§ 54-169. Authority, duties and responsibilities of the retirement committee.

(a)

Action by the retirement committee:

(1)

A majority of the members of the retirement committee shall constitute a quorum for the transaction of business, and shall have full power to act hereunder. Any written memorandum signed by the secretary or any member of the retirement committee who has been authorized to act on behalf of the retirement committee shall have the same force and effect as a formal resolution adopted in open meeting. Minutes of all meetings of the retirement committee and a record of any action taken by the retirement committee shall be kept in written form by the secretary appointed by the retirement committee. The retirement committee shall give to the trustee any order, direction, consent, or advise required under the terms of the plan, and the trustee shall be entitled to rely on any instrument delivered to it and signed by the secretary or any authorized member of the retirement committee, as evidencing the action of the retirement committee.

(2)

A member of the retirement committee may not vote or decide upon any matter relating solely to himself or vote in any case in which his individual right or claim to any benefit under the plan is particularly involved. If, in any case in which any retirement committee member is so disqualified to act, the remaining members cannot agree, the city council shall appoint a temporary substitute member to exercise all of the powers of the disqualified member concerning the matter in which the disqualified member is not qualified to act.

(b)

Authority of the retirement committee:

(1)

The retirement committee shall have the authority to make such rules and regulations and to take such action as may be necessary to carry out the provisions of the plan and will, subject to the provisions of the plan, decide any questions arising in the administration, interpretation and application of the plan, which decisions shall be conclusive and binding on all parties. The retirement committee may delegate any part of its authority and duties as it deems expedient.

(2)

In order to effectuate the purposes of the plan, the retirement committee shall have the power to construe the plan and to make equitable adjustments for any mistakes or errors made in the administration of the plan, and all such actions or determinations made by the retirement committee in good faith shall not be subject to review by anyone.

(3)

The retirement committee, with approval of the city council, shall have the authority to appoint from time to time an actuary to do such actuarial, technical, and advisory work as the retirement committee may request including analysis of the experience of the plan from time to time, the preparation of actuarial tables for the making of computations thereunder, and the submission of an actuarial report each year to the city and the retirement committee, which report shall contain an actuarial valuation showing the financial condition of the plan, a statement of the contributions to be made by the city for the ensuing plan year, and such other information as may be required by the retirement committee. The actuary as appointed by the retirement committee shall serve as long as it is mutually agreeable to the retirement committee and the actuary. In computing benefits to which a participant may be entitled upon early retirement, upon the exercise of optional forms of retirement benefits or upon termination of the plan, and in all other instances in which actuarial computations are required, the actuary shall use such assumptions of mortality and interest rates as were employed in the most recent actuarial valuation of the plan or, at the option of the actuary and the retirement committee as being reasonable at the time such calculations are made. The actuarial assumptions and the computation made therefrom adopted by the retirement committee shall be conclusive and binding on all persons whomsoever.

(4)

The retirement committee, with the approval of the city council, shall have the authority to appoint from time to time one or more investment advisors, upon receipt of written authorization from the city council. Each investment advisor so appointed shall have full discretion to direct the trustee with respect to the acquisition, retention, management, and disposition of the portion of the assets of the trust fund for which such investment advisor has been given the authority to administer, subject to the provisions of the plan, with respect to permissible investments and subject to the provisions of the plan with respect to an investment advisor.

(5)

The retirement committee shall appoint a secretary who may, but need not be a member of the retirement committee, and the retirement committee may employ such agents, clerical and other services, legal counsel and accountants as may be required from time to time for the purpose of administering the plan.

(6)

The retirement committee shall have such other power and authority not listed above as enumerated under any other provision of the plan.

(c)

Investment of trust fund assets:

(1)

The retirement committee shall have exclusive charge of the investment of any assets in the trust fund not needed for the fund's current obligations, and may invest such assets in accordance with the written investment policy adopted by the retirement committee pursuant to subsection (c)(2), below. Committee members must discharge their duties with respect to the plan solely in the interest of the participants and beneficiaries and for the exclusive purpose of:

(i)

Providing benefits to participants and their beneficiaries; and

(ii)

Defraying reasonable expenses of administering the plan; with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; by diversifying the investments of the plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so.

(2)

The retirement committee shall adopt and periodically update a written investment policy in accordance with F.S. § 112.661, as such statute may be amended in the future. The investment policy shall list investments authorized by the retirement committee. Investments not listed in the investment policy are prohibited. The investment of assets shall be subject to the limitations and conditions set forth in F.S. § 215.47(1) through (8), (10), and (16), Florida Statutes. Within the limitations of the foregoing standards and investment policy, the retirement committee is authorized to acquire and retain in the fund every kind of investment specifically including, but not limited to stocks, bonds, securities, debentures, real estate, mutual funds, trusts and other obligations which persons of prudence, discretion and intelligence acquire or retain for their own account.

(3)

(i)

At least once every three years, the retirement committee shall consider retaining a professionally qualified consultant who shall evaluate the performance of any existing professional money manager and shall make recommendations to the retirement committee regarding the selection of money managers for the next investment term. These recommendations shall be considered by the retirement committee at its next regularly scheduled meeting. The date, time, place, and subject of this meeting shall be advertised in the same manner as for any meeting of the retirement committee.

(ii)

For purposes of this subsection, the term "professionally qualified independent consultant" means a consultant who, based on education and experience, is professionally qualified to evaluate the performance of professional money managers, and who, at a minimum:

1.

Provides his or her services on a flat-fee basis.

2.

Is not associated in any manner with the money manager for the pension fund.

3.

Makes calculations according to the American Banking Institute method of calculating time-weighted rates of return. All calculations must be made net of fees.

4.

Has three or more years of experience working with public sector investments.

(d)

Duties and responsibilities of the retirement committee: The retirement committee shall, as part of its general duty to supervise and administer the plan as the "plan administrator":

(1)

Appoint an actuary for purposes of the plan.

(2)

Supervise and direct the distribution of the assets of the trust fund upon termination of the plan.

(3)

Maintain the records of the credited service and accrued benefit, if any, for each employee, terminated employee and retired employee.

(4)

Give the trustee specific written directions with respect to:

a.

The payment of benefits from the trust fund, giving the names of the payees, the amounts to be paid, and the time or times when payments shall be made;

b.

The making of any other payments from the trust fund which the trustee is not authorized to make without written direction from the retirement committee.

(5)

Inform the trustee of the annual estimates of future benefits to be paid from the trust fund and furnish the trustee with such other information as is necessary for the trustee to carry out the purposes of the plan.

(6)

Prepare and furnish to each participant such forms as are required to be completed by each participant for the receipt of benefits.

(7)

Prepare and submit such reports as are required to be filed with the State of Florida with regard to the plan.

The above list of express duties and responsibilities with regard to the retirement committee is not intended to be either complete or conclusive, and such list shall in no manner limit the fiduciary responsibilities of the retirement committee as to the "plan administrator".

(e)

Depository for trust funds: All funds of the trust fund may be deposited by the retirement committee with the treasurer of the city acting in a ministerial capacity only, who shall be liable in the same manner and to the same extent as he or she is liable for the safekeeping of funds for the city. However, any funds so deposited with the treasurer of the city shall be kept in a separate fund by the treasurer or clearly identified as such funds of this trust fund. In lieu thereof, the retirement committee shall deposit the funds of this trust fund in a qualified public depository as defined in F.S. § 280.02, which depository with regard to such funds shall conform to and be bound by all of the provisions of F.S. chapter 280.

(Ord. No. 2003-27, § 1, 7-15-03; Ord. No. 2009-1, § 9, 2-17-09)