(A) The general administration and responsibility for the proper operation of the system and for making effective the provisions of this subchapter are hereby vested in a Board consisting of nine persons, as follows:
(1) Three members, other than firefighters or police officers, to be appointed as provided in division (C) below;
(2) Three members of the Fire Department to be elected as provided in division (D) below; and
(3) Three members of the Police Department to be elected as provided in division (D) below.
(B) The term of each trustee shall be two years except that the initial terms of the trustees of each class shall commence on the day after the ordinance amendment approving and authorizing this change in term shall become law.
(C) The appointive trustees shall be appointed by the City Commission from a list of candidates submitted by the City Manager.
(D) The elective trustees shall be elected in the following manner: by per capita vote of all members of each of the respective departments who come within the purview of this section, both active and retired, at places designated by the Board, provided that all qualified members entitled to vote shall be notified in person or by mail as required by applicable law. The candidate receiving the highest number of votes for each office shall be declared elected and shall take office immediately on commencement of the term of office for which elected, or as soon thereafter as he shall qualify therefor. All elections shall be held not more than 30 and not less than ten days prior to the commencement of the terms for which trustees are to be elected. The Board shall meet, organize, and elect one of their members as Chairman, and one member as Vice Chairman, within ten days after the trustees are elected and duly qualified.
(E) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.
(F) The trustees shall serve without compensation but they may be reimbursed from the Expense Fund for all necessary, reasonable. and proper expenses, such as travel, which they may actually expend in the performance of their duties as a member of the Board. Expenditures are not to exceed the limits placed by law including, but not limited to, § 112.061, Florida Statutes.
(G) Each trustee shall, within ten days after his appointment or election, take an oath of office before the City Clerk, that so far as it develops on him he will diligently and honestly administer the affairs of the Board, and that he will not knowingly violate or willingly permit to be violated any of the provisions of the law applicable to the retirement system. The oath shall be subscribed to by the members making it and certified by the Clerk and filed in his office.
(H) Each trustee shall be entitled to one vote on the Board. A majority of the Board shall constitute a quorum in order to conduct a meeting of the Board. Five votes shall be necessary for a decision by the trustees at any meeting of the Board. The Chairman shall have the right to one vote only.
(I) Subject to the limitations of this section, the Board shall from time to time establish uniform rules and regulations for the administration of funds created by this section and for transactions of its business, which shall have the force of law. Board meetings shall be held in accordance with Robert’s Rules of Order.
(J) The Board shall, by majority vote of its members, elect a secretary, who shall be one of its members. It shall engage the actuarial and other services as shall be required to transact the business of the retirement system. The compensation of all persons engaged by the Board of Trustees and all other expenses of the Board necessary for the operation of the retirement system shall be paid at those rates and in those amounts as the Board shall agree. The projected expenses shall be presented for budget consideration, subject to approval by the City Commission. All funds shall be disbursed by the Board. The secretary and any trustee authorized to handle or disburse funds or assets or sign checks shall be bonded for a minimum of 10% of the assets of the fund, the premium for the bond to be paid out of this Fund.
(K) Any trustee who neglects the duties of his office shall be removed by any method available by law.
(L) The city may authorize employees to provide secretarial and clerical assistance to the Board, with approval of the Board of Trustees.
(`69 Code, § 5-166) (Am. Ord. 1353, passed 9-20-00)
(M) The duties, responsibilities, and powers of the Board shall include but not 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 participation;
(3) To determine and certify 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 plan;
(5) To distribute to employees at regular intervals information concerning the plan as required by law;
(6) To receive and process all applications for participation and benefits;
(7) To authorize all payments whatsoever from the Fund;
(8) To approve of any and all changes in the provisions of the system;
(9) To have performed an annual independent audit of the system’s financial operations, books, and Pension Fund; and
(10) To sue and be sued.
(`69 Code, § 5-167)
(N) The Board shall have the following investment powers and authority:
(1) The trustees shall invest and reinvest the funds in any securities or in any property, real or personal, wherever situated, as they shall deem advisable including, but not limited to, stocks, common or preferred, options, bonds and mortgages, and other evidences of indebtedness or ownership, provided, however, there is hereby established a stock equities investment limitation of 60% at cost. The Board shall be vested with full legal title to the Fund. All contributions from time to time paid into the Pension 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) The Board may retain in cash and keep income productive in any amounts as it may deem advisable, having regard for the cash requirements of the system.
(3) Neither the Board nor any person or entity 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 own negligence, willful misconduct, or lack of good faith.
(4) The Board may have any investment in securities held by it to be registered in or transferred into its name as trustee or into the name of the nominee as it may direct, or it may retain them unregistered and in a form permitting transferability. However, the books and records shall at all times show that all investments are part of the Fund.
(5) The Board is empowered, but is not required, to vote on 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 transactions with respect to the securities; to deposit stock or other securities in any voting trust or any protective or like committee or with the trustees or with depositaries 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 any owner with respect to stocks, bonds, or other investments comprising the Fund which it may deem to be the best interest of the Fund to exercise.
(6) 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 herein contained.
(7) 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 agreement, can reasonably be taken or performed only after receipt by it from a member, the city or any person or entity, of specific information, certification, direction, or instructions, the Board shall incur no liability in failing to take that action or perform the duty or function until the information, certification, direction, or instruction has been received by it.
(8) Any overpayments or underpayments from the Fund to a retired member or beneficiary caused by errors of computation shall be adjusted with interest at the rate per annum approved by the Board. Overpayment shall be charged against retirement payments next succeeding the correction. Underpayments shall be made up from the Fund.
(9) In any application to or proceeding or action in the courts, only the city and the Board shall be necessary parties, and no member or other person having an interest in the Pension Fund shall be entitled to any notice of service or process. Any judgment entered in such a proceeding or action shall be conclusive on all persons.
(O) Any of the foregoing powers and functions reposed in the Board may be performed and carried out by the Board through a duly authorized agent, provided the Board at all times maintains continuous supervision over the acts of any agent, and that title to the Fund shall always remain in the Board.
(`69 Code, § 5-172) (Ord. 557, passed 2-19-81; Am. Ord. 1133, passed 9-6-95; Am. Ord. 1318, passed 11-17-99; Am. Ord. 1353, passed 9-20-00; Am. Ord. 1443, passed 6-18-03; Am. Ord. 1480, passed 3-17-04)