§ 35.105. ADMINISTRATION BY RETIREMENT COMMITTEE.

(A)

[Retirement Committee Established.]

(1)

The plan will be administered by the Retirement Committee (herein referred to as the Committee) appointed by the City Commission, consisting of five (5) members. One member shall be the Chief Financial Officer of the City. If the Chief Financial Officer cannot serve for any reason, the Treasurer of the City will take his or her place. The City Commission shall appoint four (4) additional members, three (3) of whom may, but need not, be employees of the City and one that may, but need not be an employee of the City or the Mayor or City Commissioner. Each appointed member shall serve until a successor is appointed in like manner.

(2)

An individual member of the Committee may resign by delivering his written resignation to the City Commission and to the other members of the Committee. The City Commission may remove an individual member of the Committee by so notifying the member and other Committee members, if any, in writing. Vacancies on the Committee shall be filled by City Commission appointment.

(B)

[Secretary.] The Committee may appoint a secretary who may, but need not, be a member of the Committee. The City shall employ or retain any agents, clerical and other services, legal counsel, accountants, investment counselors, and actuaries, as may be required to administer the plan.

(C)

Action by Committee.

(1)

A majority of the members of the Committee shall constitute a quorum for the transaction of business and shall have full power to act hereunder.

(2)

Committee meetings shall be noticed and open to the public. Meetings shall be conducted in accordance with rules adopted by the Committee, or by Robert's Rules of Order if the Committee has not adopted rules. Minutes of all meetings of the Committee and a record of any action taken by the Committee shall be kept in written form and such record shall be kept by the secretary appointed by the Committee. Official Committee action shall be by majority vote of a quorum of the Committee.

(3)

The Committee may invest and reinvest the assets of the Retirement Trust Fund in any investment in which assets of the Florida Retirement System may be invested pursuant to F.S. § 215.47, as that statute may be amended from time to time, or in accordance with a written investment policy adopted by the Committee in accordance with F.S. § 112.66, as that statute may be amended from time to time. The Committee may retain such professional consultants, advisors and investment managers as it deems advisable to carry out its responsibilities under this Section.

(4)

A member of the Committee may not vote or decide upon any matter relating solely to that member, or vote in any case in which the member's individual right or claim to any benefit under the plan is involved. If a Committee member is required to abstain and the remaining members of the Committee are unable to decide the matter, the City Commission may appoint a temporary substitute member to the Committee.

(D)

[Authority.] The Committee shall have the authority to make those rules and regulations and to take any 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 Committee may delegate administrative, clerical, professional and other plan-related functions as it deems necessary and prudent.

(E)

[Additional Powers.] In order to effectuate the purposes of the plan, the Committee shall have the power to construe the plan, to supply any omissions therein, to reconcile and correct any errors or inconsistencies, and to make equitable adjustments for any mistakes or errors made in the administration of the plan.

(F)

[Liability.] No member of the Committee shall be liable for any loss unless resulting from that member's fraud or willful misconduct, and no member shall be personally liable upon, or with respect to, any agreement, act, transaction, or omission made in good faith as a member of the Committee. No member of the Committee shall be liable for the actions of other members, or the actions of any agent, representative, or employee of the Committee. The Committee and any individual member of the Committee and any agent thereof shall be entitled to rely on the advice of professional consultants and advisors employed or retained by the City, including but not limited to Attorneys, accountants, investment advisors and actuaries.

(G)

[Actuary's Responsibilities.]

(1)

The actuary will do any technical and advisory work as the Committee 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 of the anniversary date of the plan each year to the City and the Committee, which report shall contain an actuarial valuation showing the financial condition of the plan, a statement of the contributions to be made by the City for the ensuing year, and any other information as may be required by the Committee.

(2)

The actuarial assumptions and the computations made therefrom adopted by the Committee shall be conclusive and binding on all persons. Neither the Committee nor the City shall be liable for any mistakes or errors in any computations made in good faith.

(H)

[State Law.] The plan will be construed, enforced and administered according to the laws of the State of Florida.

(Code 1980, §§ 18-148—18-155; Am. Ord. No. 78-93, passed 12/7/93; Am. Ord. No. 41-95, passed 8/8/95; Ord. No. 28-04, § 1, passed 5/18/04; Ord. No. 22-09, § 1, passed 5/5/09; Ord. No. 11-13, § 1, passed 6/18/13; Ord. No. 23-13, §§ 1, 2, passed 9/17/13; Ord. No. 21-14, § 1, passed 8/5/14 ; Ord. No. 45-17 , § 10, passed 12/5/17)