(A) The sole and exclusive administration of and responsibility for the proper operation of the system and for making effective the provisions of this subchapter is hereby vested in a Board of Trustees. The board is hereby designated as the plan administrator. The board shall consist of five (5) trustees, two (2) of whom, unless otherwise prohibited by law, shall be legal residents of the city, who shall be appointed by the Palm Bay City Council; one (1) of whom shall be a police officer member of the system, who shall be elected by a majority of the police officers who are members of the system; and one (1) of whom shall be a firefighter member of the system, who shall be elected by a majority of the firefighters who are members of the system. The fifth trustee shall be chosen by a majority of the previous four (4) trustees, as provided for herein, and such person's name shall be submitted to the Palm Bay City Council. Upon receipt of the fifth person's name, the Palm Bay City Council shall, as a ministerial duty, appoint such person to the Board of Trustees as its fifth trustee. The fifth trustee shall have the same rights as each of the other four (4) trustees appointed or elected as herein provided and shall serve a two-year term unless he or she sooner vacates the office. Each resident trustee shall serve as trustee for a period of two (2) years, unless he or she sooner vacates the office or is sooner replaced by the Palm Bay City Council at whose pleasure he or she shall serve. Each member trustee shall serve as trustee for a period of two (2) years, unless he or she sooner leaves the employment of the city as a police officer or firefighter or otherwise vacates his or her office as trustee, whereupon a successor shall be chosen in the same manner as originally. Each trustee may succeed himself in office. The Board shall establish and administer the nominating and election procedures for each election. The Board shall meet at least quarterly 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 from their number a chair, a vice-chair and a secretary. 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 Florida law.
(C) Each trustee shall be entitled to one vote on the board. Three (3) affirmative votes shall be necessary for any decision by the trustees at any meeting of the board.
(D) The board shall engage such actuarial, accounting, legal and other services as shall be required to transact the business of the system. 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 thereunder.
(2) To determine all questions relating to eligibility and membership.
(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.
(5) To distribute to members, from time to time, information concerning the system.
(6) To receive and process all applications for benefits.
(7) To authorize all payments whatsoever from the fund and to notify the custodian, in writing, of approved benefit payments and other expenditures arising through operation of the system.
(8) To have performed actuarial studies and valuations, at least as often as required by law, and make recommendations regarding any and all changes in the provisions of the system, including for benefit and other improvements.
(9) To maintain or have maintained accurate records of credited service, accumulated contributions and such other data as may be necessary or prudent.
(10) To prepare an annual report to the Palm Bay City Council.
(11) To perform such other duties as are required prudently to administer the system.
(Ord. 2000-15, passed 5-5-00)