CD3:20
PERSONNEL PROGRAM 0 3-139
(d) Any payment made to any person pursuant to this section shall operate as a complete
discharge of all obligations under the system with regard to the deceased member and any
other persons with rights under the system and shall not be subject to review by anyone but
shall be final, binding and conclusive on all persons ever interested hereunder.
(Ord. No. 11-2004, 0 1,4-15-04]
Sec. 3-137. Claims procedures.
(a) The board shall establish administrative claims procedures to be utilized in processing
written requests (“claims1’), on matters which affect the substantial rights of any person
(“claimant“), including members, retirees, beneficiaries, or any person affected by a decision of
the board.
(b) The board shall have the power to subpoena and require the attendance of witnesses
and the production of documents for discovery prior to and at any proceedings provided for in
the board’s claims procedures. The claimant may request in writing the issuance of subpoenas
by the board. A reasonable fee may be charged for the issuance of any subpoenas not to exceed
the fees set forth in Florida Statutes.
(Ord. No. 11-2004, 0 1, 4-15-04)
Sec. 3-138. Roster of retirees.
The secretary of the board shall keep a record of all persons enjoying a pension under the
provisions of this section in which it shall be noted the time when the pension is allowed and
when the same shall cease to be paid. Additionally, the secretary shall keep a record of all
members in such a manner as to show the name, address, date of employment and date of
termination of employment.
(Ord. No. 11-2004, 0 1,4-15-04]
Sec. 3-139. Maximum pension.
(a) Basic limitation. Subject to the adjustments hereinafter set forth, the maximum amount
of annual retirement income payable with respect to a member under this system shall not
exceed $160,000.00. For purposes of applying the above limitation, benefits payable in any
form other than a straight life annuity with no ancillary benefits shall be adjusted, as provided
by treasury regulations, so that such benefits are the actuarial equivalent of a straight life
annuity. For purposes of this section, the following benefits shall not be taken into account:
(1) Any ancillary benefit which is not directly related to retirement income benefits;
(2) Any other benefit not required under 0 415(b)(2) of the Code and Regulations
thereunder to be taken into account for purposes of the limitation of 0 415(b)(l) of the
Code.
Supp. No. 21 CD3:21
0 3-139 PALM BEACH GARDENS CODE
(b) Participation in other defined benefit plans. The limitation of this section with respect
to any member who at any time has been a member in any other defined benefit plan (as
defined in 0 4140') of the Code) maintained by the city shall apply as if the total benefits
payable under all defined benefit plans in which the member has been a member were payable
from one plan.
(c) Adjustments in limitations.
In the event the member's retirement benefits become payable before age 62, the
$160,000.00 limitation prescribed by this section shall be reduced in accordance with
regulations issued by the secretary of the treasury pursuant to the provisions of
6 415(b) of the Code, so that such limitation (as so reduced) equals an annual benefit
(beginning when such retirement income benefit begins) which is equivalent to a
$160,000.00 annual benefit beginning at age 62.
The reductions provided fo (1) above shall not be applicable to disability benefits
paid pursuant to section 3, or preretirement death benefits paid pursuant to
section 3-132.
If the member's retirement benefit becomes payable after age 65, for purposes of
determining whether this benefit meets the limitation set forth in subsection (a)
herein, such benefit shall be adjusted so that it is actuarially equivalent to the benefit
beginning at age 65. This adjustment shall be made using an assumed interest rate of
five percent and shall be made in accordance with regulations promulgated by the
secretary of the treasury or his delegate.
(d) Less than ten years of service. The maximum retirement benefits payable under this
section to any member who has completed less than ten years of credited service with the city
shall be the amount determined under subsection (a) of this section multiplied by a fraction,
the numerator of which is the number of the member's years of credited service and the
denominator of which is ten. The reduction provided for in this subsection shall not be
applicable to disability benefits paid pursuant to section 3-133, or pre-retirement death
benefits paid pursuant to section 3-132.
(e) $lO,OOO.OO limit. Notwithstanding the foregoing, the retirement benefit payable with
respect to a member shall be deemed not to exceed the limitations set forth in this section if
the benefits payable, with respect to such member under this system and under all other
qualified defined benefit pension plans to which the city contributes, do not exceed $10,000.00
for the applicable plan year and for any prior plan year and the city has not at any time
maintained a qualified defined contribution plan in which the member participated.
(0 Reduction of benefits. Reduction of benefits and/or contributions to all plans, where
required, shall be accomplished by first reducing the member's benefit under any defined
benefit plans in which member participated, such reduction to be made first with respect to the
plan in which member most recently accrued benefits and thereafter in such priority as shall
be determined by the board and the plan administrator of such other plans, and next, by
reducing or allocating excess forfeitures for defined contribution plans in which the member
Supp. No. 21 CD3:22
PERSONNEL PROGRAM 3-140
participated, such reduction to be made first with respect to the plan in which member most
recently accrued benefits and thereafter in such priority as shall be established by the board
and the plan administrator for such other plans provided, however, that necessary reductions
may be made in a Werent manner and priority pursuant to the agreement of the board and
the plan administrator of all other plans covering such member.
(g) Cost-of-living ucQustrnents. The limitations as stated in subsections (a), (b) and (c)
herein shall be adjusted to the time payment of a benefit begins in accordance with any
cost-of-living adjustments prescribed by the secretary of the treasury pursuant to 8 416(d) of
the Code.
(h) Additional limitation on pension benefits. Notwithstanding anything herein to the
contrary:
(1) The normal retirement benefit or pension payable to a retiree who becomes a member
of the system and who has not previously participated in such system, on or after
January 1, 1980, shall not exceed 100 percent of his average final compensation.
However, nothing contained in this section shall apply to supplemental retirement
benefits or to pension increases attributable to cost-of-living increases or adjustments.
No member of the system shall be allowed to receive a retirement benefit or pension
which is in part or in whole based upon any service with respect to which the member
is already receiving, or will receive in the future, a retirement benefit or pension from
a Merent employer's retirement system or plan. This restriction does not apply to
social security benefits or federal benefits under Chapter 67, Title 10, US. Code.
(2)
(Ord. No. 11-2004, 0 1,416-04)
Sec. 3-140. Minimum distribution of benefits.
(a) General rules.
(1) Effective date. The provisions of this section will apply for purposes of determining
required minimum distributions for calendar years beginning with the 2003 calendar
year.
(2) Precedence. The requirements of this section will take precedence over any inconsis-
tent provisions of the plan.
Requirements of Tteasury regulations incorporated. All distributions required under
this section will be determined and made in accordance with the Treasury regulations
under section 401(a)(9) of the Code.
TEFRA section 242@)(2) elections. Notwithstanding the other provisions of this section
other than this subsection (a)(4), distributions may be made under a designation made
before January 1, 1984, in accordance with section 242(b)(2) of the Tax Equity and
Fiscal Responsibility Act (TEFRA) and the provisions of the plan that related to section
242(b)(2) of TEFRA.
(3)
(4)
Supp. No. 21 CD3:23
0 3-140 PALM BEACH GARDENS CODE
(b) Time and manner of distribution.
(1) Required beginning date. The member's entire interest will be distributed, or begin to
be distributed, to the member no later than the member's required beginning date
which shall not be later than April 1 of the calendar year following the later of the
calendar year in which the member attains age 704% or the calendar year in the
member retires, unless otherwise provided for in the plan or required by law.
(2) Death of member before distributions begin. If the member dies before distributions
begin, the member's entire interest will be distributed, or begin to be distributed no
later than as follows:
a. If the member's surviving spouse is the member's sole designated beneficiary,
then distributions to the surviving spouse will begin by December 31 of the
calendar year immediately fol calendar year in which the member died,
or by December 31 of the cale which the member would have attained
age 70%, if later.
If the member's surviving spouse is not the member's sole designated beneficiary,
then distributions to the designated beneficiary will begin by December 31 of the
calendar year immediately following the calendar year in which the member died.
If there is no designated beneficiary as of September 30 of the year following the
year of the member's death, the member's entire interest will be distributed by
December 31 of the calendar year containing the fifth anniversary of the
member's death.
If the member's surviving spouse is the member's sole designated beneficiary and
the surviving spouse dies after the member but before distributions to the
surviving spouse begin, this subsection (b)(2), other than subsection (b)(2)a., will
apply as if the surviving spouse were the member.
For purposes of this subsection (b)(2) and subsection (e), distributions are
considered to begin on the member's required beginning date or, if subsection
(b)(2)d. applies, the date of distributions are required to begin to the surviving
spouse under subsection (b)(2)a. If annuity payments irrevocably commence to
the member before the member's required beginning date (or to the member's
surviving spouse before the date distributions are required to begin to the
surviving spouse under subsection (bX2)a.l the date distributions are considered
to begin is the date distributions actually commence.
b.
c.
d.
(3) Form of distribution. Unless the member's interest is distributed in the form of an
annuity purchased from an insurance company or in a single sum on or before the
required beginning date, as of the first distribution calendar year, distributions will be
made in accordance with subsections (c), (d), and (e) of this section. If the member's
interest is distributed in the form of an annuity purchased from an insurance company,
distributions thereunder will be made in accordance with the requirements of section
401(a)(9) of the Code and Treasury regulations. Any part of the member's interest
Supp. No. 21 CD3:24
PERSONNEL PROGRAM 6 3-140
which is in the form of an individual account described in section 414(k) of the Code
will be distributed in a manner satisfying the requirements of section 401(aX9) of the
Code and Treasury regulations that apply to individual accounts.
(c) Determination of amount to be distributed each year.
(1) General annuity requirements. If the member's interest is paid in the form of annuity
distributions under the plan, payments under the annuity will satisfy the following
requirements:
a.
b.
C.
d.
The annuity distributions will be paid in periodic payments made at intervals not
longer than one year,
The distribution period will be over a life (or lives) or over a period certain not
longer than the period described in subsection (d) or (e).
Once payments have begun over a period certain, the period certain will not be
changed even if the period certain is shorter than the maximum permitted.
Payments will either be nonincreasing or increase only as follows:
1. By an annual percentage increase that does not exceed the cumulative
annual percentage increase in a cost-of-living index that is based on prices
of all items and issued by the Bureau of Labor Statistics or by a fixed annual
increase of five percent or less.
To the extent of the reduction in the amount of the member's payments to
provide for a survivor benefit upon death, but only if the beneficiary whose
life was being used to determine the distribution period described in
subsection (d) dies or is no longer the member's beneficiary pursuant to a
qualified domestic relations order within the meaning of section 414(p).
To provide cash refunds of accumulated contributions upon the member's
death.
'Ib pay increased benefits that result from a plan amendment.
2.
3.
4.
(2) Amount required to be distributed by required beginning date. The amount that must
be distributed on or before the member's required beginning date (or, if the member
dies before distributions begin, the date distributions are required to begin under
subsection (b)(2)a. or (b)(2)c.) is the payment that is required for one payment interval.
The second payment need not be made until the end of the next payment interval even
if that payment interval ends in the next calendar year. Payment intervals are the
periods for which payments are received, e.g., bi-monthly, monthly, semi-annually, or
annually. All of the member's benefit accruals as of the last day of the first distribution
calendar year will be included in the calculation of the amount of the annuity
payments for payment intervals ending on or after the member's required beginning
date.
Supp. No. 21 CD3:25
5 3-140 PALM BEACH GARDENS CODE
(3) Additional accruals after first distribution calendar year. Any additional benefits
accruing to the member in a calendar year after the first distribution calendar year
will be distributed beginning with the first payment interval ending in the calendar
year immediately following the calendar year in which such amount accrues.
(d) Requirements for annuity distributions that
(1) Joint life annuities where the beneficiary is not the member's spouse. If the member's
interest is being dis d in the form of a joint and survivor annuity for the joint
lives of the member neficiary, annuity payments to be made on or
after the member's required begi date to the designated beneficiary after the
member's death must not at any time exceed the applicable percentage of the annuity
payment for such period that would have been payable to the member using the table
set forth in Q8zA-2 of section 1.401(a)(9)-6T of the Treasury regulations. If the form of
distribution combines a joint and survivor ty for the joint lives of the member and
a nonspouse beneficiary and a period certain annuity, the requirements in the
preceding sentence will apply to annuity payments to be made to the designated
beneficiary after the expiration of the period certain.
mence during a member's lifetime.
(2) Period certain annuities. Unless the member's spouse is the sole designated benefi-
ciary and the form of distribution is a period certain and no life annuity, the period
certain for an annuity distribution commencing during the member's lifetime may not
exceed the applicable distribution period for the member under the Uniform Lifetime
Table set forth in section 1.401(a)(9)-9 of the Treasury regulations for the calendar year
that contains the annuity starting date. If the annuity starting date precedes the year
in which the member reaches age 70, the applicable distribution period for the member
is the distribution period for age 70 under the Uniform Lifetime Table set forth in
section 1.401(a)(9)-9 of the Treasury regulations plus the excess of 70 over the age of
the member as of the member's birthday in the year that contains the annuity starting
date. If the member's spouse is the member's sole designated beneficiary and the form
of distribution is a period certain and no life annuity, the period certain may not exceed
the longer of the member's applicable distribution period, as determined under this
subsection (d)(2), or the joint life and last survivor expectancy of the member and the
member's spouse as determined under the Joint and Last Survivor Table set forth in
section 1.401(a)(9)-9 of the Treasury regulations, using the member's and spouse's
attained ages as of the member's and spouse's birthdays in the calendar year that
contains the annuity starting date.
(e) Requirements for minimum distributions where member dies before date distributions
begin.
(1) Member survived by designated beneficiary. If the member dies before the date
distribution of his or her interest begins and there is a designated beneficiary, the
Supp. No. 21 CD3:26
PERSONNEL PROGRAM 0 3-140
member's entire interest will be distributed, beginning no later than the time
described in subsection (b)(2)a. or (b)(2)b., over the life of the designated beneficiary or
over a period certain not exceeding:
a. Unless the annuity starting date is before the first distribution calendar year, the
life expectancy of the designated beneficiary determined using the beneficiary's
age as of the beneficiary's birthday in the calendar year immediately following
the calendar year of the member's death.
If the annuity starting date is before the first distribution calendar year, the life
expectancy of the designated beneficiary determined using the beneficiary's age
as of the beneficiary's birthday in the calendar year that contains the annuity
starting date.
b.
(2) No designated beneficiary. If the member dies before the date distributions begin and
there is no designated beneficiary as of September 30 of the year following the year of
the member's death, distribution of the member's entire interest will be completed by
December 31 of the calendar year containing the fifth anniversary of the member's
death.
(3) Death of surviving spouse before distributions to surviving spouse begin. If the member
dies before the date distribution of his interest begins, the member's surviving spouse
is the member's sole designated beneficiary, and the surviving spouse dies before
distributions to the surviving spouse begin, this subsection (e) will apply as if the
surviving spouse were the member, except that the time by which distributions must
begin will be determined without regard to subsection (b)(2)a.
(f) Definitions.
(1) Designated beneficiary, The individual who is designated as the beneficiary under the
plan and is the designated beneficiary under section 401(a)(9) of the Code and section
1,40l(a)(9)-ly Q&A-4 of the Treasury regulations.
Distribution caZenu!ur year. A calendar year for which a minimum distribution is
required. For distributions beginning before the member's death, the first distribution
calendar year is the calendar year immediately preceding the calendar year which
contains the member's required beginning date. For distributions beginning after the
member's death, the first distribution calendar year is the calendar year in which
distributions are required to begin pursuant to subsection (b)(2).
Life expectancy. Life expectancy as computed by use of the Single Life Table in section
1.401(a)(9)-9 of the Treasury regulations.
(2)
(3)
(4) Required beginning date. The date specified in subsection (b)(l).
(Ord. No. 11-2004, (5 1,4-15-04; Ord. No. 3,2007,$ 4, 2-15-07)
Supp. No. 21 CD3:27
Q 3-141 PALM BEACH GARDENS CODE
Sec. 3-141. Miscellaneous provisions.
(a) Interest of members in system. At no time prior to the satisfaction of all liabilities under
the system with respect to retirees and members and their spouses or beneficiaries, shall any
part of the corpus or income of the fund be used for or diverted to any purpose other than for
their exclusive benefit.
(b) No reduction of accrued benefits. No amendment or ordinance shall be adopted by the
city council of the city which all have the effect of reducing the then vested accrued benefits
(c) Qualification of system. It is intended that the system will constitute a qualified pension
after amended. Any
if necessary or
ropriate, to qualify or maintain the system as a plan meeting the requirements of the
icable provisions of the code as now in effect or hereafter amended, or any other applicable
provisions of the U.S. federal tax laws, as now in effect or hereafter amended or adopted, and
the regulations issued thereunder.
(d) Use of forfeitures. Forfeitures arising terminations of service of members shall
serve only to reduce future city contributions.
(Ord. No. 11-2004, Q 1,4-15-04)
Sec. 3-142. Repeal or termination of system.
(a) This article establishing the system and fund, and subsequent ordinances pertaining to
said system and fund, may be modified, terminated, or amended, in whole or in part; provided
that ifthis or any subsequent ordinance shall be amended or repealed in its application to any
person benefiting hereunder, the amount of benefits which at the time of any such alteration,
amendment, or repeal shall have accrued to the member or beneficiary shall not be affected
thereby, except to the extent that the assets of the fund may be determined to be inadequate.
(b) If this article shall be repealed, or if contributions to the system are discontinued or if
there is a transfer, merger or consolidation of government units, services or functions as
provided in F.S. ch. 121, the board shall continue to administer the system in accordance with
the provisions of this article, for the sole benefit of the then members, any beneficiaries then
receiving retirement allowances, and any future persons entitled to receive benefits under one
of the options provided for in this article who are designated by any of said members. In the
event of repeal, discontinuance of contributions, or transfer, merger or consolidation of
government units, services or fbctions, there shall be full vesting 100 percent of benefits
accrued to date of repeal and the assets of the system shall be allocated in an equitable manner
to provide benefits on a proportionate basis to the persons so entitled in accordance with the
provisions thereof.
(c) The following shall be the order of priority for purposes of allocating the assets of the
system as of the date of repeal of this article, or if contributions to the system are discontinued
with the date of such discontinuation being determined by the board.
Apportionment shall first be made in respect of each retiree receiving a retirement or
disability benefit hereunder on such date, each person receiving a benefit on such date
mbers or a member's
plan under the applicable provisions of the code, as now in effect or
modification or amendment of the system may be made retro
(1)
Supp. No. 21 CD3:28
PERSONNEL PROGRAM 0 3-142
on account of a retired or disabled (but since deceased) ahember, and each member who
has, by such date, become eligible for normal retirement but has not yet retired, an
amount which is the actuarial equivalent of such benefit, provided that, if such asset
value be less than the aggregate of such amounts, such amounts shall be proportion-
ately reduced so that the aggregate of such reduced amounts will be equal to such asset
value.
If there be any asset value remaining after the apportionment under paragraph (l),
apportionment shall n e made in respect of each member in the service of the city
on such date who is and who is not entitled to an apportionment under
paragraph (11, in the amount required to provide the actuarial equivalent of the vested
portion of the accrued normal retirement benefit (but not less than accumulated
contributions), b d on the credited service and average final compensation as of such
date, and each v d former member then entitled to a deferred benefit who has not,
by such date, begun receiving benefit payments, in the amount required to provide said
actuarial equivalent of the vested portion of the accrued normal retirement benefit
(but not less than accumulated contributions), provided that, if such remaining asset
value be less than the aggregate of the amounts apportioned hereunder, such latter
amounts shall be proportionately reduced so that the aggregate of such reduced
amounts will be equal to such remaining asset value.
If there be any asset value after the apportionments under paragraphs (1) and (21,
apportionment shall be made in respect of each member in the service of the city on
such date who is not entitled to an apportionment under paragraphs (1) and (2) in the
amount equal to member's accumulated contributions, provided that, if such remain-
ing asset value be less than the aggregate of the amounts apportioned hereunder such
latter amount shall be proportionately reduced so that the aggregate of such reduced
amounts will be equal to such remaining asset value.
If there be any asset value remaining after the apportionments under paragraphs (11,
(2), and (3), apportionment shall lastly be made in respect of each member included in
paragraph (3) above to the extent of the actuarial equivalent of the non-vested accrued
normal retirement benefit, less the amount apportioned in paragraph (3), based on the
credited service and average final compensation as of such date, provided that, if such
remaining asset value be less than the aggregate of the amounts apportioned
hereunder, such amounts shall be reduced so that the aggregate of such reduced
amounts will be equal to such remaining asset value.
In the event that there be asset value remaining after the full apportionment specified
in paragraphs (l), (21, (3), and (4), such excess shall be returned to the city.
The allocation of the fund provided for in this subsection may, as decided by the board,
be carried out through the purchase of insurance company contracts to provide the
benefits determined in accordance with this subsection. The fund may be distributed
Supp. No. 21 CD3:29
6 3-142 PALMBEACHGARDENSCODE
in one sum to the persons entitled to said benefits or the distribution may be carried
out in such other equitable manner as the board may direct. "he fund may be
continued in existence for purposes of subsequent distributions.
If, at any time during the first ten years after the effective date of the ordinance
originally establishing this system, the system shall be terminated or the full current
costs of the system shall not have been met, anything in the system to the contrary
notwithstanding, city contributions which m ed for the benefit of any one of the
25 highest paid members on the effective da ose anticipated annual retirement
allowance provided by the city's contributi ember's normal retirement date
would exceed $1,500.00, shall not exceed the greater of either a) $20,000.00, orb), an
amount computed by multiplying the smaller of $10,000.00 or 20 percent of such
member's average annual earnings during his last five years of service by the number
of years of service since the effective date. In the event that it shall hereafter be
determined by statute, court decision, ruling by the commissioner of internal revenue,
or otherwise, that the provisions of this paragraph are not then necessary to qualify
the system under the code, this paragraph shall be ineffective without the necessity of
further amendment of this article.
(d) mer all the vested and accrued benefits provided hereunder have been paid and after
all other liabilities have been satisfied, then and only then shall any remaining funds revert
to the general fund of the city.
(Ord. No. 11-2004, 0 1, 4-15-04)
Sec. 3-143. Exemption from execution, non-assignability.
Except as otherwise provided by law, the pensions, annuities, or any other benefits accrued
or accruing to any person under the provisions of this article and the accumulated contribu-
tions and the cash securities in the fund created under this article are hereby exempted from
any state, county or municipal tax and shall not be subject to execution, attachment,
garnishment or any legal process whatsoever and shall be unassignable.
(Ord. No. 11-2004, 0 1, 4-15-04)
Sec. 3-144. Pension validity.
The board shall have the power to examine into the facts upon which any pension shall
heretofore have been granted under any prior or existing law, or shall hereafter be granted or
obtained erroneously, fraudulently or illegally for any reason. Said board is empowered to
purge the pension rolls of any person heretofore granted a pension under prior to existing law
or heretofore granted under this article if the same is found to be erroneous, fraudulent or
illegal for any reason; and to reclassify any person who has heretofore under any prior or
existing law been or who shall hereafter under this article be erroneously, improperly or
illegally classified.
(Ord. No. 11-2004, 0 1, 4-15-04)
Supp. No. 21 CD3:30
PERSONNEL PROGRAM 5 3-146
Sec. 3-146. Forfeiture of pension.
(a) Any member who is convicted of the following offenses committed prior to retirement, or
whose employment is terminated by reason of his admitted commission, aid or abetment of the
following specified offenses, shall forfeit all rights and benefits under this system, except for
the return of his accumulated contributions, but without interest, as of the date of termination.
Specified offenses are as follows:
(1)
(2)
The committing, aiding or abetting of an embezzlement of public funds;
The committing, aiding or abetting of any theft by a public officer or employee from
employer;
(3) Bribery in connection with the of a public officer or employee;
(4) Any felony specified in F.S., Chapter 838.
(6) The committing of an impeachable offense.
(6) The committing of any felony by a public officer or employee who willf'ully and with
intent to defraud the public or the public agency, for which he acts or in which he is
employed, of the right to receive the faithful performance of his duty as a public officer
or employee, realizes or obtains or attempts to obtain a profit, gain, or advantage for
himself or for some other person through the use or attempted use of the power, rights,
privileges, duties or position of his public office or position.
(b) Conviction shall be defined as an adjudication of guilt by a court of competent
jurisdiction; a plea of guilty or a nolo contendere; a jury verdict of guilty when adjudication of
guilt is withheld and the accused is placed on probation; or a conviction by the senate of an
impeachable offense.
(c) Court shall be defined as any state or federal court of competent jurisdiction which is
exercising its jurisdiction to consider a proceeding involving the alleged commission of a
specified offense. Prior to forfeiture, the board shall hold a hearing on which notice shall be
given to the member whose benefits are being considered for forfeiture. Said member shall be
afforded the right to have an attorney present. No formal rules of evidence shall apply, but the
member shall be afforded a full opportunity to present his case against forfeiture.
(d) Any member who has received benefits fkom the system in excess of his accumulated
contributions after member's rights were forfeited shall be required to pay back to the fund the
amount of the benefits received in excess of his accumulated Contributions, but without
interest. The board may implement all legal action necessary to recover such funds.
(Ord. No. 11-2004, 6 1, 4-16-04)
Sec. 3-146. Indemnification.
(a) To the extent not covered by insurance contracts in force from time to time, the city shall
indemnie, defend and hold harmless members of the board from all personal liability for
damages and costs, including court costs and attorneys' fees, arising out of claims, suits,
litigation, or threat of same, herein referred to as "claims", against these individuals because
Supp. No. 21 CD3:31
5 3-146 PALM BEACH GARDENS CODE
of acts or circumstances connected with or arising out of their official duty as members of the
board. The city reserves the right, in its sole discretion, to settle or not settle the claim at any
time, and to appeal or to not appeal from any adverse judgment or ruling, and in either event
will inde-, defend and hold harmless any members of the board from the judgment,
execution, or levy thereon.
(b) This section shall not be construed so as to relieve any insurance company or other
entity liable to defend the claim or liable for payment of the judgment or claim, from any
liability, nor does this section waive any provision of law affording the city immunity from any
suit in whole or part, or waive any other substantive or procedural rights the city may have.
apply nor shall the city be responsible in any manner to defend or
of acts or omissions of members of the board which constitute
(c) "his section shall
pay for claims arising
felonies or gross malfeasance or gross misfeasance in office.
(d) "he indemnification provided for in this section shall apply only in the event that the
board of trustees maintains fiduciary liability insurance with coverage in an amount of at least
(Ord. No. 11-2004, 3 1, 415-04)
$1,000,000.00.
Sec. 3-147. Direct transfers of eligible rollover distributions; elimination of manda-
tory distributions.
(a) Rollover distributions.
(1) General. This section applies to distributions made on or after January 1, 2002.
Notwithstanding any provision of the system to the contrary that would otherwise
limit a distributee's election under this section, a distributee may elect, at the time and
in the manner prescribed by the board, to have any portion of an eligible rollover
distribution paid directly to an eligible retirement plan specified by the distributee in
a direct rollover.
(2) Definitions.
a. Eligible rollover distribution. An eligible rollover distribution is any distribution
of all or any portion of the balance to the credit of the distributee, except that an
eligible rollover distribution does not include any distribution that is one of a
series of substantially equal periodic payments (not less frequently than annu-
ally) made for the life (or life expectancy) of the distributee or the joint lives (or
joint life expectancies) of the distributee and the distributee's designated bene-
ficiary, or for a specified period of ten years or more; any distribution to the extent
such distribution is required under section 401(a)(9) of the Code; and the portion
of any distribution that is not includable in gross income. Any portion of any
distribution which would be includible in gross income will be an eligible rollover
distribution if the distribution is made to an individual retirement account
described in section 408(a), to an individual retirement annuity described in
section 408(b) or to a qualified defined contribution plan described in section
Supp. No. 21 CD3:32
D
I)
B
PERSONNEL PROGRAM 6 3-147
401(a) or 403(a) that agrees to separately account for amounts so transferred,
including separately accounting for the portion of such distribution which is
includible in gross income and the portion of such distribution which is not so
includible.
Eligible retirement plan. An eligible retirement plan is an individual retirement
account described in section 408(a) of the Code, an individual retirement annuity
described in section 408(b) of the Code, an annuity plan described in section
403(a) of the Code, an eligible deferred compensation plan described in section
457(b) of the code which is maintained by an eligible employer described in
section 457(e)(l)(A) of the code and which agrees to separately account for
amounts transferred into such plan from this plan, an annuity contract described
in section 403(b) of the code, or a qualified trust described in section 401(a) of the
Code, that accepts the distributee's eligible rollover distribution. This definition
shall also apply in the case of an eligible rollover distribution to the surviving
spouse.
Distributee. A distributee includes an employee or former employee. In addition,
the employee's or former employee's surviving spouse is a distributee with regard
to the interest of the spouse.
Direct rollover. Adirect rollover is a payment by the plan to the eligible retirement
plan specified by the distributee.
(b) Rollovers or transfers into the find. On or after January 1,2002, the system will accept,
solely for the purpose of purchasing credited service as provided herein, permissible Member
requested transfers of hds from other retirement or pension plans, member rollover cash
contributions and/or direct cash rollovers of distributions made on or aRer January 1,2002, as
follows:
(1) Dansfirs and direct rollovers or member rollover contributions fiom other plans. The
system will accept either a direct rollover of an eligible rollover distribution or a
member contribution of an eligible rollover distribution from a qualified plan described
in section 401(a) or 403(a) of the Code, from an annuity contract described in section
403(b) of the Code or from an eligible plan under section 457(b) of the Code which is
maintained by a state, political subdivision of a state, or any agency or instrumentality
of a state or political subdivision of a state. The system will also accept legally
permissible member requested transfers of finds from other retirement or pension
Member rollover contributions /?om IRAs. The system will accept a member rollover
contribution of the portion of a distribution from an individual retirement account or
annuity described in section 408(a) or 408(b) of the Code that is eligible to be rolled
over and would otherwise be includible in gross income.
b.
c.
d.
plans.
(2)
(c) Elimination of mandatory distributions. Notwithstanding any other provision herein to
the contrq, in the event this plan provides for a mandatory (involuntary) cash distribution
from the plan not otherwise required by law, for an amount in excess of $1,000.00, such
Supp. No. 21 CD3:33
8 3-147 PALM BEACH GARDENS CODE
ution shall be made from the plan only upon written request of the member and
etion by the member of a written election on forms designated by the board to either
receive a cash lump sum or to rollover the lump sum amount.
(Ord. No. 11-2004, 6 1, 415-04; 0 0. 3, 2007, 0 5, 2-15-07)
Editor’s note43 ed the title of 6 3-147 to herein
set out. Formerly, sal sfers of eligible rollover utions.
Sec. 3-148. Military service prior to employment.
The years or fractional parts of years that a general employee serves or has served on active
rvice of the Armed Forces of the United States, the United States
voluntarily or involuntarily, honorably or
employment with the city shall be added
duty in the active milit
Merchant Marine or
under honorable condi
to his years of credited service provided that
The member contributes to the fund the sum that he would have contributed had he
been a member of the system for the years or fractional parts of years for which he is
requesting credit plus amounts actuarially determined such that the crediting of
service does not result in any cost to the fund plus payment of costs for all professional
services rendered to the board in connection with the purchase of years of credited
service.
Multiple requests to purchase credited service pursuant to this section may be made
at any time prior to retirement.
Payment by the general employee of the required amount shall be made within six
months of his request for credit, but not later than the retirement date, and shall be
made in one lump sum payment upon receipt of which credited service shall be given.
The maximum credit under this section shall be five years.
Credited service purchased pursuant to this section shall not count toward vesting.
(Ord. No. 11-2004, 0 1,415-04)
Sec. 3-149. Family and medical leave act.
The fractional parts of the 12-month period ending each March 1 that a member is on leave
without pay from the city pursuant to the Family and Medical Leave Act (FMLA) shall be
added to his credited service provided that
(1) The member contributes to the fund the sum that he would have contributed, based on
his salary and the member contribution rate in effect at the time that the credited
service is requested, had he been a member of the system for the fractional parts of the
12 months ending each March 1 for which he is requesting credit plus amounts
actuarially determined such that the crediting of service does not result in any cost to
the fund plus payment of costs for all professional services rendered to the board in
connection with the purchase of periods of credited service.
Supp. No. 21 CD3:34
PERSONNEL PROGRAM 8 3-151
(2) The request for credited service for FMLA leave time for the 12-month period prior to
each March 1 and payment of professional fees shall be made on or before March 31.
(3) Payment by the member of the required amount shall be made on or before April 30 for
the preceding 12-month period ending March 1 e made in one lump sum
payment upon receipt of which credited service shall be issued.
Credited service purchased pursuant to this section shall not count toward vesting. (4)
(Ord. No. 11-2004,6 1, 415-04)
See. 3-160. Separation from employment for military service.
The years or completed months that a member serves in the military service of the Armed
Forces of the United States, the United States Merch arine or the United States Coast
Guard, voluntarily or involuntarily, after separation fiom employment as a general employee
with the city to perform training or service, shall be added to his years of credited service for
all purposes, including vesting, provided that:
(1) The member must return to his employment as a general employee within one year
&om the earlier of the date of his military discharge or his release from service.
The member deposits into the fund the same sum that the member would have
contributed if he had remained a general employee during his absence. The member
must deposit all missed contributions within a period equal to three times the period
of military service, but not more than five years or he will forfeit the right to receive
credited service for his military service pursuant to this section.
The maximum credit for military service pursuant to this section shall be five years.
In order to qual& for the purchase of credited service pursuant to this section, the
member must have been discharged or released from service under honorable
conditions. This section is intended to meet or exceed the minimum requirements of
the Uniformed Services Employment and Reemployment Rights Act (USERRA), (P.L.
103-353). To the extent that this section does not meet the minimum standards of
USERRA, as it may be amended from time to time, the minimum standards shall
apply.
(2)
(3)
(4)
I)
(Ord. No. 11-2004, 6 1, 4-15-04)
See. 3-161. Prior government service.
Unless otherwise prohibited by law, the years or fractional park of years that a general
employee who was previously a member, but who terminated employment and is not otherwise
entitled to credited service for such previous period of employment as a general employee, or
the years or fractional parts of years that a member previously served as an employee for any
governmental agency in the United States, including but not limited to federal, state or local
government service, and for which he does not otherwise qual% for and receive credit under
this system, shall be added to his years of credited service provided that:
The member contributes to the fund the sum that he would have contributed had he
been a member of the system for the years or fractional parts of years for which he is
(1) B
Supp. No. 21 CD3:35
0 3-161 PALMBEACHGARDENSCODE
requesting credit plus amounts actuarially determined such that the crediting of
service does not result in any cost to the fund plus payment of costs for all professional
services rendered to the board in connection with the purchase of years of credited
service.
(2) Multiple requests to purchase credited service pursuant to this section may be made
at any time prior to retirement.
(3) Payment by the member of the required amount shall be made within six months of his
or her request for credit, but, in any event, prior to retirement, and shall be made in
one lump sum payment upon receipt of which credited service shall be given.
(4) There shall be no maximum purchase of credited service pursuant to this section and
credited service purchased shall count for all purposes including vesting, except that
credited service purchased for prior government service other than with the City of
Palm Beach Gardens shall not count toward vesting.
(5) In no event, however, may credited service be purchased pursuant to this section for
prior service with any other governmental agency, if such prior service forms or will
form the basis of a retirement benefit or pension from a different employer's retirement
system or plan as set forth in section 3-139, subsection (h)(2).
(Ord. No. 11-2004, 0 1, 4-15-04)
Supp. No. 21 CD3:36
SPOWROfTHE FLORIDA MUNICIPAL PENSION -TRUSTFUND -
MEMORANDUM
TO: Members of the Florida Municipal Pension Trust Fund (FMPTF)
FROM: The Administrator, Florida League of Cities, Inc.
RE: Revised FMPTF Master Defined Benefit Plan Document
DATE: 10/12/2010
The FMPTF Master Defined Benefit Plan Document has been updated for all state and federal law
changes. The updated Plan Document was adopted at the September 23, 2010 Board of Trustees’
meeting.
Below are the revisions
Clarification of definition for Qualified Military Service (USERRA)
Compensation limits as defined in 40 1 (a)( 17) (PPA 2006)
Increased terms for Board of Trustees to 4 years with local ordinance or resolution
(Chapter 1754 85 FS)
Identify and publicly report any direct or indirect holdings it may have in any
company doing business with terrorist related nations, as defined in section 215.473,
Florida Statutes (Chapter 175/185 FS)
Adding required distribution dates for participants over age 70 54 (PPA 2006)
Updates to the Maximum Pension section (PPA 2006)
Clarification of Repeal or Termination of Plan, Article 19 (Chapter 175/185 FS)
Update to the Actuarial Equivalent section
If you have questions about the changes, please contact Dustin Heintz at (850) 701-3614.
301 S. Bronough St., P.O. Box 1757,
m .. . -T -nrrnrr *-IF-
F I ori d a
Municipal
Pension Trust Fund
FLORIDA MUNICIPAL PENSION
TRUST FUND
DEFINED BENEFIT PLAN DOCUMENT
AMENDED AND RESTATED SEPTEMBER 23,2010
Sponsored and Administered by:
FLORIDA LEAGUE OF CITIES, INC.
301 S. Bronough Street, P.O. Box 1757
Tallahassee, FL 32302-1757
Fax (850) 222-3806
(850) 222-9684
TABLE OF CONTENTS
ARTICLE I
Section 1.01 -
Section 1.31
ARTICLE 2
Section 2.01
Section 2.02
Section 2.03
ARTICLE 3
Section 3.01
ARTICLE 4
Section 4.01
ARTICLE 5
Section 5.01
Section 5.02
Section 5.03
Section 5.04
ARTICLE 6
Section 6.01
Section 6.02
Section 6.03
Section 6.04
Section 6.05
Section 6.06
Section 6.07
Section 6.07
ARTICLE 7
Section 7.01
Section 7.02
Section 7.03
Section 7.04
Section 7.05
Section 7.06
DEFINITIONS
Definitions 5
PARTICIPATION
Conditions of Eligibility 14
Participation 14
Change in Designation of Beneficiary 15
BOARD OF TRUSTEES
Board of Trustees 16
FINANCES AND FUND MANAGEMENT
Establishment and Operation of Fund 19
CONTRIBUTIONS
Participant Contributions 24
State Contribution 24
Employer Contributions 24
Other 25
BENEFIT AMOUNTS AND ELIGIBILITY
Normal Retirement Date 26
Normal Retirement Benefit 26
~~
Normal Form of Benefit 27
Cost of Living Adjustments to Benefit Payments 27
Early Retirement Date 27
Early Retirement Benefit 28
Deferred Retirement Option Program or “DROP” 28
Required Distribution Date 28
PRE-RETIREMENT DEATH
Death Prior to Vesting In-Line-Of-Duty 29
Death After Vesting In-Line-Of- Duty 29
Death Prior to Vesting Off-Duty 25
Death After Vesting Off-Duty 25
Beneficiaries in Receipt of Payment 25
Distribution of Benefits 30
2 -
DB PLAN AMENDED AND RESTATED; September 23.2010
ARTICLE 8
Section 8.01
Section 8.02
Section 8.03
Section 8.04
Section 8.05
Section 8.06
ARTICLE 9
ARTICLE 10
ARTICLE 11
ARTICLE 12
ARTICLE 13
ARTICLE 14
'ARTICLE 15
ARTICLE 16
Section 16.01
Section 16.02
Section 16.03
Section 16.04
Section 16.05
Section 16.06
Section 16.07
Section 16.08
Section 16.09
ARTICLE 17
ARTICLE 18
Section 18.01
Section 18.02
Section 18.03
Section 18.04
Section 18.05
Section 18.06
Section 18.07
Section 18.08
DISABILITY
Disability Benefits In the Line of Duty 31
Disability Benefits Off-Duty 32
Conditions Disqualifying Disability Benefits 32
Physical Examination Requirement 33
Disability Payments 34
Disability Payments and Workers Compensation 34
VESTING 36
OPTIONAL FORMS OF BENEFITS 38
BEN EFlClARlES 41
CLAIMS PROCEDURES 42
REPORTS TO DIVISION OF RETIREMENT 43
ROSTER OF RETIREES 44
BOARD ATTORNEY AND PROFESSIONALS 45
MAXIMUM PENSION
Basic Limitations 46
Adjustment to Basic Limitation of Form of Benefit 46
Less Than Ten (1 0) Years of Service 48
Participation in Other Defined Benefit Plans 48
Ten Thousand Dollar ($10,000) Limit 48
Reduction of Benefits 49
Service Credit Purchase Limits 49
Additional Limitation on Pension Benefits 52
Benefit Restoration Plan & Trust 52
DISTRIBUTION OF BENEFITS 57
MISCELLANEOUS PROVISIONS
Interest of Participants in Pension Plan 60
Summary Plan Descriptions 60
Gender and Number 60
Headings and References 60
Benefit Improvements 61
Procedures for Unclaimed Benefit 61
Qualified Military Service 61
Domestic Relations Order Submission 61
3
DB PLAN AMENDED AND RESTATED; September 23,2010
Section 18.09
Section 1 8.10
Section 18.1 1
ARTICLE 19
ARTICLE 20
ARTICLE 21
ARTICLE 22
ARTICLE 23
EXHIBIT A
EXHIBIT B
Prohibited Transaction 62
Qualification of Plan 62
Plan Amendments 62
REPEAL OR TERMINATION OF PLAN 63
EXEMPTION FROM EXECUTION, NON ASSIGNABILITY 68
FORFEITURE OF PENSION:
CONVICTION AND FORFEITURE 69
PENSION VALIDITY 72
SIGNATORIES 73
MASTER TRUST AGREEMENT 74
ACTUARIAL EQUIVALENT 75
4 DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 1
DEFINITIONS
As used herein, unless otherwise defined or required by the context, the following words
and phrases shall have the meaning indicated:
1.01 “Accumulated Contributions”:
shall mean a Participant‘s own contributions without interest. For those Participant‘s
who purchase Credited Service with interest or at no cost to the Plan, only that portion
of any payment representing the amount attributable to the Participant‘s contributions
based on the applicable Participant contribution rate shall be included in Accumulated
Contributions.
I .02 ‘‘Accrued Benefit”:
shall mean a fraction of the benefit to which a Participant would be entitled at their
Normal Retirement Date. The numerator of the fraction is the years of participation
completed to date and the denominator is the years of participation in the Plan that
would have been earned if the Participant continued employment until their Normal
Retirement Date.
I .03 “Actuaw”:
shall mean an actuary that is a member of the Society of Actuaries or the American
Academy of Actuaries and who is enrolled under subtitle C of Title Ill of the Employee
Retirement Income Security Act of 1974.
I .04 “Actuarial Eauivalent”:
Actuarial Equivalent is defined in the attachment marked Exhibit B.
I .05 “Adoption Agreement”:
shall mean the document outlining the specific benefits of the Plan, as executed by the
Employer and attached to and made part of the Plan.
5
DB PLAN AMENDED AND EESTATED; September 23,2010
I .06 “Average Final Compensation”:
shall mean one-twelfth (1/12) of the average annual compensation of the five (5) best
years of the last ten (IO) years of Credited Service prior to retirement, termination or
death, or the career average, whichever is greater, unless otherwise specified in the
Adoption Agreement. A year shall be defined as the twelve (12) consecutive months
immediately prior to death, disability or retirement. In the case of a Volunteer
Firefighter, Average Final Compensation shall mean the average salary of the five (5)
best years of the ten (IO) best contributing years prior to change in status to a
permanent full-time Firefighter or retirement as a Volunteer Firefighter or the career
average of a Volunteer Firefighter, whichever is greater.
1.07 “Beneficiary”:
shall mean the person or persons entitled to receive benefits hereunder at the death
of a Participant who has or have been designated in writing by the Participant and
filed with the Board. If no such designation is in effect, or if no person so designated
is living, at the time of death of the Participant, the beneficiary shall be the estate of
the Participant.
1.08 “Board”:
shall mean the Board of Trustees, which shall administer and manage the Plan herein
provided and serve as Trustees of the Fund.
I .09 “Code”:
shall mean the Internal Revenue Code of 1986, as amended from time to time.
1.10 “Credited Service”:
shall mean the total number of years and fractional parts of years as a Participant
during which the Participant made required contributions to the Plan, omitting
intervening years or fractional parts of years when such Participant is not employed by
the Employer. Credited Service may be given for years of employment as a Police
6
DB PLAN AMENDED AND RESTATED; September 23,2010
Officer, Firefighter or Public Safety Officer, prior to plan inception at the discretion of the
Employer and as stated in the Adoption Agreement.
A Participant may voluntarily leave his Participant contributions in the Fund for a period
of five (5) years after leaving the employ of the Employer pending the possibility of
being rehired in a position eligible for participation in this Plan, without losing credit for
the time that he was a Participant in the Plan. If a vested Participant does not become
reemployed within five (5) years, then the Accumulated Contributions will be returned to
the Participant without interest, unless otherwise specified in the Adoption Agreement,
upon receipt of written request of the Participant. If a Participant who is not vested is
not reemployed with the Employer within five (5) years, his Accumulated Contributions
shall be returned without interest. Upon return of a Participant‘s Accumulated
Contribution, all rights and benefits under the Plan are forfeited and terminated. Upon
any reemployment in a position eligible for participation in this Plan, a Participant shall
not receive credit for the years and fractional parts of years for which he has withdrawn
his Accumulated Contributions from the Plan unless the Participant repays into the
Fund the contributions he has withdrawn, with interest, as determined by the Board,
within ninety (90) days after reemployment.
A Participant shall receive Credited Service for all purposes, including vesting, for the
years or fractional parts of years that he performs “Qualified Military Service” including
voluntary or involuntary service in the armed forces of the United States as defined in
the Uniformed Services Employment and Reemployment Rights Act (USERRA) (P.L.
103-353), after separation from employment with the Employer, to perform training or
service, provided that:
(A) The Participant must return to his employment with the Employer within
one (1) year following the date of military discharge or his release from active
service.
(8) The Participant is entitled to reemployment under the provisions of
USERRA,
7
DB PLAN AMENDED AND RESTATED; September 23,2010
(C)
be five (5) years.
(D) This section is intended to satisfy the minimum requirements of USERRA,
as may be amended from time to time. To the extent that this section does not
meet the minimum requirements of USERRA, the provisions of USERRA shall
govern.
The maximum credit for military service pursuant to this paragraph shall
If a participant dies on or after January 1, 2007 while performing Qualified Military
Service as defined by USERRA, the participant’s beneficiaries shall be entitled to any
benefits the participant would have been entitled to had he or she resumed employment
and then died while employed.
I. I1 “Deferred Retirement Option Plan” or “DROP”:
shall mean a local law plan retirement option in which a Participant may elect to
participate. A Participant may retire for all purposes of the plan and defer receipt of
retirement benefits into a DROP account while continuing employment with his
employer. However, a Participant who enters the DROP and who is otherwise eligible
to participate shall not thereby be precluded from participating or continuing to
participate in a supplemental plan in existence on, or created after, the date of adoption
of a DROP by the Employer pursuant to Section M, “DROP,” of the Adoption
Ag reem en t.
I .I 2 “Earlv Retirement Date”:
shall mean the date which is specified in the Adoption Agreement - Section G3, Early
Retirement Date.
I .I3 “Effective Date”:
shall mean the date of this Plan as specified in the Adoption Agreement - Section AI.
8
DB PLAN AMENDED AND RESTATED; September 23,2010
I .I4 c‘Emplovee”:
shall mean the classes of employees designated as eligible to participate in this Plan as
specified in the Adoption Agreement - Section B., except as otherwise provided in the
Adoption Agreement.
1. 15 “Employer”:
shall mean the municipality, governmental entity, public agency or political subdivision
established within the State of Florida that adopts this Plan.
1. 16 “Firefighter”:
shall mean any person employed solely by a constituted fire department or public safety
department of any municipality or special fire control district who is certified as a
Firefighter as a condition of employment in accordance with the provisions of Section
633.35, FI. Stat., and whose duty is to extinguish fires, to protect life, and to protect
property. The term includes all certified, supervisory, and command personnel
whose duties include, in whole or in part, the supervision, training, guidance, and
management responsibilities of full-time firefighters, part-time firefighters, or auxiliary
firefighters but does not include part-time firefighters or auxiliary firefighters.
1.17 “Fund”:
shall mean the Trust Fund established herein as part of the Plan.
1 .I 8 “Limitation Ye&
shall mean the Calendar Year
I. I9 “Normal Retirement Date”:
shall mean the date as specified in the Adoption Agreement - Section GI Normal
Retirement Date.
9
DB PLAN AMENDED AND RESTATED; September 23,2010
1.20 “Particbant or Member”
shall mean the actively employed Employees who are eligible to participate in this Plan
as specified in the Adoption Agreement - Section B, Plan and Section C, Eligibility.
Benefit improvements which, in the past, have been provided for by amendments to the
Plan adopted by the Employer by ordinance or resolution, and any benefit
improvements which might be made in the future shall apply prospectively and shall not
apply to Participants who terminate employment or who retire prior to the effective date
of any ordinance or resolution adopting such benefit improvements, unless such
ordinance or resolution specifically provides to the contrary.
I .21 “Plan”:
shall mean the pension Plan as herein set forth and as may be amended from time to
time.
I .22 “Plan Year”:
shall mean the Plan’s accounting year of twelve (12) consecutive months commencing
on October 1 of each year and ending the following September 30, or the Plan Year as
specified in the Adoption Agreement.
1.23 “Police Officer”:
shall mean any person who is elected, appointed, or employed full time by any
municipality, who is certified or required to be certified as law enforcement officer in
compliance with s. 943.1395, FI. Stat., who is vested with authority to bear arms and
make arrests, and whose primary responsibility is the prevention and detection of crime
or the enforcement of the penal, criminal, traffic, or highway laws of the State. This
definition includes all certified supervisory and command personnel whose duties
include, in whole or in part, the supervision, training, guidance, and management
responsibilities of full-time law enforcement officers, part-time law enforcement officers,
or auxiliary law enforcement officers, but does not include part-time law enforcement
officers or auxiliary law enforcement officers as the same are defined in s. 943.10(6)
10
DB PIAN AMENDED AND RESTATED; September 23,2010
and (8), FI. Stat., respectively. A Police Officer classification shall also include a public
safety officer who is responsible for performing both police and fire services.
I .24 “Public Safety Officer”:
shall mean an actively employed person who is responsible for performing both
firefighter and police officer services. A Public Safety Officer shall be considered a
“police officer” for the purposes of this Plan.
1.25 “Salary/ComDensation”:
For Firefighters, “compensation” or “salary” means the fixed monthly remuneration paid
a Firefighter; where, as in the case of a Volunteer Firefighter, remuneration is based on
actual services rendered, the term means the total cash remuneration received yearly
for such services, prorated on a monthly basis.
For Police Officers, “compensation” or “salary” means the total cash remuneration paid
to a Police Officer for services rendered, including overtime payments which may be
limited to not less than 300 hours per calendar year, but not including any payments for
extra duty or a special detail work performed on behalf of a second party employer.
Compensation in excess of the limitations set forth in Section 401(a)(17) of the Code
as of the first day of the calendar year shall be disregarded for any purpose, including
employee contributions or any benefit calculations. The annual compensation of each
member taken into account in determining benefits or employee contributions for any
calendar year beginning on or after January 1, 2002, may not exceed $200,000, as
adjusted for cost-of-living increases in accordance with Section 401 (a)(17)(B) of the
Code.
See Section D of the Adoption Agreement for further details.
11
DB PLAN AMENDED AND RESTATED; September 23,201 0
I .26 “Spouse”:
shall mean the IawFuI wife or husband of a Participant at the time benefits become
payable.
I. 27 “Total and Permanent Disability”:
shall mean a physical or mental condition of a Participant resulting from bodily injury,
disease, or mental disorder which renders him incapable of employment as a
Firefighter, Police Officer or Public Safety Officer, and which condition constitutes total
disability as determined by the Board.
1.28 “Trust Fund or Trust”:
shall mean the Trust Fund established under this Plan to hold Plan assets and to which
contributions are to be paid and benefits held. Nothing herein shall preclude the
establishment of more than one trust fund as may be required by law or adopted by the
Employer.
I .29 “Trustee”:
shall mean the person or persons named as and making up the Board of Trustees or
Board, who shall administer and manage the Plan.
1.30 “Valuation Date”:
shall mean the first day of the Plan Year.
1.31 “Volunteer Firefiahter”:
shall mean any person whose name is carried on the active membership roll of a
constituted volunteer fire department or a combination of a paid and volunteer fire
department of any municipality or special fire control district and whose duty is to
extinguish fires, protect life, and to protect property. Compensation for services
rendered by a Volunteer Firefighter shall not disqualify him as a volunteer. A person
shall not be disqualified as a Volunteer Firefighter solely because he has other gainful
employment, Any person who volunteers assistance at a fire, but is not an active
12
DB PLAN AMENDED AND RESTATED: September 23,2010
member of the department described herein is not a Volunteer Firefighter within the
meaning of this paragraph.
13
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 2
PARTlCl PATION
2.01 Conditions of Eligibility
A Participant shall become eligible to participate in this Plan as specified in Section C of
the Adoption Agreement.
As a condition of eligibility, the Employee participants shall be required to complete a
medical examination as prescribed by the Board, and provide complete and accurate
information concerning their health status as requested by the Board. Any material
misstatements or omissions of required health or medical information by an applicant or
Participant shall be grounds for denial of benefits. Based upon medical evidence of any
pre-existing adverse health condition, resulting from the prescribed examination or
other medical records or history, the Board may determine ineligibility for disability
benefits hereunder, as related to such pre-existing condition. A Participant may be
declared ineligible for disability benefits only at the time of the initial examination
provided in this section, or at a later date if the Board established that a condition
existed at the time of the Participant's employment or date of participation, and the
condition was known to the employee. A determination of pre-existing condition shall
be recorded on the Participant's record of membership, a copy of which shall be
provided to the Participant, and shall be reflected in the minutes of the Board meeting
at which such determination was made by the Board. The procedures followed and the
determination of the Board as to a pre-existing condition shall be considered on a
uniform, non-discriminatory basis.
2.02 Participation
Each Participant shall complete a form prescribed by the Board providing the following
information:
(A) enrollment in the Plan
(B) designation of a beneficiary or beneficiaries,
14
DB PLAN AMENDED AND RESTATED; September 23,2010
(C) a certified statement as to prior medical history, and
waiver to release and access medical records.
a
2.03 Change in Desiclnation of Beneficiary
A Participant may from tirne to time change his designated beneficiary by written notice
to the Board upon forms provided by the Board. Upon such change, the rights of all
previously designated beneficiaries to receive any benefits under the Plan shall cease.
A change of beneficiary shall not require consent of the beneficiary. Notwithstanding
the provisions of this paragraph, a police officer retiree or firefighter retiree may
change his or her designation of beneficiary up to two times without the approval of
the Board or the current beneficiary. The retiree is not required to provide proof of
the good health of the beneficiary being removed, and the beneficiary being
removed need not be living.
15
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 3
BOARD OF TRUSTEES
3.01 Board of Trustees
(A) The sole and exclusive administration of and responsibility for the
proper operation of the Plan is hereby vested in a Board of Trustees. For
plans participating in Chapter 175 or 185, FI. Stat., these trustees shall be
selected according to Section 175.061 (l)(b), FI. Stat., and Section 185.05,
(l)(b), FI. Stat. For plans not participating in Chapter 175 or 185, FI. Stat.,
these trustees shall be selected according to municipal ordinance, or
resolution adopted by the governing body of the special fire control district.
Each Board of Trustees shall be a legal entity with, in addition to other
powers and responsibilities contained herein, the power to bring and defend
lawsuits of every kind, nature, and description. Accurate and detailed
accounts of all Board meetings must be kept. All accounts, books and
records relating thereto shall be open to inspection and audit in accordance
with general law. The Board shall issue such reports as are requested and
make available to the same for inspection any and all records and accounts
which are deemed appropriate in order to comply with governmental
regulations issued thereunder.
(B) The Board members shall, by a majority vote, elect a Chairman and a
Secretary. The Secretary of the Board shall keep a complete minute book of
the actions, proceeding, or hearings of the Board. The Board members shall
not receive any compensation as such, but may receive expenses and per
diem as provided by law.
(C) Each Board member shall serve as trustee for a period of 2 years,
unless he or she sooner leaves the employment of the Employer,
whereupon a successor shall be chosen in the same manner as an
original appointment. However, the terms of office of the appointed and
16
DB PLAN AMENDED AND RESTATED; September 23,2010
elected members may be amended by municipal ordinance, or resolution
adopted by the governing body of the special fire control district to extend
the terms from 2 years to 4 years. The length of the terms of office shall
be the same for all board members.
(D) Each Board member shall be entitled to one vote on the Board. A
majority of the Board shall be necessary for any decision of the Board. A
Board member shall have the right to abstain from voting as the result of a
conflict of interest provided that Board member states in writing the nature of
the conflict and complies with the provisions of Section 112.3143, FI. Stat.
(E) The Board of Trustees shall engage such actuarial, accounting, legal,
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
from the Fund at such rates and in such amounts as the Board of Trustees
shall approve.
(F)
include, but not necessarily be limited to, the following:
The duties and responsibilities of the Board of Trustees shall
(1) To construe the provisions of the Plan and determine all
questions arising thereunder.
(2) To determine all questions relating to eligibility and
participation.
To determine the amount of all benefits hereunder.
To establish uniform rules and procedures to be followed for
administrative purposes, benefit applications, and all matters
required to administer the Plan.
To distribute to Participants, at regular intervals, information
concerning the Plan.
(3)
(4)
(5)
17
DB PLAN AMENDED AND RESTATED; September 23,2010
To receive and process all applications for participation and
benefits.
To authorize all payments whatsoever from the Fund, and to
notify the disbursing agent, in writing, of approved benefit
payments and other expenditures arising through operation of
the Plan and Fund.
To have performed actuarial studies and at least triennial
valuations, as required by law, and make recommendations
regarding any and all changes in the provisions of the Plan.
To perform such other duties as required to administer the
Plan.
To arrange for and select physicians for medical exams and
review and advise on medical disability eligibility issues.
To invest and reinvest the assets of the Fund.
(G) At least once every three (3) years, the Board shall retain a
professionally qualified independent consultant who shall evaluate the
performance of any existing professional money manager and shall make
recommendations to the Board regarding the selection of money managers
for the next investment term. These recommendations shall be considered
by the Board at its next regularly scheduled meeting.
18
DE PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 4
FINANCES AND FUND MANAGEMENT
4.01 Establishment and Operation of Fund
(A) As part of the Plan, there is hereby established the Fund, into which
shall be deposited all of the contributions and assets whatsoever attributable
to the Plan, including any assets of any prior municipal trust fund(s).
(E!) The actual custody and supervision of the Fund (and assets thereof)
shall be vested in the Board. Payment of benefits and disbursements from
the Fund shall be made by the disbursing agent but only upon written
authorization from the Board or its designee.
(C) All funds of the Plan may be deposited by the Board with the
Employer, acting in a ministerial capacity only, who shall be liable in the
same manner and to the same extent as he is liable for the safekeeping of
funds for the Employer. However, any funds so deposited with the Employer
shall be kept in a separate fund by the Employer or clearly identified as such
funds of the Plan. In lieu thereof, the Board shall deposit the funds in a
qualified public depository as defined in Section 280.02, FI. Stat., which
depository with regard to such funds shall conform to and be bound by all of
the provisions of Chapter 280, FI. Stat. In order to fulfill its investment
responsibilities as set forth herein, the Board may retain the services of a
custodian bank, an investment adviser registered under the Investment
Advisors Act of 1940, or otherwise exempt from such required registration,
an insurance company, or a combination of these, for the purpose of
investment decisions and management. Such investment manager shall
have discretion, subject to any guidelines as prescribed by the Board, in the
investment of all Fund assets.
19
DE3 PLAN AMENDED AND RESTATED; September 23,2010
(D) All funds of the Plan may be commingled without limitation in
governmental investment trusts, no-load investment funds or no-load mutual
funds, and all such trusts or funds must comply with the Investment Policy as
attached as Exhibit A. Accurate records are to be maintained at all times
reflecting the financial composition of the Fund, including accurate current
accounts and entries as regards the following:
Current amounts of Accumulated Contributions of Participants
on both an individual and aggregate account basis, and
receipts and disbursements, and
benefit payments, and
current amounts clearly reflecting all monies, funds and assets
whatsoever attributable to contributions and deposits from the
Employer, and
all interest, dividends and gains (or losses), and
such other entries as may be properly required so as to reflect
a clear and complete financial report of the Fund.
(E) An independent audit shall be performed annually by a certified public
accountant for the most recent fiscal year of the Employer showing a 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 a cost and market basis, as well as other items
normally included in a certified audit.
(F)
and authority:
The Board of Trustees shall have the following investment powers
(1) 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
20
DB PLAN AMENDED AND RESTATED; September 23,2010
of the governing body of the Employer to amend or terminate this
Plan, provided that no amendment or termination shall ever result in
the use of any assets of the Fund except for the payment of regular
expenses and benefits under this Plan, and except as otherwise
provided in this Plan. All contributions deposited into the Fund, and
the income thereof, without distinction between principal and income,
shall be held and administered by the Board, or its agent, in the Fund,
and the Board shall not be required to segregate or invest separately
any portion of the Fund.
(2) All monies paid into or held in the Fund shall be invested and
reinvested by the Board. The Fund shall be invested in accordance
with an established investment policy adopted by the Board. The
adopted investment policy will be made part of this document and
shall be attached as Exhibit A.
(3) The Board may cause any investment in securities held by it to
be registered in or transferred into its name as Trustee or into the
name of such nominee as it may direct, or it may retain them
unregistered and in a form permitting transferability, but the books and
records shall at all times show that all investments are part of the
Trust Fund.
(4) 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, recapitalization, 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 Trustee or with depositories designated thereby; to amortize
or fail to 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
21
DB PLAN AMENDED AND RESTATED; September 23,2010
investments comprising the Fund which it may deem to be in the best
interest of the Fund to exercise.
(5) Any overpayments or underpayments from the Fund to a
Participant or beneficiary caused by errors of computation shall be
adjusted with interest at a rate per annum as utilized in the prior years’
actuarial valuation. Overpayments shall be charged against
payments next succeeding the correction. Underpayments shall be
made up from the Trust Fund.
(6) In any application to or proceeding or action in the courts, the
Board and Employer shall be a necessary party, and no Participant or
other person having an interest in the Fund shall be entitled to any
notice or service of process. Any judgment entered in such a
proceeding or action shall be conclusive upon all persons.
(7) Any powers and functions of the Board may be performed or
carried out by the Board through duly authorized agents, provided that
the Board at all times maintains continuous supervision over the acts
of any such agent; provided further, that legal title to the Fund always
remain with the Board.
(G) Notwithstanding any provision of this section to the contrary, for
plans participating in Chapter 175 or 185, FI..Stat., the Board shall identify
and publicly report any direct or indirect holdings it may have in any
scrutinized company, as defined in section 21 5.473, Florida Statutes, and
proceed to sell, redeem, divest, or withdraw all publicly traded securities it
may have in that company beginning January 1, 2010. The divestiture of
any such security must be completed as specified in Chapter 175 or 185,
FI. Stat. The Board and its named officers or investment advisors may not
be deemed to have breached their fiduciary duty in any action taken to
dispose of any such security, and the Board shall have satisfactorily
discharged the fiduciary duties of loyalty, prudence, and sole and
exclusive benefit to the participants of the pension fund and their
22
DB PLAN AMENDED AND RESTATED; September 23,2010
beneficiaries if the actions it takes are consistent with the duties imposed
by s. 215.473, and the manner of the disposition, if any, is reasonable as
to the means chosen. For the purposes of effecting compliance with that
section, the pension fund shall designate terror-free plans that allocate
their funds among securities not subject to divestiture. No person may
bring any civil, criminal, or administrative action against the Board of
trustees or any employee, officer, director, or advisor of such pension fund
based upon the divestiture of any security pursuant to this paragraph.
23
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 5
CONTRIBUTIONS
5.01 Participant Contributions
(A) Amount Participants in the Plan shall be required to make contributions
to the Fund in the amount specified in the Adoption Agreement - Section K,
Employee Contributions.
(B) Method Participant contributions shall be made by payroll deduction.
Participant contributions withheld by the Employer on behalf of the Participant shall
be deposited in the Fund immediately after each pay period.
(C) Pre-Tax Emplovee Contributions If pre-tax Employee Contributions
are applicable, this provision will be noted within the Adoption Agreement - Section
K as pre-tax contributions pursuant to Section 414(h) of the Code, otherwise the
Plan will assume after tax contributions. Such designation is contingent upon the
contribution being excluded from the Employees’ gross income for federal income
tax purposes. For all other purposes of the Plan, such contributions shall be
considered Employee contributions.
5.02 State Contributions
Any monies received or receivable by reason of laws of the State of Florida, for the express
purpose of funding the Plan shall be deposited in the Trust Fund comprising part of this
Plan immediately. Contributions must be deposited within five (5) days after receipt by the
Employer.
5.03 Emplover Contributions
So long as this Plan is in effect, the Employer shall deposit quarterly contributions for each
Plan Year to the Trust Fund in an amount equal to the amount determined by the Actuary,
taking into account Participant contributions, state contributions for such year, and the total
cost for the Plan Year, as represented in the most recent actuarial valuation of the Plan.
The total cost for each Plan Year shall be defined as the total normal cost plus the
24
DB PLAN AMENDED AND RESTATED; September 23,2010
additional amount sufficient to amortize the unfunded past service liability as provided in
Part VI1 of Chapter 112, Florida Statutes.
5.04 Other
Private donations, gifts and contributions may be deposited to the Fund.
25
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 6
BENEFIT AMOUNTS AND ELIGIBILITY
6.01 Normal Retirement Date
A Participant's Normal Retirement Date shall be as specified in the Adoption Agreement -
Section GI, Normal Retirement Date. A Participant may retire on his Normal Retirement
Date or on the first day of any month thereafter. Normal Retirement under the Plan is
retirement from employment with the Employer on or after the Normal Retirement Date and
completion of the required years of credited service.
6.02 Normal Retirement Benefit
(1) A Participant retiring hereunder on or after his Normal Retirement Date shall
receive a monthly benefit as specified in the Adoption Agreement - Section G2,
Normal Retirement Benefit, which shall commence on the first day of the month
coincident with or next following his termination of employment.
In the event that a Participant does not begin to receive his Benefit at his
. Normal Retirement Date, such Participant shall be entitled to a deferred benefit
equal to the benefit he was entitled to receive at his Normal Retirement Date,
adjusted to take into account his Average Final Compensation and years of
Credited Service as of his actual retirement date.
(2) The monthly Normal Retirement Benefit of a Volunteer Firefighter who
changes status from a Volunteer Firefighter to a full-time Firefighter shall be as
provided below.
(A) The amount of monthly retirement income payable to a full-time
Firefighter who retires on or after his or her Normal Retirement Date shall be an
amount equal to the number of his or her years of Credited Service as a full-time
Firefighter multiplied by the Normal Retirement Benefit multiplier specified in Section
26
DB PIAN AMENDED AND RESTATED; September 23,2010
c
G2 of the Adoption Agreement multiplied by his or her Average Final Compensation
as a full-time Firefighter.
(B) The amount of monthly retirement income payable to a Volunteer
Firefighter who retires on or after his or her Normal Retirement Date shall be an
amount equal to the number of his or her years of Credited Service as a Volunteer
Firefighter multiplied by the Normal Retirement Benefit multiplier specified in Section
G2 of the Adoption Agreement multiplied by his or her Average Final Compensation
as a Volunteer Firefighter.
(C) The sum of the Firefighter’s monthly retirement income as
determined under (A) and (B) shall be the Firefighter’s Normal Retirement
Benefit.
6.03 Normal Form of Benefit
The normal form of benefit shall be a single monthly retirement benefit for life, ceasing
upon death, except as otherwise provided for plans operating under Chapter 175 or 185,
FI. Stat.
6.04 Cost of Living Adiustments to Benefit Payments
A cost-of-living increase, if applicable, shall be as specified in the Adoption Agreement,
Section L - COLA Adjustments.
6.05 Early Retirement Date
A Participant may retire on the Early Retirement Date as specified in the Adoption
Agreement - Section G3, Early Retirement Date. Early retirement under the Plan is
termination from employment with the Employer on or after the Early Retirement Date and
prior to the Normal Retirement Date and the actual completion of the required years of
credited service.
21
DB PLAN AMENDED AND RESTATED; September 23,2010
6.06 Earlv Retirement Benefit
A Participant retiring hereunder on or after his Early Retirement Date may receive either a
deferred or an immediate monthly retirement benefit payable for life, or as otherwise
provided for plans operating under Chapter 175 or 185, FI. Stat. as follows:
(A) A deferred monthly retirement benefit which shall commence on what would
have been his Normal Retirement Date had he remained a Participant, determined
based upon his actual years of Credited Service. The amount of such deferred
monthly retirement benefit shall be determined in the same manner as for
retirement at his Normal Retirement Date, as determined based upon his actual
years of Credited Service, except that Credited Service and Average Final
Compensation shall be determined as of his Early Retirement Date; or
(B) An immediate monthly retirement benefit which shall commence on his Early
Retirement Date. The amount of the Early Retirement Benefit shall be determined
in the same manner as for Retirement at his Normal Retirement Date, except the
benefit shall be actuarially reduced to take into account the Participant’s younger
age and the earlier commencement of retirement income payments as specified in
Section G4 of the Adoption Agreement for each year before the Normal Retirement
Date that benefit payment commenced.
6.07 Deferred Retirement Option Program or “DROP”
A Deferred Retirement Option Program or “DROP, if applicable, Shall be as specified in
the Adoption Agreement, Section M - DEFERRED RETIREMENT OPTION PROGRAM,
“D RO PI’.
6.08 Rewired Distribution Date
Distribution of a participant‘s benefit under this article must commence no later than April 1
of the calendar year following the later of the calendar year during which the participant
attains age seventy and one-half (70 %) or the calendar year in which the participant
terminates employment with the Employer.
28
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 7
PRE-RETIREMENT DEATH
7.01 Death Prior to Vesting - In-Line-Of-Duty Prior to retirement, if the
Participant dies in-line-of-duty, and he is not vested, his beneficiary shall receive benefits
as specified in the Adoption Agreement - Section I1 , Death Prior to Vesting - In-Line-Of-
Duty.
7.02 Death After Vesting - In-Line-Of-Duty Prior to retirement, if a vested Participant
dies in-line-of-duty, having completed the required years of Credited Service, his
beneficiary shall receive benefits as specified in the Adoption Agreement - Section 12,
Death After Vesting - In-Line-Of-Duty.
7.03 Death Prior to Vestina - Off-Duty The beneficiary of a deceased Participant who
was not vested and who dies prior to retirement from causes other than in-line-of-duty shall
receive a refund of one hundred percent (100%) of the Participants’ Accumulated
Contributions as specified in the Adoption Agreement Section 13, Death Prior to Vesting-
Off Duty.
7.04 Death After Vesting - Off-Duty If a vested Participant dies prior to retirement from
causes other than-in-line-of-duty, having completed the required years of Credited Service,
his beneficiary shall receive the benefit otherwise payable to the Participant at the Early or
Normal Retirement Date as specified in the Adoption Agreement Section 14, Death After
Vesting - Off-Duty.
7.05 Beneficiaries Receipt of Payment A Beneficiary may not elect an optional
form of benefit, however, the Board may elect to make a lump sum payment pursuant to
Article IO(G) to a beneficiary of the death benefits payable hereunder.
7.06 Distribution of Benefits Distributions to the beneficiary shall commence by a date
selected in accordance with this Article and the Adoption Agreement; however in no event
29
DB PLAN AMENDED AND RESTATED; September 23,2010
shall distribution commence later than December 31 of the calendar year in which the
participant would have attained age seventy and one-half (70 %).
30
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 8
DISABILITY
8.01 Disability Benefits In-Line-Of-Duty
(A) Benefits Each Participant who shall become Totally and Permanently
Disabled while an active Participant of the Employer to the extent that he is unable,
by reason of a medically determinable physical or mental impairment, to render
useful and efficient service as a Firefighter, Police Officer or Public Safety Officer,
respectively, which disability was directly caused by the performance of his duty as
a Firefighter, Police Officer or Public Safety Officer, respectively, shall, upon
establishing the same to the satisfaction of the Board, be entitled to a monthly
pension which is as defined in the Adoption Agreement - Section HI, Disability
Benefits I n-The-Line-of Duty.
(B) Pursuant to the provisions of section 112.18, FI. Stat., as
amended from time to time, any condition or impairment of the health of a
Firefighter, Police Officer or Public Safety Officer caused by tuberculosis,
hypertension or heart disease, or hardening of the arteries for a Police Officer or a
Public Safety Officer, shall be presumed to have been suffered in line-of-duty unless
the contrary is shown by competent evidence, provided that such Firefighter, Police
Officer or Public Safety Officer, shall have successfully passed a physical
examination upon entering into employment with the Employer, which may include a
cardiogram, which failed to reveal any evidence of such condition; and provided
further, that such presumption shall not apply to benefits payable or granted in a
policy of life insurance or disability insurance.
Presumption
(C) Section 1 12.181, Fla. Stat., as amended from
time to time, is hereby adopted and incorporated by reference and is applicable to
those conditions described therein that are diagnosed on or after January 1, 1996.
Additional Presumption
8.02 Disabilitv Benefits Off-Dutv
31
DB PIAN AMENDED AND RESTATED; September 23,201 0
Every Firefighter, Police Officer or Public Safety Officer as defined in the Adoption
Agreement - Section B, Plan who shall have become Totally and Permanently Disabled to
the extent that he is unable, by reason of a medically determinable physical or mental
impairment, to render useful and efficient service as a Firefighter, Police Officer or Public
Safety Officer, respectively, as defined in Article 1, and which disability is not directly
caused by the performance of his duties as a Firefighter, Police Officer or Public Safety
Officer, respectively, shall, upon establishing the same to the satisfaction of the Board of
Trustees, be entitled to a disability benefit as provided in the Adoption Agreement -
Section H2, Disability Benefits Off-Duty.
A disabled Participant that does not meet the credited years of service requirements in the
Adoption Agreement - Section H2, Disability Benefits Off-Duty, will receive a return of his
Accumulated Contributions without interest.
8.03 Conditions Disqualifving Disabilitv Benefits
Each Participant who is claiming disability benefits shall establish, to the satisfaction of the
Board, that such disability was not occasioned primarily by:
Excessive or habitual use of any drugs, intoxicants or narcotics.
Injury or disease sustained while willfully and illegally participating in fights,
riots or civil insurrections, or while committing a crime.
Injury or disease sustained while serving in any branch of the Armed Forces.
Injury or disease sustained after his employment as a Participant with the
Employer had terminated.
For Police Officers and Public Safety Oficers only: injury or disease
sustained by the Participant while working for anyone other than the
Employer and arising out of such employment.
32
DB PLAN AMENDED AND RESTATED; September 23,2010
8.04 Physical Examination Requirement
A Participant shall not become eligible for disability benefits until and unless he
undergoes physical examination by a qualified physician or physicians and/or
surgeons or surgeons, who shall be selected by the Board for that purpose.
Any Participant receiving disability benefits under this Plan may be periodically
re-examined by a qualified physician or physicians and/or surgeon or surgeons who
shall be selected by the Board, to determine if such disability has ceased to exist. If
the Board finds that the former Participant is no longer Permanently and Totally
Disabled to the extent that he is able to render useful and efficient service as a
Firefighter, Police Officer or Public Safety Officer, respectively, the Board shall
recommend to the Employer that the former Participant be returned to performance
of duty as a Firefighter, Police Officer or Public Safety Officer, respectively, and
shall again become eligible to Participate in the Plan. In the event the former
Participant so ordered to return to employment shall refuse to comply with the order
within thirty (30) days from the issuance thereof, the Participant shall forfeit the right
to his benefits hereunder.
The cost of the physical examination and/or re-examination of the Participant
claiming and or receiving disability benefits shall be paid by the Plan. All other
reasonable costs as determined by the Board incident to the physical examination,
such as, but not limited to, transportation, meals and hotel accommodations, shall
be paid by the Plan.
If a Participant recovers from disability and reenters the service of the Employer as
a Participant, his service will be deemed to have been continuous, but the period
beginning with the first month for which he received a disability retirement income
payment and ending with the date he reentered the service of the Employer will not
be considered as Credited Service for the purposes of the Plan. The Board shall
have the power and authority to make the final decision regarding all disability
claims.
33
DB PLAN AMENDED AND RESTATED; September 23,2010
8.05 Disability Payments
The monthly benefit to which a Participant is entitled in the event of the Participant's
disability shall be payable on the first day of the first month after the Board
determines such entitlement. Provided, however, the Participant may select, at any
time prior to the date on which benefit payments begin, an optional form of benefit
payment as described in Article IO, Optional Forms of Benefits, which shall be the
Actuarial Equivalent of the normal form of benefit. The amount of the first disability
payment shall include an amount payable from the date the Board determined such
entitlement. Disability benefits shall cease:
(A) If the Participant recovers from the disability prior to his Normal
Retirement Date, the payment due next proceeding the date of such
recovery, or
(B) If the Participant dies without recovering from disability or attains
Normal Retirement Date, the later of the payment due next proceeding his
death, or as otherwise provided for plans operating under Chapter 175 or
185, FI. Stat.
8.06 Disability Payments & Workers Compensation
If a Participant receives a disability benefit under the Plan and workers
compensation benefits pursuant to Chapter 440, FI. Stat., for the same disability and
the total monthly benefits received from both exceed one hundred percent (100%)
of the Participants' average monthly wage determined in accordance with Chapter
440, FI. Stat., the disability pension benefit shall be reduced so that the total monthly
amount received by the Participant does not exceed one hundred percent (I 00%) of
such average monthly wage. In no event shall a Participant's disability pension
benefit be reduced to less than 42% of Average Final Compensation for in-line-of
duty disability and 25% of Average Final Compensation for off-duty disability, as
provided in Chapters 175 and 185, FI. Stat. In the event of a lump sum workers
34
DB PLAN AMENDED AND RESTATED; September 23,2010
I.
compensation settlement, the disability retirement income payable from the Plan
shall be adjusted as follows:
(A) The amount of the lump sum settlement shall be divided by the
Participant's remaining life expectancy (in months) as determined using the
actuarial assumptions represented in the last completed valuation of the
Plan.
(B) If the number obtained in paragraph (A) above, when added to the
Participant's monthly disability retirement income from the Plan, exceeds the
Participant's final monthly compensation on the date of disability, the amount
of the excess shall be deducted from the Participant's monthly disability
retirement income from the pension plan, for the duration of the Participant's
remaining life expectancy as determined in paragraph (A) above.
(C) If the number obtained in paragraph (A) above, when added to the
Participant's monthly disability retirement income from the Plan, does not
exceed the Participant's final monthly compensation on the date of disability,
there shall be no reduction of the Participant's disability benefit from the plan.
35
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 9
VESTING
If a Participant terminates his employment with the Employer for reasons other than
retirement, disability or death, the Participant shall be entitled to the following:
(A) If the Participant has less than the number of years of Credited Service
specified in the Adoption Agreement - Section J1, Termination of Employment and
Vesting, the Participant shall be entitled to a refund of his Accumulated
Contributions without interest.
(B) If the Participant has the required number of years of Credited Service
specified in the Adoption Agreement - Section J2, Termination of Employment and
Vesting, the Participant shall be entitled to a retirement benefit that is the Actuarial
Equivalent of the Accrued Benefit otherwise payable to him commencing at the
Participant's otherwise Normal or Early Retirement Date, and determined based on
actual years of Credited Service, provided he does not elect to withdraw his
Accumulated Contributions and provided the Participant survives to his Normal or
Early Retirement Date.
(C) Any vested Participant of the Plan who is no longer eligible to participate in
this Plan due to a change of employment, but who remains employed by the
Employer in a class not eligible to participate under this Plan, shall have his Accrued
Benefit to the date of such termination under this Plan preserved, provided he does
not elect to withdraw his Accumulated Contributions from this Pian. Such Accrued
Benefit shall be payable at his otherwise Early or Normal Retirement Date
hereunder in accordance with the provisions of this Plan.
(D) If a Participant who terminates employment prior to his Early Retirement
Date or his Normal Retirement Date and elects to withdraw Accumulated
Contributions, is subsequently reemployed and again becomes a Participant in this
36
DB PLAN AMENDED AND RESTATED; September 23,2010
Plan, his Credited Service for purposes of vesting and benefit accruals shall not
include any periods of employment prior to his reemployment date unless he repays
to the Fund his Accumulated Contributions previously withdrawn with interest, as
determined by the Board, within ninety (90) days after reemployment. If a
Participant repays the foregoing amount to the Fund within the prescribed time
period, the interest of the Participant in his Accrued Benefit previously forfeited shall
be restored in full and the Participant's Credited Service shall be based on all
periods of employment.
37
DB PLAN AMENDED AND RESTATED; September 23,201 0
ARTICLE 10
OPTIONAL FORMS OF BENEFITS
(A) In lieu of the normal form of benefit as specified herein, a Participant's Early or
Normal Retirement or Disability Benefit may be paid in an optional form as selected by the
Participant.
Subject to the approval of the Board or its designee, the Participant may elect to receive
the Actuarial Equivalent of the benefit otherwise payable to the Participant in accordance
with one of the following options:
I.
2.
Monthly income payments for the life of the Participant.
Monthly income payment for the life of the Participant and after his death, a
joint pensioner benefit payable for the life of the joint pensioner equal to:
loo%, 75%, 66 2/3%, or 50% of the amount payable to the Participant.
Such other amount and form of retirement benefit payment that, in the
opinion of the Board, will meet the circumstances of the Participant and the
Trust.
3.
(B) The Participant, upon electing any option pursuant to this Article, will designate the
joint pensioner or beneficiary (or beneficiaries) to receive the benefit, if any, payable under
the Plan in the event of Participant's death, and will have the power to change such
designation from time to time. Such designation will name a joint pensioner or one or more
primary beneficiaries where applicable. A Participant may change his Beneficiary at any
time. If a Participant has elected an option with a joint pensioner and the Participant's
retirement benefits have commenced, the Participant may thereafter change his joint
pensioner twice without the approval of the Board or the current joint pensioner. A
Participant is not required to provide proof of the good health of the joint pensioner being
removed, and the joint pensioner being removed need not be living.
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DB PLAN AMENDED AND RESTATED; September 23,2010
I.
(C) Upon change of a Participant's joint pensioner in accordance with this Article, the
amount of the retirement income payable to the Participant shall be actuarially re-
determined to ensure that the benefit paid is the Actuarial Equivalent of the present value
of the Participant's then-current benefit at the time of change, and there is no impact to the
Plan. Any such Participant shall pay the actuarial recalculation expenses. Each request
for a change will be made in writing on a form prepared by the Board and on completion
will be filed with the Board. In the event that no designated Beneficiary survives the
Participant, such benefits as are payable in the event of the death of the Participant
subsequent to his retirement shall be paid as provided in Section 1 1, Beneficiaries.
(D)
provisions of this Article and shall be subject to the following limitations:
Benefit payments shall be made under the option elected in accordance with the
I. If a Participant dies prior to his Normal Retirement Date or Early Retirement
Date, the beneficiary will receive a benefit paid under the normal form of
benefit in accordance with Article 7, Pre-Retirement Death.
If both the retired Participant and the beneficiary (or beneficiaries) designated
by Participant die before full payment has been effected under any option
providing for payments for a period certain and life thereafter, the value of the
remaining payments shall be paid in such other amount and form of
retirement benefit payment that, in the opinion of the Board, will meet the
circumstances of the retiree and the Trust in accordance Article 1 1.
If the designated Beneficiary (or Beneficiaries) or joint pensioner dies before
the Participant's retirement under the Plan, the option elected will be
canceled automatically and a retirement income of the normal form and
amount will be payable to the Participant upon his retirement as if the
election had not been made, unless a new election is made in accordance
with provisions of this Article or a new Beneficiary is designated by the
Participant prior to his retirement.
If a Participant continues employment beyond his Normal Retirement Date
pursuant to the provisions of the Normal Retirement Date provided in the
2.
3.
4.
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DB PLAN AMENDED AND RESTATED; September 23,2010
Adoption Agreement, and dies prior to his actual retirement and while an
option made pursuant to the provisions of the Adoption Agreement is in
effect, monthly retirement income payments will be made, or a retirement
benefit will be paid, under the option to a Beneficiary (or Beneficiaries)
designated by the Participant in the amount or amounts computed as if the
Participant had retired under the option on the date on which his death
occurred.
(E)
option after the date of cashing or depositing his first benefit check.
Unless otherwise allowed by law, a Participant may not change his benefit payment
(F) Distribution of a participant's benefit under this article must commence no later than
April 1 of the calendar year following the later of the calendar year during which the
participant attains age seventy and one-half (70 %) or the calendar year in which the
participant terminates employment with the Employer.
(G) Notwithstanding anything herein to the contrary, the Board in its discretion, may
elect to make a lump sum payment to a Participant or a Participant's Beneficiary in the
event that the total cammuted value of the monthly income payments to be paid do not
exceed one thousand dollars ($1,000). Any such payment made to any person pursuant to
the power and discretion conferred upon the Board by the preceding sentence shall
operate as a complete discharge of all obligations under the Plan with regard to such
Participant and shall not be subject to review by anyone, but shall be final, binding and
conclusive on all persons.
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D6 PIAN AMENDED AND RESTATED; September 23,2010
ARTICLE 11
BENEFICIARIES
(A) Each Participant may, on a form provided for that purpose, signed and filed with the
Board, designate a beneficiary (or beneficiaries) to receive the benefit, if any, which may be
payable in the event of his death and each designation may be revoked by such Participant
by signing and filing with the Board a new designation-of-beneficiary form. The consent of
a Participant's beneficiary to any change of beneficiary shall not be required.
(6) If a deceased Participant fails to name a beneficiary in the manner prescribed in
Section A, or if the beneficiary (or beneficiaries) named by a deceased Participant
predeceases the Participant, the death benefit, if any, which may be payable under the
Plan with respect to such deceased Participant shall be paid by the Board to the estate of
the Participant, and the Board, in its discretion, may direct that the commuted value of the
remaining value of the remaining monthly income benefits be paid in a lump sum.
Any payment made to any person pursuant to this Section shall operate as a complete
discharge of all obligations under the Plan with regard to the deceased Participant and any
other persons with rights under the Plan and shall not be subject to review by anyone but
shall be final, binding, and conclusive on all persons ever interested hereunder.
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DB PLAN AMENDED AND RESTATED; September 23,201 0
ARTICLE 12
CLAIMS PROCEDURES
The Board shall establish administrative claims procedures to be utilized in processing
written requests (“claims”), on matters which affect the substantial rights of any person
(“claimant”), including Participants, retirees, Beneficiaries, or any person affected by a
decision of the Board.
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DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 13
REPORTS TO DIVISION OF RETIREMENT
Each year by no later than March 15th, the Board shall file an Annual Report with the State
of Florida, Division of Retirement, and the Employer containing the documents and
information contained in Sections 175.261 and 185.221, Florida Statutes.
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DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 14
ROSTER OF RETIREES
The Secretary of the Board shall keep a record of all persons receiving a benefit or vested
Participants who will receive a future vested benefit under the provisions of this Plan in
which it shall be noted the time when the benefit became payable. Additionally, the
Secretary shall keep a record of all Participants employed by the Employer in such a
manner as to show the name, address, date of employment and date such employment is
terminated.
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DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 15
BOARD ATTORNEY AND PROFESSIONALS
The Board may employ independent legal counsel at the Fund's expense for the purposes
contained herein, together with such other professional, technical, or other advisors as the
Board deems necessary.
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DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 16
MAXIMUM PENSION
16.01 Basic Limitation
Notwithstanding any other provisions of this plan to the contrary, the member
contributions paid to, and retirement benefits paid from, the plan shall be limited to such
extent as may be recessary to conform to the requirements of Code Section 415 for a
qualified retirement plan. Before January I, 1995, a plan member may not receive an
annual benefit that exceeds the limits specified in Code Section 415(b), subject to the
applicable adjustments in that section. On and after January 1, 1995, a plan member
may not receive an annual benefit that exceeds the dollar amount specified in Code
Section 415(b)(l)(A) ($160,000), subject to the applicable adjustments in Code Section
415(b) and subject to any additional limits that may be specified in this plan. For
purposes of this section, "limitation year" shall be the calendar year.
16.02
(A) If the form of benefit without regard to any benefit increase feature is not a
straight life annuity, then the Code Section 415(b) limit applicable at the annuity starting
date is reduced to an actuarially equivalent amount (determined using the assumptions
specified in Treasury Regulation Section 1.415(b)-I (c)(2)(ii) that takes into account the
death benefits under the form of benefit.
(B) Benefits Not Taken into Account. For purposes of this Section, the following
benefits shall not be taken into account in applying these limits:
Adiustments to Basic Limitation for Form of Benefit.
(1) Any ancillary benefit which is not directly related to retirement income
benefits;
(2) Any other benefit not required under §415(b)(2) of the Code and
Regulations thereunder to be taken into account for purposes of the
limitation of Code Section 415(b)(l).
COLA Effect. Effective on and after January 1, 2003, for purposes of applying (C)
the limits under Code Section 415(b) (the "Limit"), the following will apply:
46
DE3 PLAN AMENDED AND RESTATED; September 23,2010
(1) A member’s applicable limit will be applied to the member’s annual benefit
in the member’s first calendar year of benefit payments without regard to
any automatic cost of living adjustments;
thereafter, in any subsequent calendar year, a member’s annual benefit,
including any automatic cost of living increases, shall be tested under the
then applicable benefit limit including any adjustment to the Code Section
415(b)(l)(A) dollar limit under Code Section 41 5(d), and the regulations
thereunder; but
in no event shall a member’s benefit payable under the plan in any
calendar year be greater than the limit applicable at the annuity starting
date, as increased in subsequent years pursuant to Code Section 415(d)
and the regulations thereunder.
Unless otherwise specified in the plan, for purposes of applying the limits under Code
Section 415(b), a Member’s applicable limit will be applied taking into consideration cost
of living increases as required by Section 415(b) of the Code and applicable Treasury
Regulations.
(D) Other Adjustments in Limitations.
(2)
(3)
(1) In the event the member’s retirement benefits become payable before age
sixty-two (62), the limit prescribed by this section shall be reduced in
accordance with regulations issued by the Secretary of the Treasury
pursuant to the provisions of Code Section 415(b) of the Code, so that
such limit (as so reduced) equals an annual straight life benefit (when
such retirement income benefit begins) which is equivalent to a one
hundred sixty thousand dollar ($160,000) annual benefit beginning at age
sixty-two (62).
In the event the member’s benefit is based or1 at least fifteen (15) years of
credited service as a full-time police officer or firefighter, the adjustments
provided for in (D)(I) above shall not apply.
The reductions provided for in (D)(I) above shall not be applicable to
disability benefits or pre-retirement death benefits.
(2)
(3)
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DB PLAN AMENDED AND RESTATED; September 23,2010
(4) In the event the member’s retirement benefit becomes payable after age
sixty-five (65), for purposes of determining whether this benefit meets the
limit set forth in subsection (A) herein, such benefit shall be adjusted so
that it is actuarially equivalent to the benefit beginning at age sixty-
five(6S). This adjustment shall be made in accordance with regulations
promulgated by the Secretary of the Treasury or his delegate.
16.03
The maximum retirement benefits payable under this section to any member who has
completed less than ten (IO) years of credited service shall be the amount determined
under section 16.01 multiplied by a fraction, the numerator of which is the number of the
member’s years of credited service and the denominator of which is ten (IO). The
reduction provided by this section cannot reduce the maximum benefit below 10%. The
reduction provided for in this section shall not be applicable to disability benefits or pre-
retirement death benefits.
Less than Ten (IO) Years of Service.
16.04
The limit of this section with respect to any member who at any time has been a
member in any other defined benefit plan as defined in Code Section 4140’) maintained
by the Employer shall apply as if the total benefits payable under all Employer defined
benefit plans in which the member has been a member were payable from one plan.
Participation in Other Defined Benefit Plans.
16.05
Notwithstanding the foregoing, the retirement benefit payable with respect to a member
shall be deemed not to exceed the limit set forth in this section if the benefits payable,
with respect to such member under this plan and under all other qualified defined
benefit pension plans to which the Employer contributes, do not exceed ten thousand
dollars ($10,000) for the applicable pian year and for any prior plan year and the
Employer has not at any time maintained a qualified defined contribution plan in which
the member participated.
Ten Thousand Dollar ($10,000) Limit.
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DB PLAN AMENDED AND RESTATED; September 23,2010
16.06 Reduction of Benefits.
Reduction of benefits and/or contributions to all plans, where required, shall be
accomplished by first reducing the member’s benefit under any defined benefit plans in
which member participated, such reduction to be made first with respect to the plan in
which member most recently accrued benefits and thereafter in such priority as shall be
determined by the board and the plan administrator of such other plans, and next, by
reducing or allocating excess forfeitures to defined contribution plans in which the
member participated, such reduction to be made first with respect to the plan in which
member most recently accrued benefits and thereafter in such priority as shall be
established by the board and the plan administrator for such other plans provided,
however, that necessary reductions may be made in a different manner and priority
pursuant to the agreement of the board and the plan administrator of all other plans
covering such member.
16.07 Service Credit Purchase Limits.
(A) Effective for permissive service credit contributions made in limitation years
beginning after December 31, 1997, if a member makes one or more contributions to
purchase permissive service credit under the plan, then the requirements of this section
will be treated as met only if:
(1) the requirements of Code Section 415(b) are met, determined by treating
the accrued benefit derived from all such contributions as an annual
benefit for purposes of Code Section 415(b), or
the requirements of Code Section 415(c) are met, determined by treating
all such contributions as annual additions for purposes of Code Section
415(c).
For purposes of applying subparagraph (A)(I), the plan will not fail to meet
the reduced limit under Code section 415(b)(2)(C) solely by reason of this
subparagraph (3), and for purposes of applying subparagraph (A)(2) the
plan will not fail to meet the percentage limitation under Section
415(c)(I)(B) of the Code solely by reason of this subparagraph (3)
(2)
(3)
49
DB PLAN AMENDED AND RESTATED; September 23,201 0
(9)
service credit-
(1)
For purposes of this subsection the term “permissive service credit” means
recognized by the plan for purposes of calculating a member’s benefit
under the plan.
which such member has not received under the plan, and
which such member may receive only by making a voluntary additional
contribution, in an amount determined under the plan, which does not
exceed the amount necessary to fund the benefit attributable to such
service credit.
Effective for permissive service credit contributions made in limitation years
beginning after December 31, 1997, such term may, if otherwise provided by the
plan, include service credit for periods for which there is no performance of
service, and, notwithstanding clause (B)(2), may include service credited in order
to provide an increased benefit for service credit which a member is receiving
under the plan.
(C) For purposes of applying the limits in this Section 16.07 only and for no other
purpose, the definition of compensation where applicable will be compensation actually
paid or made available during a calendar year, except as noted below and as permitted
by Treasury Regulations Section 1.41 5(c)-2, or successor regulations. Unless another
definition of compensation that is permitted by Treasury Regulations Section 1.41 5(c)-2,
or successor regulation, is specified by the plan, compensation will be defined as wages
within the meaning of Code Section 3401(a) and all other payments of Compensation to
an employee by an employer for which the employer is required to furnish the employee
a written statement under Code Sections 6041(d), 6051(a)(3) and 6052 and will be
determined without regard to any rules under Code Section 3401(a) that limit the
remuneration included in wages based on the nature or location of the employment or
the services performed (such as the exception for agricultural labor in Code Section
3401 (a)(2).
(1) However, for calendar years beginning after December 31, 1997,
compensation will also include amounts that would otherwise be included
in compensation but for an election under Code Sections 125(a),
(2)
(3)
50
DB PLAN AMENDED AND RESTATED; September 23,2010
402(e)(3), 402(h)(l)(B), 402(k), or 457(b). For calendar years beginning
after December 31, 2000, compensation will also include any elective
amounts that are not includible in the gross income of the employee by
reason of Code Section 132(f)(4).
For limitation years beginning on and after January 1, 2007, compensation
for the calendar year will also include compensation paid by the later of
2% months after an employee’s severance from employment or the end
of the calendar year that includes the date of the employee’s severance
from employment if:
a. the payment is regular compensation for services during the employee’s
regular working hours, or compensation for services outside the
employee’s regular working hours (such as overtime or shift
differential), commissions, bonuses or other similar payments, and,
absent a severance from employment, the payments would have been
paid to the employee which the employee continued in employment
with the employer; or
(2)
b. the payment is for unused accrued bona fide sick, vacation or other leave
that the employee would have been able to use if employment had
con tin ued .
Back pay, within the meaning of Treasury Regulatims Section 1.415(c) -
2(g)(8), shall be treated as Compensation for the limitation year to which
the back pay relates to the extent the back pay represents wages and
compensation that would otherwise be included under this definition.
(D) Notwithstanding any other provision of law to the contrary, the Board may modify
a request by a member to make a contribution to the plan if the amount of the
contribution would exceed the limits provided in Code Section 415 by using the following
methods:
(1) If the law requires a lump sum payment for the purchase of service credit,
the Board may establish a periodic payment deduction plan for the
member to avoid a contribution in excess of the limits under Code
Sections 41 5(c) or 41 5(n).
(3)
51
DE PLAN AMENDED AND RESTATED; September 23,201 0
(2) If payment pursuant to subparagraph (D)(I) will not avoid a contribution in
excess of the limits imposed by Code Section 415(c), the Board may
either reduce the member’s contribution to an amount within the limits of
that section or refuse the member’s contribution
16.08
Notwithstanding anything herein to the contrary:
Additional Limitation on Pension Benefits.
(I) The normal retirement benefit or pension payable to a retiree who
becomes a Participant of the Plan and who has not previously participated
in such Plan, on or after January 1 1980, shall not exceed one hundred
percent (100%) of average final compensation. However, nothing
contained in this section shall apply to supplemental retirement benefits or
to pension increases attributable to cost-of-living increases or
adjustments.
No Participant shall be allowed to receive a retirement benefit or pension
which is in part or in whole based upon any service with respect to which
the Participant is already receiving, or will receive in the future, a
retirement benefit or pension from a different employer’s retirement
system or plan. This restriction does not apply to social security benefits or
federal benefits under Chapter 67, Title 10, U.S. Code.
(2)
16.09 Benefit Restoration Plan & Trust
(A) An Employer may fund a Benefit Restoration Plan as permitted under Code
Section 415(m) as specified in this Section
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DB PLAN AMENDED AND RESTATED; September 23,2010
(B) Definitions
“Information Sheet”:
is the document executed by the Employe: providing specific
information as to that Employer.
“Participant”:
means an employee of the Employer who is eligible to receive
benefits under this Benefit Restoration Plan, under (C).
“Pensioner”:
means a former employee of the Employer who is retired and
receiving retirement benefits.
“Benefit Restoration Plan”:
means the provisions of section 16.09, which is hereby established for
the payment of retirement benefits supplementing the Plan benefits as
permitted under Code Section 415(m).
“Benefit Restoration Plan Year”:
means the limitation year of the Plan under Code Section 415.
“Plan ’’ :
means the plan identified in the Adoption Agreement which is a
Florida Municipal Pension Trust Fund Defined Benefit Plan
maintained by a participating employer, and with respect to which this
Benefit Restoration Plan will provide supplemental benefits.
“Trust”:
means the trust fund established in subsection (E) (2) of this Benefit
Restoration Plan, which shall constitute a separate trust fund from the
trust fund maintained under the Plan.
“Board”:
means the Board of Trustees of the Plan, serving in the separate
capacity as trustees of this Benefit Restoration Plan.
(C) PARTlCl PATI ON
(I) All Participants, Pensioners and Beneficiaries of the Plan whose
retirement or survivor benefits from that Plan for a Plan Year have
53
DB PLAN AMENDED AND RESTATED; September 23,2010
been limited by Code Section 415 are eligible to participate in this
Benefit Restoration Plan, unless excluded by category under the
terms of the Information Sheet.
(2) Participation in the Benefit Restoration Plan is automatic. Any
Participant, Pensioner or Beneficiary who is eligible for benefits is
entitled to such benefits without the necessity of enrollment.
Participation in the Benefit Restoration Plan will cease for any Plan
Year in which the retirement benefit of a Pensioner or Beneficiary is
not limited by Code Section 41 5.
(D) BENEFITS
(I) Benefit Amount
A covered Pensioner or Beneficiary shall receive a monthly benefit
equal to the difference between the participant's monthly retirement
benefit otherwise payable from the Plan prior to any reduction or
limitation because .of Code Section 415 and the actual monthly
retirement benefit payable from the Plan as limited by Code Section
415. The monthly benefit shall be subject to withholding for any
applicable income or employment taxes.
(2) Payment of Benefit
Benefits under the Benefit Restoration Plan shall be paid only if the
Pensioner or Beneficiary is receiving retirement benefits from the
Plan.
(3) Form of Benefit
The form of the benefit paid to a Pensioner or Beneficiary from the
Benefit Restoration Plan shall be the same payable under the Plan.
(4) Re-calculation of Benefits
The maximum benefit under the Pian shall be increased as
permitted by Internal Revenue Service regulations to reflect cost-of-
living adjustments above the base period, and from August I, 2000,
the benefit paid to any Participant or Beneficiary who is in payment
status will be adjusted as the first day of each limitation year for the
increase, if any, in the dollar limitation indexed under section 41 5(d)
of the Code.
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DB PLAN AMENDED AND RESTATED; September 23,201 0
(E) CONTRIBUTIONS AND FUNDING
Contributions
(a) The Board, upon the recommendation of the actuary, shall
determine the required contributions to pay plan benefits in
accordance with (3) below. The required contribution for each
Plan Year shall be the total amount of benefits payable under
(D) to all Pensioners and Beneficiaries, plus such amount as
determined by the Board to pay the administrative expenses of
the Benefit Restoration Plan and the Employer’s share of any
employment taxes on the benefits paid from the Plan.
(b) The required contribution as determined by the Board, upon
the recommendation of the actuary, shall be paid into the Trust
from an allocation of the Employer contribution amounts paid
under the Plan.
Benefit Restoration Plan Trust Fund
Contributions to the Benefit Restoration Plan shall be deposited in
the separate Trust established and administered by the Board.
This Trust is intended to be exempt from federal income tax under
Code Sections 115 and 415(m)(l). The Trust assets shall be
subject to the claims of general creditors of the Employer in the
case of bankruptcy.
Funding Assets
The benefit liabilities of the Benefit Restoration Plan shall be funded
on an as-needed basis. The Trust established under (2) above
shall not be accumulated to pay benefits payable in future years.
Accordingly, any assets of the Trust shall be invested by the Board
in short-term investments as the Board may determine to assure
preservation of principal rather than the generation of income.
Non-assignability of Benefits
The benefits payable under this Benefit Restoration Plan may not
be assigned or alienated, except as otherwise permitted for benefits
payable by the Plan.
Amendment and Termination
The Employer reserves the right to amend this Benefit Restoration
Plan at any time. No modification or amendment of the Benefit
Restoration Plan shall make it possible for any part of the income or
assets of the fund to be used for, or diverted to, purposes other
55
DB PLAN AMENDED AND RESTATED; September 23,2010
than for the exclusive benefit of the Participants, Pensioners and
Beneficiaries, except as set forth in section (2) above.
The Employer reserves the right to discontinue or terminate this
Benefit Restoration Plan in whole or in part. Upon a termination of
the Benefit Restoration Plan, the Board shall take such steps as the
Board determines to be necessary or desirable to comply with
applicable laws and to apply any remaining assets.
If, after satisfaction of all liabilities, there is any balance remaining
in the fund, such balance shall be refunded to the Employer if not
otherwise prohibited by law.
(F) ADMINISTRATION
(1) Benefit Restoration Pian Administration
The Benefit Restoration Plan shall be administered by the Board.
The Board shall have the same authority to administer the Benefit
Restoration Plan as exists for the Plan. The Board may delegate
any or all of the Board’s administrative authority.
(2) Compliance Authority
The Board may make modifications to the benefits payable under
the Benefit Restoration Plan as may be necessary to maintain its
qualified status under Code Section 415(m).
(3) No Liability for Benefits
Since this Benefit Restoration Plan is not intended to accumulate
funds, the Benefit Restoration Plan shall not be liable for the
payment of any benefits except to the extent of funds actually
received from the Employer and not previously distributed or
applied to pay Benefit Restoration Plan expenses.
(4) This Benefit Restoration Plan shall be construed, administered and
governed in all respects by the laws of the State of Florida.
(G) EFFECTIVE DATES
The Board shall pay benefits under the Benefit Restoration Plan beginning on or
after the date specified on the Information Sheet.
56
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 17
DISTRIBUTION OF BENEFITS
As of the Effective Date, this Plan shall pay all benefits in accordance with a good faith
interpretation of the requirements of Code Section 401 (a)(9) and the regulations
promulgated thereunder, as applicable to a governmental plan as defined in Code Section
414(d). Notwithstanding any other provision of this Plan to the contrary, a form of
retirement income payable from this Plan shall satisfy the following conditions:
(A) If the retirement income is payable before the Participant's death,
(1) It shall either be distributed or commence to the Participant not later than
April 1 of the calendar year following the later of the calendar year in
which the Participant attains age seventy and one-half (70%), or the
calendar year in which the Participant retires; and,
(2) the benefit shall be paid over the life of the Participant or over the
lifetimes of the Participant and designated beneficiary and shall be paid
over the period extending not beyond the life expectancy of the
Participant and designated beneficiary
Where benefit payments have commenced in accordance with the preceding
paragraphs and the Participant dies before his entire interest in the Plan has been
distributed, the remaining portion of such interest in the Plan shall be distributed no
less rapidly than under the form of distribution in effect at the time of the
Participant's death.
(B) If the Participant's death occurs before the distribution of his interest in the
Plan has commenced, the Participant's entire interest in the Plan shall be distributed
within five (5) years of the Participant's death, unless it is to be distributed in
accordance with the following rules:
57
DB PLAN AMENDED AND RESTATED; September 23,2010
The Participant’s remaining interest in the Plan is payable to his
designated beneficiary.
The remaining interest is to be distributed over the life of the
designated beneficiary over a period not extending beyond the life
expectancy of the designated beneficiary; and
Such distribution begins within one year of the Participant‘s death
unless the Participant’s spouse shall receive the remaining interest in
which case the distribution need not begin before the date on which
the Participant would have attained age seventy and one-half (701/2),
and if the spouse dies before the distribution begins, this Article shall
be applied as if the spouse were the Plan Participant.
(C) Direct Transfers of Eliaible Rollover Distributions
(1) This paragraph applies to distributions made on or after January 1, 1993.
Notwithstanding any provisions of the Plan to the contrary that would otherwise limit
a distributee’s (as defined below) election under this paragraph, a distributee may
elect, at the time and in the manner prescribed by the Plan Administrator, to have
any portion of an eligible rollover distribution (as defined below) paid directly to an
eligible retirement plan (as defined below) specified by the distributee in a direct
rollover (as defined below).
(2)
meanings:
For purposes of this paragraph, the following terms shall have the following
(i) An “eligible rollover distribution” is any distribution of all or any portion
of the balance to the credit of the distributee, except that an eligible rollover
distribution does not include: any distribution that is one of a series of
substantially equal periodic payments (not less frequently than annually)
made for the life (or life expectancy) of the distributee or the joint lives (or
joint life expectancies) of the distributee and the distributee’s designated
beneficiary, or for a specified period of ten years or more; any distribution to
the extent such distribution is required under Code Section 401(a)(9), and
the pcrtion of any distribution that is not included in gross income
58
DB PIAN AMENDED AND RESTATED; September 23,2010
(determined without regard to the exclusion for net unrealized appreciation
with respect to employer securities).
(ii) An “eligible retirement plan” is an individual retirement account
described in Code Section 408(a), an individual retirement annuity described
in Code Section 408(b), an annuity plan described in Code Section 403(a), or
a qualified trust described in Code Section 401(a), that accepts the
distributee’s eligible rollover distribution. However, in the case of an eligible
rollover distribution to the surviving spouse, an eligible retirement plan is an
individual retirement account or individual retirement annuity.
(iii) A “distributee” includes an Employee or former Employee. In
addition, the Employee’s or former Employee’s surviving spouse is a
distributee with regard to the interest of the spouse.
(iv)
plan specified by the distributee.
A “direct rollover” is a payment by the Plan to the eligible retirement
59
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 18
MISCELLANEOUS PROVISIONS
18.01 Interest of Participants in Plan
All assets of the Fund shall be held in trust and at no time prior to the satisfaction of all
liabilities under the Plan with respect to Participants and Beneficiaries, shall any part of the
corpus or income of the Fund be used for or diverted to any purpose other than for their
exclusive benefit. No plan amendment or ordinance shall be adopted by the Employer
which shall have the effect of reducing the then vested accrued benefits of Participants or
Participants’ beneficiaries under the Plan.
18.02 Summarv Plan Descriotions
The Summary Plan Description outlining the provisions of this Plan was designed only to
give a brief description of the benefit provided and does not include all the provisions or
exclusions in the Plan Document. If the Summary Plan Description disagrees with the Plan
herein in any way, the Plan Document will govern.
18.03 Gender and Number
Wherever any words are used in the masculine, feminine or neutral gender, they shall be
construed as though they were also used in another gender in all cases where they would
apply. Whenever any words are used herein in the singular or plural form, they shall be
construed as though they were also used in the other form in all cases where they would
apply.
18.04 Headinqs and References
All headings and references to sections, subsections, paragraphs, etc., in this Plan are
inserted for convenience only and shall not affect the construction or interpretation of this
Plan.
60
DE PLAN AMENDED AND RESTATED; September 23,2010
18.05 Benefit Improvements
Benefit improvements which, in the past, have been provided for by amendments to the
Plan adopted by the Employer by ordinance or resolution, and any benefit improvements
which might be made in the future, shall apply prospectively and shall not apply to
Participants who terminate employment or who retire prior to the effective date of any
ordinance or resolution adopting such benefit improvements, unless such ordinance or
resolution specifically provides to the contrary.
18.06 Procedure for Unclaimed Benefit
If the Board is unable, within three years after any benefit becomes due to a Participant or
Beneficiary under the Plan, to authorize payment because the identity or whereabouts of
such person cannot be ascertained, the Board may direct that such benefit and all further
benefits with respect to such person shall be forfeited and all liability for the payment
thereof shall terminate.
18.07 Qualified Military Service:
Notwithstanding any provision of this Plan to the contrary, contributions, benefits, and
service credit with respect to qualified military service will be provided in accordance with §
414(u) of the Coda. To the extent that the definition of “credited service” sets forth
contribution requirements that are more favorable to the participants than the minimum
compliance requirements, the more favorable provisions shall apply.
18.08Domestic Relations Order Submission:
(A) Prior to the entry of any domestic relations order which affects or purports to
affect the Fund’s responsibilities in connection with the payment of benefits, that order
should be submitted through the Fund’s administrator for review as to whether the Fund
may honor it.
(B) If the domestic relations order is not submitted to the administrator for review
prior to entry, and the Fund is ordered to take action that it may not legally take, and the
Fund expends administrative or legal fees in resolving the matter, the Participant who
61
DB PLAN AMENDED AND RESTATED; September 23,201 0
submitted the domestic relations order will be required to reimburse the Fund its
expenses in connection with the order.
(C) The administrator may develop rules or regulations concerning what the Fund will
consider to determine if a domestic relations order may be complied with by the Fund.
18.09 Prohibited Transaction
Effective January 1, 1989, the Board may not engage in any transaction prohibited
under Section 503(b) of the Code.
18.1 0 Qualification of Plan
It is intended that this plan shall constitute a qualified public pension plan under the
applicable provisions of the Code for a qualified plan under Code Section 401(a) and a
governmental plan under Code Section 414(d), as now in effect and as may be
amended from time to time. Any modification or amendment of this Plan may be made
retroactively, if necessary or appropriate to maintain qualification.
18.1 1 Plan Amendments
The Employer acknowledges the FMPTF Defined Benefit Plan document may be
amended from time to time by the FMPTF Master Trustee to comply with applicable
federal or state laws or regulations, and to make ministerial or administrative changes to
the Plan, without the consent of the Employer or of Participants or any Beneficiaries
thereof. Any amendment of the Plan, made in accordance with this provision, may be
made retroactively, if deemed necessary or appropriate by the FhIPl-F Master Trustee.
A copy of any Plan amendment shall be delivered to the Plan administrator, and the
Plan shall be amended in the manner and effective as of the date set forth therein, and
the Employers, Employees, Participants and Beneficiaries shall be bound by the
amendment. The FMPTF Master Trustee shall not make any amendment to benefits
under the Plan unless the amendment is necessitated to comply with applicable federal
or state laws or regulations. Employers shall receive copies of any Pian amendments
made by the FMPTF Master Trustee.
62
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 19
REPEAL OR TERMINATION OF PLAN
(A) This Plan and Fund may be modified, terminated, or amended, in whole or in part at
any time by the Employer; provided that if this Plan or any subsequent ordinance or
resolution shall be amended or repealed in its application to any person benefiting
hereunder, the amount of benefits which at the time of any such alteration, amendment, or
repeal shall have accrued to the Participant or beneficiary shall not be affected thereby,
except to the extent that the assets of the Fund may be determined to be inadequate.
(6) If this Plan shall be repealed, or if contributions to the Plan are discontinued, or if
there is a transfer, merger or consolidation of government units, services or functions as
provided in Chapter 121, FI. Stat., the Board shall continue to administer the Plan in
accordance with the provisions of this Plan, for the sole benefit of the then Participant's,
any beneficiaries than receiving retirement allowances, and any future persons entitled to
receive future benefits. In the event of repeal, termination or permanent discontinuance of
contributions due to transfer, merger or consolidation of government units, services or
functions, or for any other reason, there shall be full vesting (100%) of benefits accrued to
date of repeal and the assets of the Plan shall be allocated as follows:
(C) General Employees
Benefits for General Employees shall be distributed in an equitable manner to provide
benefits on a proportionate basis to the persons so entitled in accordance with the
provisions of this Plan. The following shall be the order of priority for purposes of allocating
the assets of the Plan as of the date of repeal of this Plan, or if contributions to the Plan are
discontinued with the date of such discontinuation being determined by the Employer.
(I) Apportionment shall first be made in respect of each retired Participant
receiving a retirement or disability benefit hereunder on such date, each person
receiving a benefit on such date on account of a retired or disabled (but since
deceased) Participant, and each Participant who has, by such date, become eligible
63
DB PIAN AMENDED AND RESTATED: September 23,201 0
for normal retirement but has not yet retired, an amount which is the actuarial
equivalent of such benefit, based upon the actuarial assumptions in use for
purposes of the most recent actuarial valuation, provided that, if such asset value be
less than the aggregate of such amounts, such amounts shall be proportionately
reduced so that the aggregate of such reduced amounts will be equal to such asset
value.
(2) If there be any asset value remaining after the apportionment under
paragraph 1 , apportionment shall next be made in respect of each Participant in the
service of the Employer on such date who has completed at least ten (IO) Years of
Credited Service and who is not entitled to an apportionment under paragraph 1, in
the amount required to provide the Actuarial Equivalent, as described in paragraph
1 above, of the accrued Normal Retirement Benefit, based on the Credited Service
and Salary as of such date, and each vested former Participant then entitled to a
deferred benefit who has not, by such date, begun receiving benefit payments, in
the amount required to provide said Actuarial Equivalent of the accrued Normal
Retirement Benefit, provided that, if such remaining asset value is less than the
aggregate of the amounts apportioned hereunder, such latter amounts shall be
proportionately reduced so that the aggregate of such reduced amounts will be
equal to such remaining asset value.
(3) If there be any asset value after the apportionments under paragraph 1 and
2 above, apportionment shall be made in respect of each Participant in the service
of the Employer on such date who is not entitled to an apportionment under
paragraphs 1 and 2 above in the amount equal to Participant's Accumulated
Contributions, provided that, if such remaining asset value be less than the
aggregate of the amounts apportioned hereunder, such latter amount shall be
proportionately reduced so that the aggregate of such reduced amounts will be
equal to such remaining asset value.
64
DB PLAN AMENDED AND RESTATED; September 23,2010
(4) If there be any asset value remaining after the apportionments under
paragraphs I , 2, and 3 above, apportionment shall lastly be made in respect of each
participant included in paragraph 3 above to the extent of the Actuarial Equivalent,
as described in paragraph I above, of the accrued Normal Retirement Benefit, less
the amount apportioned in paragraph 3 above, based on the Credited Service and
Average Final Compensation as of such date, provided that, if such remaining asset
value be less than the aggregate of the amounts apportioned hereunder, such
amounts shall be reduced so that the aggregate of such reduced amounts will be
equal to such remaining asset value.
(5) In the event that there be asset value remaining after the full apportionment
specified in paragraphs 1, 2, 3, and 4 above, such excess siiail be returned to the
Employer, less return of the State’s contributions to the State if applicable, provided
that, if the excess is less than the total contributions made by the Employer and the
State to the date of termination such excess shall be divided proportionately to the
total contributions made by the Employer and the State.
The allocation of the Fund provided for in this subsection may, as decided by the
Board and the Employer be carried out through the purchase of insurance company
contracts to provide the benefits determined in accordance with this subsection.
The Fund may be distributed in one sum to the persons entitled to said benefits or
the distribution may be carried out in such other equitable manner as the Board and
the Employer may direct. The Trust may be continued in existence for purposes of
subsequent distributions.
(6) After all the vested and accrued benefits provided hereunder have been paid
and after all other liabilities have been satisfied, then and only then, shall any
remaining funds be reverted to of the Employer.
65
DB PLAN AMENDED AND RESTATED; September 23,2010
(D) Police Officers and Firefighters
Benefits for Police Officers and Firefighters for plans participating in Chapters 175 or 185,
FI. Stat., shall be distributed in accordance with the following procedtire:
(I) The Board shall determine the date of distribution and the asset value
required to fund all the nonforfeitable benefits, after taking into account the
expenses of such distribution. The Board shall inform the Employer if additional
assets are required, in which event the Employer shall continue to financially
support the plan until all nonforfeitable benefits have been funded.
(2) The Board shall determine the method of distribution of the asset value, that
is, whether distribution shall be by payment in cash, by the maintenance of
another or substituted trust fund, by the purchase of insured annuities, or
otherwise, for each participant entitled to benefits under the plan as specified in
paragraph (3).
(3) The Board shall distribute the asset value as of the daie of termination in the
manner set forth in this subsection, on the basis that the amount required to
provide any given retirement income shall mean the actuarially computed single-
sum value of such retirement income, except that if the method of distribution
determined under paragraph (2) involves the purchase of an insured annuity, the
amount required to provide the given retirement income shall mean the single
premium payable for such annuity. The actuarial single-sum value may not be
less than the employee's accumulated contributions to the pian, with interest if
provided by the plan, less the value of any plan benefits previously paid to the
employee.
(4) If in the event that there is asset value remaining after the full distribution
as specified in paragraph (3), and after the payment of any expenses incurred
with such distribution, such excess shall be returned to Employer, less return to
the state of the state's contributions, provided that, if the excess is less than the
66
DB PLAN AMENDED AND RESTATED; September 23,2010
.
total contributions made by the Employer and the state to date of termination of
the plan, such excess shall be divided proportionately to the total contributions
made by the Employer and the state.
67
DB PIAN AMENDED AND RESTATED; September 23,201 0
ARTICLE 20
EXEMPTION FROM EXECUTION, NON-ASSIGNABILITY
The pensions, annuities, or any other benefits accrued or accruing to any person under the
provisions of this Plan, the Accumulated Contributions and the assets in the Fund created
under this Plan are exempt from any state, county or municipal tax of the state and shall
not be subject to execution, attachment, garnishment or any legal process whatsoever and
shall be unassignable.
68
DB PLAN AMENDED AND RESTATED; September 23,2010
ARTICLE 21
FORFEITURE OF PENSION: CONVICTION AND FORFEITURE
Any Participant who is convicted of the any of the following offenses committed prior to
retirement, or whose employment is terminated by reason of his admitted commission, aid
or abetment of the following specified offenses, shall forfeit all rights and benefits under this
Plan, except for the return of his Accumulated Contributions as of the date of termination.
(A) Specified offenses are as follows:
(I)
(2)
employee from the employer;
(3)
employee;
(4)
the committing, aiding or abetting of an embezzlement of public funds;
the committing, aiding or abetting of any theft by a public officer or
bribery in connection with the employment of a public officer or
any felony specified in Chapter 838, Florida Statutes;
(5) the committing of an impeachable offense.
(6) the committing of any felony by a public officer or employee who
willfully and with intent to defraud the public or the public agency, for which
he acts or in which he is employed, of the right to receive the faithful
perfotinance of his duty as a public officer or employee, realizes or obtains or
attempts to obtain a profit, gain, or advantage for himself or for some other
person through the use or attempted use of the power, rights, privileges,
duties or position of his public office or employment position.
(7) the committing on or after October 1, 2008, of any felony defined in
Section 800.04, Florida Statutes, against a victim younger than sixteen (16)
years of age, or any felony defined in Chapter 794, Florida Statutes, against
a victim younger than eighteen (18) years of age, by a public officer or
employee through the use or attempted use of power, rights, privileges,
duties, or position of his or her office or employment position.
69
DB PLAN AMENDED AND RESTATED; September 23,2010
(6) Conviction shall be defined as follows: An adjudication of guilt by a court of
competent jurisdiction; a plea of guilty or a nolo contendere; a jury verdict of guilty
when adjudication of guilt is withheld and the accused is placed on probation; or a
conviction by the Senate of an impeachable offense.
(C) Court shall be defined as follows: any state or federal court of competent
jurisdiction, which is exercising its jurisdiction to consider a proceeding involving the
alleged commission of a specified offense. Prior to forfeiture, the Board shall hold a
hearing on which notice shall be given to the Participant whose benefits are being
considered for forfeiture. Said Participant shall be afforded the right to have an
attorney present. No formal rules of evidence shall apply, hut the Participant shall
be afforded a full opportunity to present his case against forfeiture.
(D) Any Participant who has received benefits from the Plan in excess of his
Accumulated Contributions after Participant's rights were forfeited pursuant to this
section shall be required tu pay back to the Fund the amount of the benefits
received in excess of his Accumulated Contributions. The Board may implement all
legal action necessary to recover such funds.
(E) As provided in the Florida Statutes, it is unlawful for a person to willfully and
knowingly make, or cause to be made, or to assist, conspire with, or urge another to
make, or cause to be made, any false, fraudulent, or misleading oral or written
statement or withhold or conceal material information to obtain any benefit from the
Plan. A person who commits a crime is punishable as provided in Section 775.082
or Section 775.083, Florida Statutes.
(F) In addition to any applicable criminal penalty upon conviction for a violation
described in subsection (E), a Participant or Beneficiary of the Plan may, in the
discretion of the Board, be required to forfeit the right to receive any or all benefits to
which the person would be otherwise be entitled under the Plan. For purposes of
70
DB PLAN AMENDED AND RESTATED; September 23,2010
this subsection (F) "conviction" means a determination of guilt that is the result of a
plea or trial, regardless of whether adjudication is withheld.
71
DB PIAN AMENDED AND RESTATED; September 23,2010
ARTICLE 22
PENSION VALIDITY
The Board shall have the power to examine and investigate into the facts upon which any
pension shall heretofore have been granted under any prior or existing law, or shall
hereafter be granted or obtained erroneously, fraudulently or illegally far any reason. The
Board is empowered to purge the pension rolls or correct the pension amount of any
person heretofore granted a pension under prior or existing law or any person hereafter
granted a pension under this Plan if the same is found to be erroneous, fraudulent or illegal
for any reason, and to reclassify any person who has heretofore under any prior or existing
law been or who shall hereafter under this Plan be erroneously, improperly or illegally
classified. Any overpayments or under payments shall be corrected and paid or repaid in a
reasonable manner determined by the Board.
72
DB PIAN AMENDED AND RESTATED; September 23,2010
ARTICLE 23
SIGNATORIES
This agreement is effective on the date specified in the Adoption Agreement.
EMPLOYER
AUTHORIZED SIGNATURE
TITLE
DATE
73
DB PLAN AMENDED AND RESTATED; September 23,2010
EXHIBIT A
MASTER TRUST AGREEMENT (INCLUDING INVESTMENT POLICY)
74
DB PLAN AMENDED AND RESTATED; September 23,2010
EXHIBIT B
ACTUARIAL EQUIVALENT
Actuarial Equivalent for benefit calculations under the Plan:
Actuarial Equivalent shall mean a benefit of equivalent current value to the
benefit that would otherwise have been provided to the Participant. At the
time of calcuiation of the actuarially equivalent benefit, the calculation shall
not inciudc possible future benefit increases which have not been adopted
by the Employer and which are not in effect as of the calculation date.
Actuarial equivalence will be based on an interest or discount rate and
mortality table as set forth in this paragraph. The interest rate will be
equal to the post-retirement rate of interest that was used to determine the
minimum funding requirement pursuant to Chapter 112, Florida Statutes,
for the plan year that precedes the plan year during which the benefit is
being determined. The mortality table will be the unisex mortality table that
is promulgated by the Commissioner from time to time for purposes of
determining lump sum values pursuant to Code section 41 7(e)(3).
75
DB PLAN AMENDED AND RESTATED; September 23,2010
Plan Information for the Quarter Ending
December 31,2010
Palm Beach Gardens General
- -------=
:- TRUST FUND -
Beginning Balance
Contributions
Earnings
Distributions
Expenses
Other
Ending Balance
$2,027,219.35
$2,705.06
$1 19,864.08
($72 , 940.36)
($5,726.1 1)
$0.00
$2,071,122.02
Cash
Broad Market HQ Bond Fund
High Quality Growth
Diversified Value
Russell 1000 enhanced Index
Diversified Small to Mid Cap
International Blend
$20,711.22
$774,599.64
$1 73,974.25
$1 63,618.64
$484,642.55
$244,392.40
$209,183.32
1 .O%
37.4%
8.4%
7.9%
23.4%
11.8%
10.1%
00'0 $ l=*ol mi5n3 00'0 0 90SOL'Z $ 000 $
50'1 LE$ 00'0 $ SOILE $ 00'0 $ 000 $
L9'SZP$ 00'0 $ L9'SZP $ 000 $ 00'0 $
06'16E$ 00'0 $ 06'16E $ 000 $ 00'0 $
POPLE$ 00'0 $ PO'PLE $ 000 $ 000 $
8E'Z9E$ 00'0 $ SE'Z9E $ 000 $ 00'0 $
OIOZ/EZ/ZI oIoz/Pwzl
ZZPOP $ 000 $ 00'0 $ 01 OZIOI/Zl 0 I OZIO IIZI
0107J9UII OIOZ/9Z/II
OIOZ/ZI/lI OIOWS1/I1
0 IOZ/6UOI 01 OZ/6WO I
ZZPOP$ 000 $
OS'SLt $ 000 $ 00'0 $ oIowS1/oI OIOZ/SI/OI OS'SLE$ 000 $
OIOZ/I/OI 010u1/01
@TaI mi-Jawtm xu-aJd da' ;lanolaura
ll=m
30 I S. Bronough Street
P.O. Box 1757
Tallahassee, FL 32302
(800) 342 - 81 I2
Palm Beach Gardens General
Plan Account Statement for 10/01/2010 to 12/31/2010
a1
Trust Fund
1 om20 10
11/1/2010
12/1/20 10
10/1/20 10
11/1/2010
12/1/2010
1 0/1/20 10
11/1/2010
12/1/2010
1 0/1/20 10
1111/2010
12/1/2010
1 0/1/20 1 0
11/1/2010
12/1/2010
FOX, Judith Lynn
Fox, Judith Lynn
Fox, Judith Lynn
Hanson, Jack A.
Hanson ,Jack A.
Hanson ,Jack A.
West, Doug
West, Doug
West, Doug
Albano ,James
Albano ,James
Albano ,James
Cameron (Bene), Donna S.
Cameron (Bene), Donna S.
Cameron (Bene), Donna S.
($2,271.86)
($2,271.86)
($2,271.86)
($6,271.61)
($6,271.6 1)
($6,271.61)
($1,121.16)
($1,121.16)
($1,12 I. 19
($1,583.90)
($ 1,583.90)
($1,583.90)
($830.49)
($830.49)
($830.49)
Total 1%72.940.36)
OP'9OP'69$ 01 OZ/IE/ZI ie3ol.
OIOZ/OE/I I LO'629'I$
19'8Z8'8P$ 01 OUI E/O I
3unolllt7 a@a-
Florida Mudupal Investment Trust
Florida Municipal Pension Trust Fund - 60/40 Allocation
Executive Summary
As ofDecember31,ZOlO
§0/40 fulQc&m
+ The 60/40 Allocation advanced 5.9% in the fourth quarter compared with 6.1% for the Target Index, as global equity markets continued to advance while fixed income returns
moderated during the period.
+ Over the past three years, the hlgh quality focus of the domestic equity and fixed income strategies provided downside protection, as evidenced by the 1.3% gai. for this
allocation, in line with the Target Index but well ahead of the similarly-allocated peer group.
4 This Allocation ranked in the top 35th percentile of its fund peer group over the past three years, although it remained challenged in exceeding objectives over longer time frames
due mainly to the below average equity market returns, and the historical lack of international exposure and large cap style diversity.
IvT Broad Market High Ouality Bond Fund
4 The Broad Market Hgh Quality Bond Fund declined 1.3% in the fourth quarter, performing in line with both the Barclays Capital Aggregate A+ Index and the core bond
manager peer group as a back up in yields led to modest declines in fixed income secwites, pdcularly those with longer maturities. Over the past year, the fund is up 5.4%,
below both the benchmark return (up 6.2%) and the intermediate bond manager peer group (up 7.3yo) as the defenseive positioning (lower duration) moderated returns.
The fund has displayed a consistent pattern of performance, up 5.7% and 5.5% over the past 5 and 10 years respectively. While these results are similar to the benchmark and
have been challenged to keep pace with the peer group, the lower risk risk profile has generated a favorable risk-adjsuted return profile for the fund over the past 10 years.
The portfolio's conservative nature and high quality bias are in line with its objectives, and position this strategy to outperform particularly during periods of economic distress
like we experienced in 2008 and early 2009. Conversely, this fund will be challenged to keep pace when the markets are very strong as had been the case in the past year.
+
+
FMIvT High Oualitv Growth Ea uitv Fund
+ The High Quality Growth Equity Fund capitalized on the contiuing strength in the equity markets, rising 13.8% in the fourth quarter which was well ahead of the Russell 1000
Growth Index (up 11.8Yo) and the median large cap growth manager (up 11.9%). The strategy benefitted from strong performance in the energy and industrial sectors of the
portfolio, paced somewhat by adverse stock selection in consumer discretionary securities.
Over the past five years, the strategy's focus on companies with sound hand condition and above average growth prospects has led to strong outperformance relative to
objectives, with the fund rising 5.0% compared the benchmark return of 3.8% and ranking in the top 28th percentile of its large cap growth peer group.
Strong relative performance over the past several years has boosted long-term returns, with this fund recording outperformance of 150 basis points on average annually over its
benchmark over the past ten years. Additionally, the relatively modest risk profile led to a very strong risk-adjusted return profile.
4
+
Q 20 1 I Rrset Comuking Gm@ All Rights Reserued
Eton'& Mm'upallnvestment Trust
Florida Municipal Pension Trust Fund - 60/40 Allocation
For the Pembds Ending December 3 1, 20 IO
This Quarter
Beginning Market Value $1 72,9 85
Net Additions 8,701
Return on Investment 10,685
Income Received 1
GainlLoss 10,684
Ending Market Value 192,370
Note: Marht vahet and Total PoqoLopeff.nn.nce inchdes aljes and expenset, inchdiq smntiet hading.
8 20 7 1 AM Comuking Group All kgbfs ReJerued
Last Twelve Months
$150,014
22,140
20,217
3
20,214
192,370
Periods Endiog December 31,2010
Three Months
and Sept. 30, One Three Five Seven Ten % of Total
~~ LI 042 0.11 % 0.35 % 1.00 O/o
- __
Portfolio Ih. Year Years Years Years Years
_.__ ._ 1.05 Yo 3.05 % 1.07- , -
0.04 % 0.13 % 0.79 %
Flolida Muniapal Pension Trust Fmd - 60/40AITocat1o~
Summaq of Performance Rems
Market I Values
Ru66ell loo0 Gm wtir
Me&n Lnge C@ Gmwth ManuJer
Ru66eff 1&30 Vdue
Median Lage C@ Vah Mmap
Me&n Lmge Cqb Con Mamger
Large Cap Domestic Equity
Median Lmge Cap COR Manager
Me&n SMID Gp Con Munqer
Target Index
Medan TotalFund (Equi&&c biwn 55%-70%)
Portbfio renamed and manager changed in August 2W.
2.43 % 2.36 % 2.38 %
37.4% (l.25)% 5.41 % 5.42 % 5.67 % 5.16 Yo 5.46 %
12-29) % 6.17 % 5,64 % 5.67 % 5.00 % 5.69 % .~ I (1.03)% 7.26 % 6.57 % 6.25 % 5.48 % 6.18 %
8.4% 13.76% 18.60 % 0.74 % 5.03 % 5.22 % 1.49 % 13.83 % 16.71 % (0.47)% 3.75 % 4.33 % 0.02 %
7.9% 10.99 % 20.32 % (3.56)% N/A N/A N/A
20.54 % tii5l% (4.421% 1.28 % 4.14 % 3.26 %
31.19 % 36.10 % (2.37)% 259 % 4.33 % 1.83 %
39.7% 1l.15 % 17.38 % (2.86)% N/A N/A N/A
11.91 % 17.11 % (0.64)% 3.70 % 5.44 % 1.75 %
15.36 % (3.59)% 1.77 % 5.02 Yo 4.28 % 10.43 %
=.40/a 10.58 % 17.28 % (2.G2)% 2.92 % 4.58 % 1.79 %
lS.11 Yo (?.70)% 2.48 % 4.45 % 2.78 % 10.78 %
10.76 % B.06 % (284% 2.29 % 3.85 % 1.41 %
10.78 % 15.11 % (2.70)% 2.48 Yo 4.45 Yo 2.78 %
US% 15.50 % 26.43 % 9.24 % 10.15 % 10.96 % 10.57 %
14.85 % 27.20 % 2.31 % 4.53 % 640 % 6.36 % I 15.68% 27.37 % 3.88 % 6.87 % 9.25 % 9.36 %
10.1% 5.50 % 5.00 % (ll.11)% (0.02)% N/A N/A
6.65 % 8.21 % (6.59% 2.94 % 6.85 % 3.93 %
6.95 % 10.55 % (1.29)% 4.23 % 8.18 % 6.32%
61.6%
100.0% 5.90 Yo 12.07 % 1.34 % 4.17 % 4.74 % 4.02 %
6.05 % 12.78 % 1.48 % 4.51 % 5.19 % 4-45 %
6.26 % 13.37 % 0.69 % 4.42 % 5.79 % 4.63 %
4.82 % 12.17 % 1-01 % 4.68 % 5.90 % 5.01 %
Non: Mukt tlllues and TotdPWoprrhmm~e hcludes dkes and qoenses, hdudhgsecuriries Ienokg.
la / EL1 091 / 861 ZLI / ZIZ E81 I622 861 19pZ 861 / LPZ
=ah L wah S
suopeuasqo
Zl
PI
91
98 / 08 98 / 68 s9 / €9 9p / S€ €S / 18 zz / €9
I;lbrialn MuniaDal Investment Tmst
Florida Municipal Pension Trust Fund - 60/40 Allocation
One Year Periods Ending December
Ranlring 81 1 53 87 / 74 8 / 26
I I
Dec 2010 Dec 2009 Dec 2008
79 / 76 94 a2
Dec 2007 Dec 2006
Florida Municipal Pension Trust Fund - G0/40 Allocation BI Tqet Index Median Total Fund (Between 55-7G% Eqty) Median Total Fund (Between 4Oo/e55% Eqty)
5th Percentile
25th Percentile
50th Percentile
75th Percentile
95th Percentile
Observations
Dec 2010
15.74 / 15.90
14.23 / 13.47
13.27 / 12.17
12.50 / 10.91
10.46 / 8.42
Dec 2009 Dec 2008
28.01 / 27.37
24.78 / 23.05
21.49 / 19.91
18.21 / 16.39
15.24 / 12.09
-19.59 / -10.61
-23.64 / -20.27
-25.62 / -23.44
-27.99 / -27.23
-32.08 / -31.16
Dec 2007
11.43 / 11.44
9.44 / 9.30
8.30 / 7.68
6.92 / 6.60
4.99 / 4.77
Dec 2006
16.32 / 15.75
14.55 / 14.37
U.42 / 13.15
12.20 / 11.44
10.31 / 8.22
246 / 198 236 / 193 228 / 189 220 / 183 214 / 179
Thc mbm abots the bars an thc mnkngsjr ihispoMoIio it-aus tbepon$oLos mlh simihr equig allocation between j5%-70% andpo@oIios with simihr equifr aIIocation between 40%-SS%, re@ectit@y. The mnkngs m on a scab .f I
b 100 with 1 mnking th bcsL
Thc Tatpi Index @resents 40% Batrbs C@itaLAgmgate, 39% S&P SOO, I I % Russel12000, and 10% MSCI EAFE siarfing Jub I, 2005 and 47% Banbs Capiilal®ate, #% S&P 700, and 1 I % RussU2000/or aU
iimcpetioh ihugh June 30,2005.
Noie: Market inhes and Tohf PorSjoohb pq5manbv includes aIljes and e.upenses, inclua'ing seadies Icnding.
Floritia Muniapd Investment Tmst
Florida Municipal Pension Trust Fund - 60/40 Allocation
I Pe@mance VJ. O@ectives
For Penods Ending December 31, 2010
The Total Portfolio's annualized total return should equal or
exceed the Total Portfolio's actuarial interest rate assumption
(cmendy 7.5%).
4 The Total Portfolio's annualized total return should exceed the
2 total return of a Target Index composed of as follows:
39% S&P 500 Stock Index
11% Russell 2000 Index
10% MSCI EiFE Index
40% Barclays Capital Aggregate Bond Index
4 The Total Portfolio's annualized total return should rank at
median or above when compared to a universe of total fund
portfolios with a sdar docation to equities (55% - 70%).
Benchmark Total Portfolio Objective Met?
7.50% 4.17% No
4.51% 4.1 7%
4.42% 4.17%
50th 63rd
No
No
' A7 benchmark and &a1 nturns shown an@rJveyears, annuakpi
' Thc Tqet Index npreenh 40% Bmkiys C@italAgngate, 39% S&P 500,l f % Russell2000, and 10% MSCI EAFE starting Ju& f,2005r and 45% Barckzy CqitalAgngate, 44% SeW 500, and f f % RwsselI20OOfor
ah' timcpniodr thugh June 30,2005.
Note: Market values and Total Port,fo~opctfatmncce includes aljes and expenses, including securities knding.
8 20 I I ArJet ConJwltng Gmq All Rgbfs Resewed
Rlorida Muniapdlnvestment Trust
Florida Municipal Pension Trust Fund - 60/40 Allocation
For the Period Endng December 3 I, 20 10
4.Wh
4.45%
4.40%
4.35%
1.30% 2 4.25%
& ; 4.20%
4.15%
4.10%
4.05%
4.00%
3.95% I 1
8.80% 9.00% 920% 9.40% 9.60% 9.80Y 1O.W/o 10.20%
Standard Deviation
45
40
35
30
25
20
15
10
5
0
Return
Standard Deviation
Sharpe Ratio
Beta
Alpha
Up Capture
Down Capture
Correlation
R Square
10 YearE
FMPTF - 60/40
Allocation
4.02
9.04
0.21
0.74
0.06
76.62
70.89
81.54
66.49
Target Index
4.46
9.95
0.24
1 .oo _-
--
-_
-_
--
Number of Months
Highest Monthly Return
Lowest Monthly Return
Number of Pos. Months
Number of Neg. Months
YO Positive Months
FMPTF - GO/M
Allocation Target Index
144 144
8.69% 6.92%
106 86
38 58
-IO.O7% -11.80%
73.61% 59.72%
Tbe Tatgei Indw rrpnrnrrr do?? Backs Gpilai&n!gak, 39% S&P 500, I I% Rmscll2OW, and 10% MSCI EAFE skdng J@y I, ZOOS and di?6 Barrlqs Gpital&n!ga~c, 44% S&P i00, and 1 I% Rurscll
2000 for all timepmodr ihmugh ]me 30,ZOOi.
Note: Mar& rrrlwrs and Total PoiiJo,topc&amana incMcs alju and qbcnscs, inchding stcnnfics ltndig.
Roniia Municxpdlnvestment Tmst
Market Overview
For the PetZ’0d.r Ending December31,2010
The unemployment rate, which dipped to 9.4% in December, partly reflecting a shrinlung workforce, averaged 9.6% for the year, the hghest since 1983. while it
appears the economic environment has shifted to a more self-sustaining cycle, growth has been too weak to meaningfully improve job conditions. While the labor
markets remain undei pressure, it is likely that the Federal Reserve will retain its current policy and the US economy d remain below its full capacity.
Global Equities ... US equities rallied during the final 3 months of the year amid speculation that better than expected consumer spendmg data could improve US
economic growth into eady 2011. The S&P 500 Index rose to two-year highs in December fueled by the Federal Reserve’s announcement of its intention to continue
its quantitative easing program with the purchase of an additional $600 billion of Treasury securities @.e. QE2). The Index advanced to 1257.64 on December 29%
the lllghest close since September 12,2008. By year end, the Index had recovered all of its losses from the six-month plunge that began with the Lehman Brothers
Holding collapse in September 2008. The Index has gained approximately 93% from its March 2009 low. Cyclical sectors that typically benefit during the early stages
of economic upswings were the top performers in 4410 led by the S&P 500 energy sector (+20.90/0) and the materials sector (+18.5%). The small cap Russell 2000
Index surged 16.3% in 4410, led by the top performing energy sector (+30.5%). During the fourth quarter, the Russell 2000 Growth index dimbed 17.1%, while the
Russell 2000 Value index gained 15.4%, placiag the year-to-date spread at 4.6% in favor of Growth.
Stocks around the world rallied during the fourth quarter as central bankers kept interest rates near record lows and governments added billions in fiscal spendmg to
spur economic growth. The supportive environment, boosted confidence in the global economy and helped equity markets overcome the financial crisis. The broad
MSCI World index of 24 developed countries climbed 9.1% (USD) for the quarter. European stocks advanced to a 27-month htgh on December 21st after China
amounced it took “concrete actions” to help ht the sovereign-debt crisis reassuring investors that Europe’s debt woes might not derail the global economic
recovery. Chinese Vice Premier Wang Qishan said the world’s second-largest economy took “action to help some EU members counter the sovereign-debt crisis.”
The Stoxx Europe 600 index jumped 4.6% (USD) during the quarter. After posting a rare monthly loss in November, emerging market equities rebounded in
December to post solid gains. Investors speculated that rising commodity prices and growing domestic consumer demand may lead to Mer expansion in emerging
market economies throughout 201 1. China equities traded only modestly higher as the Chinese government’s continued efforts to dampen inflationary pressures led
to concerns that economic growth could slow in the world’s fastest growing economy.
Global Fixed-Income ... US Treasury 10-year notes deJined for much of December, sending yields to %month highs. Investors demanded higher yields to
compensate for expectations of increased fume inflation due to better than expected economic reports. After touching a seven-month hgh of 3.56% on December
166 lO-year Treasury yields ended the year at 3.30%, a rise of 78 basis points (bps) from the end of September. This increase in yields, exacerbated by the sale of US
Treasures by foreign central banks, resulted in the largest quarterly loss in more than a year for US government securities. According to the Bank of heica Med
Lynch US Treasury Master index, US Treasuries lost 2.7% during the fourth quarter, the biggest dedine since the second quarter of 2009.
US corporate htgh yield bond prices moved higher in the fourth quarter as improving fundamentals &e. decking leverage and strengthening balance sheets)
continued to attract fixed income investors. Yields on the Bardays Capital US Corporate High Yield Index fell to 7.51% from 7.80% at the beginning of the quarter.
In contrast, yields on the Bardays Capital US Corporate Investment Grade index increased to 4.02% from 3.63% leak to a loss of 1.6% for the quarter.
On December 15% the Irish government voted to accept an 85 billion-euro ($113 billion) aid package from European governments and the International Monetary
Fund to stabilize the country’s banking system. Subsequently, Moody’s Investors Service downgraded Ireland‘s credit rating to Baal from Ad, three levels above non
investment grade. Ireland’s government said it is fully funded through mid-201 1, but investors continue to sell the country‘s bonds on concerns that the cost of the
bank rescue would ovenvhelm the country. The Bardays Capital Global Aggregate index dropped 1.33% over the last three months of 2010.
Q 20 1 1 Ami Consnkng Group W Righa Resewed
w 2
(O/,OO'Ol)
(o/,oo*s>
%OO'O
%OO'S
%0001
%00SI
%oo'oz
%OO'SZ
%OO'OE
%OO'SE
FIonXa Municipal Investment Tmst
Equity Sector Returns
For the Periods Ending December 31,2010
35.000/0
25.00%
15.00%
5.00%
(5.00%)
(1 5.0OYo)
**
L
(35.00%) '
I Quarter @I One Year Three Years Five Years
8 20 1 I Aset Consulting Gmq A/l Rights Reserued
Floa’da Mm*upal Investment Trust
Fixed Income Index Returns
20.00%
15.00%
10.00%
5.00%
0.00%
I.OO./,> .
~ ~.____
For the Periods Ending December 31,2010
Quarter lB Two Quarters One Year 4 Three Years [B Five Years
I
0 207 7 Assat Conding GmKp A.4 Rigbtf Reserved
0
OOC E
n a 009
i! 006 9 a
ootr
OOS'I
P
'h6Z'L 'hEP.91 YoL8.S YoZZ'E
%ss'9 Yo98'EI %PZ'E OhPL'I
YOVE'II %SS'PI O/OPL'I %SO'I
Y008.8 %OG'OI %OP'I- %ZI'l-
'/oZ1'9 %LP'6 %GL'I- %6L'O-
%6L'S %GE% %O8'1- %08'0-
%ES'S %99'S %OZ'I- %EI'I-
%8E'OI %ZI'SI 0hZZ.E %18'1
OhWP %S83 %8t.'I- %66'0-
YoZl'L %OP'OZ '/oIG'O %EZ'O
OhZS'9 %LE'S YOPZ'O %SS'O-
YoPl'L %OO'6 oh19.1- %Z6'0-
0hIE.S %ZO'S %ZL'I- %ZO'I-
o/oI1'S '/oL8'S %P9'Z- %O8'L-
%O6'S OhPS.9 OhOE.1- %8O'I-
5.00%
- 12/31/2010 .. - - 9/30/2010 - -12/31/2009 I
d
---------.I.-----
12/31/2010 9/30/2010 12/31/2009
90 Days 0.12% 0.16% 0.06%
1 Year 0.27% 0.25% 0.45%
180 Days 0.19% 0.19% 0.20%
2 Years 0.59% 0.43% 1.14%
3 Years 0.99% 0.63% 1.67%
4 Years 1.52% 0.95% 2.19%
5 Years 2.01% 1.27% 2.68%
7 Years 2.70% 1.91% 3.38%
10 Years 3.29% 2.51% 3.83%
20 Years 4.14% 3.40% 4.56%
30 Years 4.34% 3.69% 4.63%
8 201 1 Asef ComuBng Gm~p Ali Rigbts Rmwed
%00
OhOOZ
vva V vv
- %Oop
- %OO9
- oioO08 - %O001
vvv LAO3
Yo00
%OOZ
o/d)'ob
%O09
o/d)'OS
%O001
I I I
1
s
01
SI
01:
sz
OE
%OO
%OOZ
%Oop
Oh009
%OO8
%Ooo1
~~
FMIvT Broad Market High Quality Bond Fund
For the Periods- Ending December 31,2010
5.70%
5.65%
5.45%
~mkyscapi~~
Aggregate A+
FMIvT Bmd Market
HighQdtyBond
Fund I
5.40% I I
3,50?h 3.55% 3.60% 3.65O/o 3.70% 3.75%
Standard Deviation
Return
Standard Deviation
Sharpe Ratio
Beta
Alpha
Up Capture
Down Capture
Correlation
R Square
10 Years
FMIvT Broad
Market High
Quality Bond Barclays Capital
Fund Aggregate A+
5.46 5.69
3.52 3.70
0.96 0.97
0.91 1.00
0.02 --
93.37 _-
88.10 __
95.97 --
92.10 --
.FMIvT Brmd Market High QuaLty Bond Fund BaBvdays Capd Aggregate A+
I I I I I I I I I I 1
50
40
30
20
10
0
Number of Months
Highest Monthly Return
Lowest Monthly Return
Number of Pos. Months
Number of Neg. Months
YO Positive Months
FMIvT Broad
Market High
Quality Bond
Fund
156
4.01%
-2.47%
108
48
69.23%
Barclays Capital
Aggregate A+
156
3.60%
-3.24%
107
49
68.59%
suoganrasqo 6s 9zz Laz 1FF LOP LZP
k
SL
I
18 L8
JeJA I
PG
Ron*& Muniapalhvestment Trust
FMIvT Broad Market High Quality Bond Fund
One Year Petiods Ending December
RanlcinP
12
10
s
$* d b
4
2
94 95 8 25 68
0
Dec 2010
x
Dec 2009 Dee 2008 Dec 2007
m
Dec 2006
~ ~~~
I% Bardays Capital Aggregate A+ Median Core Bond Manager FMIvT Broad Market High Quality Bond Fund I
Dec 2010
5th Percentile 12.16
25th Percentile 8.36
50th Percentile 7.26
75th Percentile 6.51
95th Percentile 5.27
Dec 2009
23.80
14.59
10.94
7.43
1.78
Dec 2008
9.75
5.28
1.73
-1.12
-9.04
Observations 407 464 440
Dec 2007
10.87
7.72
6.97
6.21
4.64
Dec 2006
6.U
5.06
4.62
4.31
3.69
40 374
The numbers above the bars an the runkingsfor ihiSpo#oko mus the mn bond uniwme. The mnkngs an on a scab of1 io 100 wih 1 mnkng ihe but
Noh: Po@oolioopnfomance ntnrmpnsented hen angmss Ofalljes and eqenses. Furthe4 pe@nnance ofeacbpo#oLopnrenitd here Ij nor necessan3 repnseniuhue oftbe actuul ntum of apatlicularparSicipant within the Trust due to
kwes nhd to the thing ofmnbi2uhns and tvithdmwalr by individualparii@ants. Valuatzon ~in&tiduaipan5+ani acmunts mg alro be ihpacted & securihes &na?ng actiV& tvithn the FfilIvT Securities lending actim9 is not
inthrded inpo@ohbopnfomunce but is n@cttd in the market values contained in ibis report.
0 20 7 I Aset Consnfing Gmq AZl hgbts Reserved
LE'Z
18%
Flon'da Muaicip;ll Investment Tmt
FMIvT High Quality Growth Equity Portfolio
For the Period Ending December 3 9, 20 10
I + Strategy: +Manager: + Vehicle: + Manager Fee: + Admin Fee: + Total Wenses: + Inception Date: + Benchmark
Large Cap Growth Equity Portfolio
Atlanta Capital Management Company
Separate Account
45 bps; fees are based on the net asset value of the Portfolio
14.5 bps; fees are based on the net asset value of the Portfolio
Approximately 72 bps
January 1,1998
Russell 1000 Growth Index
- Minimum initial investment: $50,000
- Minimum subsequent investments: $5,000
- Minimum redemption: $5,000
- The Portfolio is open once a month, on the first business day following the
Portfolio Valuation date, to accept Member contributions or redemptions.
- The Portfolio is valued on the last business day of the month.
- The Administrator must have advance written notification of Member
contributions or redemptions.
6 Invests in large cap growth style common stocks of companies domiciled in the US or
traded on the New York Stock Exchange.
5 years).
+ Outperform the Russell 1000 Growth Index over a complete market cycle (usually 3 to
+ Rank above median in a relevant peer group universe. + Stock values fluctuate in response to the activities of individual companies, the general
market, and economic conditions. Shares of the Portfolio are neither insured nor
guaranteed by any US Government agency, inclhg the FDIC.
This Quarter Last 12 Months
Beginning Market Value 31,073 26,914
Net Additions 925 3,729
Return on Investment 4,323 5,678
Income 100 381
Gain/Loss 4,222 5,297
Ending Market Value 36,321 36,321
FMIvT I ' h Quali Growth Equity Portfolio +Russell 130 GroA +S&P 500
$2.50
$1.50
$1.00
$0.50
$0.00
Note: PoMo.60 pnjomance ntum pnsented hm angross galljes and eqenses. Furthc pc fomance of each poqoko presented hers is not necessan3 repmentafive ofthe actual return ofapatliMhrpart+ant within the Tmrt due to
issues rehted to the nining ofmnfn%u&ns and withdrapah bq' indivahIparii+ants. lfahaiion .findimJuaIpam'@ant accounts mq ah0 be ihpacted by securihis lending adm3 within the FMIvT. Securities &nding achp is not
inchdcd inpo~okopgomanie but ir @cted in the market dues contained in this npori.
Q 20 7 7 Arstt Consukng Gmnp Al RightJ Reserved
C
w g
F
w-0 w
c 0. E 8 CL P
CL
- OE %r'n
SE
%€EZ
I
%9€Z 03 OLNVSNOH
~m’& Muniubdlnvestment Tmst
FMIvT High Quality Growth Equity Portfolio
For the Periods Ending December 3 I, 20 10
s&P500 A
FMIvT High Qdty
Portfolio
Growth Equity
Russell 1000 Growth
16.5Ph 17.00% 17.50% 18.00% 18.50%
Standard Deviation
FMIvT High Quality Growth Equity Portfolio Russell loo0 Growth S&P 500
5 ui
$ e c f
17
5
9
c
d
0 201 1 Asset Connrrlsirg Gmwp Al &gbts Rescryed
Return
Standard Deviation
Sharpe Ratio
Beta
Alpha
Up Capture
Down Capture
Correlation
R Square
10 Years
FMIvT High
Quality Growth
Equity Portfolio Russell 1000 Growth
1.49 0.02
16.73 18.33
-0.04 -0.11
0.88 1 .oo
0.11 --
92.25 --
86.65 _-
95.96 _-
92.09 --
Number of Months
Highest Monthly Return
Lowest Monthly Retum
Number of Pos. Months
Number of Neg. Months
YO Positive Months
FMIvT High
Quality Growth
Equity Portfolio Russell 1000 Growth
156 156
11.1 6% 12.65%
-17.56% -17.61%
92 86
64 70
58.97% 55.13%
PTT 9LT 962 OPE ZEt PSt
28'0-
190
SL'T
ZYE
s9s
OS€
SL'P
WS
Oz'9
P88
IT'1
98Z
OL'F
SI'S
189
LGS-
WZ-
PYO-
LL'O
P€.P
6P'b
0e.a
1r Ll
ZL'61
ZZ'LZ
1L'L
SP'Ol
1-671
LlYC
ZL'Sl
1 I
09 8s
W
82 LZ €€
8-
E-
LI
n
I;lbnia Muniupdlnves~eot Tmst
FMIvT High Quality Growth Equity Portfolio
One Year Periods Ending December - 33 54
50
40 OK
N
-30
-40
-50 1
Dec 2009 Dec 2010
5th Percentile
25th Percentile
50th Percentile
75th Percentile
95th Percentile
Observations
29 58 31
i
. ..,
Dec 2008 Dec 2007
S&P 500 Median Large Growth Manager W FMhT High Quality Growth Equity Portfolio (II Russell loo0 Growth I
Dec 2010
27.22
19.72
17.11
13.30
9.49
432
Dec 2009
53.07
38.82
34.47
28.43
18.83
543
Dec 2008
-31.79
-34.72
-38.46
-42.32
-48.35
502
Dec 2006
Dec 2007
24.55
19.69
15.04
11.11
5.76
447
Dec 2006
15.02
10.51
7.91
4.55
-4.92
375
The numbws aborr the bars an the mnkingsjr thispoqoko trus the knge Lqgmwfh universe. The mnkings an on u scnh of1 to 100 nith I mnking tk best
€?Ion*& Muniapd Investment TNst
FMIvT Diversified Value Portfolio
For the Period Ending December 3 1, 2010
+ Strategy
+ Vehide: + Manager Fee: + Admin Fee: + Total Fhpenses: + Inception Date: + Benchmark
+Managec
Large Cap Value Equity Portfolio
Hotchkis & Wdey Capital Management
Separate Account
80 bps; fees are based on the net asset value of the Portfolio
14.5 bps; fees are based on the net asset value of the Portfolio
Approximately 109 bps
November 1,2006
Russell 1000 Value Index
- Minimum initial investment: $50,000
- Minimum subsequent investments: 95,000
- Minimum redemption: $5,000
- The Portfolio is open once a month, on the first business day following the
Portfolio Valuation date, to accept Member contributions or redemptions.
- The Portfolio is valued on the last business day of the month. - The Administrator must have advance written notification of Member
contributions or redemptions.
+ Invests in large cap value style common stocks of companies domiciled in the US or
+ Outperform the Russell 1000 Value Index over a complete market cycle (usually 3 to 5
+ Rank above median in a relevant peer group universe. + Stock values fluctuate in response to the activities of individual companies, the general
traded on the New York Stock Exchange.
years).
market, and economic conditions. Shares of the Portfolio are neither insured nor
wanteed by any US Government agency, including the FDIC.
This Quarter Last 12 Months
Beginning Market Value 30,507 26,483
Net Additions 1,156 2,83 1
Return on Investment 3,456 5,806
Gain/Loss 3,268 5,063
Ending Market Value 35,119 35,119
Income 188 743
+ FMIvT Diversified Value Portfolio --p- Russell 1000 Value Index
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
Note: Po$o&ope~omnnce reams pnsenttd hm are gmss ofaljes nnd expenses. Futihec perj6ormnnce ofenchpor$oLopresented here is not necessnnb @msentn& ofthe nctud return ofapnrticu/arpn&-$ant &bin the Tnlrt due to
issrres rrlatcd to the thing ofconttihhons and wiYhdmtvalr bJ inditidunlpnnfk)nnts. Valuation ofinaYndudpmfi+nnt ncmunts muy nlro be ihpncted bJ semitiis lcndng nctiivg &bin the EMIVT. Securities hndirrg actin9 ir not
included inporg2oliop~onnnnct but is njlccted in the market vahes mtained in this @od.
8 20 I I Asef Cbmfing GmKp AI Rzgh Reserved
Wo3~vm %GO- WO3 NUW CEFEIIoI307
3NI SSXOLS LXW 'IVAI %GO- W03 NOTaX3
0 %Zl 37d XIOX3 ?x %1'1-
%LO NOSNHO[+ NOSNHOf %€I-
%€O 03 CJXVX3Vd LlTL%XU %L'Z- OI
SI
'3NI '03 + x3'daYv.
03 3mo0
03 +Am IT3
I I
PlJ!h 3Id
%LIZ VTX37LL?AS aL7 S3INOW.XTIEI 03U %8'E 3NI SlO~O3 NOSNHOr
Nori& Muni+d Investment Ti-ust
FMIvT Diversified Value Portfolio
For the Periods Ending December 3 I, 20 10
0.00%
-1.Wh
B -2wh a" LI -3.000/0
-4.000/0
-5.cG%
-6.000%
~ Russell 1000 Valw
Index
+ FMIvT Diversified
Value Portfolio
lj.C@/o 17.000/. 19.00% 21.0~Wo 23.00% 25000h 27.00%
Standard Deviation
F'MIvT Divers~fied Value Portfolio Russell 1000 Value Index
Return
Standard Deviation
Sharpe Ratio
Beta
Alpha
Up Capture
Down Capture
Correlation
R Square
4 Yeaq
FMIvT Diversified
Value Portfolio
-5.37
25.60
-0.27
1.17
-0.07
113.69
116.61
95.27
90.75
Russell 1000 Vdue
Index
20.90
-0.23
1 .oo
-3.38
__
__
-_
--
-_
FMIvT Diversified
Value Portfolio
50
-16.08%
28
22
Number of Months
Highest Monthly Return
Lowest Monthly Return
Number of Pos. Months
Number of Neg. Months
15.99%
YO Positive Months 56.00%
Russell 1000 Vdue
Index
50
10.72%
-17.31%
27
23
54.00%
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Ronda Muniupd Inves&ent Trust
FMIvT Diversified Value Portfolio
One Year Periods Ending December - 5 5 98 96
30 'I m
.. LLI
-20 -lo/
-50 4
-60 I
Dec 2010 Dec 2001) Dec 2008 Dec 2007 Dec ZMX,
FMIvT Diversified Value Portfolio I3 Russell lo00 Value W Median Large Value Manager
Dec 2010
5th Percentile 20.32
25th Percentile 16.73
50th Percentile 15.36
75th Percentile 13.39
95th Percentile 10.28
Dec 2009
38.48
27.85
23.98
20.66
16.50
Dec 2008
-31.97
-35.34
-37.05
-39.79
-45.82
Dec 2007
9.74
4.42
1.63
-0.92
-10.00
Dec 2006
23.66
22.20
20.33
17.98
14.86
Observations 263 341 317 292 257
The nNmbem abow tht ban am the mnkngrfir thispo@obo WKS the large cap valne nniveme. The mnkngs are on a scale of1 to 100 w2h 1 mnkng the best.
Note: Po@ofalioperfomancc ntumpnsented hen arc pss ofalljes and eqemes. FMher, petfonnance ofeachpogokopresenttd here ir not neces.ran3 npnsentabk ofthe actual refunt ofaparkmkzrpatiaia$ant wilhin the Tmst due to
irrvcl related /o the hhing $fmn&hhons and mlhdmwah by individdpariikpanfs. Valuation ofin&m&a/pa&+ant accounts mg also be iqbacted by secnnbks lendng actaiirj tvithin the FMIVT. Semrities lending acbiirj is not
k&&d inpo#ohbpnfman~ bat ir n$&d in the market values contained in this nport.
0 20 I I Asset Consn&ing Gmrrp All Rights Reserved
Flon'iia MuniapaI Investment Thst
FMIvT Russell 1000 Enhanced Index Portfolio
For the Period Ending December 3 I, 20 10
+ straw
+Manager. + Vehicle: + Manager Fee:
+ Admin Fee: + Total Expenses: + Inception Date: + Benchmark
Large Cap Core Equity Portfolio
Janus/INTECH
Commingled Fund
39.5 bps; fees are based on the net asset value of the Portfolio
10.5 bps; fees are based on the net asset value of the Portfolio
Approximately 55 bps
Januq 1,2000 (Manager change August 2007)
Russell 1000 Index
- Minimum initial investment: $50,000
- Minimum subsequent investments: $5,000
- Minimum redemption: $5,000
- The Portfolio is open once a month, on the first business day following the
Portfolio Valuation date, to accept Member contributions or redemptions.
- The Portfolio is valued on the last business day of the month.
- The Administrator must have advance written notification of Member
contributions or redemptions.
+ Invests in large cap core style common stocks of companies domiciled in the US or
traded on the New York Stock Exchange.
+ Meet or exceed the perfonnance of the Russell 1000 Index.
~~ + FMIvT Russell 1000 Enhanced Index Portfolio
--+- Russell 1000 Index
$1.40
$1.20
$1.00
$0.80
$0.60
This Quarter Last 12 Months $0.40
+ Rank above median in a relevant peer group universe. + Stock values fluctuate in response to the activities of individual companies, the general
market, and economic conditions. Shares of the Portfolio are neither insured nor
guaranteed by any US Government agency, includmg the FDIC.
Beginning Market Value 86,419 76,568 50.20
$0.00 Net Additions 1,180 6,061
"2 m0-N *Vrwl.m Return on Investment 9,141 14,111 %T$?~%?8~~~,
Income 102 361 ;&&$a";:; am;;: Gain/Loss 9,039 13,750
Ending Market Value 96,741 96,741
Note: Po~olio pe&rmann nturns pnsented hen aregmss ofazlfees and eensu. Further, pdomance ofeachpo#obopresented here is not necessan3 npresentahve 6the actual nium ofapartitlkzrparti@ant within the Tnrst due to
isrues nhted to the timing of contibutions and aithdrawah bq' individualpan5@ants.
3
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Floridp Mux~iupd~nvestment Tmst
FMIvT Russell 1000 Enhanced Index Portfolio
For the Periods Ending December 3 I, 2010
1.83%
1.83%
1.82%
1.82% B 1.81% 2 1.81%
B l.wh 1.800%
1.79%
Russell 1000 Index
+ EnhancedIndex 1.79%
1.78% Portfolio
16.30% 16.35% 16.40% 16.45% 16.50% 16.55% 16.60% 16.65%
Standard Deviation
~FMIvT RusxU loo0 Enhanced Index Portfolio ~Russell1000 Index
25
20
15
10
5
0
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7
Return
Standard Deviation
Sharpe Ratio
Beta
Alpha
Up Capture
Down Capture
Correlation
R Square
amzxs
FMIvT Russell
1000 Enhanced
Index Portfolio
1.79
16.35
-0.02
0.98
0.00
98.35
98.47
99.78
99.56
Trackim Error 111
Russell 1000
Index
1.83
16.59
-0.02
1 .oo
-_
--
-_
__
__
FMIvT Russell
1000 Enhanced Russell 1000
Index Portfolio Index
132 132 Number of Months
Lowest Monthly Return
Number of Pos. Months
Number of Neg. Months
YO Positive Months 59.09% 59.09%
Highest Monthly Return 9.37% 10.12%
-1 7.1 1 YO -17.46%
78 78
54 54
AU infirnation cahhfed using monfbb &fa.
8 20 I 1 Ant Comnhng Gm~p AU Righ Resewed
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FMIvT Russell 1000 Enhanced Index Portfolio
One Year Periods Ending December
Raw
40
30
20
$ 10 e
* $0
d -lo
-20
-30
-40
-50
17 79
r- 9: d m
Dec 2010 Dec 2009
17 76 64
d $$ 3
Dec 2008
~
Dee 2007 Dec 2006
El Russell 1000 Median Large Core Manager F'MIvT Russell 1000 Enhanced Index Portfolio
Dec 2010
5th Percentile 19.91
25th Percentile 16.17
75th Percentile 14.08
95th Percentile 10.69
50th Percentile 15.11
Dec 2009
37.82
29.96
26.73
25.75
18.23
Dec 2008
-31.89
-36.05
-36.93
-37.73
-43.00
Dec 2007
12.83
7.15
5.58
4.11
-0.16
Dec 2006
22.06
18.59
15.89
15.53
12.04
787 696 Observations 634 634 569
Tk numbers above the bars an the mnkingsjrtbispogo'olio venus the Iatge cap con univene. The mnkngs an on a scab of1 to 100 wirh 1 mnking the best.
Noh: Ponfoh pnlonnanct ntumpnsented hm arepss ofaIIjcs and apenses. Furihq perfomiance ofeachpoqo'olio presenten here is not nccessanij representative ofthe actual return ofapa&uIarpa&pant lvithn the Tmt due to issues
nlbtcd to tbc hing ofmntdnhns and rvibdmwah Q indiduaIpanf@an&.
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Flon'& Mm'apal Inveslment Tmst
FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio
As of December 31,2010, FMIvT Diversified Small to Mid (SMID) Cap Equity
Portfolio held 51 securities in their portfolio. Russell2500 FMIvT Divemfied Small to Md (SMID) Cap Equity Portfolio
30
AFFILIATJDMANAGERS GROUP 4.6% DENTSPLY INTERNATIONAL INC 2.8% 25
MARKEL cow 4.4% LKQCORD 2.5% 20
FOREST CITY ENTERPRISES CL A 3.4% HENRY SCHEIN INC 2.5% 15
MORNINGSTAR INC 3.1% mSYS INC 2.4% 10
0 REILLY AUTOMOTIVE INC 3.1% BORGWARNERINC 2.4% 5
ROFIN SINARTECHNOLOGIES INC 39.6% FOREST CITY ENTERPRISES CL A 30.1%
BORGWARNERINC
OCEANEERING INTL INC
CARLISLE COS INC
ACUITY BRANDS INC
Avg Mkt Cap
(ssg
d 20
Med Mkt Cap
($Sa)
37.5% SALLY BEAUTY HOLDINGS INC 29.7%
I
36.7% AFFILIATEDhUNAGERS GROUP 272h
33.3% CONSTELLATION BRANDS INCA 25.2%
30.7% DRIL QUIPINC 25.1%
FAIR ISAACCORP -5.2% CHURCH + DWIGHT CO INC 6.6%
GREENHILL+ CO INC 3.6% DENTSPLY INTERNATIONAL INC 7.G%
APTARGROUPINC 4.6% UMPQUAHOLDINGS COW 7.8%
"RY scHm INC 4.8% BLACKBAUDINC 8.2%
COLUMBIA SPORTSWMR CO 6.5% LKQCORD 9.2%
0 20 1 I Asset Consulting Gmup All Rights Reserved
FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio 19 Russell 2500
15
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FMIvT Diversified Small to Mid (SMID) Cap Equity Portfolio
For the Periods Ending December 3 I, 2010
30
25
d
10
5
0
5th Percentile
25th Percentile
50th Percentile
75th Percentile
95th Percentile
Observations
58 / 53 55 / 60 4/3 6/7 10 / 19 49 / 38
1 Year 3 Years 5 Years 7 Years 10 Years
Median Smd Core Manager Median SMID MFMIvT Diversified Small to Mid (Sm) Cap Equity Portfolio Il Custom Index*
1 Quarter 1 Year 3 Years 5 Years 7 Years 10 Years
18.82 / 21.36 33.39 / 35.74 9.U / 8.87 10.26 / 10.41 1172 / 11.72 U.62 / US7
17.21 / 17.40 29.60 / 30.90 6.98 / 5.76 7.58 / 8.70 9.69 / 10.69 12.33 / ll.50
15.78 / 15.68 26.75 / 27.37 3.69 / 3.88 6.27 / 6.87 8.47 / 9.25 10.57 / 9.36
14.26 / 14.14 24.01 / 24.29 2.23 / 2.25 4.48 / 5.25 7.17 / 7.79 8.73 / 6.37
12.58 / 12.13 19.46 / 19.52 -1.09 / -3.17 2.50 / 2.99 5.31 / 6.17 6.25 / 3.33
338 / 309 337 / 293 258 / 219 190 / 171 U2 / U1 71 / 73
The numbm above the bars an the mnkingsjir thisPogohi venur the smalcnp me univem and the SMID unitme. The mnkngs an on a scale of 1 to 100 rvilh 1 mnkng the best.
Note: Po@oh petJOmauce nturnr pnsented hrre an pss of aljecs and eqenses. Furihe pctJOmance ofeachponfoLopnrented hen is not necessaritj npesentative ofthe actual return ofapatikuhrpa&+ant dhin the Tmst due to
issues nhted to the timing of conhihitions and lvithdmtab by indin'dualpartiqbants. Vahaizon ofindinhalpa&+ant accounts may ah be iiqacted by sernn'hs lending actin3 aithin the FMIuT, Sewtities lending atin$ is not
inchded inpo@aliopnlormance but is n@cted in the mmket vafues contained in this repori.
* CIlsbm Index conriZtr of& RnrseIl2500 beginning June I, 2010, andpnar to that the Russell2000.
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Investment Guidelines
Diversified Small to Mid (SMID) Cap Equity Portfolio
For the Petlodr Ending December 3 I, 20 10
Portfolio Sector Allocations
I I
Maximum Actual Portfolio Within Guidelines? Comments
Allocation
A maximum of 10% of the portfolio, valued at madtet, may be invested in
cash.
Max. Yo Within Guidelines? ~ Comments
10.0% 3.9% Yes
I A maximum of 5% of the portfolio may be invested in the securities of an I individual corporation. 5.0% 4.6% Yes Largest -- Position -7 Noted
I A maximum of 5% of the portfolio, valued at market, may be invested in I any one convertible issuer. 5.0% I 0.0% Yes
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Floridm MnniapadInveshment Tmst
FMIvT International Blend Portfolio
As of December 31,2010, IWIvT International Blend Portfolio held 179 securities in their portfolio.
RIOTINTOPLC 24% ISRGL CHL\I.[ICALS LTD 1.1%
Ll&mMGLTD 1.6% HANG LUNG PROPERTIES LTD 1.5%
K+S -IG 1.7% XSTRATAPLC 1.5%
I\IpERIu TOB-4CCO GROUP PLC 1.7% HEKNES & MNRITZ .iB 1.4%
MAN TOBACCO INC 1.7% CAPITA GROUP PLC/THE 1.4%
portfolio EaEE
AUSIRALU
AUSTRIA
BJXGIU&I
BERAWDA
BR4ZIL
cAX4DA
CHINA
DENMARK
L\N
FINLUD
FRANCE
GEk\kC?'
GREECE
MONG KONG
INDIA
INDONISLI
IREI-G'JD
ISRAEL
ITALY
JAPXV
KOREA
LUXECLBOURG
MEXICO
"EIlI2WD.S
NEWZEUAND
NORWAS
PORTUGAL
SINGAPORE
SOrnArnCA
SPAIN
SWEDEN
SWITZERLAND
TAIWAN
LNITED KINGDOhI
LNITEDSTATFS
CASH
TOTAL
23%
0.4%
25%
0.3%
4.1%
4.0%
1.8%
0.6%
0.8%
0.2%
7.0%
5.9%
0.0%
4.9%
1.6%
0.3%
0.1%
21%
280h
17.2%
0.Wh
0.0%
O.G%
0.9%
0.0%
0.5%
0.0%
21%
0.8%
1.0%
1.4%
3.2%
0.0%
29.1%
0.5%
1.6%
lfM.O%
8.8%
0.3%
0.9%
0.0%
O.G%
0.0%
0.0%
1.0%
0.0%
1.1%
9.5%
8.2%
0.3%
29%
0.0%
0.0%
0.2%
0.8%
26%
22.1%
0.0%
0.0%
0.0%
25%
0.1%
0.8%
0.3%
1.7%
0.0%
3.3%
3.2%
8.c%
0.0%
21.3%
O.O?/D
O.C%
lCO.P/O
&.k
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0.1?/.
1.5%
0.3%
4.1%
4.0%
1.8%
4.4%
0.8%
-0.9%
-2.5%
-24%
-03%
2.0%
1.6%
0.3%
-0.1%
1.9%
0.2%
-5.0%
0.0%
OW0
0.0%
-1.7%
-0.1%
-0.4%
-0.3%
0.3%
0.8%
-2.3%
-1.8%
-4.8%
0.0%
7.7%
0.5%
1.6%
.MvT lntemational Blend Portfolio O*WCI EWE
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Yield
~ ~~
mnrT Intcmational Blend Portfolio III BISCI EAFE
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Floriids Muniapd Investment Trust
FMIvT International Blend Portfolio
For the Periods Ending December 3 1, 20 IO
Ranlcing 85 93 73 98 96 97
25 I
2o 15 I
10 i
-I0 -15 i
1 Quarter 1 Year 2 Years 3 Years 4 Years 5 Years
FMIvT International Blend Portfolio MSCI EAFE
1 Quarter 1 Year 2 Years 3 Years
5th Percentile 11.59 22.40 33.38 3.58
25th Percentile 8.14 15.07 25.49 -2.87
50th Percentile 6.95 10.55 20.98 -5.29
75th Percentile 6.19 7.58 17.34 -6.87
95th Percentile 3.75 3.56 13.53 -10.00
Median Int'l Developed Markets Equity Manager
~ ---1
4 Years
5.07
1.64
-0.69
-2.38
-4.94
5 Years
8.89
5.84
4.23
2.97
0.94
Observations U29 1241 1096 961 855 775
The numbers above the bars an the rankings for tkportjobo MKUS the iniernationaf devekped markets epio universe. The rankings an on a scafe of 1 to 100 wi?h 1 ranking the best.
Note: Po~olio pdomannn nturns pnsented here an gmrs of aufees and expenses. Further, pnfmance of cachportjoliopnsented hen is not necessm3 repnsentative ofthe actual return ofapaa'mkwparit@ant within the Tmst dut to
issnes nhd to the thing ofronttibutions and wi2hdwah b inciiivduafparti+ants.
0 201 I Asef Consnlfing Gmap All Rights Reserved
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