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01-25-2001 - SpecialAgenda/Pension 1-25-01 ACTION AGENDA Board of Trustees of the Employees' Pension Fund SPECIAL MEETING - January 25, 2001 1. Call to Order - 9:03 a.m. 2. Request for membership in Pension Plan - Police Chief Sidney Klein & Deputy Chief William Baird - Baird's request tabled; Klein's request denied. 3. Adjourn - 9:34 a.m. \0\ s ? 0 Clearwater U Interoffice Correspondence Sheet TO: Paul O'Rourke, Human Resources Administrator /KO FROM: William O. Baird, Deputy Chief - Services Bureau COPIES: File SUBJECT: DATE: City Pension Plan January 24, 2001 As of this date, I would like to table my request to be included in the city's Pension Fund. I do take exception to the opinion offered by Steve Cypen. WOB/jm SEnLM? r`' ,l, 99??+rt:a`?`?? Trustees of the Employees' Pension Plan Agenda Cover Memorandum Agenda Item # Meeting Date: 1/25/01 SUBJECT/RECOMMENDATION: Police Chief Sidney Klein and Deputy Police Chief William Baird be denied membership in the City of Clearwater Employees' Pension Plan. ? and that the appropriate officials be authorized to execute same. SUMMARY: On May 30, 2000, a letter was received from Andra Dreyfus, attorney for Sidney Klein, Police Chief, requesting that he be allowed to participate in the City of Clearwater Employees' Pension Plan. The request was predicated upon the Chief's request to participate in the Police Supplemental Pension Plan to which lie has made application on numerous occasions. Various opinions received over the years indicate that Chief Klein cannot participate in the supplemental pension plan unless he is a member of a defined benefit plan such as the City of Clearwater Employee's Pension Plan. On June 14, 2000, Ms. Dreyfus submitted a letter requesting that Deputy Police Chief William Baird also be allowed to participate in the City of Clearwater Employees' Pension Plan. At the same time that Ms. Dreyfus submitted the Chief's request to join the Employees' Pension Plan, she also wrote to the City Attorney indicating a possible conflict of interest with the City's pension attorneys, Christiansen & Definer, providing an opinion as to Chief Klein's and Deputy Chief Baird's eligibility since this firm also represents the Police Supplemental Pension Plan. Scott Christiansen had previously rendered an opinion as to the Chief's ineligibility for participation in the supplemental plan. The Trustees appointed Stephen Cypen from the law firm of Cypen & Cypen to render an opinion on these requests. On January 11, 2001, Stephen Cypen appeared before the Pension Advisory Committee to address his written opinion provided via letters dated October 5, 2000, and December 22, 2000. Mr. Cypen's opinion was that neither Chief Klein nor Deputy Chief Baird are eligible to participate in the City of Clearwater Employees' Pension Plan based on the fact that by signing numerous Employment Agreement Letters, they both voluntarily opted not to participate and accepted the alternative retirement provisions available to them. Based on Mr. Cypen's opinion, the Pension Advisory Committee denied the requests of both Chief Klein and Deputy Chief Baird to participate in the City of Clearwater Employees' Pension Plan. This matter now comes before the Pension Trustees for their consideration. Reviewed by: Originating Dept: Costs Legal NA Info Tech NA Debbie Ford/Human Resources Total Budget NA Public Works NA User Dept. Funding Source: Purchasing NA DCM/ACM Caplial limrovemenl Current Fiscal Year Risk Mgmt NA Other NA Attachments: Legal Opinions opera""s Various Letters Other Appropriation Code: Submitted by: 0 None r City Manage PriMrvt nn rpevrtrd naner aPw_ 2/QN iw ld. l w i. - C-u ... i i L.n c1 1.111 L-n i I1 rn'I 1 Drank-n j f-L -7 (4 f BOG l4a ( f "i . bz?) I-1161d;e r -r LAW OFFICES CYPEN & CYPEN P. O. BOX 402099 MIAMI BEACH, FLORIDA 33140.0099 823 ARTHUR 3oDFR6Y ROAD October 5, 2000 Trustees of the City of Clearwater Employees' Pension Fund loo south Myrtle Avenue post office Box 4748 Clearwater, Florida 33758-4748 Re: City of Clearwater Employees' Pension Fund - Our File No. 13888 Dear Trustees: M IAM 1 (305)932-3200 BROWARP (954) 6L•E - 3200 TELECOr1ER (305) S36.0050 You have requested our opinion as to whether or not Police Chief Sidney R. Klein and Deputy Police Chief William O. Baird, or either of them, are entitled to be included in the City of Clearwater Employees' Pension Fund ("Plan"), and if so, as of what date. In rendering our opinion, we have examined the City of Clearwater Code Provisions that establish the City of Clearwater Employees, Pension Fund and the following documents: As to Sidney R. Klein: (1) Letter Agreement dated December 5, 1980 (2) Letter Agreement dated November 10, 1992 (3) Letter Agreement dated October 1, 1994 (4) Amendment to Employment Letter Agreement dated September 30, 1997 (5) Letter Agreement dated August 7, 1998 (6) Letter dated May 30, 2000 from Andra Todd Dreyfus, P.A. to Mr. Paul O'Rourke 1 U/ MW M 1 : dd UYrrtN & I.YF- kN M 1 HM 1 BEACH, FL -? 727 562 4877 NO.625 P003 Trustees of Employees' Page Two the City of Clearwater Pension Fund October 5, 2000 As to William O. Baird: (1) Letter Agreement dated January 5, 1993 (A handwritten notation thereon indicates that said letter agreement was revised on 10/1/94, but we do not have a copy of that document.) (2) Letter Agreement dated January 22, 1998 (in duplicate) (3) Letter dated June 14, 2000 from Andra Todd Dreyfus, P.A. to Mr. Paul O'Rourke Section 2.393 of the Code defines "participant" as any eligible employee of the employer who has commenced participation and is contributing under the plan. The same section defines "employee" to exclude employees exempt -from the employer's civil service classified service system (unclassified employees) for whom an employment agreement letter establishes conditions of employment. For purposes of this opinion, we will assume that said definitions were the same as of December 5, 1980, January S, 1993 and January 22, 1998. For the reasons that follow, it is not necessary to determine if "unclassified" police officers otherwise meeting the statutory definition of police officer can be excluded from a pension plan for police officers. Chapter 185.15, Florida Statutes (1997), provided: Any person who enters the employment of any incorporated municipality of the state as a police officer after July 31, 1953, and who does not desire to accept the provisions of this chapter shall, within twelve months after employment, notify the officer or board paying the salary of such pol ice .officer, in writing, to that effect. Thereupon, it shall be the duty of the board of trustees to refund from the municipal police officers' retirement trust fund the full amount, without interest, CYPEN S, CYPEN 10.."Ob/ 0 15:28 CYNEN & CYPEN M I RN I BERCH, FL -> 727 562 4877 N0.625 P004 Trustees of Employees' Page Three the City of Clearwater Pension Fund October 5, 2000 withheld from such police officer's salary and deposit it into such fund. Thenceforward no withholding shall be made from such salary and all such police officers who have given such notice shall be barred from participating in the retirement system. On March 12, 1999, Chapter 99-1, Florida Statutes, became law. Section 55 thereof repeals Section 185.15, Florida Statutes. Such repeal, however, does not effect prior elections made thereunder. All of the above-referenced. letter agreements evidence an intent and desire not to accept the provisions of Chapter 185, Florida Statutes, and of the City of Clearwater Employees' Pension Fund. Each letter contains a detailed list of terms and conditions, including benefits to be provided to the employee. In the case of Sidney R. Klein, all agreements subsequent to December 5, 1980 specifically provide that the employee is not covered by the city Pension Plan. Therefore, in our opinion, neither Sidney R. Klein nor William O. Baird is entitled to be included in the City of Clearwater Employees' Pension Fund. If you require any further information, please do not hesitate to ask. Sincerely yours, CYPEN & CYPEN ?r ephen H. C en For the Firm SHC: jes Via Fax and Regular Mail CYPEN & CYPEN ANDRA TODD DREYFUS, P.A. LAW OFFICES 1463 Gulf To Bay Blvd. CLEARWATER, FLORIDA 33755 ANDRA T. DREYFUS JON A. JOUBEN June 14, 2000 Mr. Paul O'Rourke Human Resources Director ATTN: Debbie Ford 112 S. Osceola Avenue Clearwater, FL 33758 JUN 16 2000 TELEPHONE: (727) 442-1144 FACSIMILE: (727) 446-4407 email: atdlawrirm@aol.com RE: William O. Baird - City of Clearwater Pension Application Dear Ms. Ford: This firm represents Deputy Chief William O. Baird. He hereby.requests inclusion in the City of Clearwater General Employee's Pension Plan to be effective retroactive to his date of hire as Deputy Police Chief. Pursuant to Florida Statutes, Chapter 185, Deputy Chief Baird should have been included in this plan upon his transition to the Police Department. It would appear that Deputy Chief Baird was wrongfully excluded from the plan and to correct this error, he should be admitted into the plan immediately. Please place this item on the agenda for the next PAC meeting. Please forward to me any documentation to effectuate this request. I would appreciate a call from you at your earliest opportunity so that we might better coordinate this process. Thank you. Very truly yours, ANDRA TODD DREYFUS, R.K. r lAndra T. Dreyfus ATD:dlb cc: Deputy Chief William O. Baird ANDRA TODD DREYFUS, P.A. LAW OFFICES 1463 Gulf To Bay Blvd. CLEARWATER, FLORIDA 33755 ANDRA T. DREYFUS JON A. JOUBEN TELEPHONE: (727) 442-1144 FACSIMILE: (727) 446-4407 email: atdlawrirm@aol.com May 30, 2000 Mr. Paul O'Rourke City of Clearwater Human Resources Director 112 S. Osceola Avenue Clearwater, FL 33758 RE: Chief Sidney R. Klein Dear Mr. O'Rourke: C, i WN MIQ ou This firm represents Chief Sidney R. Klein, Chief of Police, City of Clearwater. Chief Klein has been employed as Chief of Police for approximately 18 years and on numerous occasions has requested to be included in the City of Clearwater General Employees' Pension Plan. The Chief has received other retirement benefits from the City, but nonetheless desires to be included in the General Employees' Pension Plan. Florida Statutes, Chapter 185, governs pension benefits payable as a result of a sworn police officer's employment in that capacity. Chief Klein clearly falls within the definition of § 185.02(7) and is eligible for inclusion in the plan. Please consider this Chief Klein's formal request for inclusion in the General Employees' Pension Plan. I would appreciate a reponse from you no later than June 15, 2000. Ve ly yours, D TODD DREYFUS . Andra . Dreyfus ATD:dlb cc: Chief Klein Pamela K. Akin, Esq. J UL-eb-Z00W Ud :.52 l 1 l Y H I I UrT;?_- Y ' S UI-F-1 fi=t= 7275624021 P.01/01 ANDRA TODD DREYFUS, P.A. \\ LAW OFFICES 1463 Gulf To Bay Blvd. CLEARWATER, FLORIDA 33755 ANDRA T. DREYFUS JON A. JOUBEN TELEPHONE: (727) 442.1144 FACSIMILE: (727) 446-4407 email: atdlawfirm9aol.com May 30, 2000 PERSONAL AND CONFIDENTIAL Pamela K. Akin, Esq. City Attorney's Office P.O. Box 4748 Clearwater, FL 33758-4748 Dear Ms. Akin: As you are aware, this firm represents Sidney R. Klein, Chief of Police, City of Clearwater. Chief Klein has made a request to be included in the City of Clearwater General Employees' Pension Plan. It is my understanding that Scott Christiansen of the firm of Christiansen & Dehner, P.A. represents both the General Employees' Pension Plan as well as the Supplementary Pension Plan. Mr. Christiansen has already taken a position opposing Chief Klein's participation in the Supplementary Pension Plan absent his inclusion in the General Employees' Plan. We have directed a request to Paul O'Rourke to include the Chief in the General Employees' Plan. It would appear that Mr. Christiansen and his firm have a conflict with respect to further representation of either Plan in connection with the Chiefs request to be included therein. As the Chief intends to vigorously pursue this matter, we would appreciate you giving your immediate attention to resolving this conflict and seeking other counsel in this matter. It is our current intent to file a declaratory judgment action in this matter. Thank you. Very truly yours, AN TODD DREYFUS P.A. 7Tra. Dreyfus ATD:dlb cc: Chief Sidney R. Klein Post-It* Fax Note 7671 oatc .) - Ac" To Z ., From Co./ at r I co. Phone # Phone q Fax k ; 2 -7 Fax rClTat- P. l_u LAW OFFICES CYPEN & CYPEN P. 0. BOX 402099 MIAMI BEACH. FLORIDA 33140.0099 82S ARTHUR GODFREY ROAD December 22, 2000 Trustees of the City of Clearwater Employees' Pension Fund 100 South Myrtle Avenue Post Office Box 4748 Clearwater, Florida 33758-4748 Re: City of Clearwater Employees' Pension Fund - Our File No. 13888 Dear.Trustees: M IAM 1 (305) 532 - 3200 BROWARD(954)S22-3200 TELECOPIER (305) S3S - 0050 Enclosed please find corrected opinion. letter dated October 5, 2000. In reviewing the original letter, we noticed a nonsubstantive typographical error on Page 3, wherein the statutory quote inadvertently includes text that is part of our opinion. We also take this opportunity to summarize our opinion: even if Chief Klein and Deputy Chief Baird ever had the opportunity to be included in the City of Clearwater Employees' Pension Plan, they voluntarily chose not to participate. Thus, the issue of their initial eligibility is moot. Sincerely yours, CYPEN & CYPEN Stephen Cypen For the Firm SHC:jes LAW OFFICES CYPEN & CYPEN P. O. BOX 402099 MIAMI BEACH. FLORIDA 33140.0099 82S ARTHUR GODFREY ROAD CORRECTED October 5, 2000 Trustees of the City of Clearwater Employees' Pension Fund 100 South Myrtle Avenue Post Office Box 4748 Clearwater, Florida 33758-4748 Re: City of Clearwater Employees' Pension Fund - Our File No. 13888 Dear Trustees: MIAMI (305) 532 - 3200 BROWARD(954)522.3200 TELECO PIER (305) S3S - OOSO You have requested our opinion as to whether or not Police Chief Sidney R. Klein and Deputy Police Chief William O. Baird, or either of them, are entitled to be included in the City of Clearwater Employees' Pension Fund ("Plan"), and if so, as of what date. In rendering our opinion, we have examined the City of Clearwater Code Provisions that establish the City of Clearwater Employees' Pension Fund and the following documents: As to Sidney R. Klein: (1) Letter Agreement dated December 5, 1980 (2) Letter Agreement dated November 10, 1992 (3) Letter Agreement dated October 1, 1994 (4) Amendm ent to Emp loyment Letter Agreement dated September 30, 1997 (5) Letter Agreement dated August 7, 1998 (6) Letter dated May 30, 2000 from Andra Todd Dreyfu s, P.A. to Mr. Paul O'Rourke Trustees of the City of Clearwater Employees' Pension Fund Page Two October 5, 2000 As to William O. Baird: (1) Letter Agreement dated January 5, 1993 (A handwritten notation thereon indicates that said letter agreement was revised on 10/1/94, but we do not have a copy of that document.) (2) Letter Agreement dated January 22, 1998 (in duplicate) (3) Letter dated June 14, 2000 from Andra Todd Dreyfus, P.A. to Mr. Paul O'Rourke Section 2.393 of the Code defines "participant" as any eligible employee of the employer who has commenced participation and is contributing under the plan. The same section defines "employee" to exclude employees exempt from the employer's civil service classified service system (unclassified employees) for whom an employment agreement letter establishes conditions of employment. For purposes of this opinion, we will assume that said definitions were the same as of December 5, 1980, January 5, 1993 and January 22, 1998. For the reasons that follow, it is not necessary to determine if "unclassified" police officers otherwise meeting the statutory definition of police officer can be excluded from a pension plan for police officers. Chapter 185.15, Florida Statutes (1997), provided: Any person who enters the employment of any incorporated municipality of the state as a police officer after July 31, 1953, and who does not desire to accept the provisions of this chapter shall, within twelve months after employment, notify the officer or board paying the salary of such police officer, in writing, to that effect. Thereupon, it shall be the duty of the board of trustees to refund from the municipal police officers' retirement trust fund the full amount, without interest, CYPEN & CYPEN Trustees of the City of Clearwater Employees' Pension Fund Page Three October 5, 2000 withheld from such police officer's salary and deposit it into such fund. Thenceforward no withholding shall be made from such salary and all such police officers who have given such notice shall be barred from participating in the retirement system. On March 12, 1999, Chapter 99-1, Florida Statutes, became law. Section 55 thereof repeals Section 185.15, Florida Statutes. Such repeal, however, does not effect prior elections made thereunder. All of the above-referenced letter agreements evidence an intent and desire not to accept the provisions of Chapter 185, Florida Statutes, and of the City of Clearwater Employees, Pension Fund. Each letter contains a detailed list of terms and conditions, including benefits to be provided to the employee. In the case of Sidney R. Klein, all agreements subsequent to December 5, 1980 specifically provide that the employee is not covered by the City Pension Plan. Therefore, in our opinion, neither Sidney R. Klein nor William O. Baird is entitled to be included in the City of Clearwater Employees' Pension Fund. If you require any further information, please do not hesitate to ask. Sincerely yours, CYPEN & CYPEN N St en H. Cype? For the Firm SHC: jes CYPEN & CYPEN Chronology of Chief Klein's Request to Join Supplemental Pension Plan 9/24/59 Attorney General Opinion Re: Supplemental Plan 1/24/68 Letter from Ralph Johnson 1/26/68 Attorney General Opinion Re: Muncipal Officer's Retirement Plan 12/5/80 Police Chief Sidney Klein's Original Employment Contract 1/27/82 Memo from Richard Greisinger, Asst. City Attorney 9/13/82 Letter from Richard Greisinger w/Attachments 3/10/82 Letter from W. W. McDougall, Insurance Agent 9/8/82 Letter from J. Kaplan to City Attorney Requesting Opinion on Eligibility 3/28/85 Memo to File Re: Marvin Clayton's (Dept. of Insurance & Treasury) Opinion 4/25/85 Memo from Robert Walker, Police Legal Advisor 5/31/85 Letter from Chief Klein to Marvin Clayton w/Proposed Ordinance Change 6/14/85 Memo from Ray Kaminskas to Police Chief 6/17/85 Letter from Sid Klein to Marvin Clayton w/Recommended Changes to Ordinance 7/26/85 Letter from Marvin Clayton 9/9/92 Letter to Lee Dehner Encloses the Above Records 3/15/99 Letter from Andra Dreyfus to William Sedrick Requesting Chief Klein's Issue be put on agenda for Supplemental Pension Plan's meeting of 3/19/99. 4/21/99 Letter from Scott Christiansen to Florida Division of Retirement 4/26/99 Letter from Scott Christiansen to Florida Division of Retirement 5/5/99 Letter to Scott Christiansen from Florida Division of Retirement 5/6/99 Letter to Scott Christiansen from Florida Division of Retirement 5/26/99 Letter from Scott Christiansen to Andra Dreyfus 1/26/00 Letter to Scott Christiansen from Florida Division of Retirement w/ attachment September 24, 1959 Honorable J. Edwin Larson Insurance Commissioner Tallahassee, Florida Re: Policemen pension and retirement funds; insurance premium taxes Dear Mr. Larson: 059-190 S. T. '59-15 Replying to your recent request for an opinion of this office upon substantially the following questions: 1. May the insurance premium taxes imposed pursuant to section 185.08, Florida SU-atu- tee, be paid into a general municipal pension and retirement fund held for the benefit of all municipal officers and employees, including policemen?.. 2. If the answer to the first question is in the negative, then may such insurance premium tax funds be paid into a general municipal officers and employees retirement fund if separate ac- counts are maintained so that such premium takes will be used entirely for the payment of pensions and retirement pay to policemen only? 3. What assurances must be made to the insur- ance commissioner to justify payment of the insurance tax funds, derived under section 185.08, Florida, Statute s, to the retirement fund? Those municipal corporations in this state which have a "lawfully established police officers' retirement fund or city fund providing pension or relief benefits to policemen, by whatever name known," may impose the insurance premium taxes mentioned in section 185.08, Florida statutes, for the uses and purposes therein mentioned. It is deemed advisable that we consider the nature and legal status of retirement compensation paid to public officers and employees; such compensation is in law withheld or delayed compensation for services rendered prior to retirement "and are not regarded as extra or increased compensation" (State v. Lee, 157. Fla. r t" Honorable J. Edwin Larson Page #2 059-190 62, 24 So. 2d 798, text 801). The legislature has, by section 185.0 1, Florida Statutes, found and declared that municipal police officers act in a dual capacity and perform "both state and municipal functions: that they make arrests for violations of state tra c -laws on public highways; that they keep the public peace," and for that reason "it is a proper and legitimate state purpose to provide a uniform re- tirement system for the benefit of police officers ." This same dual state and local purpose is also recognized in section 210.03, Florida Statutes, authorizing the levy and use of cigarette taxes by municipalities for the purposes therein mentioned. In other words, the duties of municipal police officers are dual in nature; they serve a state and local.purpose. Although the prosisions of article IX of the Florida constitution contemplate that exclusively state functions be financed through state taxation, and exclusively local func- tions through local taxation (Mathews v. Amos, 09 Fla. 1, 126 So. 308; Palm Beach County v. State, 99 Fla. 379, 126 So. 36o) the functions of a dual nature' both state and local) may be financed by appropriate taxatio.-i-(Mathews v. Amos, supra). Although the taxes imposed under section 185.08 are imposed through municipal tax levies, the insurers are given credit therefor on like state taxes imposed. The tax imposed is by statute earmarked for a dual state and local purpose and may not be used.for a purely local purpose..-Funds derived from such taxes are earmarked for the use and benefit of retired municipal police officers,_and not for retired municipal officers and employees generally. Municipal officers and employees of" the City of Pensa- cola within the purview of chapters 26141, 31160 and 57-2073, acts-of 1949, 1955 and 1957, are not all officers and employees performing a dual state and minicipal function; many of them perform only a local or municipal function; officers and employees who perform merely a municipal or local function are not within the purpose and intention of chapter 185, Florida Statutes. Funds derived from taxes imposed pursuant to section 185.08, Florida Statutes, upon insurance premiums are earmarked for the police officers of said municipality performing a dual state and municipal or local purpose, and not to those officers and employees performing only a munici- pal or local purpose. Such funds are earmarked for use in providing retirement compensation for police officer per- forming a dual state- and local purpose but not those perform- ing local functions only. nis being true such funds may not be used, either directly or indirectly, in providing retire- ment compensation for other than police officers performing a dual state and local function. The first question must, therefore, be answered in the negative, and the funds x .. I? Honorable J. Edwin Larson Page #3 059-190 therein mentioned may not be used for the benefit of general employees. This brings us to the second question which would seem to permit of an affirmative answer, provided such an arrange- ment would be permitted under applicable statutes and the municipal charter of Pensacola. We find nothing in above mentioned chapters 26141, 31160 and 57-2073, acts of 1949, 1955 and 1957, expressly authorizing such internal accounting and the maintenance of separate control accounts for the police members of the retirement system set up by said acts and for other members of such retirement system. Even if such an arrangement should be adopted it would have to con- form to the requirements of the court's decree in Philpot v. City of Pensacola, of January 8, 1959, a copy of which appears in your files. Section 185.03, Florida Stat incorporated city or town, when act "a secial fund to be known as the fund' of such city or town, to be u making of retirement compensation p to chapter 185, Florida Statutes. proceeds from the insurance premium 185.08, Florida Statutes, and other 185.07, Florida Statutes. Except w elects to come-under the federal•ol ance program, or under both.a gener plan and--under the plan provided by tea, the policeman is required to c ates, establishes in each Lvated by such city or town, police officers' retirement Bed exclusively for the iyments under. and pursuant Chas fund consists of the tax authorized by section items mentioned in section sere a police officer U age and survivors insur- i1 municipal retirement chapter 185, Florida Statu- )ntribute five Der cent of his salary as such policeman; however, if he elects to come under the federal program, or under an existing municipal retirement plan, as well as under chapter 185, Florida Statu- tes, he will receive a reduced retirement. compensation under chapter 185 (see subsection 2, section 185.16, Florida Statu- tes). However, notwithstanding what has been said above, sec- tion 185.35, Florida Statutes, permits a municipality to set up its own retirement plan for policemen, which "plan must be for the purpose of providing retirement and disability income for policemen." When "a municipality has a policemen's retire- ment plan" which meets the standards set forth in said section 185.35, the income from the "premium tax in section 185.08" may be placed "in its existing pension fund for the sole and, exclusive use of their policemen . . . or may use said income to pay extra benefits to the policemen." The extra benefits mentioned appear to be those mentioned in subsection (2) of sections 185.07 and 185.16, Florida Statutes; that is benefits in addition to social security or under existing general muni- cipal pension plan. Although the policeman may elect to come Honorable J. Edwin Larson Page #4 059-190 under federal social security, or under his municipality's regular retirement plan, the statutes require that the proceeds from the insurance premium taxes imposed under section 185.08 must at all times be'segregated from the' eneral funds of the municipal retirement system so a only the po cemen will receive the benefits to -be derived from such tax funds. This leads to the* conclusion that tax funds derived under section 185.08, Florida Statutes, must at all times be segregated from other funds. Even if funds derived from insurance premium taxes might be deposited in the fund maintained for general retirement, such premium taxes must be segregated by an ade- quate control account so that they will be used for the benefit of policemen. only. This is true even though the municipality maintains its own penison plan under and pursuant to section 185.35, Florida Statutes. We see no requirement in the statu- tes that would prevent moneys derived from section 185.08, Florida Statutes, being kept in a general bank deposit pro- vided proper control accounts be kept and* maintained so that there will be a separation of the funds derived from said section from all other funds in such deposit and so that such funds will at all* times be available for the purposes intended by chapter 185, Florida Statutes. In other•words, an account _ within an account, as is sometimes kept in the general and other funds in the state treasury. In such an account the balance in the said general deposit could never be reduced below the unused funds derived. from section 185.08, Florida Statutes, without a violation of chapter 185, Florida: Statutes. _ The views here expressed.appear to be in line with the decree in Philpot_v. Pensacola, supra., These observations answer the second question in the affirmative; provided the accounting a op a is such as will mainta n a segregation of the funds derived from the taxes imposed under section 185.08 and the contributions made by the policemen, from other funds at all times, and prevent their use for other than the benefit of the said policemen. As a condition to the paying over of tax funds derived from taxes imposed pursuant to section 185.08, Florida Statu- tes,•the insurance commissioner must require that satisfactory assurance be given that such funds, as well as contributions made by the policemen to the fund, be kept segregated at all times in the manner aforesaid and are being used strictly in accordance with the requirements of chapter 185, Florida Statutes. A detailed comparison of any ordinance designed to establish the municipality's own pension and retirement plan for policemen, should be made with section 185.35, and it be determined whether or not there is compliance with said section 185.35• It is the duty of the municipality, when it elects to come under said section 185.35, to comply therewith, and until such an ordinance has been adopted the question of compliance with said section is moot. These Honorable J. Edwin Larson 059-190 Page #5 observations answer the third question as well as it may here' be answere . Sincerely, /s/RICHARD W. ERVIN Richard W. Ervin Attorney General Prepared by: /s/FRED M. BURNS Fred M. Burns Assistant Attorney General phe .' _ January 24,• 1968 •Tot , Jailers ;and Dispatchers :Fromt .• 'Ralph Johnson, secretary of Retirement Board Reg Decision of Retirement Board.on meeting on January 22. Tt'is of the opinion of tho City Attorney that all jailers and • Dispatchers are eligible t6 come,undur thb state retirement. The board has asked the City Attorney to contact the Attorney General 'for one last decision. As soon 'as we hear from the Attorney General we will notify you in writing as to the decision of the Attorney General and the Retirement Board. Respectfully, __• Ralph Johns ' M ??? Secretary of Retirement Board , RJ/J P % 1 t , i ,\•_?•„ 'Ali CLOT. ' + t? \ , ATTORNEY GENERAL STATE OF FLORIDA i 26, 19G6 Janus , ' \f • . '. Trt CAPITOL • , ?? WCNCMCG \nc8 TA MASSCC. /LOAiDA I I t ' . Honorable Spencer D. Gill:ort ?. I .. City Attorney ( City• of Fort Pierce •. ? . l i + Post Office Box 3366 \• !i F t+ Fort Pierce, Florida Dear Kr. Gilbert: ?. You have asked if- a city *polico dispatcAer is • I' entitled to participate in a municipal officers' retire- ! ' ment fund under Chapter 16S, Florida Statutes. : ?. That statute defines a police officer *s any ' full-limo police officer who receives compensation from I municipal funds of any incorporated municipality of i I thin stato for services rendered. Such police officers i i ! are entitled to the benefits o-.a municipal police - t. ., i officers' retirement trust 'fund. of the municipality which thoy serve. In Headlev vs. Sharpe; Fla., 138 So. 2d 53741 1 I• ,. it is pointed out that a police officer may include a, i ! desk sergeant, a booking, office= or a' prison guard - matron and thus be entitled t6-the bcnefito of their local municipal retirement fund as created by Chapter I i -,? 185, Florida Statutes. " . s !. Certainly a..c3.ty po.1: co dicpat. cho.r-.would como f? well within tho l?iCa Of. of t.%%e word "police officer- as laid daw-a ui h;Ln trhat.,opirion. ` Sincerely, • EAXL F?.IRCLOTci • , Attorney General ! , -? ?' •? CITY OF FORT P1 E nCE 11_27_67 I I ?. ' is i' I INTEROF , OA7E: FICE 11EM0RANOV r r f,,l ' i '• 70. Reg: Retirement Fund ( State) :.. ` ' ' ' ' ?i '•. ?' •' ?' 136 - '' '• ? , ,. .? , . , Southern Reporter, : , ' .. r I• • ?' •, : Series ? 2nd • ' ? ,?',,? ? ? ?? ? ' '• ? ' ,` ' i? . •. ; • 6 .?,. r ` : ,r . ,I i page 53 - .. Heddley verses Sharp Chief ' . ?, ?r • . 1962 case o Miami •' , \y :I? ' I , . ' Dispatchers can-b and ' elong:,. I • Jailors ' • the-gate Retirement. ' ;; ,,:,: ,. I BY the courts. . . • . I December 5. 1980 ' Mr. Sidney R. t+lcia • P. O. Now 446 Indies wills, Colorado 80434 Dear Sidi This letter. is a Mllov-up to our pbone mivere•tions of loot weep in crrna of q offeriat the poaitsob of faolicn Ch of for tur City of Clearwater. Tirst. lat as say that I an eatteasly Pleased vlt:R your acceptance, and I know charm you sill make as macelleot Chief for the City. I kmw that I speak for all. Including the rolice Departnant. wbets I say that we sere anxious to have you arrive is Clear- water geld look forward to vofkiag with you. 1) salary $38.000 anau&tly. 2) lensioo. Ccct%ibotioa of 6Z in addition to ti.* annual salory will be prcvtded o W*f$TTed toapeosatiop program of your choice. 3) Social ieeatity. City will pay the co7loyeris share of Social Security. 4) Hlaloi' M0410 d Iusvrasee. City 4111 coetr!buts your Qost while: you will be tsgndred to PAY the osat !oe your farily wbich is cultemcly $25.27 bi-•eer!y. The 90-4ey vaitUM period will be waived and you and your family will be eOvered from the day you report to work in Clearwater. 5) Liss lamoraaae. Tbe.City will contribute up to tLe equivalent it IT of your svalutl 64asy. Got to exceed a total of % of tt'a cost for life iaaurtuce. on your life. &=%ally. 6) Vacation. You *we entitled to two (I) veak9 vacation froze coameaeermot o work. 7) Sick Leave. Ton will be granted a lose of up to fifteen (45) dare. if needed. dories Tone first year of. work; tasrvatter, you will accmnUte fifteen (IS) days annually,. There is no maximum old whet ynu why accrue: ZO 39Vd SINV3983S 3QISM1NQ9 _' ????` 86 g5 6T:11 00OZ/61/10 wr. Sid-Jay a. Klein ?.caw?ar S, 1980 ?ago Two 8) Seraraces 4sx. The City currently does not provide sariTente pay for dipArtaant heads; however, I vill review this program and look at the poaaibility of iuplananciug sane type of Cite-wide police during the na:c year. 9) .yo.inS Coda. the Cicp Will pay pour cote of moving to include packing. moving, and uopaektns of bow ehold goods. coat of hotels, saal.s, and travel for you and your family's, relocation. 10) Aucowbile. The City will provide an automobile to be utilised ;or both buminssa Sod perraaal use with a certain amunt of disevation. You should have received by now the information on the International CIL7 Kanagars' Association Deferred Compensation program. I have not heard back yst concerning the Kapok Tvaval Trailer Fork and the ability to set you in for approalatetal7 one ucuth during January. I rill gat back to you on this. I an a>?act-U& your arrival soar :im arvvwd the first of Janaat7, with the arrival date to be before Jane IS, 1981. I vieh to reiterate my p:aasure yn•: acceptance -)f this job, and I am looking foriard to v:nrUrt& with you to the future. plaaaa sign at the bottom of this latter if the conditinoa outlinad above are acceptable to you. and return rho original co ue. I have attached s copy for you to keep for your records. very truly yours, Anthony L. Shoemaker City Kaaager I accept the position of Chief of Police for the City of Clearwater. ?lorida, vich the Condition" u outlived w'LZ^e. Signature V O^to PA ?ht?d S1NV39dDS 30ISAd1r J - -1 '86Zb-Z9S 5t :c t 9?3??L/f; I/ ts3 CIiY OF CLEARWATER Interdep+rtment Correspondence Sheet TO: Betty Ward - Police Department FROM: Richard Griesinger, Assistant City Attorney COPIES: SUBJECT: Eligibility of Chief Klein to Enter Clearwater Police Supplemental Pension Fund DATE: January 27, 1982 Attached are copies of Marvin Clayton's response to my letter to him concerning, among other items, the eligibility of Chief Kelin to enter the Clearwater Police Supplemental Pension Plan. Mr. Clayton states that Chief Klein is not eligible. Please distribute the copies to the board members for review. Richard Griesinger RG:jmp Attachments r? m "O ° O7 r m _ n -M C-) w mnrn -v rr _ C.o r---) ,11?`iSEA? eil? C I T Y OF C L E A R IV A T E R POST OFFICE BOX 474 B CLEARWATER. FLORIDA 33518 September 13, 1982 J. Shelby Kaplan, CLU Manager, Pension Services Division Provident Life & Accident Insurance Company Chattanooga, Tennessee 37402 Dear Mr. Kaplan: In response to your letter of September 8 to Mr. Bustin regarding the eligibility of Chief Klein to enter the Supplemental Pension Plan, I have enclosed the following correspondence: (1) my letter to the Police Supplemental Board concluding.that Chief Klein is eligible for participation; (2) a letter to Marvin Clayton, Chief of the Municipal Police Officers' Retirement Trust Fund (Office of Insurance Commissioner), requesting his opinion; and (3) his reply that Chief Klein was ineligible to participate. I provided the Board with a copy of Mr. Clayton's letter and the Board followed Mr. Clayton's opinion. If you have any questions or comments, feel free to contact me. Sincerely, Richard Griesinger Assistant City Attorney RG:jmp Enclosures cc: Mayor and Other Trustees • of Police Supplemental Pension Plan "Equal Employment cnd Affirmative Action Erna;o.e TO: FROM: COPIES: SUBJECT: DATE: iTY OF CLEARWATER Inlardepartment Correspondence Sheet Mayor and Other Trustees of Police Supplemental Pension Plan Richard Griesinger, Assistant City Attorney Eligibility of Police Chief Sid Klein to Enter Police Supplemental Pension Plan September 17, 1981 Chief Klein will be eligible to enter the Clearwater Police Supplemental Pension Plan on September 17, 1982. According to the current booklet "Your Retirement Plan," "all permanent, full time police officers, with one year service..." are eligible to enter the City's police pension plan on the anniversary date of the plan (September 17). Although Chief Klein is not a member of the City's general employee's pension plan, he is eligible to enter the police pension plan. There is no requirement in either Chapter 185, Florida Statutes entitled "Municipal Police Officers Retirement Trust Fund," or Clearwater Code sections 26.65 through 26.81 inclusive - the City's own police pension plan - that a Clearwater policeman be a member of the City's general employees' pension plan to receive benefits under the Police Pension Plan with the following exception: A policeman may not receive early retirement benefits, pursuant to Clearwater Code Section 26.76(b)(1), unless a police officer officially retired under the City's general employee's pension plan. z . Richard Griesinger. Assistant City Attorney RG:jmp cn r" rv oo?- r .•? r n t-, n r? fimz ..? S p rn ? T November 3, 1981 Mr. Marvin B. Clayton Director of Municipal Police Officers' Retirement Trust Fund Office of Insurance Commissioner Larsen Building Room 331 Tallahassee, Florida 32304 Dear Mr. Clayton: I request your opinion of whether either a "Chapter 185, Fla. Stats. police pension plan" or o"Fla. Stat. 185.35 police pension plan" requires that it be "supplemental" to a city's general employees' pension plan. Although the City of Clearwater uses the term "supplemental" as part of its police pension plan, Chapter 185 nowhere refers to the term. Where a police officer is already a participant of his city's general pension plan, his membership in another pension plan (police pension) would, of course, be "supplemental." Query: Although the City of Clearwater's police pension plan may be "supplemental" to the City's general employee pension plan, must it be so? If it is a prerequisite, please provide the specific statutory reference in support of your opinion. I also request your opinion as to whether an appointed police chief falls within the definition of a "police officer" under Fla. Stat. 185.02(1) and may partici- pate in either of the above plans. If you opine that an appointed chief cannot participate, again please provide specific statutory authority. Thank you for your assistance. Sincerely, Richard Griesinger Assistant City Attorney RG:jmp cc: Clearwater Mayor Charles LeCher, Chairman of Clearwater Police Supplementary Pension Fund . ? 'r s= z STATE TREASURER INSURANCE COMMISSIONER FIRE MARSHAL THE CAPITOL TALLAHASSEE 32301 January 11, 1982 Mr. Richard Griesinger Assistant City Attorney P. 0. Box 4748 Clearwater, FL 33518 Dear Mr. Griesinger: Please f ind enclosed Attorney General Opinion 59-190, which I believe will clarify your question as to how Chapter 185 monies may be used. Your second question as to whether an appointed Police Chief falls within the definition of a "police officer" is best answered as follows. Throughout the history of Chapter 185, all police retirement plans must strictly follow the provisions of Chapter 185 in its entirety or a "Supplemental" plan which would be allowed under the provisions found in Chapter 185.35. There is no requirement that the word supplemental be used, but there are requirements as to how the monies may be used. I have a copy of the ICMA pension plan of which Chief Kline. is a member. The ICMA plan is a deferred compensation system that does not meet the requirement found in Chapter 185.35 (1) (g) , therefore, I do not believe that Chief Kline may participate in any plan funded by Chapter 185 monies unless the City would place him in the current General Employees pension plan of the City of Clearwater. If this off ice can be of assistance, please let me know. Sincerely, i Marvin B. Clayton, Bureau Chief Municipal Police Officers' Retirement Trust Fund PLBC:pfs cc: Mayor Charles LeCher . ,> .. CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MINUTES OF MEETING HELD AUGUST 28, 1981. A meeting of the Board of Trustees was held on Auust 28, 1981, in the police Conference Room, Police Department, 644 Pierce Street, Clearwater, Florida. The following Trustees were present: Charles F. LeCher, Chairman Sid Klein, Secretary Donald Hibbard William Sedrick Ray Kaminskas Also present were Richard Griesinger, Assistant City Attorney, and Betty Ward, secretary to Police- Chief Sid Klein. Mayor LeCher called the meeting to order at 11:30 F.M. and called for approval of the minutes of the meeting held July 13, 1981. Donald Hibbard made a motion that the minutes of the meeting held July 13, 1981 be approved. Motion seconded by William Sedric}:. Motion carried unanimously. The second item on the agenda concerned maturity of certain certificates of deposit. Betty hard reported that the following_ CD's would be maturing in September, 1981. Biscayne Federal September 3, 1951 $40,000 Biscayne Federal September 4, 1981 $30,000 Freedom Savings September 17, 1981 $50,000 aergeant Kaminskas advised that monies were needed to pay the invoice to Provident for life insurance oremium renewals for all present participants, and made a motion that the CD's at Biscayne Federal and Freedom Savings be withdrawn at maturity. Motion seconded b•.' William Sedrick. Motion carried unanimously. item number three on the agenda was invoice from Bank of Clearwater for safe deposit box rental at Bank of Clearwater. William Sedrick made a motion that the invoice be approved for payment. Motion seconded by Donald Hibbard. Motion carried unanimously. Item number four on the agenda was an invoice from Providen? Insurance Company in the amount of $130,155.73 covering life insurance premium renewals for all present participants. Donald Hibbard made a motion that the invoice be approved Tor payment. Motion seconded by iav Kaminskas. Motion carried unanimously. item number five on the agenda concerned legal matters. Richard Griesinger, Assistant City Attorney, made a -report on the following Items: + 1. Review o= :aster Contract rmendmer.t anc booklet submit:.e- by Provident - Mr. Griesincei• _eco; ^h?nCei. that Clearwater Police Supplementary Pension Fund Minutes of Meeting held August 28, 1961 Page 2 Ed Sever and Associates, the City's consulting firm, review in-depth the contract and booklet. lie stated that Scour and associates should report back to him in about one week. 2. Legal Opinion regarding retired Captain David Panossian's request relative to future benefits to which he would be entitled on his official retirement date of March 8, 1982. Mr. Griesinger stated that there would be nothing in the Statute which would permit Captain Panossian taking over his own insurance policies. Th owner of the policies is the Board of Trustees. This is not allowed under the ordinance. The money has to flow through the Board. He may do whatever he wishes with the lump sum settlement. Chief Klein asked if the Board could have this opinion in writing. Mr. Griesinger said that he will furnish the Board a written opinion. 3. Review of eligibility of Police Chief Sid Klein to participate in the Police Supplementary Pension. Chief Klein asked the Board if they would prefer that he left the meeting during the discussion of this item. Richard Griesinger felt that this would not be necessarx and the Board acreed. Richard Griesinger advised that under the Statute and the ordinances, he could find nothing which would prohibit Chien Klein from participating in the Police Supplementary Pension. The criteria is one rear's service as of the anniversary date of the plan. Chief Klein would be eliaibie to participate as of September 17, 1982. Chief Klein asked if the Board could have this opinion in writing. Mr. Griesinger stated that he w_11 furnish the Board a written opinion. Mr. Griesinger advised the Board that a motion was not needed in this case, that Chief Klein could become a member k_chout a Motion. 4. Review of subject of vested rights - M=. Griesinger sated that he would submit a written opinion on this matter when completed. He recommended that perhaps some of the wording in Section 26.76 of the City Code is not clearly defined, and should possibly be changed. Mayor LeCher suggested that the City Attorney submit ordinance changes to the Board for approval prior to forwarding them : L-o the Cite Commission. + item number sir: on the aaenda was a review of internal Revenue Service tax form number 4972 (Special Ten Year Averaging Method) for lump sum distributions. Chief Klein reported that retired .r Minutes of August 28, ;1 meeting - Police Supp1E ntary Pension Page 3 police Chief Frank Daniels and retired Sergeant, Charles Hayden have asked the board to complete the employer portion of IRS tax corm Number 4972 dealing with "Lump Sum Distributions". Jeffrey Butler, Assistant City Manager, has assigned David Curtis of his office to work with Betty Ward in completing the form. In reviewing the tax form, there is one question Mr. Butler would recommend the board seek the advice of the tai; department of Price Waterhouse, the 'city's auditors. The question to be resolved is, "Does the Supplementary Police Pension qualify as a lump sum distribution?" The cost of an opinion from Price Waterhouse, if any cost, would be small according to David Curtis. Sgt. Kaminskas made a motion that the Finance Director refer the tax form question to Price Waterhouse tax department. y;otion seconded by Donald Hibbard. Motion carried unanimously. There being no further business, the meeting was adjourned at 12:15 P.M. Respectfully submitted, /?(?? SID KLEIN, Secretary, Board of Trustees CITY vF CLEARWATE R Interdepartment Correspondence Sheet TO: All Board Members, Clearwater Police Supplementary Pension Fund FROM: C? Sid Klein, Chief of Police 7' COPIES: File SUBJECT: Board of Trustees Meeting To Be Held July 13, 1981 DATE: June 26, 1981 There will be a board of trustees meeting July 13, 1981 at 10:00 A.M. in the police conference room. Find attached copies of the following documents pertaining to the Police Supplementary Pension. 1. Master Pension Trust Contract Number GWL-7976 currently in affect (since 1959). 2. Master Pension Trust Contract Number GIIL-7976 containing proposed AMENDMENT, prepared and submitted to the Board of Trustees by Provident Life and Accident Insurance Company. 3. Information Booklet titled, "Your Retirement Plan" prepared by Provident Insurance with the assistance of the board of trustees (has not been updated since the Lump Sum Settlement Ordinance was amended in 1979) . 4. Booklet titled, "City of Clearwater Supplementary Police Pension and Retirement" prepared by the Provident Life and Accident Insurance Company, with a recommendation that it replace the old booklet. The following legal matters will also be discussed at the meeting. 1. Vested Rights 2. Chief Klein's Eligibility To Enter Plan 3. Verbal inquiry from retired Captain David Panossian to Trustee t:aminskas with regard to retiree being allowed to receive all of his life insurance policies at date of retirement and borrow against said policies from Provident Insurance Company. ,• Y r PROVIDENT LIFE AND ACCIDENT ew C NAT TAN OOIS A, T EN N ES SE E 37402 ' „•.111 •/ ••1•••11•IIU 11/1111/ ?•u?•nn?r,,•11111 r?.lll? Tllr? • S 1 N C E 11 t 7 McDOUGAL AGENCY, INC. SUNCOAST VILLAGE OFFICE CENTER w. W. McDOUGAL. General Agent 3000 34TH STREET • SOUTH SUITE B • 203 ST.PETERSBURG .FLORIDA 33711 Telephone. 181:J) 866GG-0\650 l ? • ?i'xJ all PROVIDENT LIFE AND ACCIDENT C H A T T AN O O G A, T E N N E S S E E 3 7 4 0 2 MCDOUGAL AGENCY, INC. W. W. McDOUGAL. General Agent March 10, 1982 Sid Klein, Chief of Police Clearwater, Florida Dear Sid: rrrrrr"`; ..,.•1'r?...rrrrrl ..,.,,.n' rrrrrrrrr ISO q r??tTrrr?' ' S I N C E 11/ 7 SUNCOAST VILLAGE OFFICE CENTER 3000 34TH STREET . SOUTH SUITE B •203 ST. PETERSBURG. FLORIDA 33711 Telepnon.: (8131866-0650 There is nothing to bar you being a participant in the Clearwater Police Supplementary Pension Plan. Chapter 185 says, any full time Police Officer certified by the Chief of Police shall be eligible. You could probably certify yourself, but it should be done through.a resolution introduced by Mayor LcCher, Chairman of the Board of Trustees, by the City Commission. Participating in the Supplementary Police Pension Plan is not contingent of being in the City Pension Plan, which you were eligible to be a member, and elected not to participate. You were, by law, an informal member of the Supplementary Plan when you became Chief of Police, January, 1981. You will become a formal member eligible for insurance after one year of service on the anniversary date of the formal plan, September 17, 1982. You have met all the criteria of being a Full Time Police Officer, age, eligibility for the City of Clearwater Pension Plan, power to make arrests, etc. A simple resolution by the City Commission will erase any doubt of your being eligible. Looking forward, to taking your application this coming September. Sincerely, cc: Mayor LeCher PROVIDENT LI FE &ACCI DENT INSURANCE COMPANY September 8, 1982 Mr. Tom Bustin City Attorney City of Clearwater City Hall Clearwater, FL 33516 Subject: Sidney Klein, Chief of Police Dear Mr. Bustin: The Provident provides administrative service for the Supplemental Pension Plan for the Police Officers. Mr. Sidney Klein has satisfied the service requirements to enter this plan, yet we understand he is not to be brought into it. The former Chief of Police, Mr. Frank Daniel, was a member of the plan.. We would appreciate your comments concerning whether or not Mr. Klein should be brought into the plan. We see no reason that he is ineligible. Cordially yours, J. Shelby Kaplan, CLU Manager, Pension Services Division JSK/bjs / cc: W. W. McDougal V March 28, 1985 Cindy yav(? mr a nc)tf_ to call Marvin Clayton, which 1 )ust did. His mes!;age is a.,; On Page 3, Sections 26.70 (a3) under Uet in i t ions he has a prublem with you being eligible to participate in the Plan as long as you are in 1CMA and not the General Employees' pension. He said the proposed ordinance change would not accumplish this either. He cited a few sections of the proposed ordinance which tie had a problem with as follows: 1. Page 7 - Section 26.72 Power and Authority - go down to the last paragraph and remove the word "investment" and refer to it as "independent processional council and/or secretarial- clerical work." Marvin Clayton said if you luck yourself in with only hiring investment counselors then you can't dire an attorney or someone to do any other jobs for you. Only an investment counselor. 2. Page 8 where it relates to job-related disability should say, "total and permanent disability". 3. 26.74 - on page 8 - a. where it say, "11 a participant after ten years, etc.etc. - he said the only way a participant can get early retirement UNLESS IT IS REDUCED BY 3% OR MORE is by death or permanent disability. This would be 3% or whatever percentage the board wants, per year, for each yr. under normal retirement date. (this would be in accordance with the General pension plan which is 20 years at any age. 4. 26.73 on page 7 - the self-insurance part needs to be clarified. He said you can't share the pot and have someone die, where does the self insurance come from? He said you could say "he shall have in addition to a share, etc.etc. He said he would be happy to discuss this further if you or Captain Kaminskas wish to call him. He also is aware that your letter said someone from here might come to Tally for an appointment with him. Marvin Clayton's number is: 7-(904) 6365 TO : FROM: AeR ?; ? 51 AID bJ CITY OF CLEARWATEn Interdepa, tment Correspondence Sheet Members of Police Supplementary Pension Board Robert G. Walker, Jr., Police Legal Advisor COPIES: Mayor Kathy Kelly, Ohief Sid Klein, Captain Ray Kaminskas, Ptl. Bill Sedrick, Donald Hibbard, Frank Kowalski. SUBJECT: Eligibility of Chief of Police as Share Plan Member DATE: April 24, 1985 I spoke with Marvin Clayton on the phone today. As you are aware, he is the chief of the Bureau of Municipal Police Officers Retirement Trust Fund, and his office is located in Tallahassee. He appeared to be knowledgeable with regard to the various plans which he oversees and administers. It is Marvin Clayton's position that eligibility in the supplementary pension plan is contingent upon eligibility in a general pension plan. The word "supplemental" would seem to lend credence to this position. The I.C.M.A. Deferred Compensation. Plan, of which the chief is a member, is a defined contribution system, rather than the defined benefit system whir is required by Florida Statute 185.35. The plan which the supplementary pension plan supplements must be one which provides retirement and disability income for police men. The I.C.M.A. plan does not provide disability income. Further, eligibility for either the supplementary or general plan must be based upon length of service, attained age, or both. Participation in the I.C.M.A. does not require either. Marvin Clayton stated that there is no prohibition against a chief belonging to both a general pension plan and the I.C.M.A. deferred compensation plan. Obviously, the I.C.M.A. is nothing more than a deferred economic benefit which provides no short-term insurance protection. It is not considered a pension plan at all. In order to qualify for the supplementary pension plan, the chief would have to be eligible to participate in the general pension plan. That, in all probability, would require an amendment to the city charter and/or civil service rules. I have not abandoned my research in this area, but I now understand Mr. Clayton's position with regard to excluding the chief of police from participation in the supplementary pension plan, however mod_iCLid. If in fact participation and eligibility are contingent upon inclusion within the classified civil service, I perceive an inherent obstacle. RGW/mjg I spoke to Marvin Clayton on April 5, 1985, to discuss problems he saw in our proposed Share Plan Ordinance. The affected areas are: 1. Page 3 Sec.26.70 - Definitions (a) 3. Police Officer. States Chief Klein is still not eligible due to being in I. C. M. A. and not the General Employees Pension Plan. 2. Page 7 Sec.26.72 - Power and Authority of Board of Trustees (e) 3. Recommends changing the word "investment" and substituting "independent professional counsel and/or secretarial-clerical wee 3. Page 7 Sec.26.73 - Death/Disability Benefits States you cannot have a Share Plan and be self-insured. If you want insurance, you can either use part of the fund to purchase term insurance in the amount of $50,000 for all participants, or have each member contribute one to two percent of his salary to purchase a group term policy. 4. Page 8 Sec.26.73 - Death/Disability Benefits First sentence on top of page should be changed to read: "Upon satisfactory proof of total and permanent job related disability to function as a police officer to the board of trustees, etc." 5. Page 8 Sec.26.74 - Separation Benefits (a) States the only way a participant can get early retirement without death or disability is to reduce the amount the employee would get by three percent or more for each year the employee is away from his normal retirement date. C.'UAnWATER IIIVAII]MENi 01 ruuCE ROUTING SLIP 2. 4. Aciiots no-jutted: PLEASE 7r6ca Date- I I Nnlr and Furwanl In Frh•s 'C- SQ Oct - ?-o I;v?A0.\).r,J CLl??; o •J •-,.?D ?M . ?i-?. FIpT; r U.1.; to: , $eelf'11nnr me flc All+thrJ ( ( For Your Cuufnlenls and Suggestions Prepare Reilly lug $rpnafure ( I Note and Ilclurn C01111cl and Ileluru ( ( $anJ Me Inlurnlafrun Ilrquued to Answer ( ( AlfenJ to I I Uu(1f 4llached MI•r.l with Ynur Apuravall As tricoluellell I ? As Per f.unvrrsahun For Ynur $lynalure, II Yuu Apprnvr I (1'n Insuucuun 'For Ynur Inlnrrnalipn I ( free Yntif Review I ? Inlllal and F mwarJ Cummmf t: 0 Nit A WIN- Q? 01;- a Qtas,? fl cAw -NL.;. v8S, " 6a ?.•I??:t? Department of Police Office of Police Chef City of Clearwater 644 Pierce Street Clearwater, Florida 33516 813/462/6332 May 31, 1985 Marvin B. Clayton, Bureau Chief Bureau of Municipal Police Officer's Retirement Trust Fund Room 214, Larson Building Tallahassee, Florida 32301 Dear Mr. Clayton, As you are aware, the Clearwater process of mortifying our present Pension Fund from a supplemental assistance, we have modified our ordinance. A copy of the propos review and approval. Police Department is in the Clearwater Police Supplementary fund to a share plan. With your previously submitted proposed ad version is attached for your The following areas were changed by our Police Legal Adviser in response to your concerns and recommendations made to Captain Kaminskas on April 5, 1905: 1. Page 3, Section 26.70(a)3. The definition of Police officer was changed due to the ineligibility of Chief Klein to be a participant. 2. Page 8, Section 26.72(e)3. Wording changes relating to broadening the powers of trustees to seek, obtain and engage outside services and assistance were made. 3. Page 8, Section 26.73. We deleted the provision to be self-insured and left the death benefit as just the number of shares in the participant's account at the time of death. Additionally, the definition of job-related disability was clarit"ied and expanded. 4. Page 8, Section 26.74(a). Vesting of rights is at ten (10) years with a three (3) percent per year penalty for early retirement. The date for normal retirement is defined in accordance with the City Pension Plan. Marvin Clayton, Bureau Chief Page 2 After you and your staff have had an opportunity to review our revised proposed ordinance, please contact Captain Ray Kaminskas (813) 462-6069 and advise him if the ordinance meets your requirements. I thank you for your comments and suggestions regarding our endeavor and look forward to your continued assistance in the future. If you have any questions, please free to contact me. Sincerely, <.'/C Ltc ,,? Sid Klein Chief of Police SK_cm Attachment ORDINANCE AN ORDINANCE TO PROVIDE FOR MUNICIPAL POLICE OFFICERS PENSION PLAN IN ACCORDANCE WITH CHAPTER 185 ACTS OF FLORIDA, PROVIDING FOR THE MODIFICATION OF A POLICE OFFICERS PENSION FUND; PROVIDING THAT ALL MONEYS RECEIVED BY THE CITY OF CLEARWATER UNDER THE PROVISIONS OF CHAPTER 185 ACTS OF FLORIDA, BE PAID INTO SAID FUND; CREATING A BOARD OF TRUSTEES FOR THE ADMINISTRATION OF SAID FUND; PROVIDING FOR MEANS OF CREDITING ACCUMULATED FUNDS TO THE ACCOUNTS OF INDIVIDUAL POLICE OFFICERS; PROVIDING FOR DISBURSEMENTS AND PAYMENT OF BENEFITS FROM SAID FUND; AND PROVIDING FOR REPEAL OF ORDINANCES OR PORTIONS OF ORDINANCES WHICH ARE IN CONFLICT; PROVIDING FOR AN EFFECTIVE DATE. BE IT ORDAINED BY THE COMMISSION OF THE CITY OF CLEARWATER, FLORIDA: WHEREAS, The City Commission of the City of Clearwater has adopted Ordinance No. 26.65 providing for the levy of 18 tax on premiums for casualty insurance as permitted by Florida Statues Chapter 185, which Ordinance is currently in effect; and WHEREAS, The City Commission of the City of Clearwater is desirous of modifying certain pension benefits for police officers under the Municipal Police Officer's Pension Trust Fund as provided for in Florida Statutes Chapter 185; NOW, THEREFORE, be it ordained by the City Commission of the City of Clearwater, Florida: PURPOSE: Section 1. The purpose of this Ordinance is to implement the provisions of Chapter 185, Florida Statutes, and to provide means whereby all sworn full-time police officers of the City of Clearwater, Florida, may receive benefits from the funds provided for that purpose by Chapter 185, Florida Statutes. This Ordinance shall be deemed to supplement any other pension plan of the City of Clearwater, Florida, insofar as benefits of police officers are concerned; and nothing herein shall be construed in any way, to affect the operation of benefits of any other pension plan of the City of Clearwater, Florida. Section 2, Chapter 26 is amended as follows: ADMINISTRATION ARTICLE V. POLICE PENSION* Division 1. In General Sec. 26.65. Excise tax on casualty insurers. (a) In addition to any other lawful license or excise tax now levied by the City, an excise or license tax is assessed and imposed on every insurance company, corporation or other insurer now engaged in or carrying on, or who shall hereafter engage in or carry on, the business of casualty insuring as shown by the records of the state treasurer in his capacity of state insurance commissioner, in the amount of one per cent of the gross amount of receipts of premiums from policyholders on.all premiums collected on casualty insurance policies covering property within the corporate limits of the city. (b) The excise or license tax herein provided for shall be payable and collected in the manner provided for by F.S. Ch. 185. (c) All moneys received by the City under the provisions of this section shall be paid immediately into its pension fund; provided, however, such moneys received hereunder shall be kept separate and apart from the other moneys of the pension fund, and the moneys received hereunder shall be used solely for the payment of amounts to become due policemen and their dependents and to no other person under the provisions of law governing pensions within the City. Division 2. Supplementary Police Pension and Retirement Sec. 26.70. Definitions. (a) The following words and phrases are used herein and unless different meaning is plainly indicated by the context, shall have the following respective meanings: 1. Board, as used herein, shall mean the Board of Trustees of the Clearwater Police Officer's Pension Trust Fund, as provided for herein. 2. City, shall mean the City of Clearwater, Florida. 3. Police Officer, shall mean all sworn members of the Police Department who are regularly employed by the City of Clearwater and shall be deemed Police Officers for the purpose of this Ordinance. The word, Police Officer, shall specifically exclude "Police Recruit," and any other employee of the Police Department not employed full-time as a sworn law enforcement officer. 4. Pension Trust Fund, shall mean the Clearwater Police Officer's Fund, as provided for herein. 5. Participant, shall mean every police officer of the City of Clearwater eligible to have monies credited to his or her share account and to receive benefits therefrom under this ordinance. 6. Service, shall mean all time served as a regularly appointed or employed police officer of the City of Clearwater, for which regular compensation is paid by the City of Clearwater and all time during which a participant is on military leave in active military service and subject to the application of Chapter 115, Florida Statutes (1983). It shall include all leaves of absence with pay, but shall not include leaves of absence during which no regular compensation is paid by the City of Clearwater,- except military leave as herein provided. 7. The fiscal year shall be that period from September 17 to the following September 16th, 'both dates inclusive. 8. Net Credit shall mean the amount standing to the credit of a participant's share account as at the end of the preceding fiscal year. (b) Each Participant shall be entitled to one share in the Fund for each full year of service as a police officer of the City rendered before and/or after the passage of this ordinance as of September 17th. Promptly after passage of this Ordinance the number of full years of service rendered by each Participant shall be determined and a record thereof shall be made on the Participant's service record and the Participant shall thereupon have as many shares as full years rendered, and thereafter each full fiscal year of service as defined in paragraph 2 (h) hereof shall add one more share to the credit of each Participant. (c) The total monies received, including interest earned, any gifts and the credits forfeited by the Participants, all of which constitute income to the Fund during each Eiscal year, shall be allocated and the value of the respective Participant's shares shall be determined as follows: 1. The Board shall pay all costs and expenses of management and operation for the fiscal year last ended. 2. The Board shall set aside as much of the income as it considers advisable as a reserve for expenses for the then current fiscal year. 3. After deducting the monies called for by paragraphs 1. and 2., the remaining monies shall be allocated and credited to the Share Accounts of the respective Participants. • The number of shares to which each and every Participant is entitled as at the close of each fiscal year shall be added together and the total number of shares thus determined shall be divided into the net amount of money available to be allocated and credited to the respective share accounts. The amount to be credited to the account of each Participant will then be obtained by multiplying the value determined for one (1) share by the total number of shares to which each Participant is entitled. As soon as the monies are received, the value of each Participant's share shall be calculated and credited to his share account. Such calculation shall be made and credits allocated to his share account one only in each fiscal year; and prorations • shall not be made for a part of the year. Sec. 26.71. Board of trustees - Created. There is hereby created a Board of Trustees of the Supplementary Police Officers' Retirement Fund. The Board of Trustees shall consist of the Mayor and the Chief of Police of the City, two (2) regularly employed police officers of the City to be appointed by the City Commission upon the recommendation of a majority of the regularly employed police officers of the City, and one resident of the City, to be appointed by a majority of the trustees. The Mayor and Chief of Police, respectively, and upon a vacancy in the Office of Mayor or Chief of Police, their respective successors shall succeed to the positions of trustees. Each police officer member of the Board of Trustees shall serve for a period of two (2) years, unless he sooner leaves the employment of the City as a police officer, whereupon the legislative body of the City, upon a recommendation of a majority of the participant police officers there, shall choose his successor. The resident members shall serve for a period of two (2) years. The two (2) police officers and the resident members may succeed themselves in office and shall continue to serve • until the successors are duly appointed and qualified. The Mayor shall be the Chairman of the Board of Trustees. The board members shall elect any one (1) of its members as secretary of the board. The secretary shall keep a complete minute book of the proceedings of the board. The trustees shall not receive any compensation as such. Section 26.72. Power and Authority of Board of Trustees The Board of Trustees shall have power and authority as follows: To invest and reinvest the assets of the pension fund in: (a) Time or savings accounts of a national bank, a state bank insured by the Federal Deposit Insurance Corporation, or a savings, building and loan association insured by the Federal Savings and Loan Insurance Corporation; (b) Obligations of the United States Treasury and agencies allied with or related to the United States Treasury; (c) County bonds containing a pledge of the full faith and credit of the county involved, bonds of the State Development Commission, or of any other state agency, which have been approved as to legal and fiscal sufficiency by the State Board of Administration; (d) Obligations of any municipal authority issued pursuant to the laws of this state; provided, however, that for each of the five (5) years next preceding the date of investment the income of such authority available for fixed charges, shall have been not less the one and one-half (1 1/2) times its average annual fixed charge requirements over the life of its obligations; (e) Common stocks, preferred stocks and bonds and other evidence of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state, or organized territory of the United States or the District of Columbia or any corporation international in charter engaged in international business and trade, provided: 1. The corporation is listed on any one or more of the recognized national stock exchanges; 2. All corporate bonds shall carry at least an AA rating as established either by Standard & Poor's or Moody's; 3. The Board of Trustees shall not invest more than three (3) per cent of its assets in the common stock or capital stock of any one issuing company nor shall the aggregate investment on any one issuing company exceed one per cent of the outstanding capital stock of that company; nor shall the aggregate of its investments under this subsection at cost exceed fifty (50) per cent of the fund's assets. The trustees of this pension plan and all other persons occupying a fiduciary position under this article in the administration of this article and in investing and reinvesting assets of the pension fund shall utilize and be governed by the prudent man rule. The trustees in the performance of their duties are authorized to seek, obtain and engage independent professional counsel and/or secretarial/ clerical services and advice and to pay reasonable charges for the service. Section 26.73 Death/Disability Benefits If a participant shall die while employed by the City of Clearwater, his beneficiary or estate shall be entitled to the accumulations standing to the credit of the deceased participant, irrespective of the age or years of credited service of the participant. Upon satisfactory proof of total and permanent job related disability, which renders the affected participating member unable to perform the duties and functions of a Police Officer, to the Board of Trustees, a participant will be entitled to • receive his outstanding shares on the date of retirement. Section 26.74 Separation Benefits (a) If a Participant shall separate from service, for any reason whatsoever, after ten (10) or more years under the plan, he shall be paid the entire amount to his net credit as of the last preceding fiscal year, reduced by three (3) percent per year for each year that the employee is short of his normal retirement date. For the purposes of this plan, normal retirement shall mean twenty (20) years from date of hire as a Police Officer. (b) Settlement as provided in subsections (a) of this Section shall be. in full acquittal of all claims of a Participant against the Fund, and he shall thereupon cease to be a Participant. Section 26.75 Rights and Benefits not Subject to Legal Process The rights and benefits provided for herein are vested rights of Participants in the Fund, and shall not be subject to attachment, garnishment, execution or any other legal process. Section 26.76 Responsibility of the City The City of Clearwater shall have no responsibility for the operation of the special fund except as specified herein and shall bear no expense in the operation of the special fund. Section 26.77 Statement of Conflict with F.S.S. 185 If any provision of this ordinance or the plan hereby created shall conflict with the provisions of Chapter 185, Acts of Florida, such conflict shall be resolved in favor of the statutory provisions which are intended to control, and the conflicting provision of the Ordinance shall be served without affecting the purpose of this enactment. Section 26.78 Statement of Conflict with City Ordinances. An ordinance or any part of any other ordinance in conflict with any provision contained in this Chapter is hereby repealed. Section 26.79 Effective Date This ordinance shall become effective immediately upon the passage of the City Commission as provided by law and signed by the Mayor and City Clerk as provided by Ordinance. Department of Pollce Office of Ponce Chef City of Clearwater 644 Pierce Street Clearwater, Florida 33516 813/462/6332 June 17, 1985 Marvin B. Clayton, Bureau Bureau of Municipal Police Room 214, Larson Building Tallahassee, Florida 32301 Dear Mr. Clayton: Chief Officer's Retirement Trust Fund Based on your telephone conversation with Captain Ray Kaminskas on June 14, 1985, the definition of Police Officer on Page 3, Section 26.70 (a) 3. was changed. The attached draft of our proposed ordinance will, hopefully, meet with your approval. If the proposed ordinance is approved by you and your staff, we will present the ordinance to the present plan members for a `formal vote. If the vote is to change to a share plan, the proposed ordinance will then be presented to the City Commission for enactment with an effective date of September 17, 1985. I thank you for your continued assistance in this matter and look forward to your office's approval of our endeavor. if you have any questions, please feel free to contact me. Sincerely, Sid Klein Chief of Police Attachment ORDINANCE AN ORDINANCE TO PROVIDE FOR MUNICIPAL POLICE OFFICERS PENSION PLAN IN ACCORDANCE WITH CHAPTER 185 ACTS OF FLORIDA, PROVIDING FOR THE MODIFICATION OF A POLICE OFFICERS PENSION FUND; PROVIDING THAT ALL MONEYS RECEIVED BY THE CITY OF CLEARWATER UNDER THE PROVISIONS OF CHAPTER 1B5 ACTS OF FLORIDA, BE PAID INTO SAID FUND; CREATING A BOARD OF TRUSTEES, FOR THE ADMINISTRATION OF SAID FUND; PROVIDING FOR MEANS OF CREDITING ACCUMULATED FUNDS TO THE ACCOUNTS OF INDIVIDUAL POLICE OFFICERS; PROVIDING FOR DISBURSEMENTS AND PAYMENT OF BENEFITS FROM SAID FUND; AND PROVIDING FOR REPEAL OF ORDINANCES OR PORTIONS OF ORDINANCES WHICH ARE IN CONFLICT; PROVIDING FOR AN EFFECTIVE DATE. BE IT ORDAINED BY THE COMMISSION OF THE CITY OF CLEARWATER, FLORIDA: WHEREAS, The City Commission of the City of Clearwater has adopted ordinance No. 26.65 providing for the levy of 1% tax on premiums for casualty insurance as permitted by Florida Statues Chapter 185, which Ordinance is currently in effect; and WHEREAS, The City Commission of the City of Clearwater is desirous of modifying certain pension benefits for police officers under the Municipal Police Officer's Pension Trust Fund as provided for in Florida Statutes Chapter 185; NOW, THEREFORE, be it ordained by the City Commission of the City of Clearwater, Florida: PURPOSE: Section 1. The purpose of this Ordinance is to implement the provisions of Chapter 185, Florida Statutes, and to provide means whereby all sworn full-time police officers of the City of Clearwater, Florida, may receive benefits from the funds provided for that purpose by Chapter 185, Florida Statutes. This Ordinance shall be deemed to supplement any other pension plan of the City of Clearwater, Florida, insofar as benefits of police officers are concerned; and nothing herein shall be construed in any way, to affect the operation of benefits of any other pension plan of the City of Clearwater, Florida. Section 2, Chapter 26 is amended as follows: ADMINISTRATION ARTICLE V. POLICE PENSION* Division 1. In General Sec. 26.65. Excise tax on casualty insurers. (a) In addition to any other lawful license or excise tax now levied by the City, an excise or license tax is assessed and imposed on every insurance company, corporation or other insurer now engaged in or carrying on, or who shall hereafter engage in or carry on, the business of casualty. insuring as shown by the records of the state treasurer in his capacity of state insurance • commissioner, in the amount of one per cent of the gross amount of receipts of premiums from policyholders on all premiums collected on casualty insurance policies covering property within the corporate limits of the city. (b) The excise or license tax herein provided for shall be payable and collected in the manner provided for by F.S. Ch. 185. (c) All moneys received by the City under the provisions of this section shall be paid immediately into its pension fund; provided, however, such moneys received hereunder shall be kept separate and apart from the other moneys of the pension fund, and the moneys received hereunder shall be used solely for the payment of amounts to become due policemen and their dependents and to no other person under the provisions of law governing pensions within the City. Division 2. Supplementary Police Pension and Retirement Sec. 26:70. Definitions. (a) The following words and phrases are used herein and unless different meaning is plainly indicated by the context, shall have the following respective meanings: 1. Board, as used herein, shall mean the Board of Trustees of the Clearwater Police Officer's Pension Trust Fund, as provided for herein. ` 2. City, shall mean the City of Clearwater, Florida. 3. Police officer, shall mean all sworn members of the Police Department who are regularly employed by the City of Clearwater and shall be deemed Police Officers for the purpose of this Ordinance. The word, Police officer, shall specifically exclude "Police Recruit," and any other employee of the Police Department not employed full-time as a sworn law enforcement officer, or who is not a member of a pension plan authorized in accordance with Florida Statutes Chapter 185. 4. Pension Trust Fund, shall mean the Clearwater Police officer's Fund, as provided for herein. 5. Participant, shall mean every police officer of the City of Clearwater eligible to have monies credited to his or her share account and to receive benefits therefrom under this ordinance. 6. Service, shall mean all time served as a regularly appointed or employed police officer of the City of Clearwater, for which regular compensation is paid by the City of Clearwater and all time during which a participant is on military leave in active military service and subject to the application of Chapter 115, Florida Statutes (1983). It shall include all leaves of absence with pay, but shall not include leaves of absence during which no regular compensation is paid by the City of Clearwater, except military leave as herein provided. 7. The fiscal year shall be that period from September 17 to the following September 16th, both dates inclusive. 8. Net Credit shall mean the amount standing to the credit of a participant's share account as at the end of the _ • preceding fiscal year. (b) Each Participant shall be entitled to one share in the Fund for each full year of service as a police officer of the City rendered before and/or after the passage of this Ordinance as of September 17th. Promptly after passage of this Ordinance the number of full years of service rendered by each Participant shall be determined and a record thereof shall be made on the Participant's service record and the Participant shall thereupon • have as many shares as full years rendered, and thereafter each full fiscal year of service as defined in paragraph 2 (h) hereof shall add one more share to the credit of each Participant. (c) The total monies received, including interest earned, any gifts and the credits forfeited by the Participants, all of which constitute income to the Fund during each fiscal year, shall be allocated and the value of the respective Participant's shares shall be determined as follows: 1. The Board shall pay all costs and expenses of management and operation for the fiscal year last ended. 2. The Board shall set aside as much of the income as it considers advisable as a reserve for expenses for the then current fiscal year. 3. After deducting the monies called for by paragraphs 1. and 2., the remaining monies shall be allocated and credited to the Share Accounts of the respective Participants. The number of shares to which each and every Participant is entitled as at the close of each fiscal year shall be added together and the total number of shares thus determined shall be divided into the net amount of money available to be allocated _ and credited to the respective share accounts. The amount to be credited to the account of each Participant will then be obtained by multiplying the value determined for one (1) share by the total number of shares to which each Participant is entitled. As soon as the monies are received, the value of each Participant's share shall be calculated and credited to his share account. Such calculation shall be made and credits allocated to his share account one only in each fiscal year; and prorations shall not be made for a part of the year. Sec. 26.71. Board of trustees - Created. There is hereby created a Board of Trustees of the Supplementary Police Officers' Retirement Fund. The Board of Trustees shall consist of the Mayor and the Chief of Police of the City, two (2) regularly employed police officers of the City to be appointed by the City Commission upon the recommendation of a majority of the regularly employed police officers of the City, and one resident of the City, to be appointed by a majority of the trustees. The Mayor and Chief of Police, respectively, and upon a vacancy in the office of Mayor or Chief of Police, their respective successors shall succeed to the positions of trustees. Each police officer member of the Board of Trustees shall serve for a period of two (2) years, unless he sooner leaves the employment of the City as a police officer, whereupon the legislative body of the City, upon a recommendation of a majority of the participant police officers there, shall choose his successor. The resident members shall serve for a period of two (2) years. The two (2) police officers and the resident members may succeed themselves in office and shall continue to serve until the successors are duly appointed and qualified. The Mayor shall be the Chairman of the Board of Trustees. The board members shall elect any one (1) of its members as secretary of the board. The secretary shall keep a complete minute book of the proceedings of the board. The trustees shall not receive any compensation as such. Section 26.72. Power and Authority of Board of Trustees The Board of Trustees shall have power and authority as follows: To invest and reinvest the assets of the pension fund in: (a) Time or savings accounts of a national bank, a state bank insured by the Federal Deposit Insurance Corporation, or a savings, building and loan association insured by the Federal Savings and Loan Insurance Corporation; (b) obligations of the United States Treasury and agencies allied with or related to the United States TreaSUr}'; (c) County bonds containing a pledge of the full faith and credit of the county involved, bonds of the State Development commission, or of any other state agency, which have been approved as to legal and fiscal sufficiency by the state Board of Administration; (d) Obligations of any municipal authority issued pursuant to the laws of this state; provided, however, that for each of the five (5) years next preceding the date of investment the income of such authority available for fixed charges, shall have been not less the one and one-half (1 1/2) times its average annual fixed charge, requirements over the life of its obligations; (e) Common stocks, preferred stocks and bonds and other evidence of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state, or organized territory of the United States or the District of Columbia or any corporation international in charter engaged in international business and trade, provided: 1. The corporation is listed on any one or more of the recognized national stock exchanges; 2. All corporate bonds shall carry at least an AA rating as established either by Standard & Poor's or Moody's; 3. The Board of Trustees shall not invest more than three (3) per cent of its assets in the common stock or capital stock of any one issuing company nor shall the aggregate investment on any one issuing company exceed one per cent of the outstanding capital stock of that company; nor shall the aggregate of its investments under this subsection at cost exceed fifty (50) per cent of the fund's assets. The trustees of this pension plan and all other persons occupying a fiduciary position under this article in the administration of this article and in investing and reinvesting assets of the pension fund shall utilize and be governed by the prudent man rule. The trustees in the performance of their duties are authorized to seek, obtain and engage independent professional counsel and/or secretarial/clerical services and advice and to pay reasonable charges Eor the service. Section 26.73 Death/Disability Benefits If a participant shall die while employed by the City of Clearwater, his beneficiary or estate shall he entitled to the accumulations standing to the credit of the deceased participant, irrespective of the age or years of credited service of the participant. Upon satisfactory proof of total and permanent job related disability, which renders the affected participating member unable to perform the duties and functions of a Police Officer, to the Board of Trustees, a participant will be entitled to receive his outstanding shares on the date of retirement. Section 26.74 Separation Benefits %. (a) If a Participant shall separate from service, for any reason whatsoever, after ten (10) or more years under the plan, he shall be paid the entire amount to his net credit as of the last preceding fiscal year, reduced by three (3) percent per year for each year that the employee is short of his normal retirement date. For the purposes of this plan, normal retirement shall mean twenty (20) years from date of hire as a Police officer. (b) Settlement as provided in subsections (a) of this Section shall be in full acquittal of all claims of a Participant against the Fund, and he shall thereupon cease to be a Participant. Section 26.75 Rights and Benefits not Subject to Legal Process The rights and benefits provided for herein are \.•ested +?; r rights of Participants in the Fund, and shalt not be subject to attachment, garnishment, execution or any other legal process. Section 26.76 Responsibility of the City The City of Clearwater shall have no responsibility for the operation of the special fund except as specified herein and shall bear no expense in the operation of the special fund. Section 26.77 Statement of Conflict with F.S.S. 185 If any provision of this ordinance or the plan hereby .created shall conflict with the provisions of Chapter 185, Acts of Florida, such conflict shall be resolved in favor of the statutory provisions which are intended to control, and the conflicting provision of the ordinance shall be served without affecting the purpose of this enactment. Section 26.78 Statement of Conflict with City Ordinances. An ordinance or any part.of any other ordinance in conflict with any provision contained in this Chapter is hereby repealed. Section 26.79 Effective Date This Ordinance shall become effective immediately upon the passage of the City Commission as provided by law and signed by the Mayor and City Clerk as provided by Ordinance. Agenda No. MEMORANDUM TO: Meeting Dote: SUBJECT: MUNICIPAL POLICE OFFICERS SUPPLEMENTARY PENSION PLAN Originating Deportment: Retirement The City Commission of the City of Clearwater RECOMMENDATION: Zepeal the present Police Supplementary Pension Plan and enact the ?roposed Police Supplementary Pension Plan. O And that the appropriate officials be authorized to execute some. BACKGROUND: Che present Police Supplementary Pension Plan has been in effect since 199. retirement benefits are determined based on salary, years of service, and vainly age. Under the present, plan, two (2) officers with equal salaries and years service, but of different ages, will not receive the same amount of benefits. The older officer would receive considerably more Benefits at retirement than would the younger one. 7nder the Proposed Supplementary Pension'Plan, which has been approved by the-State of Florida and overwhelmingly by the affected police officers with a vote of 123 for the change to 4 against the changer two (2) officers with equal years service would receive an equal amount, regardless of salary and age. the trustees of the Police Supplementary Pension Plan and the affected officers feel the Proposed Plan is much more equitable. Neithe;.*plan is contributory by either the employee or the City. :ommission Disposition: Follow-up Action: submitted by: Advertised: O Af f ect ed Costs: N/A L7At tochmenis; Ponies Funding Source: ) Proposed vote: Notified O Capital Improve- Ordinance :ity Manager Popes; of Niee;inq ment oudget ) Correspon- ero:in et Bud O O deuce from q g p ONot Required Not Required O Other State of FlOr- ida Municipal ote ? Sequential :?nproprie?ion Code elerence _ ;,rust rand C? None ATE TREASuRER ;URANCE COMMISSIONER iE MARSHAL THE CAPITOL TALLAHASSEE 32301 July 26, 1985 Chief Sid Klein Chief of Police 644 Pierce St. Clearwater, FL 33516 Dear Chief Klein: This is in response to your letter dated June 17. 1985, and the attached proposed ordinance. The ordinance appears to be in compliance with state law and the suggestions I made earlier appear to have been incorporated into this latest proposal. Please furnish this office a signed and dated copy of the ordinance when passed. If this office can be of further assistance or if you have any questions, please let we know. Sincerely, 122 Marvin B. Clayton. Bureau Chief Municipal Police Officers' Retirement Trust Fund . t(BC:pfs 1 Let ti 1 a c September 9, 1992 C T Y O F C L E A R '1' A T E R DEPARTMENT OF POLICE 6 44 PIERCE STREET CLEARWATER. FLORIDA 34616-5495 (813) 462.6262 Lee Dehner Christiansen & Dehner 700 Sarasota Quay Sarasota, Florida 34236 Dear Mr. Dehner: Enclosed you will find copies of all available correspondence on the issue of Chief Sid Klein's eligibility for entry into the Supplementary Pension Plan, as was discussed at the board meeting of August 31. If there is anything further we can do, please contact either myself or Cindy Hicks. Sin erely, William Sedrick Chairman Enclosure E q u a l E m p l o y m e n t a n C A f f i r m a t i v e A c l i o n E m p l o y e r '' ANDRA TODD DREYFUS, P.A. LAW OFFICES 1463 Gulf To Bay Blvd. CLEARWATER, FLORIDA 33755 ANDRA T. DREYFUS JON A. JOUBEN March 15, 1999 PERSONAL AND CONFIDENTIAL Sgt. William Sedrick 4982 Cardinal Trail Palm Harbor, FL 34663 Dear Sgt. Sedrick: TELEPHONE: (727) 442-1144 FACSIMILE: (727) 446-4407 email: atdlawfirm@aol.com We represent Chief Sidney R. Klein. I am requesting on behalf of the Chief that you put the following issue on the agenda for the upcoming meeting of the Supplementary Pension Board. It is my understanding that the Board will next meet Friday, March 19, 1999. It is my contention that Chief Klein as a sworn officer employed by the City of Clearwater, is entitled to participate in the supplementary pension. His participation should be retroactive to his date of hire, with -the 10 year vesting as is applicable to every other sworn member of the Clearwater Police Department. Please consider this an application for such benefits. I will be happy to provide such additional information and authority as necessary to ensure Chief Klein's full participation in the supplementary pension plan. Thank you for your attention to this matter. Please call me should you have any comments or questions. If you would like me to appear at your March 19th meeting, will be happy to do so, although I would request that you advise me as to time and location. Thank you. Very truly yours, ANDRA TODD DREYFUS, P.A. Andra T. Dreyfus ATD:dlb cc: Chief Sidney R. Klein LAW OFFICES CHRIS UNSEN & DiEENER, P.A. SCOTT R. CHRISTIANSEN H. LEE DEHNFB 63 SARASOTA CENTER BLVD. SurrE 107 SARASOTA, FLORIDA 34240 PHONE: (941) 377-2200 FAX: (941) 377-4848 April 21, 1999 Ms. Patricia Shoemaker Florida Division of Retirement Police Officer & Firefighter Pensions Cedars Executive Center, Building B, Rm. 232 2639 N. Monroe Street Tallahassee, Florida 32399-1560 Re: City of Clearwater Police Officers' Pension Trust Fund - Sidney Klein Eligibility Dear Ms. Shoemaker: We represent the Board of Trustees 'of the City of Clearwater Police Officers' Supplementary Pension and Retirement Plan. - I am requesting from you an opinion regarding whether or not the Police Chief, Sidney R. Klein, is eligible to participate in the Police Officers' Supplementary Pension Plan. In order to assist you in providing the opinion, I am enclosing a copy of our entire file regarding this issue as well as a copy of the current plan document, including all revisions. As you may recall, the City of Clearwater has a defined benefit plan in which all employees (general employees, police officers and firefighters) generally participate. When Chief Klein was hired by the City in September of 1981, he elected to participate in a defined contribution plan offered by the International City Manager's Association rather than participate in the City's defined benefit plan. While there was initially some confusion regarding the Chiefs eligibility to participate in the supplemental police officers' pension plan, the letter received from Marvin Clayton of your office dated January 11, 1982 appeared to make it clear that Chief Klein would not be eligible for participation in the supplemental pension plan since the ICMA plan is a deferred compensation plan that does not meet the requirements found in Chapter 185. Mr. Clayton suggested that the.City place the Chief in the current defined benefit plan for the City of Clearwater which would have established his eligibility for the supplemental pension plan. This was not done. We have orally rendered opinions over the last several years regarding Chief Klein's eligibility for participation in the supplementary pension plan, confirming Mr. Clayton's Ms. Patricia Shoemaker April 21, 1999 Page 2 interpretation. We continue to support that interpretation. Prior to responding to the letter dated March 15, 1999 from Chief Klein's attorney, we would like to have a reconfirmation of this interpretation from your office. Once we receive confirmation of this interpretation, we will set a hearing on this issue and ask the Board to make a final decision regarding the interpretation of the Plan and the provisions of Chapter 185, Florida Statutes. I thank you in advance for your assistance in this matter. y, PR.Chrnistiansen SRC/bm enclosures cc: Bill Sedrick, without enclosures *- Scow R. CHRIS[TANSEN H. LEE DEHNER Ms. Patricia Shoemaker Florida Division of Retirement Police Officer & Firefighter Pensions Cedars Executive Center, Building B, Rm. 232 2639 N. Monroe Street Tallahassee, Florida 32399-1560 LAW OFFICES CEoRimANsEN & DEuNm, P.A. 63 SARASOTA CENTER BLvD. Surni 107 SARASOTA, FLORIDA 34240 April 26, 1999 PHONE: (941) 377-2200 FAX: (941) 377-4848 T AR 2 8 1999 tiiunlci0.1 Felice G'If 3' pira;:ghters' ?ist:rQmene Ft?n:?s Dept Of SGivlces Re: City of Clearwater Police Officers' Pension Trust Fund - Sidney Klein Eligibility Dear Ms. Shoemaker: This letter is a follow-up to my letter of April 21, 1999 requesting an opinion regarding Clearwater Police Chief, Sidney R. Klein. I wish to correct two facts that are stated in the second paragraph of my letter. Chief Klein was hired by the City on January 5, 1981 rather than September of 1981. In addition, Chief Klein indicates that when he came to work for the City, he was not given the option of participating in the City of Clearwater Defined Benefit Plan, but rather his'only option was participation in the ICMA Deferred Compensation Plan. While I do not believe that either one of these facts bears on your opinion, I wanted to be certain that the facts which I presented to you were correct. Should you have any further questions, please feel free to give me a call. Your ve truly, Scott R. Christiansen SRC/bin cc: Bill Sedrick -11t PHEz ?? \ni?7- JEe BUSH A.J.WMULLIAN III Governor MAY 199SDirector State of Florida Division of Retirement CEDARS EXECUTIVE CENTER ? 2639-C NORTH MONROE STREET ? TALLAHASSEE, FLORIDA 32399-1560 MAILING ADDRESS: MUNICIPAL POLICE OFFICERS' & FIREFIGHTERS' RETIREMENT TRUST FUNDS POST OFFICE Box 3010 ? TALLAHASSEE, FLORIDA 32315-3010 May 5, 1999 Mr. Scott Christiansen Christiansen & Dehner, P. A. 63 Sarasota Center Blvd., Suite 107 Sarasota, Florida 34240 Dear Mr. Christiansen: This is in response to your letter of April 21, 1999, regarding eligibility for Chief Sid Klein in the City of Clearwater's Police Officers' Supplementary Pension and Retirement Plan. I concur with the position stated in Mr. Clayton's letter of January 11, 1982, that in order to receive the state premium tax moneys, the municipality must establish a defined benefit plan that meets the requirements of s. 185.35. Subsequently, a supplemental plan may be established to use the state moneys to provide "extra benefits" for police officers, but it is a part of and exists in conjunction with the defined benefit plan. Therefore, if an employee opted not to participate in the defined benefit plan, he automatically would not be eligible to participate in the supplemental plan. If you have any questions or if this office can be of further assistance, please let me know. Sincerely, Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Funds pfs cc: William Sedrick, Chairman Telephone (850) 922-0667 0 Suncorn 292-0667 • Fax (850) 921-2161 G? F9 ('r` JEB BUSH A.J. MCMULLIAN III Governor ' MAY 1 2 1999 Director State of Florida Division of Retirement - ^'- ----- CEDARS EXECUTIVE CENTER ? 2639-C NORTH MONROE STREET ? TALLAHASSEE, FLORIDA 32399-1560 MAILING ADDRESS: MUNICIPAL POLICE OFFICERS' 8 FIREFIGHTERS' RETIREMENT TRUST FUNDS POST OFFICE BOX 3010 * TALLAHASSEE, FLORIDA 32315-3010 May 6, 1999 Ms. Andra T. Dreyfus, P. A. Law Offices 1463 Gulf to Bay Blvd. Clearwater, Florida 33755 Dear Ms. Dreyfus: This is in response to your letter of May 4, 1999, concerning the City of Clearwater's Police Officers' Supplementary Pension and Retirement Plan. Attached is a copy of my May 5, 1999 response to Mr. Christiansen regarding Chief Klein's participation in the Supplementary Pension Plan. • For your information, I have also attached a copy of Mr. Christiansen's April 26, 1999 letter, correcting certain information provided in his April 21, 1999 letter. When a city chooses to come under the provisions of Chapter 185 and establishes a local law plan under the provisions of s. 185.35, the employees may choose to place the premium tax moneys in their existing plan for the sole and exclusive use of the police officers, or they may use the premium tax moneys for "extra benefits." Clearwater chose to use the state moneys for extra benefits, and established a "supplemental" plan. The state moneys are used to "supplement" the benefits in the Clearwater Employees' Plan. A supplemental plan is, therefore, a part of and exists in conjunction with a defined benefit plan operating under the provisions of s. 185.35, F. S. This office has no information about whether Chief Klein was initially offered the option to participate or not in the City of Clearwater Employees' Plan. If you have any further questions or if this office can be of assistance, please let me know. Sincerely, Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Fund pfs Cc: William Sedrick, Chairman ,/Scott Christiansen, Plan Attorney d, -IKE s? Telephone (850) 922-0667 0 Suncom 292-0667 • Fax (850) 921-2161 LAW OFFICES CmsTIANsEN & DEENER, P.A. SCOTT R. CHIUSTIANSEN H. LEE DENNER 63 SARASOTA CENTER BLVD. SUITE 107 SARASOTA, FLORIDA 34240 PHONE: (941) 377-2200 FAX: (941) 377-4848 Ms. Andra T. Dreyfils Attorney at Law 1463 Gulf to Bay Boulevard Clearwater, Florida 33755 May 26, 1999 Re: City of Clearwater Police Officers' Supplementary Pension and Retirement Plan Chief Sidney R. Klein Dear Ms. Dreyfus: I represent the Board of Trustees of the City of Clearwater Police Officers' Supplementary Pension and Retirement Plan. This letter is written in response to your letter of March 15, 1999 regarding your request on behalf of Chief Klein that he be determined to be eligible to participate in the supplementary pension plan. After re-reviewing all of the records and correspondence concerning this issue dating as far back as 1981, I decided to seek a reconfirmation of an opinion which was provided to the Assistant City Attorney in January of 1982 from Marvin Clayton, then Bureau Chief of the Bureau of Municipal Police Officers' and Firefighters' Pension Plans. Accordingly, I corresponded with the current Bureau Chief, Patricia Shoemaker, seeking her opinion with regard to this issue. I received a response dated May 5, 1999, a copy of which is enclosed. I also received a copy of Ms. Shoemaker's letter of May 6, 1999 to you also confirming that since Chief Klein is not a member of the defined benefit plan, he would not be eligible to participate in the supplemental plan. I intend to recommend to the Board of Trustees at their meeting on June 11, 1999 at 9:00 a.m. at the Clearwater Police Department, that they reconfirm Chief Klein's ineligibility to participate in the supplemental plan. If you and/or your client wish to be heard further on this issue, please contact me immediately and I will request that you be given an opportunity to be heard by the Board on this issue. Please feel free to give me a call if you wish to discuss the matter further. Yours v ly, 21 Scott R. Christiansen SRC/bm enclosure cc: William Sedrick, without enclosure 34? W 3 DDARTMefrOF MANAGEMENT SERVICES F ra -, It . J I 1 L:J i ------------ )EB BUSH, GOVERNOR DIVISION OF RETIREMENT TiioaLUs D. NfcGuiu<, SECRET; Cedars Executive Center • 2639 North Monroe Street Bldg. C • Tallahassee FL 32399-1560 Mailing Address: Municipal Police Officers' & Firefighters' Retirement Trust Funds Post Office Box 3010 • Tallahassee, Florida 32315-3010 January 26, 2000 Mr. Scott Christiansen Christiansen & Dehner 63 Sarasota Center Blvd., Suite 107 Sarasota, Florida 34240 Dear Mr. Christiansen: This is in response to your telephone inquiry concerning the City of Clearwater's Municipal Police Officers' Retirement Fund. Section 185.35, states in part that in order for municipalities with their own pension plans for police officers to participate in the distribution of the state premium tax moneys they must meet the minimum benefits and standards in Chapter 185. If they have a plan, which meets the minimum standards, then they may place the state moneys in the existing pension plan or in a supplemental plan where, in either case, it shall be used exclusively for the benefit of police officers. The City of Clearwater's plan design includes a defined benefit plan, the Employees' Pension Plan, and state moneys go into the Supplemental Plan. The Supplemental Plan could not operate without the Employees' Pension Plan. The Supplemental Plan exists in conjunction with the Employees' Pension Plan, in fact, Chapter 99-1 requires that any increase in the state moneys (over and above the amount collected for calendar year 1997) shall be used to meet the minimum benefits of the new law. This means that the Supplemental Plan will continue to be able to use the frozen amount of $645,396.89, and the increase received in 1999 of $44,068.90 must be directed to the Employees' Pension Plan to make any needed benefit improvements to meet the minimum requirements of Ch. 99-1, for police officers. As stated in my letter of May 6, 1999, the Supplemental Plan is part of and exists in conjunction with the Employees' Pension Plan. If an employee is not a participant in the Employees' Pension Plan, he would not be eligible to participate in the Supplemental Plan. The Board may not, therefore, make a distribution from the Supplemental Plan to an employee who is not a participant in the Employees' Pension Plan. To do so, would jeopardize the receipt of the state premium tax moneys. If you have any further questions, please let me know. Sincerely, (9c,T-4 t. Patricia F. Shoemaker Benefits Administrator Municipal Police Officers' and Firefighters' Retirement Funds pfs cc: William Sedrick, Chairman Telephone (850) 922-0667 • Suncom 292-0667 • Fax (850) 921-2161 C"J Reocled P'Ipcr DIVISION 5. POLICE OFFICERS PENSION PLAN* *Cross reference(s) --Proceeds from tax on casualty insurance premiums paid into pension fund for police officers, § 29.81. State law reference(s) --Municipal police officers retirement trust funds, F.S. ch. 185. Subdivision I. Generally (Reserved) Subdivision II. Supplementary Pension and Retirement Plan Sec. 2.471. Definitions. The following words, terms and phrases, when used in this subdivision, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning: Board means the board of trustees of the police officers pension trust fund as provided for in this subdivision. Distributee means an employee or former employee. In addition, the employee's or former employee's surviving spouse is a distributee with regard to the interest of the spouse. Direct rollover means a payment by the plan to the eligible retirement plan specified by the distributee. Eligible retirement plan means an individual retirement account described in section 408(a) of the Internal Revenue Code, an individual retirement annuity described in section 408(b) of the Internal Revenue Service Code, an annuity plan described in section 403(a) of the Internal Revenue Service Code, or a qualified trust described in section 401(a) of the Internal Revenue Service Code, that accepts the distributee's eligible rollover distribution. However, in the case of an eligible • rollover distribution to the surviving spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity. Eligible rollover distribution means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint: lives (or joint life expectancies) of the distributee'and the distributee's designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under section 401(a) (9) of the Internal Revenue Service Code; and the portion of any distribution that is not includable in gross income. Net credit means the amount standing to the credit of a participant's share account as at the end of the preceding fiscal year. Participant means every police officer of the city eligible to have moneys credited to his share account and to receive benefits therefrom pursuant to this subdivision. Pension trust fund means the police officers' fund as provided for in this subdivision. Police officer means any person who is elected, appointed, or employed full time by the city and certified or required to be certified as a law enforcement officer in compliance with F.S. § 943.14, who is vested with the authority to bear arms and make arrests, and whose primary responsibility is the prevention and detection of crime or the enforcement of the penal, criminal, traffic, or highway laws of the state. The term includes all certified supervisory and command personnel whose duties include, in whole or in part, the supervision, training, guidance, and management responsibilities of full-time law enforcement officers, part-time law enforcement officers, or auxiliary law enforcement officers, but does not include part-time law enforcement officers or auxiliary law enforcement officers as defined in F. S. § 943.10(5) and (7). The term shall specifically exclude any person employed in the entry level position of police recruit I who is not certified or required to be certified as a law enforcement officer, and any other employee of the city not certified or required to be certified as a law enforcement officer and not employed full time as a sworn law enforcement officer. Service means all time served as a police officer of the, city for which regular compensation is paid by the city and all time during which a participant is on military leave in active military service and subject to the application of F.S. ch. 115. The term shall include all leaves of absence with pay, but shall not include leaves of absence during which no regular compensation is paid by the city, except military leave. (Code 1980, § 26.70; Ord. No. 5723-95, § 1, 1-19-95) Cross reference(s)--Definitions and rules of construction generally, § 1.02. Sec. 2.472. Entitlement; allocation. (1) Each participant shall be entitled to one share or a fractional share in the fund for each full year or a portion of a year of service as a police officer of the city. A fractional share for service rendered by each participant shall be determined by the number of days of service in each calendar year, assuming a 365-day year. (2) The total moneys received, including interest earned,•any' gifts and the credits forfeited by the participants, all of which constitute income to the fund during each fiscal year, shall be allocated and the value of the respective participant's shares shall be determined as follows: (a) The board shall pay all costs and expenses of management and operation for the fiscal year last ended. (b) The board shall set aside as much of the income as it considers advisable as a reserve for expenses for the- then current fiscal year. (c) After deducting the moneys called for in subsections (2) (a) and (b) of this section, the remaining moneys shall be allocated and credited to the share accounts of the respective participants. (3) The number of shares to which each and every participant is entitled as at the close of each fiscal year shall be added together and the total number of.shares thus determined shall be divided into the net amount of money available to be allocated and credited to the respective share accounts. The amount to be credited to the account of each participant will then be obtained by multiplying the value determined for one share by the total number of shares to which each participant is entitled. (4) Based on the asset balance of the pension trust fund on September 30 of each year, the value of each participant's share shall be calculated and credited to his share'account. Such calculation shall be made and credits allocated to his share account once only in each fiscal year. Prorations shall not be made for a part of the year. (Code 1980, § 26.71) Sec. 2.473. Board of trustees--Creation; members. (1) There is hereby created a board of trustees of the supplementary police officers' retirement fund, which shall be solely responsible for administering the trust fund. The board of trustees shall consist of five members. Two members, unless otherwise prohibited by law, shall be legal residents of the city who shall be appointed by the city commission, and two members shall be police officers who shall be elected by a majority of the police officers who- are participants. The fifth member shall be chosen by a majority of the previous four members, and such person's name shall be submitted to the city commission. Upon receipt of the fifth person's name, the city commission 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. Each resident member shall serve as trustee for a period of two years unless sooner replaced by the city commission, at whose pleasure he will serve. Each police officer member shall serve as trustee for a period of two years unless he sooner leaves the employment of the city as a police officer, whereupon the city commission shall choose his successor in the same manner as an original appointment. Each member may succeed himself in office. (2) The board of trustees shall meet at least quarterly each year. (3) Each board of trustees shall be a legal entity with the power to bring and defend lawsuits of every kind, nature and- description, in addition to the other powers and duties contained in this subdivision. (4) The trustees shall by majority vote elect from its members a chairperson and a secretary. The secretary of the board shall keep a complete minute book of the actions, proceedings, or hearings of the board. (5) The trustees shall not receive any-compensation as such, but may receive expenses and per diem as provided by law. (Code 1980, § 26.72) Sec. 2.474. Same--Power and authority. (1) The board of trustees shall have power and authority to invest and reinvest the assets of the pension fund in: (a) Time or savings accounts of a national bank, a state bank insured by the Federal Deposit Insurance Corporation, or a savings, building and loan association insured by the Federal Savings and Loan Insurance Corporation; (b) Obligations of the United States or obligations guaranteed as to principal and interest by the United States; (c) Stocks, commingled funds administered by national or state banks, mutual funds and bonds or other evidences of indebtedness. All individually held equity and*debt securities and all equity and debt securities in a commingled or mutual fund must be issued or guaranteed by a corporation organized under the laws of the United Stated, any state or organized territory of the United States or District of Columbia, and each equity and debt security must be traded on a nationally recognized exchange (including NASDAQ). All debt securities shall hold a rating in one of the three highest classifications by a major rating service, and if such investments are made in a pooled fund administered by a state or national bank or mutual fund, then the rating of each issue in the pooled fund shall hold a rating within the top three rating classifications of a major rating service. No foreign investments shall be permitted whether owned individually or in a commingled or mutual fund, except to the extent permitted by Chapter 185, Florida Statutes, as amended from time to time. The board of trustees shall not invest more than five percent of its assets in the common stock or capital stock on any one issuing company, the aggregate investment on any one issuing company shall not exceed five percent of the outstanding capital stock of that company, nor shall the aggregate of its investments in common or capital stock or convertible securities at cost exceed.65 percent of the fund's assets. (2) At least once every three years, the board of trustees shall retain an independent consultant professionally qualified to evaluate the performance of professional money managers. The independent consultant shall make recommendations to the board of trustees regarding the selection of money managers for the next investment term. These recommendations shall be considered by the board of trustees at its next regularly scheduled meeting after receipt of the recommendations by the board. The date, time, place, and subject of this meeting shall be advertised in a newspaper of general circulation in the city at least ten days prior to the date of.the hearing. (3) The sole and exclusive administration of and the responsibilities for the proper operation of the-retirement trust fund and for making effective the provisions of this subdivision are vested in the board of trustees, provided that nothing in this subdivision shall empower the board of trustees to amend the provisions of a retirement plan without the approval of the city commission. (4) The trustees of the pension plan established pursuant to this subdivision and all other persons occupying a fiduciary position under this subdivision in the administration of this subdivision and in investing and reinvesting assets of the pension fund shall utilize and be governed by the prudent man rule. The trustees in the performance of their duties are authorized to seek, obtain and engage independent professional counsel and secretarial and clerical services and advice and to pay reasonable charges for the service from funds available to the board of trustees for such ,purposes. (Code 1980, § 26.73; Ord. No. 5723-95, § 2, 1-19-95; Ord. No. 6208--97, § 1, 11-20-97) Sec. 2.475. Death. and disability benefits. (1) If a participant shall die while employed by the city, his beneficiary or estate shall be entitled to the accumulations standing to the credit of the deceased participant, irrespective of the age or years or credited service of the participant. (2) Upon satisfactory proof to the board of trustees of total and permanent job-related disability which renders the affected participating member unable to perform the duties and functions of a police officer, a participant will be entitled to receive his outstanding shares on the date of retirement. In the event that the City of Clearwater Employees' Pension Plan has determined that a police officer has become permanently incapacitated through injury or illness contracted in the line of duty, such determination may be considered as proof of a job-related disability under this Police Officers' Pension Plan. (Code 1980, § 26.74; Ord. No. 5723-95, § 3, 1-19-95) Sec. 2.476. Separation benefits. ,r (1) If a participant shall separate from service for any reason whatsoever after ten or more years under the plan established pursuant to this subdivision, he shall be paid the entire amount to his net credit as of the last preceding fiscal year, reduced by three percent per year for each year that the employee is short of his normal retirement date. For the purposes of this plan, normal retirement shall mean 20 years from his date of hire as a police officer. (2) Settlement as provided in subsection (a) of this section shall be in full acquittal of all claims of a participant against the fund, and he shall thereupon cease to be a participant. (Code 1980, § 26.75) Sec. 2.477. Rights and benefits not subject to legal process. The rights and benefits provided for in this subdivision are, when due and payable, vested rights of participants in the fund, and shall not be subject to attachment, garnishment, execution or any other legal process. (Code 1980, § 26.76) Sec. 2.478. Responsibility of city. The city shall have no responsibility for the operation of the fund established pursuant to this subdivision except as specified in this subdivision and shall bear no expense in the operation of the fund. (Code 1980, § 26.77) Sec. 2.479. Conflict with F.S. ch. 185. If any provision of this subdivision or the plan created pursuant to this subdivision shall conflict with the provisions of F.S. ch. 185, such conflict shall be resolved in favor of the statutory provisions which are intended to control, and the conflicting provision of the subdivision shall be severed without affecting the purpose of this enactment. (Code 1980, § 26.78) Sec. 2.480. Direct transfers of eligible rollover distributions: This section applies to distribution made on or after January 1, 1993. Notwithstanding any provision of the system to the contrary that would otherwise. limit a distributee's election under this section, a distributee may elect, at the time and in the manner prescribed by the board, to have any portion of an eligible rollover distribution paid directly t9,-an, eligible retirement plan specified by the distributee in a direct rollover. (Ord. No. 5723-95, § 4, 1-19-95) l't MC: :. " •?' •`".t'.a ^.a it 1^n: trs in tht. ri:r! of :hr Cite C:ic - %vstrr. 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