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ORDINANCH NO. 4284- 06
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
RELATING TO THE SUPPLEMENTARY POLICE PENSION TRUST
FUND; AMENDING SECTIONS 26.70 THROUGH 26.73 AND
SECTIONS 26.76 AND 26.77, CODE OF ORDINANCES, PROVIDING
FOR DEFINITIONS, BOARD OF TRUSTEES MEMBERSHIP AND THE
METHOD OF APPOINTMENT, AND THE POWERS AND DUTIES OF
THIS BOARD; PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED LORIDAE CITY COMMISSION OF THE CITY OF
CLEARWATER, Section 1. Sections 26.70 through 26.73 and Sections 26.76 and 26.77 , Code of
Ordinances, are amended to read:
:d •
Sec. 26.70. Definitions.
dA•
The following words and phrases as used in this article di'vislan s„all have the
dt•t
following meanings, unless a different meaning is plainly required by the context:
(a) Board shall mean the board of trustees of the Clearwater Police Officers'
ctr. Pension Trust Fund as provided for herein.
,..,.
(b) City shall mean the City of Clearwater, Florida.
(c) Fiscal year shall mean that period from October first September
seventeenth to the following September thirtieth September skteenth, both dates
inclusive.
(d) 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.
(e) Participant shall mean every police officer of the city eligible to have
moneys credited to his or her share account and to receive benefits therefrom under
this article.
(f) Pension trust fund shall mean the Clearwater police officers$ fund as
provided for herein.
Police officer shall mean any person who is elected, appointed, or
employed fulltime b the City and certified or required to be certified as a law
enforcement officer In compliance with Section 943.14 Florida Statutes who is vested
with the authority to bear arms and make arrests and whose primary responsibility Is
therevention and detection of crime or the enforcement of the enal criminal
traffic or highway laws of the state. The term Includes all certified supervisory and
command personnel whose duties Include in whole or in art the supervision, training,
guidance, and management res onsibilitIes' of full-time law enforcement officers
part-time law enforcement officers, or auxiliary law enforcement officers, but does
Ord. 4284-86 -1 - 10/2/86
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??:+; •Fr'' ?Cei. "•f,'?':t. e; .,ay;; c.: ?.F :;}r:`4':. ' ?'e,??'<7i^,??EA'•'{r}';:'?'' ;,;.r', ;'?.a .l :-"'3''??A i'r.°:'.:?b s,•1 y' '
pF O f.
not include part-time law enforcement officers orauxiliarylawenforcement officers
as defined in Section 943.10(5) and (7), Florida Statutes, respectively. RR sworn
members of the pelfee department who are regularly employed by the efty and steal} be
deemed pollee offleers for the purpose of thia artiele. The term words upeliee
offleeru shall specifically exclude "police recruit" and any other employee of the CitZ
}<P pollee department not employed full-time as a sworn law enforcement officer; or who
1, not a member of a pens4en plan authorised in aeeordanee with F.&. Eh: 4985.
(h) Service shall mean all time served as a regularly appointed or employed
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
fta' S
subject to the application of F:B: Ch. 115 {#9863, Florida Statutes. The term it shall
include all leaves of absence with pay, but shall not include leaves of absence during
which no tregular compensation is paid by the city, except military servlee leave as
vsF herein prevlded.
i?, L•``a ' Sec. 26.71. Entitlement; allocation.
(a) 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
the ordinance from which this article derives as of September 17. Promptly after
1 a' passage of the ordinance from which this article derives 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
kin y many shares as full years rendered, such years to be determined for this purpose as
being from September seventeenth to See2tember sixteenth of the following year, and
thereafter each full flsee& year of service as defined In seetlen 9MG hereef shall add
one more share to the credit of each participant,
} (b) The total moneys received, including interest earned, any gifts and the
,• ?j•
t credits forfeited by the participants, all of which constitute income to the fund during
r. each fiscal year, shall be allocated and the value of the respective participant's shares
?I
" (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 fical year.
2 -
4
i
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?' ?i'[•. -1' ,t: ,a ,. .?? c.r w' '..?• '?r,r>r' .ni a:i •'??i4f.'?J"e ?3. c?
f.( %t- w3 '1 .+•,3, •4`.• i °"'.!a_t 'x§':ie •a.- { ?.af
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(3) After deducting the moneys called for--in paragraphs (1) and (2), the
remaining moneys shall be allocated and credited to the share accounts of the
respective participants.
The number of shares to which each and every partieipaut 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 tha value determined for one
share by the total number of shares to which each participant is entitled.
As seen as the moneys are reeeived, Based on the asset balance of the Pension
Trust fund on September thirtieth 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 one only in each fiscal year; and xF
= ???
°
prorations shall not be made for a part of the year.
See. 26.72. Board of trustees - created.
There is hereby created a board of trustees of the supplementary police officers'
retirement fund:,_ The beard of trustees shall consist of the mayor-eemmissfoner and
the ehW of puce of the eity; twe kO regularly employed peliee officers of the city to
be appointed by the eity commission upen the reeemmendatien of a majority of the
regularly employed peiiee officers of the city and ene resident of the city, to be
appointed by a majority of the trustees. The mayereemmissfener or chief of pel'lee-
respeetivel'y7 and upon a vacancy in tine offices of mayer-commiss#ener er chief of
pelfee7 their respeetive successors shall succeed to the pesitiens of trustees: Each
e o€€ieer member of the beard of trustees shall serve for a
page perfect of two
years, unless he sooner leaves the employment of the city as a police offfeer-, z
whereupon the legislative body of the city,- upen a reeemmendatien of a majerfty of
the participant police e€€•ieers there-, ahal'k cheese his exeeesser The resident members y?;•{r
shall serve for a peried of two { years: The two {9? police officers and the resident
>l
members may succeed themselves in offiee and shall eentfnue to serve until the
sueessers are duly appointed and quallfied•: The mayer-eemmissioner shag be the
chairman of the beard of trustees: The beard members shall elect any one of its
members as seeretary of the board. The seeretary shall keep a complete minute book
of the proceedings of the beard: The trustees shall net receive any eempensatfen as ?<? tests,
- 3-
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!?.? ?.i .. •'}. '??.`'h^ `?: rp°r .Y` .'!' ."'P~'M L?rji.r a*?l?ia? j':it<.. ?•''f?•;Y? R•Y?' {' .?. ?'•:
_ J. a:JF?i..:• '(Fa v} ?.. t'µ ?i4 .. .?. 4, ;,+.•?t? ..i?r.,.. 7'.5?; ?t } ,(•^. ?j.. '. 1..i j".Ee. -'4,:: =.(+.7`t',?'. aft ".
d" .z' .. ti: :"'k.? I. .'t•s?? q'+ i ,.,. .?i:` •'4r. ,e, °i; 4.aY:.y. ^ii. 'F. 'r't,'i ?}'t;,4:` ' '+?F. r•r[-:S'<r'.
?•,;P a .k, rj ''„;°`i'?'? tf'? :i1'..x ••a 2`.'%,, .r `':r ;?r,:. :?{itc. I. :?' >?. xis
'-?+.- ? c. t..t .lr...i` ?3'S; 4?',. Mc.. L, .lt.' :r? :?.•,:i•.y>}:, .?'.S S'o '9°a'.`. f4?0: ?.rs„St'.„:?:A.r.' 9
ci . "? ;i..;3 `': ":4•?ta%' ?•'} :'y?'?•?ti i'",r .'rr°.•.. -rs sr s v' . ya
;_? '°:. •:, .. alp .t'.>,' .I';t.',i:;::*<" t!y>'?'.;3,'' ?•;`?. L'yN 4„
_, •xr.. suehr 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 b3 legal residents of the city who shall be appointed by the city commission,
and two members shall be police officers who shall be elected b a majority of the `; £z
'l
lice officers who are artici ants. The fifth member shall be chosen b a ma orit ' ?MAI .
of the previous four members, and such persons name shall be submitted to the city
ix-
commission. Upon receipt of the fifth persons name, the city eomrnission shall, as a r., b``r?,•
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 ik tr3a:s_s7"z
'41A T?
shall serve as trustee fora period of 2 ears unless he sooner leaves the employment
`f
of the City as a police officer, whereupon the City Commission shall choose his ;t?r r"ns
successor in the same manner as an original aPISintment. Each member may succeed
himself in office. The board of trustees shall meet at least quarterly each year. Each i rt 5y ?"!r ?F['r2
!=E^j`i'. 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 •[µ ki•y h `iK
contained herein.
=Pi The trustees shall b majority vote elect from its members a chairman and a 3?,?.•?_:
secretary_.? The secretary of the board shall keep a complete minute book of the
{tai'
Iv}?{
;fq, f actions, proceedings, or hearings of the board. The trustees shall not receive any
r 1?
=?. compensation as such, but may receive expenses and per them as provided by law...
Section 26.73. Same - Power and authority. w,
The Hoard of Trustees shall have power and authority as follows:
rs?.
To invest and reinvest the assets of the pension fund in:'
(1) Time or savings accounts of a national bank, a state bank insured by
the Federal Deposit Insurance Corporation, or a savings, bung and
loan association insured by the Federal Savings and Loan Insurance
Corporation;
(2) Obligations of the United States Treasury and agencies allied with or
related to the United States Treasury;
{3} Eounty beads eentairting a pledge of the €tiR €a4th and eredA of the
eaunty •Invelved; bends of the state development eerarulsion, or of any
_A_
r
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IN .••t ?^:.g is 4 ",`.L =i +'T $;i',,•r s??`?. Yl_• .s•°s ?°r°• :titi•: '`-v,e. 1a
-y•i }'J' i?%? .1 ` .ti ',i?' ,1" n.?° "a?x .1`,! } :J 31F r'?" ?'4 .?' 4 v'"
it •t' +a? kkr"• ?i'em-^? ? (rM1 .?'?'• :,a =?i:: ?'?- " •.1<t x ?•,' .t?'' ??, <-r. tr,
%R a r<.'S ,2'-sE +?.° <•nl'?•.?i.'? ?`?? k'?' •?i?:,l:.::. •xi.: {,?,. ?.i, '1 ?'?f '?34.i ? .s•. :t. ?r.i
'33" a`t}??gg•^5 F: iti r?# "li sw• !<'.•+.?- -? . ,.?=', ',,:??, '?f.':s?;,':= • {.-*:?•,, •. ' ??'s -',x ? <.',. ";r:?s•.':.?e t?... ti;,:l??j ".5":? .,•??.,:: .,•?...>a;?t'? f ? ? F
? ,i. ?.,,.?x l., .t,. -t?`'S':i' ,.,3:?',?'.• .?. ri.'"F: ;k"ii '?; " { r..,c'?-r ?;!F
1L s ? a,'t<`' F,t'?.";3'• ".'1: •.t1•te: ohs'. S• t?• •:€s=.. :i• '?,. K•,iv?E, ?f'."i?1?? f3 ,?°?:.i=;. ••d,;?.r,.;;a?,n ..,.,>f:, .rj:r.?.
r?- '?.v, -?.. :.F ?+'we.. .'?..:`?v 'r:` :.{??? z}i"" ?i°?..'?':~<.b• :?!?." :C;a .F-•.?'°,a5 .a", °;7 .3' .? .,'€.i. S.`a?.? y Ce?`',
T ;[?. elf.'., 'i.-y?:•'e:? . x Y-'. y:. ? F..::.. r? ,? i ,y?j 2? t.
^i'J <. t'?; ?. • t ":Q' ?{.,J+.??:Ty.? ,.?:?' S 1 •A"Yl ;.i_:.5 ti'•t"? 71 ?, b?.} 'i•3:b1^.t.,"i;. ?"'?
other stale ageneyf which have been approved as to legal and €iseal
suffieleney by the stale board of administratitnt
{4? obligations of any tnunk pal authority Issued purusant to the laws of
this slate; providedr howeverl that for eaeh of the five () years
next preeeding the date of Investment the lneeme of sueh authority
available for fixed ehargesr shall have been not less the one and
one-half <440) times Its averake annual fixed eharge requirements
ever the life of Its obligatiens=
(3)(6) Common stocks, preferred stocks and bonds and other evidence of
Indebtedness issued or gaurateed by a corporation organized under the laws
of the United States, any state, or organized territory of the United States
or the District of Columbia or any eorperati$n Internattenal In eharter
engaged In International business and trade, provided:
a. The corporation is listed on any one or more of the recognized
national stock exchanges;
b. All corporate bonds shall carry at least an AA rating as
established either by Standard and, Poor's or Moody's;
c. The board of trustees shall not Invest more than three(g) five (5)
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 ene five (5) per cent of the out-
standing 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.
At least once every three (3) years, the board of trustees shall retain an
r ? t
inde endent consultant professionally qualified to evaluate the erformance of
professional mono managers. The inde endent 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 b the
board of trustees at Its next regularly scheduled meeting after receipt of the
recommendations b the board. The date time lace and subject of this meeting
shall be advertised in a newspaper of general circulation in the city at least ten (10)
days prior to the date of the hearing.
?S?j' '..>.w 9f1j'?.y:;y?>t?.t• "ty •:s-rq4-,h ?•r. ??... ..
?=.'x:'?s'.-??.`??;?t?:s::.ifs:'t?`#it'??47.?5k??•':'?''.'?3"%es4', :, .,zl,? _a,t'?s-e•,
. x.m?4 ?.?+. s} .?i* ????+-j*Y? sd::a 1?..?!!e7a'° ??F?a?k'?y'?;;"M;e?r;?:: `.?".•?'??.r«'??"r
.•<v- R.. E,.. - -. .r.. ..i. ?.-• ..1.. .,:eCe-.`. ?.<_. [..?%_...1. QS?>•'?•S?sr(li7
. P., . }a•
ED
The solo and exclusive administration of, and the responsibilities for. the orooer
operation of the retirement trust fund and for making effective the provisions of this
article are vested in the board of trustees; provldedl that nothing herein shall empower
the board of trustees to amend the provisions of a retirement elan without the
' t.
• i4'
l fi
approval of the city commission.
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
manf' rule. The trustees in the performance of their duties are authorized to seek,
obtain and engage independent professional counsel and andf er secretarial/clerical
services and advice and to pay reasonable charges for the service from funds
availableto the board of trustees for such purposes..
Section 26.76. Rights and benefits not subject to legal process.
The rights and benefits provided for herein 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.
Section 26.77. Responsibility of the City.
The city of G4earwater shall have no responsibility for the operation of the
spee14 fund except as specified herein and shall bear no expense in the operation of
the speeia} fund.
Section 2. This ordinance shall take effect immediately upon adoption.
f rtiber 18 •
- PASSED ON FIRST READING Selate i 1986
PASSED ON SECOND READING October 2, 1986
ATTEST:
C ty Cler
r -II
1 ,
Approved as to fo do correctness:
C ty Attorne
,r ' aw
.'ter, - . J'"'"=y •