§ 54-61. Administration.

(a)

Administration by board of trustees. There is hereby created a board of trustees of the City of Quincy Municipal Police Officers' and Firefighter's Retirement Trust. The board of trustees shall consist of five members, two of whom, unless otherwise prohibited by law, shall be legal residents of the municipality, who shall be appointed by the legislative body of the city and one member of the board shall be a police officer as defined in F.S. § 185.02, and one member shall be a firefighter as defined in F.S. § 175.032, respectively, elected by a majority of the active firefighters and police officers who are members of the plan. The fifth member shall be chosen by a majority of the previous four members as provided for herein, and such person's name shall be submitted to the legislative body of the city. Upon receipt of the fifth person's name, the legislative body of the city, shall, as a ministerial duty, appoint such person to the board of trustees as its fifth member. The fifth member shall have the same rights as each of the other four members appointed or elected as herein provided and may succeed himself in office. Each resident member shall serve as trustee for a period of two years, unless sooner replaced by the legislative body of the city, at whose pleasure he shall serve, and may succeed himself as a trustee. Each police officer and firefighter member shall serve as trustee for a period of two years unless he sooner leaves the employment of the city as a police officer or firefighter, whereupon the legislative body of the city shall choose his successor in the same manner as an original appointment. Each police officer or firefighter may succeed himself in office. The board of trustees shall meet at least quarterly each year. The board of trustees 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. The trustees shall by a majority vote elect a chairman 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 expense and per diem as provided by law.

(b)

Officers and employees of board of trustees. The board of trustees shall by majority vote elect from its members a chair and a secretary. The secretary of the board shall keep a complete minute book of the actions, proceedings or hearings of the board of trustees. The board of trustees may employ such agents, clerical and other services, legal counsel, accountants, investment counselor, actuaries, and such independent professional, technical or other advisors as the board of trustees deems necessary for the purpose of administering the plan.

(c)

Action by board of trustees. Any and all acts and decisions of the board of trustees shall be effectuated by a vote of a majority of the members of the board of trustees. Any written memorandum signed by the secretary which has been authorized by the board of trustees or any member of the board of trustees who has been authorized to act on behalf of the board of trustees shall have the same force and effect as a formal resolution adopted in opening meeting. Minutes of all meetings of the board of trustees and a record of any action taken by the board of trustees shall be kept in written form and such record shall be kept by the secretary elected by the board of trustees. A member of the board of trustees 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 an individual board of trustees member is so disqualified to act, and an act or decision cannot be effectuated because no majority vote from the members of the board can be achieved, then the city will appoint a temporary substitute member to exercise all powers of a qualified member concerning the act or decision in which the disqualified member is not qualified to act and in which the act or decision cannot be effectuated by a vote of a majority of the members of the board because no majority vote can be achieved on the act or decision by the remaining members of the board.

(d)

Rules and regulations of board of trustees. The board of trustees 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 board of trustees may delegate any part of its authority and duties as it deems expedient.

(e)

Powers of the board of trustees. In order to effectuate the purposes of the plan, the board of trustees shall have the power:

(1)

To construe the provisions of the plan 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 plan.

(5)

To distribute to participants and retirees, at regular intervals, information concerning the plan.

(6)

To receive and process all applications for benefits.

(7)

To authorize all payments whatsoever from the trust fund, and to notify the disbursing agent, in writing, of approved benefit payments and other expenditures arising through operation of the plan and the trust fund.

(8)

To have performed actuarial studies and valuations as required by law, and make recommendations regarding any and all changes in the provisions of the plan.

(9)

To perform such other duties as are required to prudently administer the plan.

All such actions or determinations made by the board of trustees in good faith, shall not be subject to review by anyone. The board of trustees shall also invest and reinvest the assets of the trust fund within the provisions of F.S. §§ 175.071 and 185.06, except the board of trustees shall be permitted to exceed the 50 percent investment cap under F.S. §§ 175.071(1)(b)4.b. and 185.06(1)(b)4.b.

(f)

Liability of board of trustees. No member of the board of trustees shall be liable for any loss unless resulting from his (or its) own fraud or willful misconduct, and no member shall be personally liable upon, or with respect to, any agreement, act, transaction or omission executed, committed, or suffered to be committed by himself as a member of the board of trustees or by any other member, agent, representative or employee of the board of trustees. The board of trustees and any individual member of the board of trustees and any agent thereof shall be fully protected in relying upon the advice of the following professional consultants or advisors employed by the board of trustees: any attorney insofar as legal matters are concerned, any accountant insofar as accounting matters are concerned, any investment counselor insofar as investment matters are concerned, and any actuary insofar as actuarial matters are concerned, or any other professional, technical or other advisor whom the board of trustees has hired to provide advice.

(g)

Actuary. The actuary will do such technical and advisory work as the board of trustees 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 as requested by the board of trustees, which report shall contain an actuarial valuation showing the financial condition of the plan, a statement of the contributions to be required for the ensuing year, and such other information as may be required by the board of trustees.

The actuary shall be appointed by the board of trustees to serve as long as it is agreeable to the board of trustees and the actuary. In computing benefits to which a participant may be entitled upon early retirement, upon the exercise of optional forms of retirement income, 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 board of trustees, such assumptions and the computations made therefrom, adopted by the board of trustees, shall be conclusive and binding on all persons whomsoever. Neither the board of trustees nor the city shall be liable for any mistakes or errors in such computations made in good faith, and the trustees shall not be liable for any such mistakes or errors in any event.

An actuarial valuation of the plan must be made at least every three years, as provided in F.S. § 112.63, commencing three years from the last actuarial valuation of the plan, or commencing three years from the issuance of the initial actuarial impact statement submitted under F.S. § 112.63 for newly created plans. This valuation shall be prepared by an enrolled actuary, subject to the following conditions:

(1)

The assets shall be valued as provided in F.S. § 112.625(7).

(2)

The cost of the actuarial valuation must be paid by the plan or by the city.

(3)

A report of the valuation, including actuarial assumptions and type and basis of funding shall be made to the florida department of management services, division of retirement within three months after the date of valuation. If any benefits are insured with a commercial insurance company, the report must include a statement of the relationship of the retirement plan benefits to the insured benefits, the name of the insurer, the basis for premium rates, and the mortality table, interest rate, and method used in valuating the retirement benefits.

(Code 1958, § 25-74; Ord. No. 901-B, § 6, 5-23-00; Ord. No. 999, § 9, 4-10-07)

Cross reference

Boards, commissions, etc., § 2-161 et seq.