HomeMy WebLinkAboutO-25-13 General Employees Retirement PlanORDINANCE NO. 0-25-13
AN ORDINANCE OF THE CITY OF SEBASTIAN, FLORIDA PROVIDING FOR THE
ESTABLISHMENT OF A RETIREMENT PLAN AND TRUST FOR THE GENERAL
EMPLOYEES OF THE CITY OF SEBASTIAN; AUTHORIZING THE PARTICIPATION
OF THE PLAN IN THE FLORIDA MUNICIPAL PENSION TRUST FUND AS A PARTY
THERETO; PROVIDING FOR CODIFICATION; PROVIDING FOR PUBLICATION;
PROVIDING FOR SEVERABILITY; PROVIDING FOR CONFLICTS; PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the City Council of the City of Sebastian hereby finds that the long-term tenure
of its general employees is in the best interests of the City of Sebastian and its general employees;
and
WHEREAS, the City Council hereby finds that the establishment of the "Retirement Plan
and Trust for the General Employees of the City of Sebastian" (hereinafter the "Plan"), will assist to
attract and retain qualified general employees of the City of Sebastian and will encourage their
long-term and continued employment with the City of Sebastian; and
WHEREAS, the City Council of the City of Sebastian, pursuant to and under the provisions
of the laws of the State of Florida, is authorized to establish such a Plan; and
WHEREAS, it is the intent of the City Council of the City of Sebastian to establish said Plan;
and
WHEREAS, it is the further intent of the City Council of the City Sebastian to authorize the
participation of said Plan in the Florida Municipal Pension Trust Fund.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COUNCIL OF THE CITY OF
SEBASTIAN, FLORIDA:
Section 1. ADOPTION OF RECITALS. The Recitals contained in the Whereas
Clauses above are hereby adopted as the true and correct legislative findings of the City of
Sebastian City Council.
Section 2. ESTABLISHMENT OF PLAN. The "Retirement Plan and Trust for the
General Employees of the City of Sebastian" (the "Plan"), is hereby established, effective October
1, 2025. The instruments which represent the terms of said Plan will be and remain an Exhibit to
this Ordinance and are remanded to the custody of the City of Sebastian representative who will
maintain such for public inspection. (SEENOTEBELOW)
Section 3. AMENDMENTS TO PLAN. The City Council of the City of Sebastian shall
have the power to amend said Plan at such time or times as considered in the best interest of the
City of Sebastian and its general employees.
1
Section 4. FUNDING/APPROPRIATIONS. The City Council of the City of Sebastian
hereby expressly authorizes the participation of said Plan in the Florida Municipal Pension Trust
Fund and hereby authorizes the administration of said Plan, and the investment of funds of said
Plan, within the procedures, policies and methods outlined in the Florida Municipal Pension Trust
Fund's Master Trust Agreement.
Section 5. AUTHORIZATIONS. The City Council of the City of Sebastian hereby
empowers the Mayor of the City with the authority to execute such documents and agreements
as are required for participation in the Florida Municipal Pension Trust Fund.
Section 6. CODIFICATION. Specific authority is hereby granted to codify and incorporate
this Ordinance in the existing Code of Ordinances of the City of Sebastian, Florida.
Section 7. PUBLICATION/NOTICE. This Ordinance shall be published as required by the
Code of the City of Sebastian and applicable provisions of Florida law.
Section 8. SEVERABILITY. 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 bodywith appropriate jurisdiction, the remaining section, subsection, sentences,
clauses, or phrases under application shall not be affected thereby.
Section 9. CONFLICTS. This Ordinance hereby repeals all Ordinances in conflict
herewith. This Ordinance shall remain in full force and effect until supplemented, amended,
repealed or otherwise altered.
Section 10. EFFECTIVE DATE. This Ordinance shall become effective upon its
adoption.
PASSED ON FIRST READING, this23 day of August , 2025.
PASSED AND ADOPTED ON SECOND READING, this 24day of September 2025.
CITY OF SEBASTIAN
Bob McPart an, Mayor
2
ATTEST:
W
Janette Williams, MMC
City Clerk
Approved as to form & legality:
J nn' r Cockcroft, Esq.
City Attorney
NOTE. The Plan AdoptionAgreement, the Florida Municipal Pension Trust Fund Plan Document
and the Master Trust Agreement should be combined as an Exhibit and attached hereto this
Ordinance No 2025-13.
3
FLORIDA MUNICIPAL PENSION TRUST FUND
DEFINED BENEFIT PLAN AND TRUST
ADOPTION AGREEMENT
The undersigned Employer adopts the Florida Municipal Pension Trust Fund Defined Benefit Plan
and Trust for those General Employees who shall qualify as Participants hereunder, to be known
as the Retirement Plan and Trust for the General Employees of the City of Sebastian.
It shall be effective as of the date specified below. The Employer hereby selects the following Plan
specifications:
EMPLOYER INFORMATION
Employer:
Contact Name and Title:
Address:
Telephone:
E-Mail:
NAME AND ADDRESS OF TRUSTEE:
Florida Municipal Pension Trust Fund
301 S. Bronough St., Suite 300
P.O. Box 1757
Tallahassee, FL 32302-1757
TEL: (850)222-9684 Fax: (850)222-3806
City of Sebastian
Brian Stewart, CFO
1225 Main Street
Sebastian, FL 32958
772-589-5330
bstewart cgcityofsebastian_org
LOCATION OF EMPLOYER'S PRINCIPAL OFFICE:
The Employer is located in the State of Florida
and this Trust shall be enforced and construed
under the laws of the State of Florida.
EMPLOYER FISCAL YEAR:
Twelve months commencing on October 1 st and ending on September 30th.
A. PLAN INFORMATION
This Adoption Agreement shall establish a Plan and Trust with the following provisions:
1) Effective Date:
Effective Date: 10/01 /2025
2) Plan Year:
Beginning October 1 and Ending September 30
3) Plan Anniversary Date (Annual Valuation Date):
Adoption Agreement
ADOPTION AGREEMENT FOR THE RETIREMENT PLAN AND TRUST FOR THE GENERAL EMPLOYEES
OF THE CITY OF SEBASTIAN
or a different public employer combined shall be five (5) years. The Participant shall pay
the full actuarial cost of the service purchase as calculated by the Plan's actuary and based
upon the Participant's salary at the time that the service credit is requested, plus all
professional fees related to the purchase. Payment by the Participant of the required
amount may be made in whole or in part by lump -sum within six months of the request for
credit, or any balance by payroll deduction as provided below, or a combination thereof,
but not later than the Participant's earliest normal retirement date, upon receipt of which
service credit shall be given. Only one request to purchase service pursuant to this sub-
section may be made at any time prior*
to retirement. Lump -sum service credit purchases
may be made by rollover from another eligible retirement plan or through any other means
allowed by law. If the Participant elects to pay any part of the cost by payroll deduction,
payment may be spread over a period not to exceed the amount of credited service time
the Participant is requesting to purchase. The Participant must execute an irrevocable,
binding payroll deduction authorization form for equal biweekly payroll deductions, the sum
total of which shall be sufficient to amortize the full cost of the credited service with interest
calculated by the actuary using the assumed rate of return from the most recent actuarial
valuation of the Plan. The Participant shall not be entitled to any option to receive directly
any part of the amount subject to the payroll deduction -authorization. While employed by
the Employer, the Participant shall not be able to make payment directly to the Plan for any
part of the cost to be paid by payroll deduction. Contributions made by payroll deductions
shall be picked -up by the Employer. The effective date of the pick-up shall be upon
execution of the payroll deduction authorization form. Participant contributions made
pursuant to a binding irrevocable payroll deduction shall be designated and considered as
employee contributions even though they are being paid by the Employer. The
contributions are hereby designated as being picked -up by the Employer and paid from
the same source as the payment of salary and wages to the Participants. If the cost of the
credited service being purchased is not paid in full prior to the termination of the
Participant's employment, then the balance due to the Plan shall be picked -up by the
Employer from any payment due to the Participant by the Employer and the irrevocable
payroll deduction authorization shall so provide. Upon retirement or other separation
should any balance still remain, the Plan shall reduce the amount of service purchased to
conform with the amount of contributions paid.
2) SPECIAL PROVISION FOR UNVESTED CWA/ITU NPP PARTICIPANT EMPLOYEES
At Plan implementation on October 1, 2025, employees having continuous service with the
Employer and who were participating in the CWA/ITU NPP Plan, but were not vested by
10/1/2025, will be given credited service in the Plan at a value equal to the present value
of the future annuity under the CWA/ITU NPP Plan, as if they were vested. This amount
will go towards credited service in the Plan, calculated at the contribution election factor
chosen by the Participant at Plan implementation. This credited service will not count
towards vesting in the Plan. For general employees that are eligible and decide to opt out
of this Plan and choose the 401(a) option, u; on reachin. what would have been their
normal 5 ear vestinc; date under the CWA Plan the Employer will make a one-time 401(a)
contribution for the general employee, equal to the present value of the future annuity
under the CWA/ITU NPP Plan, as if they had been vested.
F. AVERAGE FINAL COMPENSATION
Shall mean one -twelfth (1/12) of the average annual compensation of the three (3) best years
of Credited Service prior to retirement, termination or death, or the career average, whichever
is greater.
_C3
ADOPTION AGREEMENT FOR THE RETIREMENT PLAN AND TRUST FOR THE GENERAL EMPLOYEES
OF THE CITY OF SEBASTIAN
b) Five or ten years certain basis: A Participant may elect to take a reduced benefit on a
basis providing that such benefit shall be payable for a period of life and five or ten
years certain in any event.
c) Joint Pensioner option: Monthly income payment for the life of the Participant and after
his death, a joint pensioner benefit payable for the life of the joint pensioner equal to,
100%, 75%, 66 2/3%, or 50% of the amount payable to the Participant.
I. DEATH BENEFITS
1) Death Prior to Vestinq:
If a Participant dies prior to retirement, and they are not vested, their beneficiary shall
receive a refund of one hundred percent (100%) of the Participant's accumulated
contributions without interest, including any service credit buy back payments.
2) Death After Vestinq:
In the event of the death prior to retirement of a vested Participant, the Participant's
named beneficiary will receive a monthly annuity for 10 years certain beginning on the
date the Participant would have reached normal retirement age equal to the
Participant's monthly accrued benefit. If at the time of death, the Participant's named
beneficiary is the Participant's legal spouse, then such surviving spouse may choose
to receive a portion of the Participant's monthly accrued benefit payable for his or her
lifetime in lieu of receiving the 10-year certain annuity otherwise described in this
section. The surviving spouse's benefit will be equal to the amount that would have
been payable to the surviving spouse calculated as if the deceased Participant had
survived to his or her normal retirement age without earning any additional service or
benefits under the Plan and had elected a 100% joint and survivor annuity with the
surviving spouse as the joint annuitant. Furthermore, the surviving spouse may elect to
convert the monthly annuity that would otherwise be payable at the Participant's normal
retirement age into an actuarially equivalent monthly annuity payable for life to the
surviving spouse beginning at any time after the Participant's death.
J. TERMINATION OF EMPLOYMENT AND VESTING
If a Participant's employment is terminated either voluntarily or involuntarily the following
benefits are payable:
1) If the Participant is not vested upon termination of employment, the Participant shall be
entitled to a refund of his accumulated contributions without interest, including any service
credit buy back payments, or the Participant may leave the accumulated contributions
deposited with the Fund.
2) If the Participant is vested upon termination of employment, the Participant shall be entitled
to their accrued monthly retirement benefit starting at the Participant's otherwise normal or
early retirement date, provided he does not elect to withdraw his contributions, without
interest, and provided he survives to his normal or early retirement date. Early and normal
retirement dates are based on actual earned years of credited service and attainment of
applicable age.
K. EMPLOYEE CONTRIBUTIONS
Upon Plan enrollment, Participants must choose a Pre-tax contribution rate per Section G)(2)
above, which will determine their Plan factor upon retirement. This election may be changed
G�
ADOPTION AGREEMENT FOR THE RETIREMENT PLAN AND TRUST FOR THE GENERAL EMPLOYEES
OF THE CITY OF SEBASTIAN
IN WITNESS WHEREOF, the Employer and Trustee hereby cause this Agreement to be
executed on this day of Ser)temher 24 ,20__.
ATTEST:
4a�nrnette Williams, MMC
City Clerk
EMPLOYER:
CITY OF SEBASTIAN
Bob McPartlan, Mayor
APPROVE AS TO FORM & LEGALITY:
Jni r Cockcroft, Esq.( City Attorney
7
Citv of Sebastian General Employees
Retirement Plan
TRUST JOINDER AGREEMENT
FOR THE DEFINED BENEFIT TRUST UNDER
FLORIDA MUNICIPAL PENSION TRUST FUND
MASTER TRUST AGREEMENT
THIS TRUST JOINDER AGREEMENT between the City of Sebastian, Florida
(herein referred to as the "Participating Employer"), a municipal corporation of the State
of Florida, and the Master Trustees of the Florida Municipal Pension Trust Fund (herein
collectively referred to as the "Master Trustee").
WITNESSETH:
WHEREAS, the Participating Employer is establishing or currently maintains a
retirement benefit plan for the sole and exclusive benefit of its Participating Employees
and their Beneficiaries (herein referred to as the "Plan"); and
WHEREAS, the Participating Employer is authorized to vary the investment
procedures of the plan thereby permitting the assets of the plan to be invested in
accordance with the Master Trust Agreement and the investment policy of the Florida
Municipal Pension Trust Fund (herein referred to as the "FMPTF"), and is further
authorized to participate in the FMPTF as a Participating Employer in accordance with
the procedures, policies and methods outlined in the FMPTF Master Trust Agreement;
and
WHEREAS, FMPTF, in accordance with the FMPTF Master Trust Agreement,
provides a wide array of administrative, custodial and investment services to the
Participating Employers in the FMPTF; and
WHEREAS, the Participating Employer intends to avail itself of the services
offered by FMPTF in connection with the plan; and
WHEREAS, the Participating Employer desires to submit this Trust Joinder
Agreement to the Master Trustee to become a Participating Employer in the FMPTF
and a party to the FMPTF Master Trust Agreement.
THEREFORE, in consideration of the mutual covenants and agreements flowing
to each of the parties hereto, it is agreed as follows:
1. Both parties to this Trust Joinder Agreement agree that the City of Sebastian,
Florida is a Participating Employer as provided in the FMPTF Master Trust
Agreement.
Page 1 of 3
2. The Participating Employer shall cause the assets of the Participating
Employer's plan to be deposited into a depository designated by the FMPTF.
3. The Participating Employer shall make timely contributions in accordance with
the provisions of the plan and shall deposit its contributions and any
contributions made by Participating Employees into a depository designated
by the FMPTF.
4. The Participating Employer shall timely remit, or timely approve the
remittance of, administrative fees as may be due under the Master Trust
Agreement into a depository designated by the FMPTF.
5. The Participating Employer shall provide to the Administrator designated by
the Master Trustee all relevant Participating Employee information, and shall
promptly update all such information, required under the plan. The
Participating Employer shall certify said information to be correct to the best
of its knowledge, and the FMPTF and the Administrator shall have the right to
rely on the accuracy of said information in performing their contractual
responsibilities.
6. The Participating Employer shall be responsible for providing the
Administrator, in a timely manner, all information concerning the termination
of any Participating Employee (e.g., death, disability, retirement, resignation
or dismissal). If the reason for the termination is disability and the
Participating Employee is claiming disability benefits, then the Participating
Employer shall be responsible for ascertaining eligibility through procedures
adopted by the Participating Employer. The Participating Employer shall
certify said information to be correct to the best of its knowledge, and the
FMPTF and the Administrator shall have the right to rely on the accuracy of
said information in performing their contractual responsibilities.
7. The FMPTF shall provide administrative, custodial and investment services to
the Participating Employer in accordance with any Resolution or Ordinance
relating to the plan and in accordance with the FMPTF Master Trust
Agreement.
8. The FMPTF, in accordance with the policies and procedures established by
the Master Trustee and the FMPTF Master Trust Agreement, shall
periodically report its activities to the Participating Employer on a timely basis.
9. The parties to this Trust Joinder Agreement agree to abide by and be bound
by the terms, duties, rights and obligations of the parties as set forth in the
FMPTF Master Trust Agreement, as may be amended by the Master Trustee,
which is attached hereto and is made a part of this Trust Joinder Agreement.
Page 2 of 3
10.The Participating Employer elects to have the plan assets invested in
accordance with the FMPTF Investment Policy with an equity to fixed income
ratio of:
50% Equities/ 40% Fixed Income/ 10% Real Estate
60% Equities/ 30% Fixed Income/ 10% Real Estate
70% Equities/ 20% Fixed Income/ 10% Real Estate
11. Either party may terminate this Trust Joinder Agreement by giving at least 60
days prior notice in writing (electronic means are allowable) to the other party.
Any termination shall be governed by the provisions of the FMPTF Master
Trust Agreement and the Plan.
IN WITNESS WHEREOF, the Participating Employer has caused this Trust Joinder
Agreement to the Florida Municipal Pension Trust Fund Master Agreement to be
executed and the signature of its authorized officer affixed this 24th day of
September 20 25 .
ATTEST:
W d'6 �A
ette Williams, City Clerk
City of Sebastian, Florida,
a Florida municipal ccoorpo tion
By:
Signature
Bob McPartlan, as Mayor
ACCEPTANCE
FLORIDA MUNICIPAL PENSION TRUST FUND
0
Secretary - Treasurer
Page 3 of 3
v FMPTF
FLORIDA MUNICIPAL PENSION TRUST FUND
FLORIDA MUNICIPAL PENSION
TRUST FUND
DEFINED BENEFIT PLAN DOCUMENT
RESTATED AND AMENDED AS OF September 21, 2023
Sponsored and Administered by:
FLORIDA LEAGUE OF CITIES, INC.
301 S. Bronough Street, P.O. Box 1757
Tallahassee, FL 32302-1757
(850) 222-9684
Fax (850) 222-3806
Section 7.06
Distribution of Benefits
34
Section 7.07
Benefit for Firefighters with Cancer
35
ARTICLE 8
DISABILITY
Section 8.01
Disability Benefits In the Line of Duty
36
Section 8.02
Disability Benefits Off -Duty
37
Section 8.03
Conditions Disqualifying Disability Benefits
37
Section 8.04
Physical Examination Requirement
38
Section 8.05
Disability Payments
39
Section 8.06
Disability Payments and Workers Compensation
39
Section 8.07
Benefit for Firefighters with Cancer
40
ARTICLE 9
VESTING
41
ARTICLE 10
OPTIONAL FORMS OF BENEFITS
43
ARTICLE 11
BENEFICIARIES
46
ARTICLE 12
CLAIMS PROCEDURES
47
ARTICLE 13
REPORTS TO DIVISION OF RETIREMENT
48
ARTICLE 14
ROSTER OF RETIREES
49
ARTICLE 15
BOARD ATTORNEY AND PROFESSIONALS
50
ARTICLE 16
MAXIMUM PENSION
Section 16.01
Basic Limitations
51
Section 16.02
Adjustment to Basic Limitation of Form of Benefit
51
Section 16.03
Less Than Ten (10) Years of Service
55
Section 16.04
Participation in Other Defined Benefit Plans
56
Section 16.05
Ten Thousand Dollar ($10,000) Limit
56
Section 16.06
Reduction of Benefits
56
Section 16.07
Service Credit Purchase Limits
57
Section 16.08
Additional Limitation on Pension Benefits
60
Section 16.09
Benefit Restoration Plan & Trust
60
ARTICLE 17
DISTRIBUTION OF BENEFITS
65
ARTICLE 18
MISCELLANEOUS PROVISIONS
Section 18.01
Interest of Participants in Pension Plan
69
Section 18.02
Summary Plan Descriptions
69
Section 18.03
Gender and Number
69
Section 18.04
Headings and References
69
3
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 1
DEFINITIONS
As used herein, unless otherwise defined or required by the context, the following words
and phrases shall have the meaning indicated:
1.01 "Accumulated Contributions":
shall mean a Participant's own contributions without interest. For those Participant's
who purchase Credited Service with interest or at no cost to the Plan, only that portion
of any payment representing the amount attributable to the Participant's contributions
based on the applicable Participant contribution rate shall be included in
Accumulated Contributions.
1.02 "Accrued Benefit":
shall mean a fraction of the benefit to which a Participant would be entitled at their
Normal Retirement Date. The numerator of the fraction is the years of participation
completed to date and the denominator is the years of participation in the Plan that
would have been earned if the Participant continued employment until their Normal
Retirement Date.
1.03 "Actuary":
shall mean an actuary that is a member of the Society of Actuaries or the American
Academy of Actuaries and who is enrolled under subtitle C of Title III of the Employee
Retirement Income Security Act of 1974.
1.04 "Actuarial Equivalent":
Actuarial Equivalent is defined in the attachment marked Exhibit B.
1.05 "Adoption Agreement":
shall mean the document outlining the specific benefits of the Plan, as executed by
the Employer and attached to and made part of the Plan.
5
DB PLAN RESTATED and AMENDED as of September 21, 2023
Officer, Firefighter or Public Safety Officer, prior to plan inception at the discretion of
the Employer and as stated in the Adoption Agreement.
A Participant may voluntarily leave his Participant contributions in the Fund for a
period of five (5) years after leaving the employ of the Employer pending the
possibility of being rehired in a position eligible for participation in this Plan, without
losing credit for the time that he was a Participant in the Plan. If a vested Participant
does not become reemployed within five (5) years, then the Accumulated
Contributions will be returned to the Participant without interest, unless otherwise
specified in the Adoption Agreement, upon receipt of written request of the
Participant. If a Participant who is not vested is not reemployed with the Employer
within five (5) years, his Accumulated Contributions shall be returned without interest.
Upon return of a Participant's Accumulated Contribution, all rights and benefits under
the Plan are forfeited and terminated. Upon any reemployment in a position eligible
for participation in this Plan, a Participant shall not receive credit for the years and
fractional parts of years for which he has withdrawn his Accumulated Contributions
from the Plan unless the Participant repays into the Fund the contributions he has
withdrawn, with interest, as determined by the Board, within ninety (90) days after
reemployment.
A Participant shall receive Credited Service for all purposes, including vesting, for the
years or fractional parts of years that he performs "Qualified Military Service"
including voluntary or involuntary service in the armed forces of the United States as
defined in the Uniformed Services Employment and Reemployment Rights Act
(USERRA) (P.L. 103-353), after separation from employment with the Employer, to
perform training or service, provided that:
(A) The Participant must return to his employment with the Employer within one
(1) year following the date of military discharge or his release from active service.
(B) The Participant is entitled to reemployment under the provisions of
USERRA,
DB PLAN RESTATED and AMENDED as of September 21, 2023
shall mean the date which is specified in the Adoption Agreement - Section G3, Early
Retirement Date.
1.13 "Effective Date":
shall mean the date of this Plan as specified in the Adoption Agreement - Section Al.
1.14 "Emplovee":
shall mean the classes of employees designated as eligible to participate in this Plan
as specified in the Adoption Agreement - Section B., except as otherwise provided
in the Adoption Agreement.
1.15 "Employer":
shall mean the municipality, governmental entity, public agency or political
subdivision established within the State of Florida that adopts this Plan.
1.16 "Firefighter":
shall mean any person employed solely by a constituted fire department or public
safety department of any municipality or special fire control district who is certified as
a Firefighter as a condition of employment in accordance with the provisions of
Section 633.35, FI. Stat., and whose duty is to extinguish fires, to protect life, and to
protect property. 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 firefighters, part-time
firefighters, or auxiliary firefighters but does not include part-time firefighters or
auxiliary firefighters.
1.17 "Fund":
shall mean the Trust Fund established herein as part of the Plan.
1.18 "Limitation Year":
0
DB PLAN RESTATED and AMENDED as of September 21, 2023
1.23 "Police Officer":
shall mean any person who is elected, appointed, or employed full time by any
municipality, who is certified or required to be certified as law enforcement officer in
compliance with s. 943.1395, FI. Stat., who is vested with 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.
This definition 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 the same are
defined in s. 943.10(6) and (8), Fl. Stat., respectively. A Police Officer classification,
shall also include a public safety officer who is responsible for performing both police
and fire services.
1.24 "Public Safetv Officer":
shall mean an actively employed person who is responsible for performing both
firefighter and police officer services. A Public Safety Officer shall be considered a
"police officer" for the purposes of this Plan.
1.25 "Sala rv/Compensation":
Notwithstanding any provision of this Plan or Adoption Agreement,
"Salary/Compensation" for all Participants participating under the Plan shall be
limited as follows:
For noncollectively bargained service earned on or after July 1, 2011, or for service
earned under collective bargaining agreements entered into on or after July 1, 2011,
when calculating a Participant's retirement benefits, the Plan may include up to 300
hours per year of overtime compensation as noted in the Adoption Agreement, but
may not include any payments for accrued unused sick leave or annual leave. For
those Participants whose terms and conditions of employment are collectively
11
DB PLAN RESTATED and AMENDED as of September 21, 2023
Compensation in excess of the limitations set forth in Section 401(a)(17) of the Code
as of the first day of the calendar year shall be disregarded for any purpose, including
employee contributions or any benefit calculations. The annual compensation of
each member taken into account in determining benefits or employee contributions
for any calendar year beginning on or after January 1, 2002, may not exceed
$200,000, as adjusted for cost -of -living increases in accordance with Section
401 (a)(1 7)(B) of the Code.
See Section D of the Adoption Agreement for further details.
1.26 "Spouse":
shall mean the Participant's spouse under applicable law at the time benefits
become payable.
1.27 "Total and Permanent Disability":
shall mean a physical or mental condition of a Participant resulting from bodily injury,
disease, or mental disorder which renders him incapable of employment as a
Firefighter, Police Officer or Public Safety Officer, and which condition constitutes
total disability as determined by the Board.
1.28 "Trust Fund or Trust":
shall mean the Trust Fund established under this Plan to hold Plan assets and to
which contributions are to be paid and benefits held. Nothing herein shall preclude
the establishment of more than one trust fund as may be required by law or adopted
by the Employer.
1.29 "Trustee":
shall mean the person or persons named as and making up the Board of Trustees
or Board, who shall administer and manage the Plan.
13
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 2
PARTICIPATION
2.01 Conditions of Eligibility
A Participant shall become eligible to participate in this Plan as specified in Section
C of the Adoption Agreement.
As a condition of eligibility, the Employee participants shall be required to complete
a medical examination as prescribed by the Board, and provide complete and
accurate information concerning their health status as requested by the Board. Any
material misstatements or omissions of required health or medical information by an
applicant or Participant shall be grounds for denial of benefits. Based upon medical
evidence of any pre-existing adverse health condition, resulting from the prescribed
examination or other medical records or history, the Board may determine ineligibility
for disability benefits hereunder, as related to such pre-existing condition. A
Participant may be declared ineligible for disability benefits only at the time of the
initial examination provided in this section, or at a later date if the Board established
that a condition existed at the time of the Participant's employment or date of
participation, and the condition was known to the employee. A determination of pre-
existing condition shall be recorded on the Participant's record of membership, a
copy of which shall be provided to the Participant, and shall be reflected in the
minutes of the Board meeting at which such determination was made by the Board.
The procedures followed and the determination of the Board as to a pre-existing
condition shall be considered on a uniform, non-discriminatory basis.
2.02 Participation
Each Participant shall complete a form prescribed by the Board providing the
following information:
(A) enrollment in the Plan
(B) designation of a beneficiary or beneficiaries,
15
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 3
BOARD OF TRUSTEES
3.01 Board of Trustees
(A) The sole and exclusive administration of and responsibility for the
proper operation of the Plan is hereby vested in a Board of Trustees. For
plans participating in Chapter 175 or 185, FI. Stat., these trustees shall be
selected according to Section 175.061 (1)(b), FI. Stat., and Section 185.05,
(1)(b), FI. Stat. For plans not participating in Chapter 175 or 185, FI. Stat.,
these trustees shall be selected according to municipal ordinance, or
resolution adopted by the governing body of the special fire control district.
Each Board of Trustees shall be a legal entity with, in addition to other powers
and responsibilities contained herein, the power to bring and defend lawsuits
of every kind, nature, and description. Accurate and detailed accounts of all
Board meetings must be kept. All accounts, books and records relating
thereto shall be open to inspection and audit in accordance with general law.
The Board shall issue such reports as are requested and make available to
the same for inspection any and all records and accounts which are deemed
appropriate in order to comply with governmental regulations issued
thereunder.
(B) The Board members shall, by a majority vote, elect a Chairman and a
Secretary. The Secretary of the Board shall keep a complete minute book of
the actions, proceeding, or hearings of the Board. The Board members shall
not receive any compensation as such, but may receive expenses and per
diem as provided by law.
(C) Each Board member shall serve as trustee for a period of 2 years,
unless he or she sooner leaves the employment of the Employer,
whereupon a successor shall be chosen in the same manner as an original
appointment. However, the terms of office of the appointed and elected
17
DB PLAN RESTATED and AMENDED as of September 21, 2023
(7) To authorize all payments whatsoever from the Fund, and to
notify the disbursing agent, in writing, of approved benefit
payments and other expenditures arising through operation of
the Plan and Fund.
(8) To have performed actuarial studies and at least triennial
valuations, as required by law, and make recommendations
regarding any and all changes in the provisions of the Plan.
(9) To perform such other duties as required to administer the Plan.
(10) To arrange for and select physicians for medical exams and
review and advise on medical disability eligibility issues.
(11) To invest and reinvest the assets of the Fund.
(G) At least once every three (3) years, the Board shall retain a professionally
qualified independent consultant who shall evaluate the performance of any
existing professional money manager and shall. make recommendations to
the Board regarding the selection of money managers for the next investment
term. These recommendations shall be considered by the Board at its next
regularly scheduled meeting.
19
DB PLAN RESTATED and AMENDED as of September 21, 2023
funds, and all such trusts or funds must comply with the Investment Policy as
attached as Exhibit A. Accurate records are to be maintained at all times
reflecting the financial composition of the Fund, including accurate current
accounts and entries as regards the following:
(1) Current amounts of Accumulated Contributions of Participants
on both an individual and aggregate account basis, and
(2) receipts and disbursements, and
(3) benefit payments, and
(4) current amounts clearly reflecting all monies, funds and assets
whatsoever attributable to contributions and deposits from the
Employer, and
(5) all interest, dividends and gains (or losses), and
(6) such other entries as may be properly required so as to reflect
a clear and complete financial report of the Fund.
(E) An independent audit shall be performed annually by a certified public
accountant for the most recent fiscal year of the Employer showing a listing of
assets and a statement of all income and disbursements during the year.
Such income and disbursements must be reconciled with the assets at the
beginning and end of the year. Such report shall reflect a complete evaluation
of assets on a cost and market basis, as well as other items normally included
in a certified audit.
(F) The Board of Trustees shall have the following investment powers and
authority:
(1) The Board of Trustees shall be vested with full legal title to said
Fund, subject, however, and in any event to the authority and power of
the governing body of the Employer to amend or terminate this Plan,
provided that no amendment or termination shall ever result in the use
21
DB PLAN RESTATED and AMENDED as of September 21, 2023
(5) Any overpayments or underpayments from the Fund to a
Participant or beneficiary caused by errors of computation shall be
adjusted with interest at a rate per annum as utilized in the prior years'
actuarial valuation. Overpayments shall be charged against payments
next succeeding the correction. Underpayments shall be made up
from the Trust Fund.
(6) In any application to or proceeding or action in the courts, the
Board and Employer shall be a necessary party, and no Participant or
other person having an interest in the Fund shall be entitled to any
notice or service of process. Any judgment entered in such a
proceeding or action shall be conclusive upon all persons.
(7) Any powers and functions of the Board may be performed or
carried out by the Board through duly authorized agents, provided that
the Board at all times maintains continuous supervision over the acts
of any such agent; provided further, that legal title to the Fund always
remain with the Board.
(G) Notwithstanding any provision of this section to the contrary, for
plans participating in Chapter 175 or 185, FI. Stat., the Board shall identify
and publicly report any direct or indirect holdings it may have in any
scrutinized company, as defined in section 215.473, Florida Statutes, and
proceed to sell, redeem, divest, or withdraw all publicly traded securities it
may have in that company beginning January 1, 2010. The divestiture of
any such security must be completed as specified in Chapter 175 or 185,
FI. Stat. The Board and its named officers or investment advisors may not
be deemed to have breached their fiduciary duty in any action taken to
dispose of any such security, and the Board shall have satisfactorily
discharged the fiduciary duties of loyalty, prudence, and sole and exclusive
benefit to the participants of the pension fund and their beneficiaries if the
actions it takes are consistent with the duties imposed by s. 215.473, and
the manner of the disposition, if any, is reasonable as to the means chosen.
23
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 5
CONTRIBUTIONS
5.01 Participant Contributions
(A) Amount Participants in the Plan shall be required to make
contributions to the Fund in the amount specified in the Adoption Agreement
- Section K, Employee Contributions.
(B) Method Participant contributions shall be made by payroll
deduction. Participant contributions withheld by the Employer on behalf of the
Participant shall be deposited in the Fund immediately after each pay period.
(C) Pre -Tax Emplovee Contributions If pre-tax Employee
Contributions are applicable, this provision will be noted within the Adoption
Agreement - Section K as pre-tax contributions pursuant to Section 414(h) of
the Code, otherwise the Plan will assume after tax contributions. Such
designation is contingent upon the contribution being excluded from the
Employees' gross income for federal income tax purposes. For all other
purposes of the Plan, such contributions shall be considered Employee
contributions.
5.02 State Contributions
Any monies received or receivable by reason of laws of the State of Florida, for the
express purpose of funding the Plan shall be deposited in the Trust Fund comprising
part of this Plan immediately. Contributions must be deposited within five (5) days
after receipt by the Employer.
5.03 Employer Contributions
So long as this Plan is in effect, the Employer shall deposit quarterly contributions for
each Plan Year to the Trust Fund in an amount equal to the amount determined by
the Actuary, taking into account Participant contributions, state contributions for such
25
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 6
BENEFIT AMOUNTS AND ELIGIBILITY
6.01 Normal Retirement Date
A Participant's Normal Retirement Date shall be as specified in the Adoption
Agreement - Section G1, Normal Retirement Date. A Participant may retire on his
Normal Retirement Date or on the first day of any month thereafter. Normal
Retirement under the Plan is retirement from employment with the Employer on or
after the Normal Retirement Date and completion of the required years of credited
service.
6.02 Normal Retirement Benefit
(1) A Participant retiring hereunder on or after his Normal Retirement Date shall
receive a monthly benefit as specified in the Adoption Agreement - Section G2,
Normal Retirement Benefit, which shall commence on the first day of the month
coincident with or next following his termination of employment.
In the event that a Participant does not begin to receive his Benefit at his
Normal Retirement Date, such Participant shall be entitled to a deferred benefit
equal to the benefit he was entitled to receive at his Normal Retirement Date,
adjusted to take into account his Average Final Compensation and years of
Credited Service as of his actual retirement date.
(2) The monthly Normal Retirement Benefit of a Volunteer Firefighter who
changes status from a Volunteer Firefighter to a full-time Firefighter shall be as
provided below.
(A) The amount of monthly retirement income payable to a full—time
Firefighter who retires on or after his or her Normal Retirement Date shall be an
amount equal to the number of his or her years of Credited Service as a full-time
Firefighter multiplied by the Normal Retirement Benefit multiplier specified in Section
27
DB PLAN RESTATED and AMENDED as of September 21, 2023
6.06 Early Retirement Benefit
A Participant retiring hereunder on or after his Early Retirement Date may receive
either a deferred or an immediate monthly retirement benefit payable for life, or as
otherwise provided for plans operating under Chapter 175 or 185, FI. Stat. as follows:
(A) A deferred monthly retirement benefit which shall commence on what
would have been his Normal Retirement Date had he remained a Participant,
determined based upon his actual years of Credited Service. The amount of
such deferred monthly retirement benefit shall be determined in the same
manner as for retirement at his Normal Retirement Date, as determined based
upon his actual years of Credited Service, except that Credited Service and
Average Final Compensation shall be determined as of his Early Retirement
Date; or
(B) An immediate monthly retirement benefit which shall commence on his
Early Retirement Date. The amount of the Early Retirement Benefit shall be
determined in the same manner as for Retirement at his Normal Retirement
Date, except the benefit shall be actuarially reduced to take into account the
Participant's younger age and the earlier commencement of retirement
income payments as specified in Section G4 of the Adoption Agreement for
each year before the Normal Retirement Date that benefit payment
commenced.
6.07 Deferred Retirement Option Program or "DROP"
A Deferred Retirement Option Program or "DROP", if applicable, shall be as specified
in the Adoption Agreement, Section M — DEFERRED RETIREMENT OPTION
PROGRAM, "DROP".
An Employer or Board may establish a DROP distribution option to be administered
by the Florida Municipal Pension Trust Fund ("FMPTF") Master Trustee whereby
DROP funds are invested through the FMPTF Master Trustee or to allow retirees to
v-1:1
DB PLAN RESTATED and AMENDED as of September 21, 2023
December 31, 2015 and on or before each September 30 thereafter. It is not
required that any premium tax monies be allocated to the Share Plan.
(B) Eligible Share Plan Participants. Eligible Share Plan participants shall
be determined through collective bargaining between the Employer and the
plan members' collective bargaining representative, or if there is no collective
bargaining representative, by the Employer. The Employer or Board shall
provide a description to the plan administrator of the eligible Share Plan
participants on or before December 31, 2015, and upon any change in such
description thereafter.
(C) Individual Share Accounts. For accounting purposes only, an
individual share account shall be created for each eligible Share Plan
participant as of the date that premium tax monies are first allocated to the
Share Plan. Thereafter the plan administrator shall maintain appropriate
records showing the share account balance of each participant. Once funds
have been credited to participant share accounts, an annual statement shall
be provided to each participant setting forth their share account balance as of
the end of the preceding plan year.
(D) Share Account Funding. Individual share accounts shall be
established as of December 31, 2015 for all eligible Share Plan participants,
or at a later date when premium tax monies are first allocated to the Share
Plan. Individual share accounts shall be credited with a portion of any
premium tax monies allocated to the Share Plan for the plan year beginning
October 1, 2015, and each plan year thereafter in which premium tax monies
are allocated to the Share Plan, as follows:
(1) Initial Credit from Unallocated Premium Tax Monies (if
applicable). If any accumulation of additional premium tax monies
which have not been allocated to fund benefits in excess of the
31
DB PLAN RESTATED and AMENDED as of September 21, 2023
(G) Distribution of Share Account. A participant's share account balance
shall be distributed to the participant or his/her designated beneficiary within
180 days following the participant's retirement, death, or termination of
employment after obtaining the minimum number of years of credited service
specified in the Adoption Agreement for vesting and reaching the normal
retirement date. The share account distribution shall reflect one hundred
percent of the participant's share account balance as of October 1 preceding
the participant's retirement, death, or termination of employment and meeting
the conditions specified herein, and shall be paid in one lump sum payment.
No optional forms of payments shall be permitted.
(H) Internal Revenue Code Limitations. Notwithstanding any other
provision of this section, credits to a participant's share account and the share
account distribution shall be subject to the applicable limits contained in
section 415(c) of, and any other applicable limitations set forth in, the Internal
Revenue Code.
33
DB PLAN RESTATED and AMENDED as of September 21, 2023
event shall distribution commence later than December 31 of the calendar year in
which the participant would have attained the applicable age required by IRC §
401(a)(9). [See note to Provision 6.08 regarding applicable age requirements]
7.07 Benefit for Firefiqhters with Cancer As provided and subject to the limitations in
section 112.1816, Florida Statutes, effective July 1, 2019 a firefighter (as defined in
section 112.1816(1), Florida Statutes) who is a Participant is considered to have died
in the line of duty if he or she dies as a result of cancer (as defined in section
112.1816(1), Florida Statutes) or circumstances that arise out of the treatment of
cancer (as defined in section 112.1816(1), Florida Statutes).
35
DB PLAN RESTATED and AMENDED as of September 21, 2023
8.02 Disabilitv Benefits Off -Duty
Every Firefighter, Police Officer or Public Safety Officer as defined in the Adoption
Agreement - Section B, Plan who shall have become Totally and Permanently
Disabled to the extent that he is unable, by reason of a medically determinable
physical or mental impairment, to render useful and efficient service as a Firefighter,
Police Officer or Public Safety Officer, respectively, as defined in Article 1, and which
disability is not directly caused by the performance of his duties as a Firefighter,
Police Officer or Public Safety Officer, respectively, shall, upon establishing the same
to the satisfaction of the Board of Trustees, be entitled to a disability benefit as
provided in the Adoption Agreement - Section H2, Disability Benefits Off -Duty.
A disabled Participant that does not meet the credited years of service requirements
in the Adoption Agreement - Section H2, Disability Benefits Off -Duty, will receive a
return of his Accumulated Contributions without interest.
8.03 Conditions Disqualifvinq Disability Benefits
Each Participant who is claiming disability benefits shall establish, to the satisfaction
of the Board, that such, disability was not occasioned primarily by:
(A) Excessive or habitual use of any drugs, intoxicants or narcotics.
(B) Injury or disease sustained while willfully and illegally participating in
fights, riots or civil insurrections, or while committing a crime.
(C) Injury or disease sustained while serving in any branch of the Armed
Forces.
(D) Injury or disease sustained after his employment as a Participant with
the Employer had terminated.
(E) For Police Officers and Public Safety Officers only. injury or disease
sustained by the Participant while working for anyone other than the Employer
and arising out of such employment.
37
DB PLAN RESTATED and AMENDED as of September 21, 2023
8.05 Disability Payments
The monthly benefit to which a Participant is entitled in the event of the Participant's
disability shall be payable on the first day of the first month after the Board determines
such entitlement Provided, however, the Participant may select, at any time prior to
the date on which benefit payments begin, an optional form of benefit payment as
described in Article 10, Optional Forms of Benefits, which shall be the Actuarial
Equivalent of the normal form of benefit. The amount of the first disability payment
shall include an amount payable from the date the Board determined such
entitlement. Disability benefits shall cease:
(A) If the Participant recovers from the disability prior to his Normal
Retirement Date, the payment due next proceeding the date of such recovery,
or
(B) If the Participant dies without recovering from disability or attains
Normal Retirement Date, the later of the payment due next proceeding his
death, or as otherwise provided for plans operating under Chapter 175 or 185,
FI. Stat.
8.06 Disability Payments & Workers Compensation
If a Participant receives a disability benefit under the Plan and workers compensation
benefits pursuant to Chapter 440, FI. Stat., for the same disability and the total
monthly benefits received from both exceed one hundred percent (100%) of the
Participants' average monthly wage determined in accordance with Chapter 440, FI.
Stat., the disability pension benefit shall be reduced so that the total monthly amount
received by the Participant does not exceed one hundred percent (100%) of such
average monthly wage. In no event shall a Participant's disability pension benefit be
reduced to less than 42% of Average Final Compensation for in -line -of duty disability
and 25% of Average Final Compensation for off -duty disability, as provided in
Chapters 175 and 185, FI. Stat. In the event of a lump sum workers compensation
39
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 9
VESTING
If a Participant terminates his employment with the Employer for reasons other than
retirement, disability or death, the Participant shall be entitled to the following:
(A) If the Participant has less than the number of years of Credited Service
specified in the Adoption Agreement - Section J1, Termination of Employment and
Vesting, the Participant shall be entitled to a refund of his Accumulated Contributions
without interest.
(B) If the Participant has the required number of years of Credited Service
specified in the Adoption Agreement - Section J2, Termination of Employment and
Vesting, the Participant shall be entitled to a retirement benefit that is the Actuarial
Equivalent of the Accrued Benefit otherwise payable to him commencing at the
Participant's otherwise Normal or Early Retirement Date, and determined based on
actual years of Credited Service, provided he does not elect to withdraw his
Accumulated Contributions and provided the Participant survives to his Normal or
Early Retirement Date.
(C) Any vested Participant of the Plan who is no longer eligible to participate in
this Plan due to a change of employment, but who remains employed by the
Employer in a class not eligible to participate under this Plan, shall have his Accrued
Benefit to the date of such termination under this Plan preserved, provided he does
not elect to withdraw his Accumulated Contributions from this Plan. Such Accrued
Benefit shall be payable at his otherwise Early or Normal Retirement Date hereunder
in accordance with the provisions of this Plan.
(D) If a Participant who terminates employment prior to his Early Retirement Date
or his Normal Retirement Date and elects to withdraw Accumulated Contributions, is
subsequently reemployed and again becomes a Participant in this Plan, his Credited
41
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 10
OPTIONAL FORMS OF BENEFITS
(A) In lieu of the normal form of benefit as specified herein, a Participant's Early or
Normal Retirement or Disability Benefit may be paid in an optional form as selected by the
Participant.
Subject to the approval of the Board or its designee, the Participant may elect to receive the
Actuarial Equivalent of the benefit otherwise payable to the Participant in accordance with
one of the following options:
1. Monthly income payments for the life of the Participant.
2. Monthly income payment for the life of the Participant and after his death, a
joint pensioner benefit payable for the life of the joint pensioner equal to,
100%, 75%, 66 2/3%, or 50% of the amount payable to the Participant.
3. Such other amount and form of retirement benefit payment that, in the opinion
of the Board, will meet the circumstances of the Participant and the Trust.
(B) The Participant, upon electing any option pursuant to this Article, will designate the
joint pensioner or beneficiary (or beneficiaries) to receive the benefit, if any, payable under
the Plan in the event of Participant's death, and will have the power to change such
designation from time to time. Such designation will name a joint pensioner or one or more
primary beneficiaries where applicable. A Participant may change his Beneficiary at any
time. If a Participant has elected an option with a joint pensioner and the Participant's
retirement benefits have commenced, the Participant may thereafter change his joint
pensioner twice without the approval of the Board or the current joint pensioner. A
Participant is not required to provide proof of the good health of the joint pensioner being
removed, and the joint pensioner being removed need not be living.
(C) Upon change of a Participant's joint pensioner in accordance with this Article, the
amount of the retirement income payable to the Participant shall be actuarially re-
43
DB PLAN RESTATED and AMENDED as of September 21, 2023
monthly retirement income payments will be made, or a retirement benefit will
be paid, under the option to a Beneficiary (or Beneficiaries) designated by the
Participant in the amount or amounts computed as if the Participant had
retired under the option on the date on which his death occurred.
(E) Unless otherwise allowed by law, a Participant may not change his benefit payment
option after the date of cashing or depositing his first benefit check.
(F) Distribution of a participant's benefit under this article must commence no later than
April 1 of the calendar year following the later of the calendar year during which the
participant attains the applicable age required by IRC § 401(a)(9). or the calendar year in
which the participant terminates employment with the Employer. [See note to Provision 6.08
regarding applicable age requirements]
(G) Notwithstanding anything herein to the contrary, the Board in its discretion, may elect
to make a lump sum payment to a Participant or a Participant's Beneficiary in the event that
the total commuted value of the monthly income payments to be paid do not exceed one
thousand dollars ($1,000). Any such payment made to any person pursuant to the power
and discretion conferred upon the Board by the preceding sentence shall operate as a
complete discharge of all obligations under the Plan with regard to such Participant and shall
not be subject to review by anyone, but shall be final, binding and conclusive on all persons.
45
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 12
CLAIMS PROCEDURES
The Board shall establish administrative claims procedures to be utilized in processing
written requests ("claims"), on matters which affect the substantial rights of any person
("claimant"), including Participants, retirees, Beneficiaries, or any person affected by a
decision of the Board.
47
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 14
ROSTER OF RETIREES
The Secretary of the Board shall keep a record of all persons receiving a benefit or vested
Participants who will receive a future vested benefit under the provisions of this Plan in which
it shall be noted the time when the benefit became payable. Additionally, the Secretary shall
keep a record of all Participants employed by the Employer in such a manner as to show
the name, address, date of employment and date such employment is terminated.
49
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 16
MAXIMUM PENSION
16.01 Basic Limitation
Notwithstanding any other provisions of this plan to the contrary, the member
contributions paid to, and retirement benefits paid from, the plan shall be limited to
such extent as may be necessary to conform to the requirements of Code Section
415 for a qualified retirement plan. Before January 1, 1995, a plan member may
not receive an annual benefit that exceeds the limits specified in Code Section
415(b), subject to the applicable adjustments in that section. On and after January
1, 1995, a plan member may not receive an annual benefit that exceeds the dollar
amount specified in Code Section 415(b)(1)(A) ($160,000), subject to the
applicable adjustments in Code Section 415(b) and subject to any additional limits
that may be specified in this plan.
For purposes of Code Section 415(b), the term "annual benefit" means a benefit
payable annually in the form of a straight life annuity without regard to the benefit
attributable to after-tax employee contributions (except pursuant to Code section
415(n)) and to rollover contributions (as defined in Code section 415(b)(2)(A)), and
with the benefit attributable determined in accordance with Treasury Regulations
located in 26 C.F.R. 1.415(b)-1.
16.02 Adiustments to Basic Limitation for Form of Benefit.
If the form of benefit is other than the annual benefit defined in section 16.01, the
benefit shall be adjusted so that it is the equivalent of the annual benefit using
factors prescribed in Treasury Regulations. If the form of benefit without regard to
any automatic benefit increase feature is not a straight life annuity or a qualified
joint and survivor annuity then the preceding sentence is applied by either reducing
the Code Section 415(b) limit applicable at the annuity starting date or by adjusting
the form of benefit to an actuarially equivalent amount determined using the
assumptions specified in 26 CFR 1.415(b)-1 that takes into account the additional
benefits under the form of benefit as follows:
51
DB PLAN RESTATED and AMENDED as of September 21, 2023
(2) The annual amount of the straight life annuity commencing at
the annuity starting date that has the same actuarial present value
as the particular form of benefit payable computed using a five
percent interest assumption for the applicable statutory interest
assumption and (i) for years prior to January 1, 2009 the applicable
mortality tables for the distribution under 26 CFR 1.417(e)-1(d)(2)
(Revenue Ruling 2001-62 or any subsequent Revenue Ruling
modifying the applicable provisions of Revenue Ruling 2001-62) and
(ii) for years after December 31, 2008 the applicable mortality tables
described in Code Section 417(e)(3)(B) (Notice 2008-85 or any
subsequent Internal Revenue Service guidance implementing Code
Section 417(e)(3)(B)I; or
(3) The annual amount of the straight life annuity commencing at
the annuity starting date that has the same actuarial present value
as the particular form of benefit payable computed using the
applicable interest rate for the distribution under 26 CFR 1.417(e)-
1(d)(3) the 30-year Treasury rate prior to January 1, 2007 using the
rate in effect for the month prior to retirement and on and after
January 1, 2007 using the rate in effect for the first day of the plan
year with a one-year stabilization period and (i) for years prior to
January 1, 2009 the applicable mortality tables for the distribution
under 26 CFR 1.417(e)-1(d)(2) (the mortality table specified in
Revenue Ruling 2001-62 or any subsequent Revenue Ruling
modifying the applicable provisions of Revenue Ruling 2001-62) and
(ii) for years after December 31, 2008 the applicable mortality tables
described in Code Section 417(e)(3)(B) (Notice 2008-85 or any
subsequent Internal Revenue Service guidance implementing Code
Section 417(e)(3)(13)), divided by 1.05.
(C) The actuary may adjust the 415(b) limit at that annuity starting date
in accordance with paragraphs (A) and (B) above.
53
DB PLAN RESTATED and AMENDED as of September 21, 2023
(1) In the event the member's retirement benefits become
payable before age sixty-two (62), the limit prescribed by this section
shall be reduced in accordance with regulations issued by the
Secretary of the Treasury pursuant to the provisions of Code Section
415(b) of the Code, so that such limit (as so reduced) equals an
annual straight life benefit (when such retirement income benefit
begins) which is equivalent to an annual benefit in the amount of the
applicable dollar limitation of Section 415(b)(1)(A) of the Code (as
adjusted pursuant to Section 415(d) of the Code) beginning at age
sixty-two (62).
(2) In the event the member's benefit is based on at least fifteen
(15) years of credited service as a full-time police officer or firefighter,
the adjustments provided for in (F)(1) above shall not apply.
(3) The reductions provided for in (F)(1) above shall not be
applicable to disability benefits or pre -retirement death benefits.
(4) In the event the member's retirement benefit becomes
payable after age sixty-five (65), for purposes of determining whether
this benefit meets the limit set forth herein, such benefit shall be
adjusted so that it is actuarially equivalent to the benefit beginning at
age sixty-five(65). This adjustment shall be made in accordance with
regulations promulgated by the Secretary of the Treasury or his
delegate.
16.03 Less than Ten (10) Years of Service.
The maximum retirement benefits payable under this section to any member who
has completed less than ten (10) years of credited service shall be the amount
determined under section 16.01 multiplied by a fraction, the numerator of which is
the number of the member's years of credited service and the denominator of
which is ten (10). The reduction provided by this section cannot reduce the
maximum benefit below 10% of the limit determined without regard to this
55
DB PLAN RESTATED and AMENDED as of September 21, 2023
contribution plans in which the member participated, such reduction to be made
first with respect to the plan in which member most recently accrued benefits and
thereafter in such priority as shall be established by the board and the plan
administrator for such other plans provided, however, that necessary reductions
may be made in a different manner and priority pursuant to the agreement of the
board and the plan administrator of all other plans covering such member.
16.07 Service Credit Purchase Limits.
(A) Effective for permissive service credit contributions made in limitation
years beginning after December 31, 1997, if a member makes one or more
contributions to purchase permissive service credit under the plan, then the
requirements of this section will be treated as met only if:
(1) the requirements of Code Section 415(b) are met, determined
by treating the accrued benefit derived from all such contributions as
an annual benefit for purposes of Code Section 415(b), or
(2) the requirements of Code Section 415(c) are met, determined
by treating all such contributions as annual additions for purposes of
Code Section 415(c).
(3) For purposes of applying subparagraph (A)(1), the plan will
not fail to meet the reduced limit under Code section 415(b)(2)(C)
solely by reason of this subparagraph (3), and for purposes of
applying subparagraph (A)(2) the plan will not fail to meet the
percentage limitation under Section 415(c)(1)(B) of the Code solely
by reason of this subparagraph (3)
(B) For purposes of this subsection the term "permissive service credit"
means service credit—
(1) recognized by the plan for purposes of calculating a member's
benefit under the plan.
(2) which such member has not received under the plan, and
(3) which such member may receive only by making a voluntary
additional contribution, in an amount determined under the plan,
57
DB PLAN RESTATED and AMENDED as of September 21, 2023
paid by the later of 2'/2 months after an employee's severance from
employment or the end of the limitation year that includes the date of
the employee's severance from employment if:
a. the payment is regular compensation for services
during the employee's regular working hours, or
compensation for services outside the employee's regular
working hours (such as overtime or shift differential),
commissions, bonuses or other similar payments, and, absent
a severance from employment, the payments would have
been paid to the employee which the employee continued in
employment with the employer; or
b. the payment is for unused accrued bona fide sick,
vacation or other leave that the employee would have been
able to use if employment had continued.
(3) Back pay, within the meaning of Treasury Regulations Section
1.415(c)-2(g)(8), shall be treated as compensation for the limitation
year to which the back pay relates to the extent the back pay
represents wages and compensation that would otherwise be
included under this definition.
(D) Notwithstanding any other provision of law to the contrary, the Board
may modify a request by a member to make a contribution to the plan if the
amount of the contribution would exceed the limits provided in Code Section
415 by using the following methods:
(1) If the law requires a lump sum payment for the purchase of
service credit, the Board may establish a periodic payment deduction
plan for the member to avoid a contribution in excess of the limits
under Code Sections 415(c) or 415(n).
(2) If payment pursuant to subparagraph (D)(1) will not avoid a
contribution in excess of the limits imposed by Code Section 415(c),
the Board may either reduce the member's contribution to an amount
within the limits of that section or refuse the member's contribution
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DB PLAN RESTATED and AMENDED as of September 21, 2023
(2) "Participant":
means an employee of the Employer who is eligible to receive
benefits under this Benefit Restoration Plan, under (C).
(3) "Pensioner":
means a former employee of the Employer who is retired and
receiving retirement benefits.
(4) "Benefit Restoration Plan":
means the provisions of section 16.09, which is hereby established
for the payment of retirement benefits supplementing the Plan
benefits as permitted under Code Section 415(m).
(5) "Benefit Restoration Plan Year":
means the limitation year of the Plan under Code Section 415.
(6) "Plan":
means the plan identified in the Adoption Agreement which is a
Florida Municipal Pension Trust Fund Defined Benefit Plan
maintained by a participating employer, and with respect to which this
Benefit Restoration Plan will provide supplemental benefits.
(7) "Trust":
means the trust fund established in subsection (E) (2) of this Benefit
Restoration Plan, which shall constitute a separate trust fund from the
trust fund maintained under the Plan.
(8) "Board":
means the Board of Trustees of the Plan, serving in the separate
capacity as trustees of this Benefit Restoration Plan.
(C) PARTICIPATION
(1) All Participants, Pensioners and Beneficiaries of the Plan
whose retirement or survivor benefits from that Plan for a Plan Year
have been limited by Code Section 415 are eligible to participate in
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DB PLAN RESTATED and AMENDED as of September 21, 2023
(1) Contributions
(a) The Board, upon the recommendation of the actuary, shall
determine the required contributions to pay plan benefits in
accordance with (3) below. The required contribution for each
Plan Year shall be the total amount of benefits payable under
(D) to all Pensioners and Beneficiaries, plus such amount as
determined by the Board to pay the administrative expenses of
the Benefit Restoration Plan and the Employer's share of any
employment taxes on the benefits paid from the Plan.
(b) The required contribution as determined by the Board, upon
the recommendation of the actuary, shall be paid into the Trust
from an allocation of the Employer contribution amounts paid
under the Plan.
(2) Benefit Restoration Plan Trust Fund
Contributions to the Benefit Restoration Plan shall be deposited in
the separate Trust established and administered by the Board. This
Trust is intended to be exempt from federal income tax under Code
Sections 115 and 415(m)(1). The Trust assets shall be subject to
the claims of general creditors of the Employer in the case of
bankruptcy.
(3) Funding Assets
The benefit liabilities of the Benefit Restoration Plan shall be funded
on an as -needed basis. The Trust established under (2) above shall
not be accumulated to pay benefits payable in future years.
Accordingly, any assets of the Trust shall be invested by the Board
in short-term investments as the Board may determine to assure
preservation of principal rather than the generation of income.
(4) Non -assignability of Benefits
The benefits payable under this Benefit Restoration Plan may not be
assigned or alienated, except as otherwise permitted for benefits
payable by the Plan.
(5) Amendment and Termination
The Employer reserves the right to amend this Benefit Restoration
Plan at any time. No modification or amendment of the Benefit
Restoration Plan shall make it possible for any part of the income or
assets of the fund to be used for, or diverted to, purposes other than
for the exclusive benefit of the Participants, Pensioners and
Beneficiaries, except as set forth in section (2) above.
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DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 17
DISTRIBUTION OF BENEFITS
As of the Effective Date, this Plan shall pay all benefits in accordance with a good faith
interpretation of the requirements of Code Section 401(a)(9) and the regulations
promulgated thereunder, as applicable to a governmental plan as defined in Code Section
414(d). Notwithstanding any other provision of this Plan to the contrary, a form of retirement
income payable from this Plan shall satisfy the following conditions:
(A) If the retirement income is payable before the Participant's death,
(1) It shall either be distributed or commence to the Participant not later than April
1 of the calendar year following the later of the calendar year in which the
Participant attains the applicable age required by IRC § 401(a)(9), or the
calendar year in which the Participant retires; and,
(2) the benefit shall be paid over the life of the Participant or over the lifetimes of
the Participant and designated beneficiary and shall be paid over the period
extending not beyond the life expectancy of the Participant and designated
beneficiary
Where benefit payments have commenced in accordance with the preceding
paragraphs and the Participant dies before his entire interest in the Plan has been
distributed, the remaining portion of such interest in the Plan shall be distributed no
less rapidly than under the form of distribution in effect at the time of the Participant's
death.
(B) If the Participant dies before distributions begin, the Participant's entire interest will
be distributed, or begin to be distributed, no later than as follows:
(1) If the Participant's surviving spouse is the Participant's sole designated
beneficiary, then, except as provided in the adoption agreement,
distributions to the surviving spouse will begin by December 31 of the
calendar year immediately following the calendar year in which the
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DB PLAN RESTATED and AMENDED as of September 21, 2023
a distributee's (as defined below) election under this paragraph, a distributee may
elect, at the time and in the manner prescribed by the Plan Administrator, to have
any portion of an eligible rollover distribution (as defined below) that is equal to at
least $500 paid directly to an eligible retirement plan (as defined below) specified by
the distributee in a direct rollover (as defined below). If an eligible rollover distribution
is less than $500, a distributee may not make the election described in the preceding
sentence to rollover only a portion of the eligible rollover distribution.
(2) For purposes of this paragraph, the following terms shall have the following
meanings:
(i) An "eligible rollover distribution" is 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 Code Section 401(a)(9), and the
portion of any distribution that is not included in gross income (determined
without regard to the exclusion for net unrealized appreciation with respect to
employer securities); and any other distribution(s) that is reasonably expected
to total less than $200 during a year.
A portion of a distribution shall not fail to be an eligible rollover distribution
merely because the portion consists of after-tax employee contributions
which are not includible in gross income. However, such portion may be
transferred only to (1) a traditional individual retirement account or annuity
described in § 408(a) or (b) of the Code (a —traditional IRA) or a Roth
individual retirement account or annuity described in § 408A (a —Roth IRA);
or (2) to a qualified defined contribution, defined benefit, or annuity plan
described in § 401(a) or § 403(a) or to an annuity contract described in §
403(b), if such plan or contract provides for separate accounting for
Ad
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 18
MISCELLANEOUS PROVISIONS
18.01 Interest of Participants in Plan
All assets of the Fund shall be held in trust and at no time prior to the satisfaction of all
liabilities under the Plan with respect to Participants and Beneficiaries, shall any part of the
corpus or income of the Fund be used for or diverted to any purpose other than for their
exclusive benefit. No plan amendment or ordinance shall be adopted by the Employer which
shall have the effect of reducing the then vested accrued benefits of Participants or
Participants' beneficiaries under the Plan.
18.02 Summary Plan Descriptions
The Summary Plan Description outlining the provisions of this Plan was designed only to
give a brief description of the benefit provided and does not include all the provisions or
exclusions in the Plan Document. If the Summary Plan Description disagrees with the Plan
herein in any way, the Plan Document will govern.
18.03 Gender and Number
Wherever any words are used in the masculine, feminine or neutral gender, they shall be
construed as though they were also used in another gender in all cases where they would
apply. Whenever any words are used herein in the singular or plural form, they shall be
construed as though they were also used in the other form in all cases where they would
apply.
18.04 Headinqs and References
All headings and references to sections, subsections, paragraphs, etc., in this Plan are
inserted for convenience only and shall not affect the construction or interpretation of this
Plan.18.05 Benefit Improvements
Benefit improvements which, in the past, have been provided for by amendments to the
Plan adopted by the Employer by ordinance or resolution, and any benefit improvements
DB PLAN RESTATED and AMENDED as of September 21, 2023
be submitted through the Fund's administrator for review as to whether the Fund may
honor it.
(B) If the domestic relations order is not submitted to the administrator for review prior
to entry, and the Fund is ordered to take action that it may not legally take, and the Fund
expends administrative or legal fees in resolving the matter, the Participant who submitted
the domestic relations order will be required to reimburse the Fund its expenses in
connection with the order.
(C) The administrator may develop rules or regulations concerning what the Fund will
consider to determine if a domestic relations order may be complied with by the Fund.
18.09 Prohibited Transaction
Effective January 1, 1989, the Board may not engage in any transaction prohibited under
Section 503(b) of the Code.
18.10 Qualification of Plan
It is intended that this plan shall constitute a qualified public pension plan under the
applicable provisions of the Code for a qualified plan under Code Section 401(a) and a
governmental plan under Code Section 414(d), as now in effect and as may be amended
from time to time. Any modification or amendment of this Plan may be made retroactively,
if necessary or appropriate to maintain qualification.
18.11 Plan Amendments
The Employer acknowledges the FMPTF Defined Benefit Plan document may be
amended from time to time by the FMPTF Master Trustee to comply with applicable
federal or state laws or regulations, and to make ministerial or administrative changes to
the Plan, without the consent of the Employer or of Participants or any Beneficiaries
thereof. Any amendment of the Plan, made in accordance with this provision, may be
made retroactively, if deemed necessary or appropriate by the FMPTF Master Trustee.
A copy of any Plan amendment shall be delivered to the Plan administrator, and the Plan
shall be amended in the manner and effective as of the date set forth therein, and the
Employers, Employees, Participants and Beneficiaries shall be bound by the amendment.
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DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 19
REPEAL OR TERMINATION OF PLAN
(A) This Plan and Fund may be modified, terminated, or amended, in whole or in part at
any time by the Employer; provided that if this Plan or any subsequent ordinance or
resolution shall be amended or repealed in its application to any person benefiting
hereunder, the amount of benefits which at the time of any such alteration, amendment, or
repeal shall have accrued to the Participant or beneficiary shall not be affected thereby,
except to the extent that the assets of the Fund may be determined to be inadequate.
(B) If this Plan shall be repealed, or if contributions to the Plan are discontinued, or if
there is a transfer, merger or consolidation of government units, services or functions as
provided in Chapter 121, FI. Stat., the Board shall continue to administer the Plan in
accordance with the provisions of this Plan, for the sole benefit of the then Participant's, any
beneficiaries then receiving retirement allowances, and any future persons entitled to
receive future benefits. In the event of repeal, termination or permanent discontinuance of
contributions due to transfer, merger or consolidation of government units, services or
functions, or for any other reason, there shall be full vesting (100%) of benefits accrued to
date of repeal and the assets of the Plan shall be allocated as follows:
(C) General Employees
Benefits for General Employees shall be distributed in an equitable manner to provide
benefits on a proportionate basis to the persons so entitled in accordance with the provisions
of this Plan. The following shall be the order of priority for purposes of allocating the assets
of the Plan as of the date of repeal of this Plan, or if contributions to the Plan are discontinued
with the date of such discontinuation being determined by the Employer.
(1) Apportionment shall first be made in respect of each retired Participant
receiving a retirement or disability benefit hereunder on such date, each person
receiving a benefit on such date on account of a retired or disabled (but since
deceased) Participant, and each Participant who has, by such date, become eligible
73
DB PLAN RESTATED and AMENDED as of September 21, 2023
as described in paragraph 1 above, of the accrued Normal Retirement Benefit, less
the amount apportioned in paragraph 3 above, based on the Credited Service and
Average Final Compensation as of such date, provided that, if such remaining asset
value be less than the aggregate of the amounts apportioned hereunder, such
amounts shall be reduced so that the aggregate of such reduced amounts will be
equal to such remaining asset value.
(5) In the event that there be asset value remaining after the full apportionment
specified in paragraphs 1, 2, 3, and 4 above, such excess shall be returned to the
Employer, less return of the State's contributions to the State if applicable, provided
that, if the excess is less than the total contributions made by the Employer and the
State to the date of termination such excess shall be divided proportionately to the
total contributions made by the Employer and the State.
The allocation of the Fund provided for in this subsection may, as decided by the
Board and the Employer be carried out through the purchase of insurance company
contracts to provide the benefits determined in accordance with this subsection. The
Fund may be distributed in one sum to the persons entitled to said benefits or the
distribution may be carried out in such other equitable manner as the Board and the
Employer may direct. The Trust may be continued in existence for purposes of
subsequent distributions.
(6) After all the vested and accrued benefits provided hereunder have been paid
and after all other liabilities have been satisfied, then and only then, shall any
remaining funds be reverted to of the Employer.
(D) Police Officers and Firefighters
Benefits for Police Officers and Firefighters for plans participating in Chapters 175 or 185,
FI. Stat., shall be distributed in accordance with the following procedure:
75
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 20
EXEMPTION FROM EXECUTION, NON -ASSIGNABILITY
The pensions, annuities, or any other benefits accrued or accruing to any person under the
provisions of this Plan, the Accumulated Contributions and the assets in the Fund created
under this Plan are exempt from any state, county or municipal tax of the state and shall not
be subject to execution, attachment, garnishment or any legal process whatsoever and shall
be unassignable.
77
DB PLAN RESTATED and AMENDED as of September 21, 2023
(B) Conviction shall be defined as follows: An adjudication of guilt by a court of
competent jurisdiction; a plea of guilty or a nolo contendere; a jury verdict of guilty
when adjudication of guilt is withheld and the accused is placed on probation; or a
conviction by the Senate of an impeachable offense.
(C) Court shall be defined as follows: any state or federal court of competent
jurisdiction, which is exercising its jurisdiction to consider a proceeding involving the
alleged commission of a specified offense. Prior to forfeiture, the Board shall hold a
hearing on which notice shall be given to the Participant whose benefits are being
considered for forfeiture. Said Participant shall be afforded the right to have an
attorney present. No formal rules of evidence shall apply, but the Participant shall
be afforded a full opportunity to present his case against forfeiture.
(D) Any Participant who has received benefits from the Plan in excess of his
Accumulated Contributions after Participant's rights were forfeited pursuant to this
section shall be required to pay back to the Fund the amount of the benefits received
in excess of his Accumulated Contributions. The Board may implement all legal
action necessary to recover such funds.
(E) As provided in the Florida Statutes, it is unlawful for a person to willfully and
knowingly make, or cause to be made, or to assist, conspire with, or urge another to
make, or cause to be made, any false, fraudulent, or misleading oral or written
statement or withhold or conceal material information to obtain any benefit from the
Plan. A person who commits a crime is punishable as provided in Section 775.082
or Section 775.083, Florida Statutes.
(F) In addition to any applicable criminal penalty upon conviction for a violation
described in subsection (E), a Participant or Beneficiary of the Plan may, in the
discretion of the Board, be required to forfeit the right to receive any or all benefits to
which the person would be otherwise be entitled under the Plan. For purposes of
79
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 22
PENSION VALIDITY
The Board shall have the power to examine and investigate into the facts upon which any
pension shall heretofore have been granted under any prior or existing law, or shall hereafter
be granted or obtained erroneously, fraudulently or illegally for any reason. The Board is
empowered to purge the pension rolls or correct the pension amount of any person
heretofore granted a pension under prior or existing law or any person hereafter granted a
pension under this Plan if the same is found to be erroneous, fraudulent or illegal for any
reason, and to reclassify any person who has heretofore under any prior or existing law
been or who shall hereafter under this Plan be erroneously, improperly or illegally classified.
Any overpayments or under payments shall be corrected and paid or repaid in a reasonable
manner determined by the Board.
81
DB PLAN RESTATED and AMENDED as of September 21, 2023
EXHIBIT A
MASTER TRUST AGREEMENT (INCLUDING INVESTMENT POLICY)
83
DB PLAN RESTATED and AMENDED as of September 21, 2023