(A) The general administration and responsibility for the proper operation of this retirement system and for making effective the provisions of this subchapter are hereby vested in a Board of Trustees consisting of seven persons, as follows. Three persons who are not members, either active or retired, of the retirement system shall be appointed by the City Commission. Three members of the retirement system, either active or retired, shall be elected as hereinafter provided. One person shall be elected by the six trustees selected in accordance with the foregoing.
(1) The term of office of each trustee shall be three years; however, the initial terms of the trustees of each class shall respectively be for one, two, and three years. The initial terms shall commence on December 8, 1972. Initially as among the employee members, the trustee receiving the most votes shall serve the three-year term, the second most votes the two-year term. The City Commission shall determine the term of office of each appointive trustee.
(2) The trustee elected by the remaining six Board members shall serve three years, and each succeeding member so designated shall serve three years.
(3) The elective trustees shall be elected in the following manner: by per capita vote of all members who come within the purview of this subchapter, both active and retired, at meetings to be held at places designated by the Board. At these meetings, all qualified members entitled to vote shall be notified in person or by mail, ten days in advance of the meeting. Voting shall be by secret paper ballot on a form provided by the Board Secretary either in person or by absentee ballot. An absentee ballot must be received by the Board Secretary on or before 4:00 p.m. on the day of the election. No member shall be allowed to vote by proxy. In order to qualify as a candidate for election to the Trustee vacancy, each candidate must be nominated by three members of the system. The nomination period shall be held open for 15 days from the date of mailing of notification to the members. However, if only one candidate is duly nominated for the Trustee vacancy on the Board by the close of the nomination period as established by the Board, then there shall be no need for an election and that individual shall be deemed elected and shall fill the vacancy for the prescribed term. 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. An election shall be held each year not more than 30 and not less than ten days prior to the commencement of the terms for which trustees are to be elected in that year. The Board of Trustees shall meet, organize, and elect one of their members as Chairman, and one member as Vice-Chairman, within ten days after trustees are elected and duly qualified.
(4) 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.
(5) The trustees shall serve without compensation but they may be reimbursed from the expense fund for all necessary expenses such as travel, which they may actually expend in the performance of their duties as a member of the Board. The expenditure shall not exceed the limits placed by law, including but not limited to F.S. § 112.061.
(6) 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 upon 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.
(7) Each trustee shall be entitled to one vote on the Board. Four 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.
(8) Subject to the limitations of this subchapter, the Board of Trustees shall from time to time establish uniform rules and regulations for the administration of funds created by this subchapter and for transactions of its business, including provisions for compulsory attendance of its members, which shall have the force of law. Board meetings shall be held in accordance with Robert's Rules of Order.
(9) The Board of Trustees shall by majority vote of its members appoint a Secretary, who may, but need not be, one of its members. It shall engage such 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 that the Board of Trustees shall agree, but in no case shall the expenditures for the services or operations exceed 3% of the maximum in the fund each fiscal year. All funds shall be disbursed by the Board of Trustees. The Secretary and any trustee authorized to handle or disburse funds or assets, or to sign checks, shall be bonded for a minimum of 10% of the assets of the fund with a maximum bond limit of $100,000, the premium for the bond to be paid out of this fund.
(10) Any trustee who neglects the duties of his office shall be removed by the Board of Trustees upon affirmative vote of five members of the Board.
(11) The city may appoint employees to the Board to provide secretarial and clerical assistance, provided the Board reimburses the full cost of the employees to the city.
('58 Code, § 11.18) (Ord. 73-13, passed 1-30-73; Ord. 78-78, passed 9-26-78; Ord. 83-42, passed 3-29-83; Am. Ord. 88-60, passed 5-24-88)
(B) The duties, responsibilities and powers of the Board of Trustees shall include the following.
(1) Construe the provisions of the system and determine all questions arising thereunder.
(2) Determine all questions relating to eligibility and participation.
(3) Determine and certify the amount of all retirement allowances or other benefits hereunder.
(4) Establish uniform rules and procedures to be followed for administrative purposes, benefit applications, and all matters required to administer the plan.
(5) Distribute at regular intervals to employees information concerning the plan.
(6) Receive and process all applications for participation and benefits.
(7) Authorize all payments whatsoever from the fund.
(8) Approve of any and all changes in the provisions of the system.
(9) Have performed an annual independent audit of the system's financial operations, books, and fund.
(10) Sue and be sued.
(C) Effective as of January 1, 1989, the Board of Trustees may not engage in a transaction prohibited by Section 503(b) of the Internal Revenue Code.
(‘58Code, § 11.19) (Ord.75-80, passed 9-16-75) (Ord. 73-3, passed 11-8-72; Am. Ord. 2010-35, passed 6-22-10)