(A) Definitions. For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
CUSTODIAN. A bank, mutual fund, savings and loan association, insurance company or other qualified entity selected by the Trustees to hold and administer the assets of the Trust Fund.
DEPENDENT. A dependent, as defined in § 105(b) of the Internal Revenue Code, of a retiree.
HEALTH AND WELFARE BENEFIT. Any benefit considered a post-retirement benefit other than pension under Governmental Accounting Standards Board Statement No. 45 ("GASB 45"), including, but not limited to, health and life insurance benefits.
INTERNAL REVENUE CODE. The Internal Revenue Code of 1986, as amended.
INVESTMENT COMMITTEE. That Investment Committee created pursuant to Ord. 1384 of the City Commission of the city.
INVESTMENT CONSULTANT. An investment advisor selected in accordance with the city's procurement policy.
INVESTMENT FUND. An Investment Fund that forms part of the Trust Fund as established by the Trustees.
INVESTMENT MANAGER. An Investment Manager selected by the Investment Consultant and approved by the Investment Committee.
OPEB OBLIGATION. The city’s net OPEB Obligation pursuant to GASB 45, such as the cumulative different between the annual OPEB cost (normal cost plus unfunded actuarial accrued liabilities) and contributions to date for health and welfare benefits.
PROGRAM ADMINISTRATOR. The City Manager or his or her designee.
PROPERTY. Any property, real or personal, or partial interests therein, wherever situated, including, but without being limited to, mutual funds, preferred and common stocks, shares of investment companies, bonds, notes, debentures and mortgages, certificates of deposit, equipment trust certificates, investment trust certificates, interests in limited liability companies, in partnerships whether limited or general or in any insurance contract, policy, annuity, or other investment vehicles offered by an insurance company, in which trust assets may be invested pursuant to Florida law and the investment policy established for this Trust.
REGULATION. A policy, procedure, rule or regulation adopted by the Trustees, establishing administrative procedures or interpretations affecting the Trust.
TRUST. The Trust created and established by this subchapter.
TRUST FUND. Such money, property, and all investments made therewith and proceeds thereof and all earnings and profits thereon, less payments made by the Trustees as authorized within this subchapter.
TRUST YEAR. The 12-month period beginning each October 1 and ending the following September 30 on which the books and records of the Trust are maintained.
TRUSTEES. The Trustees of the Trust serving from time to time in accordance with the terms of this subchapter. References to a Trustee in this subchapter shall refer to such person or persons in its or their capacity as Trustee(s) pursuant to this subchapter.
(B) Rules of construction. Accounting terms and principles used herein or applicable hereto shall be as defined and described from time to time by pronouncements and other guidance of the Governmental Accounting Standards Board, or any successor organization.
(Ord. 1598, passed 12-3-07)