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6281-98 ORDINANCE NO. 6281-98 AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA, RELATING TO THE CITY OF CLEARWATER FIREFIGHTERS' SUPPLEMENTAL TRUST FUND; AMENDING AND RESTATING CHAPTER 2 ADMINISTRATION DIVISION 4, FIREFIGHTERS PENSION PLANS, SbBDTVISION III, SUPPLEMENTARY PENSION AND RETIREMENT PLAN, SECTIONS 2.441 THROUGH 2.450, INCLUSIVE, OF THE CODE OF ORDINANCES OF THE CITY OF CLEARWATER BY RESTATING THE CITY OF CLEARWATER FIREFIGHTERS' TRUST FUND; PROVIDING FOR DEFINITIONS; PROVIDING FOR BENEFITS SUPPLEMENTAL TO OTHER PLANS; PROVIDING FOR BOARD OF TRUSTEES CREATION, MEMBERS; PROVIDING FOR POWERS AND DUTIES; PROVIDING FOR CREATION, MAINTENANCE OF FUNDS; PROVIDING FOR MEMBERSHIP; PROVIDING FOR ALLOCATIONS OF CONTRIBUTIONS; PROVIDING FOR BENEFITS UNDER THE PLAN; PROVIDING FOR PAYMENT OF BENEFITS; PROVIDING FOR TERMINATION OF SYSTEM; PROVIDING FOR DIRECT TRANSFERS OF ELIGIBLE ROLLOVER DISTRIBUTIONS; PROVIDING FOR FORFEITURE OF .* PENSION; PROVIDING FOR QUALIFICATION OF SYSTEM; PROVIDING FOR EXEMI TION FROM EXECUTION, NON-ASSIGNABILITY; PROVIDING FOR BENEFICIARIES; PROVIDING FOR SEVERABILITY; REPEALING ALL ORDINANCES IN CONFLICT AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF CLEARWATER, FLORIDA: SECTION 1: Chapter 2, Administration, Division 4, Firefighters Pension Plans, Subdivision III, Supplementary Pension and Retirement Plan, Sections 2.441 through 2.450, inclusive, of the Code of Ordinances of the City of Clearwater, be and the same are amended and restated as set forth in the document designated Clearwater Firefighters' Supplemental Trust Fund, attached hereto and made a part hereof. 4 EIGIUM' SUPPLEMENTAL 3MIST FUND Sec. 2.441. Definitions. L 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: jnniarsaty date sball mean Spplember 30 of each plan year, Annual Additions shall mean., for-any li,mitagonycar, the sum of, the amount of employer conidbutionq allocate to the partici yet: m JU) C.lo=ans the, City of icamater . Code means Intenid to evenup, 'ode 1996, -as amendcd from_dmt, to time. m The mer fr m th sevice. The m dgpo5it the riiah ec of ` to ieneemeff "`, , hi-elr--13-later, to-'he?date i f't'nriiraaviA Wk gee r his .., ;e?eme=.E ,?.,?„ _? .. _.,?tre?-yet=?rer?er3t--daie, oeetirs-mot M Effect gf this pign shall mean Ocloher 1,_1968,-except asTmay otherwise be noted therein. Family embe_r_ofa high v_contnensated emranloyee shall mean suclu employ e!s Q Spouse F?mean?the trust fund establi5licdlierein as_part of the system, high , conyiensatedl employee shall mean: Lu w w ,! -4- 6as?-98' The me gr_musl bay_e been discharged or released from service under honorable conditions. Firefighter shall have the meaning set forth in F.S. §175.032, as may be amended from time to time. M m f m Nomwl retirement (H efltijv 5 ' 4nI - `lo compensated emplo L' year shall mean the plan ear. s' ?t-?-,--,.--?,, ?f7'?rrtvrc-?irrc -r tT fit { eatled-thL'in--t?tl3 ne,:nl A.a',.,:n:., .. t-%ruL AULA--ereatefl-emEe} si,el'l-l$f-{}}-- PIP Frevided in 4h6 isubdiyisie 51;? 2 Masculine Gender. Sec. 2.442. Benefits supplemental to other plans. This subdivision shalt provide additional and supplemental penskms-aid retirement., 14 termination, death and disability benefits for fighteits-ef- he--eity partic whose employment commenced on or after July 1, 1963, and shall not supersede or modify the existing pension, disability or retirement system of the city as provided by the charter, the laws of the state or existing ordinances of the city. -G- baw-fe Mn l man he Aefined contribution plg,nas herein set forth, as it may be m n fr 'm im s TM jge shall mean the individual or individuals named herein, lislees, two of whom, unless otherwise prohibited by law, shall be legal residents of the city who shall be appointed by the city commission, and two members of whom shall be m m r o..5vstem. €tre€rgktem who shall be elected by a majority of the firefighters who are partieip tt? Mmbers_ofthg system. The fifth inetnler tntstce shall be chosen by a majority of the previous four ntbers trustees as Provided for herein, 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 the board's fifth me-m? y3lstee. The fifth mein trustee shall have the same rights as each of the other four members trustee s minted or elec herein r vid n shall 2 year term unles he o ner vacates the ffice. Each resident meffibe truster; shall serve as trustee for a period of two M years, unless he sooner acts the office, or ' sooner replaced by the city commission, at whose pleasure he will serve. Each firefighter member trustee shall serve as trustee for a period of two C.) years, unless he sooner leaves the employment of the ci as a firefighter, or othe-rwise_ vacates his office as trustee. whereupon a-successor 5hal-b-c-ghosen in the same manner as-the departing tru5jM the-eity member i?g may succeed himself in office. The b? nomin tin n ele tlon rocedure for each election. (2) The board of trustees shall meet at least quarterly each year. j (3) E-aeh The 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, and 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. (1) T1 subdivision niay 111c board of trustees created pursuant to this (a) Invest and reinvest the assets of the suppletuenta --perig. fi-a d fttiftme fund in annuity and life insurance contracts of insurance companies or any combination thereof, in amounts sufficient to provide, in whole or in part, (lie benefits to which all of the -#:afl#g m m ers in the su1jl31c?i}Ze?tttit?it?htc?ts-pet?sietratld-tetsretren? .7. ba$/-qff Sec. 2.443. Board of trustees - Creation, members. Sec. 2.414. Same - Powers and duties. system shall be entitled under the provisions stated in this subdivision, and pay the initial and subsequent premiums thereon; (b) Invest and reinvest the assets of the s+ emetttry firefighters pension reti-rement fund in; 1. Time or savings accounts of a national bank, a state bank re 4; 1 PAF- 1--TN- alit -htsuranee- peration or a savings and loan association insured by the Fe--.-. 8-Angs and ;?c?;-;suranee--Gorper, 'on Federal_ Deposit Insurance Corporation; 2. Obligations of the United States or in obligations guaranteed as to principal and interest by the United States; 3, Eon3me i-steeki-,-ore€erred-ste Ate, b 4. The board of trustees shall not invest more than five M percent of its assets in the common stock or capital stock of any one issuing company, the aggregate investment in any one issuing company shall not exceed five M5 percent of the outstanding capital stock of that company, and the aggregate of its investments at cost shall not exceed 38 sixty (6 percent of the fund's assets. ?.? Real estate. -8- 6:;4?S/,9!gl A: nh-e -Qr?rttti listed nEd steek exel- ene-o€-tlie sew-iee; ?-nd , 6. (c) Issue drafts or authorization for pgpneents upon the pleme? €rrefigt?tefs-pe???iert-r?'~??e??t fund pursuant to the rules and regulations prescribed by the board of trustees. All such drafts Qr pthorizations shall be eemeet?t -ti signed by the chairperson and the secretary and shall state upon their face the purpose f hi h h d f h e Rpanee- or w c t ra ts were drawn. T e depository shall retain such drafts or authorizations when paid, as permanent vouchers for disbursements made, and no money shall otherwise be drawn from the fund; {d) -- --Fitia4lly:--dleeide-all --ela+ms--trelief under the board's rules afld regulat?ans; (ed) Convert into cash any securities of the fund; (fed Keep a complete record of all receipts and disbursements and of the board's acts and proceedings; (g? Seek, obtain and engage independent professional ? t ° u?mxee-eeunsel ftn-- ad lee services mcluding-attornevs. n 'fi public accountants. invvestment_ advisors, custodians, an_gnny other consultants necessarv for the prudent administration 4f the fiend, and to pay reasonable charges for such services. The sole and exclusive ,.. *; . administration of and the responsibilities for the proper operation of the plementa - ensio! an d-N.:-ement- , em are vested in the board of trustees. ;-$ Ai "nth W M To determine all questions relatin to ell ibility and mgmberstup. To determine and certify the amount of all retirement allowances or Pier benefits hereunder. To receive and recess all applications for benefits. -9- ba g1-qY Todi$tribute to members, at regular intervals, infonnation pncgrning Ole m (i2j J?o perform Bich other dutic as ra a required tP paidently_admin_iste_r_ thu,ystem, At least-enee-ey erg-?l? etas y--the--ham iustees sha}n • t-m ?legendet?-ee?alt?e?'e?s?t??ec?-te-evtrlaate-tie-?e?€er-?r?eero€-?e?sie? ?gs€ ?reee die reeemme-n6ti -vrn"3e-heft ng. 1 (3) Any -de?ei@ns--shfd ?east"d?emb??re?ea OF im3tees,, bel rE -i3e tutee--9haItate--Wt i tef ien-iii--t'$tRneet "",,,..i his ow i par6eipa6e , d-lie-un.IL.. t#lsQi tf?Hf}&t3@ be shown ividual' fund. M the } (4.0 By its The proportionate share of the net proceeds of the excise or license tax which is imposed 6"he-eity upon certain fire and tornado loss insurance companies on their gross receipts of premiums from holders of polieies-,-Avilieli-polieies-- ate ep to lit of the-eit-t; (2b) BY All sifts, bequests, and devises when donated to the fund; - 10- Sec. 2.445. Creation, maintenance of funds. 13-? By All accretions to the nswts_ of -the fund by way of interest on bank deposits, dividends, interest or otherwise; (4J) -3y All other sources of income now or t hereafter authorized by law for the augmentation of the supplementary- fire hgliteva- Vensien--and retimment fund. See. 2.446. El Ot-k"m4ieiPflte-. ?2? .. An_ employee who ceases to be a :member, terminate5 _ eemplament and is Sec. 2.447. Keeping of reeord Allocations-of contributions. '!Lz) 4?9/-f;?" TheHeef$ '-da .i Htefs wI -13twe given such-ne in Oie-supplemen#WmF te.`3-p-sim. and-re.i.e.nefit" tind. Section 2,446, Membership, .?? -1?- 6a5/-g8' . ..? ... •. .r..?. r •.....•..e:.xy.??••. .rw v•....?•._ - .• v.. a•....w .......... vaaa • s•.? will multiply the$30.000 limits ion for larger limittion? by the following fraction: Number of montlis in the short rear ?2 Il a 12t tnls segtion. er -13- AR; 8/~9 W Th allocable . h re o th em to er on ri u i n for the-limilation year-, The allocable-share of_forfgitures_fur the limitation year; All employee cgntributions made during he limitation year. r,.purnes of this-subsection (7). tltc tlef"ln?al bend ulan_fraction iris: F r oses of this subsection 7 the defined contribution l n fr i n is• - I4- ?a s/-98' The sum of the annual additions (determined as of the_ close of _the 11 LC-l km em pla ee . -15- has/- 9s? .t Sec. 2.448. Refirment, isahili"id de thrbeneffis Benefits under the plan. eaed-pttrswint-to-this?ub 'ale to iE-t?d?- •'-., .,.,?d...:, :rn? #atlt-estefillt?dr?3inist?e?ef?d-es behalf offlie -pare e-supplemen(ary firefighte-r-s-pension -.? e- nenPplan. Suel. ,'? t rrt::..=...... c?isttbil t letrtz? benefits and % of $ry-e?eteee (2) The e ..d of `-.uste "litrlt-review-tl?e-platrperi Beall t mpeetenFr-otitu LU Retirement benefit. a. A participant shall be entitled to a normal retiremen benefit u attainment _of the normal retirement date, b Until a participant actually terminates employment with the em lloygr, lie shall not receive a distribution and lie shall continue to betrentpri n,., a_partcipant. .q" Such benefit shall be paid jAs provided for in Sec. 2.449. Termination bene,fif. - 16- 9F The term "limitation year" shall be the same as the plan ,year,.. w r Disability- kn-Cfif, In-the-emit that a participant is determined to_be_disabled_by_the_b-or_d b.L Section 2,449, f Death benefit. & In the 4 In the event hat a artici ant dies 3 nd s fch death is determined by the Sec. 2.449. Withdrawat4wnefitsv Vesting and distributions. A poftieipant in the plemeotary f.,enste i-and-iiirennet ttit r=ier-ta- et es3t ....-be- n" the fell...,iflg *P ;fl beneltts. -17- - - Mr-s-rtr-M e-?ffrtt:A- tlei??t--vv#ie-t his empleyment. C#-- te-ten-o -ji r years- Q? ,..t ??a -be-eHtttl .-I in insuring t$-lo?nt-?{l?e en`sl3tt life it ttr?r 4 %.? s life i-31ti5ed te PILK-ella-s" tttt?'F.'E?[ K1£ -ttp retire il??Yt : . Tel! or 9c' M M Mid dlstrlbutlna, E al distributing. Sec. 2.450. Termination of $latt s _y gni. (1) Upon termination of the suppler ent-t- ?d-ret ry system for any reason, the fund shall be apportioned and distributed in accordance wi t tl"reeedU e 'on 2.449 t the extent permitted b the state insurance, r mi m set., F.-Mh. .&"s seefien tax rebate monies. The board of trustees shall determine the date of distribution and the asset value to be distributed upon termination of the plans stem. . MA-A.- eft -3 a-t ". eaeh-benetieiatY--or-k iet"teiafies--reee' ' tense orc suelt-date--a?t of it dr?ed, btrt-shtee-de efise I rel" hter;--afld-ettelLftt?e€tghtter-wlte has-bi, st eh da ert etigible'!'car-rter?taf?l-r ivet}3e:it-fit}t-l}t a yet ?a?i at tre--is--less---41}m?-the?rtttgttte-r?lt:eh-ttttrotrrfi , suelt afflount- shall be prepsanaIY-?iteed?e-H?rete-ef-sttt1irtedtic-?ttt?e?r $sset? not. f?3-rpeet-tci-eael e?tltter-erg -sire :eti©rt-{ }-of tlri5--seetteri--itz-tlte-sir le--su --ftettfitial t ti ed--tfrttt-4 sue rie?tteitt--inet?t??e- to?ctell?-t3r 4.µ'F tie4tex-eess-%vill-be-rettm ed-te4ke-state ifeaswer- -I8- &r, •rh ' jM Definitions.. w Midi fl2l t? w Q Direct Rollover: A direct rollover i 5 The committing aiding or abetting ofan embezzlement of public f n The gommitting, aiding empioyee from employer; Bribery in connection with the employment of a pug lic offiggr or M1 Any felony specified-in-Chanter 838, to dot S U - 19- Aa g/- 9v f Sec, 2,451. Direct transfer_of_eliaible rollover distributions.- includible in gross income. 2,452, F rf i re of pension. giereunder. See. 2,454, Exemption from execution, non-assignability. -20 - 6a tmi in f an im gachrtble offense. Sec. 2.453. Qualification of system,_ -- neficiarie5. S_ec : 2,455, Be E`i SEMON 2: All Ordinances or parts of Ordinances in conflict herewith be and the same are hereby repealed, SEC'T'ION I If any section, subsection, sentence, clause, phrase of this ordinance, or the particular application thereof shall be held invalid by any court, administrative agency, or other body with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under application shall not be affected thereby. SECTION 4: That this Ordinance shall become effective upon its adoption. PASSED ON FIRST READING PASSED ON SECOND AND FINAL READING AND ADOPTED f Approved as to form: Panielgr& Akin City Attorney 4 i ? 1 S- i am??u??uas•?r.?,a -21- Mav 7. 1998 ?' R g;l - le-7 0,; 1 May 21, 1948 aMgGarvey-" Mayor-Commissioner Attest: yqftda E. ou eau Ci lerk