§ 54-168. Retirement committee.

(a)

The plan shall be administered by a retirement committee consisting of seven members as follows: the city manager or his appointee who shall serve as part of his ex-officio duties, the finance director who shall serve as part of his ex-officio duties, three active participants in the plan elected by the active participants in the plan, one member of city council appointed by the city council who shall serve as part of his ex-officio duties, and one legal resident member appointed by the city council. The term of office for each elected participant member shall be two years. The appointed legal resident member and city manager's appointee member shall serve at the pleasure of the appointing entity. Any member of the retirement committee may resign by delivering his written resignation to the city council of the City of Port Orange and to the other members of the retirement committee. In the event of resignation, or an unreasonable number of unexcused absences, or in the event of death, of an elected participant member, the active participants shall elect a new participant member to serve the balance of the applicable term of office. In the event of resignation, or an unreasonable number of unexcused absences, or in the event of death, of the member of the retirement committee appointed by city council, the members of the retirement committee shall recommend by a majority of all other members of the retirement committee a new member to the city council and he or she shall, as a ministerial duty, be appointed by the city council.

(b)

The retirement committee shall have the authority to control and manage the operation and administration of the plan pursuant to the provisions of section 54-169 hereof.

(c)

The retirement committee shall be the "plan administrator" and the "agent for service of legal process" within the meaning of the Employee Retirement Income Security Act of 1974, the Internal Revenue Code of 1986 and amendments thereto, and F.S., ch. 112, part VII.

(d)

The retirement committee, with the approval of the city council, may from time to time appoint a trustee or trustees to manage and invest the trust fund. A trustee may be the retirement committee, one or more corporate entities, one or more individuals, or a combination of corporate and individual entities. A trustee may resign at any time upon giving written advance notice of such resignation to the retirement committee at least 30 days prior to the effective date of such removal. A trustee shall accept and acknowledge in writing his appointment as trustee before acting in such capacity.

(Ord. No. 2003-27, § 1, 7-15-03; Ord. No. 2009-1, § 8, 2-17-09)