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 S. 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 S. 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 body with 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, this aZ. day of Ault 2025.
PASSED AND ADOPTED ON SECOND READING, this 24day of September . 2025.
CITY OF SEBASTIAN
Bob NlcPart((an, Mayor
2
ATTEST:
Jeanette Williams, MMC
City Clerk
Approved as to form & legality:
/9/9,
J nn' r Cockcroft, Esq.
City Attorney
NOTE. The Plan Adoption Agreement, 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 2025-73.
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
bstewartgcityofsebastian _ora
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
September 30 each year
4) Name of Plan Administrator:
Florida League of Cities, Inc.
301 Bronough St.
Post Office Box 1757
Tallahassee, Florida 32302-1757
Tel: (850) 222-9684 Fax: (850) 222-3806
5) Florida Municipal Pension Trust Fund I.D. Number:
59-2961075
6) Participant:
A full-time general employee of the Employer, who fulfills the prescribed participation
requirements in the Plan.
7) Plan's Aqent for Leqal Process:
Lorium Law, PLLC
Attn: Brent J. Chudachek, Esq.
101 NE 3rd Ave. Suite 1800
Fort Lauderdale, FL 33301
B. PLAN
Retirement Plan and Trust for the General Employees of the City of Sebastian.
C. ELIGIBILITY
All general employees who are employed full-time by the Employer as of October 1, 2025.
Additionally, all full-time general employees hired on or after October 1, 2025 will be required
to participate in the Plan immediately upon being hired as a full-time general employee.
D. PENSIONABLE EARNINGS
Means the total cash remuneration paid to a general employee, excluding overtime pay,
bonuses, compensation for unused leave and any other nonregular payments.
E. CREDITED SERVICE
Shall mean the total number of years and fractional parts of years of service as a Participant
during which the Participant made required contributions to the Plan, omitting intervening
years or fractional parts of years when such Participant is not employed by the Employer.
Participants shall be 100% vested after the completion of 5 years of service with the City
beginning on the latter of their hire date or October 1, 2025. No Employer service prior to
October 1, 2025 shall be counted for vesting purposes. However, service earned prior to
October 1, 2025 may be counted as credited service for the purpose of determining the
amount of a Participant's benefit as provided below herein.
1) PURCHASING PRIOR CREDITED SERVICE
A Participant may purchase credited service for employment prior to October 1, 2025 with
the Employer or employment with a different public employer occurring prior to the
Participant's first or initial employment with the Employer, as permitted under State and
Federal Law. The maximum number of years of credited service that may be purchased
pursuant to this section for prior military service and prior employment with the Employer
2
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 vear vestino, 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.
3
ADOPTION AGREEMENT FOR THE RETIREMENT PLAN AND TRUST FOR THE GENERAL EMPLOYEES
OF THE CITY OF SEBASTIAN
G. BENEFIT AMOUNTS AND ELIGIBILITY
1) Normal Retirement Date:
A vested Participant's Normal Retirement Date shall be the first day of the month coincident
with or next following the attainment of age 55 and at least 25 years of vested service or
age 60 with at least five (5) years of vested service.
2) Normal Retirement Benefit:
The monthly retirement benefit shall be equal to 1/12th of the number of years of credited
service multiplied by the average final compensation and multiplied by the following Plan
Factor based on the Participants' contributions as defined below:
Employee
Plan
Contribution
Factor
0.00%
1.00%
1.00%
1.18%
2.00%
1.36%
3.00%
1.54%
4.00%
1.72%
5.00%
1.90%
6.00%
2.08%
7.00%
2.26%
8.00%
2.44%
9.00%
2.62%
10.00%
2.80%
3) Early Retirement Date:
A vested Participant may retire on his Early Retirement Date which shall be the first day
of any month coincident with or next following the attainment of age 55 with at least five
(5) years of vested service.
4) Early Retirement Benefit:
The accrued benefit will be reduced by three (3) percent for each year before normal
retirement age.
5) Optional Methods of Retirement Payments:
Each Participant shall have the right at any time up to his actual retirement date to elect to
have his retirement benefit payable under any of the options hereinafter set forth in lieu of
the benefits otherwise provided, and to revoke any such elections and make a new election
at any time prior to said actual retirement date. The value of optional retirement benefits
shall be actuarially equivalent to the value of benefits otherwise payable. The Participant
shall make such an election by written request to the Board of Trustees, and such an
election shall be subject to the approval of the Board of Trustees.
a) Life: Monthly income payments for the life of the Participant.
4
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
5
ADOPTION AGREEMENT FOR THE RETIREMENT PLAN AND TRUST FOR THE GENERAL EMPLOYEES
OF THE CITY OF SEBASTIAN
effective 10/1/2030 and may be irrevocably changed every five (5) years after this date to be
effective October 1. Changes must be requested prior to September 15 of the corresponding
year.
L. ONE-TIME OPT OUT OPTION:
At Plan implementation, there will be a one-time irrevocable opt out option for eligible
general employees under which eligible general employees may elect to participate in the
City's 401(a) plan currently with Mission Square. If the Employee chooses to opt out, the
Employer will contribute 9% of the Employee's Pensionable Earnings for a maximum of
five (5) years, at which point no further contributions will be made.
M. COST OF LIVING ADJUSTMENT:
Not applicable unless otherwise stated.
N. DEFERRED RETIREMENT OPTION PROGRAM - "DROP":
Not applicable unless otherwise stated.
This Adoption Agreement may be used only in conjunction with the Basic Defined Benefit Plan
Document.
This Adoption Agreement and the Basic Defined Benefit Plan Document shall together be known
as the Retirement Plan and Trust for the General Employees of the City of Sebastian.
The Adoption Agreement and the Basic Defined Benefit Plan Document are furnished for
the consideration of the Employer and its legal and financial advisors. The Florida
Municipal Pension Trust Fund advises the sponsoring Employer to consult with its own
attorney and financial advisors on the legal and tax implications of the Defined Benefit
Plan and the Adoption Agreement. Nothing herein should be construed as constituting
legal or tax advice.
We understand that the Employer may amend any election in this Adoption Agreement by giving
the Trustee written notification of such Amendment as adopted.
The Employer hereby agrees to operate under the provisions of the Master Trust Agreement
creating the Florida Municipal Pension Trust Fund, which is incorporated in full into this Agreement
and attached hereto as Exhibit A to the Basic Defined Benefit Plan Document and the Adoption
Agreement.
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK; SIGNATURE PAGE TO FOLLOW]
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 Sentemh._r ?A ,20 2.
ATTEST:
L, A� bjW41 l
Pbannette Williams, MMC
City Clerk
EMPLOYER:
CITY OF SEBASTIAN
Bob McPartlan, Mayor
APPROVEI;).;AS TO FORM & LEGALITY:
J niter Cockcroft, Esq .� City Attorney
7
ADOPTION AGREEMENT FOR THE RETIREMENT PLAN AND TRUST FOR THE GENERAL EMPLOYEES
OF THE CITY OF SEBASTIAN
EXHIBIT A:
MASTER TRUST AGREEMENT
Citv of Sebastian General Em0ovees
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:
� 6J�
(�4ette Williams, City Clerk
City of Sebastian, Florida,
a Florida municipal co, rpo tion
By:
Signature
Bob McPartlan, as Mayor
ACCEPTANCE
FLORIDA MUNICIPAL PENSION TRUST FUND
By:
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
TABLE OF CONTENTS
ARTICLE 1-
DEFINITIONS
Section 1.01-
Section 1.31
Definitions
5
ARTICLE 2
PARTICIPATION
Section 2.01
Conditions of Eligibility
15
Section 2.02
Participation
15
Section 2.03
Change in Designation of Beneficiary
16
ARTICLE 3
BOARD OF TRUSTEES
Section 3.01
Board of Trustees
17
ARTICLE 4
FINANCES AND FUND MANAGEMENT
Section 4.01
Establishment and Operation of Fund
20
ARTICLE 5
CONTRIBUTIONS
Section 5.01
Participant Contributions
25
Section 5.02
State Contribution
25
Section 5.03
Employer Contributions
25
Section 5.04
Other
26
ARTICLE 6 BENEFIT AMOUNTS AND ELIGIBILITY
Section 6.01
Normal Retirement Date
27
Section 6.02
Normal Retirement Benefit
27
Section 6.03
Normal Form of Benefit
28
Section 6.04
Cost of Living Adjustments to Benefit Payments
28
Section 6.05
Early Retirement Date
28
Section 6.06
Early Retirement Benefit
29
Section 6.07
Deferred Retirement Option Program or "DROP"
29
Section 6.08
Required Distribution Date
30
Section 6.09
Defined Contribution Plan Component — Share Plan
30
ARTICLE 7 PRE -RETIREMENT DEATH
Section 7.01
Death Prior to Vesting In -Line -Of -Duty
34
Section 7.02
Death After Vesting In -Line -Of- Duty
34
Section 7.03
Death Prior to Vesting Off -Dubs
34
Section 7.04
Death After Vesting Off -Duty
34
Section 7.05
Beneficiaries in Receipt of Payment
34
2
DB PLAN RESTATED and AMENDED as of September 21, 2023
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
Section 18.05
Benefit Improvements
71
Section 18.06
Procedures for Unclaimed Benefit
71
Section 18.07
Qualified Military Service
71
Section 18.08
Domestic Relations Order Submission
72
Section 18.09
Prohibited Transaction
72
Section 18.10
Qualification of Plan
72
Section 18.11
Plan Amendments
72
ARTICLE 19
REPEAL OR TERMINATION OF PLAN
74
ARTICLE 20
EXEMPTION FROM EXECUTION, NON ASSIGNABILITY
78
ARTICLE 21
FORFEITURE OF PENSION:
CONVICTION AND FORFEITURE
79
ARTICLE 22
PENSION VALIDITY
82
ARTICLE 23
SIGNATORIES
83
EXHIBIT A
MASTER TRUST AGREEMENT
84
EXHIBIT B
ACTUARIAL EQUIVALENT
85
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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.
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DB PLAN RESTATED and AMENDED as of September 21, 2023
1.06 "Average Final Compensation":
shall mean one -twelfth (1/12) of the average annual compensation of the five (5) best
years of the last ten (10) years of Credited Service prior to retirement, termination or
death, or the career average, whichever is greater, unless otherwise specified in the
Adoption Agreement. A year shall be defined as the twelve (12) consecutive months
immediately prior to death, disability or retirement. In the case of a Volunteer
Firefighter, Average Final Compensation shall mean the average salary of the five
(5) best years of the ten (10) best contributing years prior to change in status to a
permanent full-time Firefighter or retirement as a Volunteer Firefighter or the career
average of a Volunteer Firefighter, whichever is greater.
1.07 "Beneficiary":
shall mean the person or persons entitled to receive benefits hereunder at the death
of a Participant who has or have been designated in writing by the Participant and
filed with the Board. If no such designation is in effect, or if no person so designated
is living, at the time of death of the Participant, the beneficiary shall be the estate of
the Participant.
1.08 "Board":
Shall mean the Board of Trustees, which shall administer and manage the Plan
herein provided and serve as Trustees of the Fund.
1.09 "Code":
shall mean the Internal Revenue Code of 1986, as amended from time to time.
1.10 "Credited Service":
shall mean the total number of years and fractional parts of years as a Participant
during which the Participant made required contributions to the Plan, omitting
intervening years or fractional parts of years when such Participant is not employed
by the Employer. Credited Service may be given for years of employment as a Police
[91
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,
7
DB PLAN RESTATED and AMENDED as of September 21, 2023
(C) The maximum credit for military service pursuant to this paragraph shall be
five (5) years.
(D) This section is intended to satisfy the minimum requirements of USERRA,
as may be amended from time to time. To the extent that this section does not
meet the minimum requirements of USERRA, the provisions of USERRA shall
govern.
If a participant dies on or after January 1, 2007 while performing Qualified Military
Service as defined by USERRA, the participant's beneficiaries shall be entitled to any
benefits the participant would have been entitled to had he or she resumed
employment and then died while employed.
Beginning January 1, 2009, to the extent required by section 414(u)(12) of the Code,
an individual receiving differential wage payments, as defined under section
3401(h)(2) of the -Code, from an employer shall be treated as employed by that
employer, and the differential wage payment shall be treated as compensation for
purposes of applying the limits on annual additions under section 415(c) of the Code.
This provision shall be applied to all similarly situated individuals in a reasonably
equivalent manner.
1.11 "Deferred Retirement Option Plan" or "DROP":
shall mean a local law plan retirement option in which a Participant may elect to
participate. A Participant may retire for all purposes of the plan and defer receipt of
retirement benefits into a DROP account while continuing employment with his
employer. However, a Participant who enters the DROP and who is otherwise
eligible to participate shall not thereby be precluded from participating or continuing
to participate in a supplemental plan in existence on, or created after, the date of
adoption of a DROP by the Employer pursuant to Section M, "DROP," of the Adoption
Agreement.
1.12 "Early Retirement Date":
3
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 "Employee":
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 "Emolover":
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":
E
DB PLAN RESTATED and AMENDED as of September 21, 2023
shall mean the calendar year, or the 12-consecutive month period elected by an
Employer in the Adoption Agreement and approved by the FMPTF Master Trustee
or its designee. All qualified plans maintained by the Employer must use the same
Limitation Year. If the Limitation Year is amended to a different 12-consectuvie month
period, the new Limitation Year must begin on a date within the Limitation Year in
which the amendment is made.
1. 19 "Normal Retirement Date":
shall mean the date as specified in the Adoption Agreement - Section G1 Normal
Retirement Date.
1.20 "Participant or Member"
shall mean the actively employed Employees who are eligible to participate in this
Plan as specified in the Adoption Agreement - Section B, Plan and Section C,
Eligibility. 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 which might be made in the future shall apply
prospectively and shall not apply to Participants who terminate employment or who
retire prior to the effective date of any ordinance or resolution adopting such benefit
improvements, unless such ordinance or resolution specifically provides to the
contrary.
1.21 "Plan":
shall mean the pension Plan as herein set forth and as may be amended from time
to time.
1.22 "Plan Year":
shall mean the Plan's accounting year of twelve (12) consecutive months
commencing on October 1 of each year and ending the following September 30, or
the Plan Year as specified in the Adoption Agreement.
10
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), FI. 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 Safety 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 "Salary/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
bargained, this provision is effective for the first agreement entered into on or after
July 1, 2011
For Firefighters, "compensation" or "salary" means, for noncollectively bargained
service earned before July 1, 2011, or for service earned under collective bargaining
agreements in place before July 1, 2011, the fixed monthly remuneration paid a
Firefighter; where, as in the case of a Volunteer Firefighter, remuneration is based
on actual services rendered, the term means the total cash remuneration received
yearly for such services, prorated on a monthly basis. 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, the term has the same
meaning except that when calculating retirement benefits, up to 300 hours per year
in overtime compensation may be included as noted in the Adoption Agreement, but
payments for accrued unused sick or annual leave may not be included.
For Police Officers, "compensation" or "salary" means, for noncollectively bargained
service earned before July 1, 2011, or for service earned under collective bargaining
agreements in place before July 1, 2011, the total cash remuneration paid to a Police
Officer for services rendered, including overtime payments which may be limited to
not less than 300 hours per calendar year, but not including any payments for extra
duty or a special detail work performed on behalf of a second party employer. 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,
the term has the same meaning except that when calculating retirement benefits, up
to 300 hours per year in overtime compensation may be included as noted in the
Adoption Agreement, but payments for accrued unused sick or annual leave may not
be included.
For a firefighter or police officer supplemental plan operating under either section
175.351(4) or 185.35(4), Florida Statutes, the definition of compensation or salary
may be as provided under the referenced sections of law.
12
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
1.30 "Valuation Date":
shall mean the first day of the Plan Year.
1.31 "Volunteer Firefighter":
shall mean any person whose name is carried on the active membership roll of a
constituted volunteer fire department or a combination of a paid and volunteer fire
department of any municipality or special fire control district and whose duty is to
extinguish fires, protect life, and to protect property. Compensation for services
rendered by a Volunteer Firefighter shall not disqualify him as a volunteer. A person
shall not be disqualified as a Volunteer Firefighter solely because he has other gainful
employment. Any person who volunteers assistance at a fire, but is not an active
member of the department described herein is not a Volunteer Firefighter within the
meaning of this paragraph.
14
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
(C) a certified statement as to prior medical history, and a
waiver to release and access medical records.
2.03 Chanqe in Designation of Beneficiary
A Participant may from time to time change his designated beneficiary by written
notice to the Board upon forms provided by the Board. Upon such change, the rights
of all previously designated beneficiaries to receive any benefits under the Plan shall
cease. A change of beneficiary shall not require consent of the beneficiary.
Notwithstanding the provisions of this paragraph, a police officer retiree or
firefighter retiree may change his or her designation of beneficiary up to two times
without the approval of the Board or the current beneficiary. The retiree is not
required to provide proof of the good health of the beneficiary being removed, and
the beneficiary being removed need not be living.
16
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
members may be amended by municipal ordinance, or resolution adopted
by the governing body of the special fire control district to extend the terms
from 2 years to 4 years. The length of the terms of office shall be the same
for all board members.
(D) Each Board member shall be entitled to one vote on the Board. A
majority of the Board shall be necessary for any decision of the Board. A
Board member shall have the right to abstain from voting as the result of a
conflict of interest provided that Board member states in writing the nature of
the conflict and complies with the provisions of Section 112.3143, FI. Stat.
(E) The Board of Trustees shall engage such actuarial, accounting, legal,
and other services as shall be required to transact the business of the Plan.
The compensation of all persons engaged by the Board and all other
expenses of the Board necessary for the operation of the Plan shall be paid
from the Fund at such rates and in such amounts as the Board of Trustees
shall approve.
(F) The duties and responsibilities of the Board of Trustees shall
include, but not necessarily be limited to, the following:
(1) To construe the provisions of the Plan and determine all
questions arising thereunder.
(2) To determine all questions relating to eligibility and participation.
(3) To determine the amount of all benefits hereunder.
(4) To establish uniform rules and procedures to be followed for
administrative purposes, benefit applications, and all matters
required to administer the Plan.
(5) To distribute to Participants, at regular intervals, information
concerning the Plan.
(6) To receive and process all applications for participation and
benefits.
18
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
ARTICLE 4
FINANCES AND FUND MANAGEMENT
4.01 Establishment and Operation of Fund
(A) As part of the Plan, there is hereby established the Fund, into which
shall be deposited all of the contributions and assets whatsoever attributable
to the Plan, including any assets of any prior municipal trust fund(s).
(B) The actual custody and supervision of the Fund (and assets thereof)
shall be vested in the Board. Payment of benefits and disbursements from
the Fund shall be made by the disbursing agent but only upon written
authorization from the Board or its designee.
(C) All funds of the Plan may be deposited by the Board with the Employer,
acting in a ministerial capacity only, who shall be liable in the same manner
and to the same extent as he is liable for the safekeeping of funds for the
Employer. However, any funds so deposited with the Employer shall be kept
in a separate fund by the Employer or clearly identified as such funds of the
Plan. In lieu thereof, the Board shall deposit the funds in a qualified public
depository as defined in Section 280.02, Fl. Stat., which depository with
regard to such funds shall conform to and be bound by all of the provisions of
Chapter 280, Fl. Stat. In order to fulfill its investment responsibilities as set
forth herein, the Board may retain the services of a custodian bank, an
investment adviser registered under the Investment Advisors Act of 1940, or
otherwise exempt from such required registration, an insurance company, or
a combination of these, for the purpose of investment decisions and
management. Such investment manager shall have discretion, subject to any
guidelines as prescribed by the Board, in the investment of all Fund assets.
(D) All funds of the Plan may be commingled without limitation in
governmental investment trusts, no-load investment funds or no-load mutual
3i]
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
of any assets of the Fund except for the payment of regular expenses
and benefits under this Plan, and except as otherwise provided in this
Plan. All contributions deposited into the Fund, and the income thereof,
without distinction between principal and income, shall be held and
administered by the Board, or its agent, in the Fund, and the Board
shall not be required to segregate or invest separately any portion of
the Fund.
(2) All monies paid into or held in the Fund shall be invested and
reinvested by the Board. The Fund shall be invested in accordance
with an established investment policy adopted by the Board. The
adopted investment policy will be made part of this document and shall
be attached as Exhibit A.
(3) The Board may cause any investment in securities held by it to
be registered in or transferred into its name as Trustee or into the name
of such nominee as it may direct, or it may retain them unregistered
and in a form permitting transferability, but the books and records shall
at all times show that all investments, are part of the Trust Fund.
(4) The Board is empowered, but is not required, to vote upon any
stocks, bonds, or securities of any corporation, association, or trust and
to give general or specific proxies or powers of attorney with or without
power of substitution to participate in mergers, reorganizations,
recapitalization, consolidations and similar transactions with respect to
such securities; to deposit such stock or other securities in any voting
trust or any protective or like committee with the Trustee or with
depositories designated thereby; to amortize or fail to amortize any part
or all of the premium or discount resulting from the acquisition or
disposition of assets; and generally to exercise any of the powers of an
owner with respect to stocks, bonds, or other investments comprising
the Fund which it may deem to be in the best interest of the Fund to
exercise.
22
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
For the purposes of effecting compliance with that section, the pension fund
shall designate terror -free plans that allocate their funds among securities
not subject to divestiture. No person may bring any civil, criminal, or
administrative action against the Board of trustees or any employee, officer,
director, or advisor of such pension fund based upon the divestiture of any
security pursuant to this paragraph.
24
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 Employee 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
year, and the total cost for the Plan Year, as represented in the most recent actuarial
valuation of the Plan. The total cost for each Plan Year shall be defined as the total
normal cost plus the additional amount sufficient to amortize the unfunded past
service liability as provided in Part AI of Chapter 112, Florida Statutes.
5.04 Other
Private donations, gifts and contributions may be deposited to the Fund.
26
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
G2 of the Adoption Agreement multiplied by his or her Average Final Compensation
as a full-time Firefighter.
(B) The amount of monthly retirement income payable to a Volunteer
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 Volunteer
Firefighter multiplied by the Normal Retirement Benefit multiplier specified in Section
G2 of the Adoption Agreement multiplied by his or her Average Final Compensation
as a Volunteer Firefighter.
(C) The sum of the Firefighter's monthly retirement income as
determined under (A) and (B) shall be the Firefighter's Normal Retirement Benefit.
6.03 Normal Form of Benefit
The normal form of benefit shall be a single monthly retirement benefit for life, ceasing
upon death, except as otherwise provided for plans operating under Chapter 175 or
185, FI. Stat.
6.04 Cost of Livinq Adiustments to Benefit Payments
A cost -of -living increase, if applicable, shall be as specified in the Adoption
Agreement, Section L - COLA Adjustments.
6.05 Early Retirement Date
A Participant may retire on the Early Retirement Date as specified in the Adoption
Agreement - Section G3, Early Retirement Date. Early retirement under the Plan is
termination from employment with the Employer on or after the Early Retirement Date
and prior to the Normal Retirement Date and the actual completion of the required
years of credited service.
e
K'
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
iE
DB PLAN RESTATED and AMENDED as of September 21, 2023
direct the investment of DROP funds through the FMPTF Master Trustee. Such an
arrangement may be provided for by separate agreement.
6.08 Required Distribution Date
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.
[Note: Under SECURE 2.0 Act the applicable age requirements are as follows:
• 70'/z for Participants born June 30, 1949, or earlier
• 72 for Participants born on July 1, 1949, through and including December 31, 1950
• 73 for Participants born on January 1, 1951, through and including December 31, 1959
• 75 for Participants born January 1, 1960, or later]
6.09 Defined Contribution Plan Component -- Share Plan
(A) For plans participating in Chapter 175 or 185, Florida Statutes, in
accordance with sections 175.351(6) and 185.35(6), Florida Statutes, there is
hereby established a defined contribution plan component ("Share Plan") to
provide special benefits to Firefighters, Police Officers and Public Safety
Officers who are Members of the defined benefit plan, as set forth in this
section unless a Share Plan has been created and is operational through an
Adoption Agreement, in which case the provisions of the Share Plan under
the Adoption Agreement shall prevail. The Share Plan shall be funded solely
and entirely by Chapter 175 and 185 premium tax monies that are allocated
to the Share Plan, either by (1) mutual consent of the Employer and the plan
members' collective bargaining representative, or if there is no collective
bargaining representative a majority of plan members; or (2) operation of
sections 175.351(1)(a)-(f) and 185.35(1)(a)-(f), Florida Statutes. The Board
shall provide documentation to the plan administrator of the manner in which
premium tax monies are to be allocated to the Share Plan on or before
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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
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DB PLAN RESTATED and AMENDED as of September 21, 2023
minimum benefits are to be credited to participant share accounts,
such monies shall be credited in the same proportion that each
participant's completed months of Credited Service has to the
combined completed months of Credited Service of all participants.
(2) Annual Credit. As of October 1 following the initial credit of
unallocated premium tax monies in accordance with paragraph (1)
above, any annual premium tax monies allocated to the Share Plan
shall be credited to participant share accounts, with each participant's
account receiving an equal share of the total amount allocated.
(E) Allocation of Investment Gains and Losses. As of October 1 each year
in which premium tax monies have been or are credited to participant share
accounts, each individual share account shall be adjusted to reflect the net
investment earnings or losses for the Trust for the immediately preceding plan
year. The net investment earnings or losses for the Trust shall be the
percentage earned or lost by the total Trust investments, including realized
and unrealized gains or losses, net of brokerage commissions, transaction
costs and management fees, as determined by the Plan's investment advisor.
(F) Forfeiture. A Share Plan participant who terminates employment with
less than the minimum number of years of credited service specified in the
Adoption Agreement for vesting shall forfeit his/her share account. Forfeited
amounts shall be reallocated to the other participant share accounts at the
end of the plan year in which a forfeiture occurs, unless a different allocation
is required by law. A participant whose share account is forfeited shall not
thereafter be entitled to any portion of the amount forfeited, and if
subsequently reemployed in an eligible position shall participate in the Share
Plan as a new participant.
32
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) intemal 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
ARTICLE 7
PRE -RETIREMENT DEATH
7.01 Death Prior to Vestinq - In -Line -Of -Duty, Prior to retirement, if the Participant
dies in -line -of -duty, and he is not vested, his beneficiary shall receive benefits as
specified in the Adoption Agreement - Section 11, Death Prior to Vesting - In -Line -Of -
Duty.
7.02 Death After Vestinq - In -Line -Of -Duty Prior to retirement, if a vested Participant
dies in -line -of -duty, having completed the required years of Credited Service, his
beneficiary shall receive benefits as specified in the Adoption Agreement - Section
12, Death After Vesting - In -Line -Of -Duty.
7.03 Death Prior to Vestinq - Off -Duty The beneficiary of a deceased Participant who
was not vested and who dies prior to retirement from causes other than in -line -of -
duty shall receive a refund of one hundred percent (100%) of the Participants'
Accumulated Contributions as specified in the Adoption Agreement Section 13, Death
Prior to Vesting- Off Duty.
7.04 Death After Vestinq - Off -Duty If a vested Participant dies prior to retirement from
causes other than -in -line -of -duty, having completed the required years of Credited
Service, his beneficiary shall receive the benefit otherwise payable to the Participant
at the Early or Normal Retirement Date as specified in the Adoption Agreement
Section 14, Death After Vesting - Off -Duty.
7.05 Beneficiaries Receipt of Payment A Beneficiary may not elect an optional form
of benefit, however, the Board may elect to make a lump sum payment pursuant
to Article 10(G) to a beneficiary of the death benefits payable hereunder.
7.06 Distribution of Benefits Distributions to the beneficiary shall commence by a date
selected in accordance with this Article and the Adoption Agreement; however in no
34
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
ARTICLE 8
DISABILITY
8.01 Disability Benefits In -Line -Of -Duty
(A) Benefits Each Participant who shall become Totally and Permanently
Disabled while an active Participant of the Employer 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, which disability was directly caused by the
performance of his duty as a Firefighter, Police Officer or Public Safety Officer,
respectively, shall, upon establishing the same to the satisfaction of the Board,
be entitled to a monthly pension which is as defined in the Adoption
Agreement - Section H1, Disability Benefits In -The -Line -of Duty.
(B) Presumption Pursuant to the provisions of section 112.18, FI. Stat.,
as amended from time to time, any condition or impairment of the health of a
Firefighter, Police Officer or Public Safety Officer caused by tuberculosis,
hypertension or heart disease, or hardening of the arteries for a Police Officer
or a Public Safety Officer, shall be presumed to have been suffered in line -of -
duty unless the contrary is shown by competent evidence, provided that such
Firefighter, Police Officer or Public Safety Officer, shall have successfully
passed a physical examination upon entering into employment with the
Employer, which may include a cardiogram, which failed to reveal any
evidence of such condition; and provided further, that such presumption shall
not apply to benefits payable or granted in a policy of life insurance or disability
insurance.
(C) Additional Presumption Section 112.181, Fla. Stat., as amended
from time to time, is hereby adopted and incorporated by reference and is
applicable to those conditions described therein that are diagnosed on or after
January 1, 1996.
36
DB PLAN RESTATED and AMENDED as of September 21, 2023
8.02 Disability 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
8.04 Physical Examination Requirement
A Participant shall not become eligible for disability benefits until and unless he
undergoes physical examination by a qualified physician or physicians and/or
surgeons or surgeons, who shall be selected by the Board for that purpose.
Any Participant receiving disability benefits under this Plan may be periodically
re-examined by a qualified physician or physicians and/or surgeon or surgeons who
shall be selected by the Board, to determine if such disability has ceased to exist. If
the Board finds that the former Participant is no longer Permanently and Totally
Disabled to the extent that he is able to render useful and efficient service as a
Firefighter, Police Officer or Public Safety Officer, respectively, the Board shall
recommend to the Employer that the former Participant be returned to performance
of duty as a Firefighter, Police Officer or Public Safety Officer, respectively, and shall
again become eligible to Participate in the Plan. In the event the former Participant
so ordered to return to employment shall refuse to comply with the order within thirty
(30) days from the issuance thereof, the Participant shall forfeit the right to his
benefits hereunder.
The cost of the physical examination and/or re-examination of the Participant
claiming and or receiving disability benefits shall be paid by the Plan. All other
reasonable costs as determined by the Board incident to the physical examination,
such as, but not limited to, transportation, meals and hotel accommodations, shall be
paid by the Plan.
If a Participant recovers from disability and reenters the service of the Employer as a
Participant, his service will be deemed to have been continuous, but the period
beginning with the first month for which he received a disability retirement income
payment and ending with the date he reentered the service of the Employer will not
be considered as Credited Service for the purposes of the Plan. The Board shall
have the power and authority to make the final decision regarding all disability claims.
38
DB PLAN RESTATED and AMENDED as of September 21, 2023
8.05 Disability Pavments
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, Fl. 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
settlement, the disability retirement income payable from the Plan shall be adjusted
as follows:
(A) The amount of the lump sum settlement shall be divided by the
Participant's remaining life expectancy (in months) as determined using the
actuarial assumptions represented in the last completed valuation of the Plan.
(B) If the number obtained in paragraph (A) above, when added to the
Participant's monthly disability retirement income from the Plan, exceeds the
Participant's final monthly compensation on the date of disability, the amount
of the excess shall be deducted from the Participant's monthly disability
retirement income from the pension plan, for the duration of the Participant's
remaining life expectancy as determined in paragraph (A) above.
(C) If the number obtained in paragraph (A) above, when added to the
Participant's monthly disability retirement income from the Plan, does not
exceed the Participant's final monthly compensation on the date of disability,
there shall be no reduction of the Participant's disability benefit from the plan.
8.07 Benefit for Firefiqhters with Cancer
As provided and subject to the limitations in section 112.1816, Florida Statues,
effective July 1, 2019 a firefighter (as defined in section 112.1816(1), Florida
Statutes) who is a Participant is considered to be totally and permanently disabled in
the line of duty if he or she meets the Plan's definition of Totally and Permanently
Disabled due to a diagnosis 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).
40
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
Service for purposes of vesting and benefit accruals shall not include any periods of
employment prior to his reemployment date unless he repays to the Fund his
Accumulated Contributions previously withdrawn with interest, as determined by the
Board, within ninety (90) days after reemployment. If a Participant repays the
foregoing amount to the Fund within the prescribed time period, the interest of the
Participant in his Accrued Benefit previously forfeited shall be restored in full and the
Participant's Credited Service shall be based on all periods of employment.
42
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
determined to ensure that the benefit paid is the Actuarial Equivalent of the present value of
the Participant's then -current benefit at the time of change, and there is no impact to the
Plan. Any such Participant shall pay the actuarial recalculation expenses. Each request
for a change will be made in writing on a form prepared by the Board and on completion will
be filed with the Board. In the event that no designated Beneficiary survives the Participant,
such benefits as are payable in the event of the death of the Participant subsequent to his
retirement shall be paid as provided in Section 11, Beneficiaries.
(D) Benefit payments shall be made under the option elected in accordance with the
provisions of this Article and shall be subject to the following limitations:
1. If a Participant dies prior to his Normal Retirement Date or Early Retirement
Date, the beneficiary will receive a benefit paid under the normal form of
benefit in accordance with Article 7, Pre -Retirement Death.
2. If both the retired Participant and the beneficiary (or beneficiaries) designated
by Participant die before full payment has been effected under any option
providing for payments for a period certain and life thereafter, the value of the
remaining payments shall be paid in such other amount and form of retirement
benefit payment that, in the opinion of the Board, will meet the circumstances
of the retiree and the Trust in accordance Article 11.
3. If the designated Beneficiary (or Beneficiaries) or joint pensioner dies before
the Participant's retirement under the Plan, the option elected will be canceled
automatically and a retirement income of the normal form and amount will be
payable to the Participant upon his retirement as if the election had not been
made, unless a new election is made in accordance with provisions of this
Article or a new Beneficiary is designated by the Participant prior to his
retirement.
4. If a Participant continues employment beyond his Normal Retirement Date
pursuant to the provisions of the Normal Retirement Date provided in the
Adoption Agreement, and dies prior to his actual retirement and while an
option made pursuant to the provisions of the Adoption Agreement is in effect,
44
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 11
BENEFICIARIES
(A) Each Participant may, on a form provided for that purpose, signed and filed with the
Board, designate a beneficiary (or beneficiaries) to receive the benefit, if any, which may be
payable in the event of his death and each designation may be revoked by such Participant
by signing and filing with the Board a new designation -of -beneficiary form. The consent of a
Participant's beneficiary to any change of beneficiary shall not be required.
(B) If a deceased Participant fails to name a beneficiary in the manner prescribed in
Section A, or if the beneficiary (or beneficiaries) named by a deceased Participant
predeceases the Participant, the death benefit, if any, which may be payable under the Plan
with respect to such deceased Participant shall be paid by the Board to the estate of the
Participant, and the Board, in its discretion, may direct that the commuted value of the
remaining value of the remaining monthly income benefits be paid in a lump sum.
Any payment made to any person pursuant to this Section shall operate as a complete
discharge of all obligations under the Plan with regard to the deceased Participant and any
other persons with rights under the Plan and shall not be subject to review by anyone but
shall be final, binding, and conclusive on all persons ever interested hereunder.
Uy
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 13
REPORTS TO DIVISION OF RETIREMENT
Each year by no later than March 15th, the Board shall file an Annual Report with the State
of Florida, Division of Retirement, and the Employer containing the documents and
information contained in Sections 175.261 and 185.221, Florida Statutes.
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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.
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DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 15
BOARD ATTORNEY AND PROFESSIONALS
The Board may employ independent legal counsel at the Fund's expense for the purposes
contained herein, together with such other professional, technical, or other advisors as the
Board deems necessary.
01
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 Adjustments 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:
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DB PLAN RESTATED and AMENDED as of September 21, 2023
(A) Benefit Forms Not Subject to § 417(e)(3): The straight life annuity
that is actuarially equivalent to the member's form of benefit shall be
determined under this section 16.02(A) if the form of a member's benefit is
either a non -decreasing annuity (other than a straight life annuity) payable
for a period of not less than the life of the member (or in the case of a
qualified pre -retirement survivor annuity, the life of the surviving spouse), or
an annuity that decreases during the life of the participant merely because
of (a) the death of the survivor annuitant (but only if the reduction is not
below 50% of the benefit payable before the death of the survivor
annuitant), or (b) the cessation or reduction of Social Security supplements
or qualified disability payments (as defined in Code Section 401(a)(11)1. For
a benefit paid in a form described in this Section 16.02(6), the actuarially
equivalent straight life annuity is equal to the greater of:
(1) The annual amount of the straight life annuity (if any) payable
to the member under the plan commencing at the same annuity
starting date as the member's form of benefit, or
(2) the annual amount of the straight life annuity commencing at
the same annuity starting date that has the same actuarial present
value as the member's form of benefit, computed using a 5 percent
interest rate assumption and 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)); or
(B) Benefit Forms Subject to § 417(e)(3): If a form of member's benefit
is other than a benefit form described in section 16.02(A), the actuarially
equivalent straight life annuity benefit that is the greatest of:
(1) 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 interest
rate and mortality table, or tabular factor, specified in the plan for
actuarial experience;
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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)); 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.
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DB PLAN RESTATED and AMENDED as of September 21, 2023
(D) Benefits Not Taken into Account. For purposes of this Section, the
following benefits shall not be taken into account in applying these limits:
(1) Any ancillary benefit which is not directly related to retirement
income benefits;
(2) Survivor benefits payable to a surviving spouse under a
qualified joint and survivor annuity to the extent such benefits would
not be payable if the participant's benefit were paid in another form.
(3) Any other benefit not required under §415(b)(2) of the Code
and Regulations thereunder to be taken into account for purposes of
the limitation of Code Section 415(b)(1);
(E) COLA Effect. Effective on and after January 1, 2003, for purposes
of applying the limits under Code Section 415(b) (the "Limit"), the following
will apply:
(1) A member's applicable limit will be applied to the member's
annual benefit in the member's first limitation year of benefit
payments without regard to any automatic cost of living adjustments;
(2) thereafter, in any subsequent limitation year, a member's
annual benefit, including any automatic cost of living increases, shall
be tested under the then applicable benefit limit including any
adjustment to the Code Section 415(b)(1)(A) dollar limit under Code
Section 415(d), and the regulations thereunder; but
(3) in no event shall a member's benefit payable under the plan
in any limitation year be greater than the limit applicable at the
annuity starting date, as increased in subsequent years pursuant to
Code Section 415(d) and the regulations thereunder.
Unless otherwise specified in the plan, for purposes of applying the limits under Code
Section 415(b), a Member's applicable limit will be applied taking into consideration cost
of living increases as required by Section 415(b) of the Code and applicable Treasury
Regulations.
(F) Other Adjustments in Limitations.
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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 (17)(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
subsection. The reduction provided for in this section shall not be applicable to
pre -retirement disability benefits or pre -retirement death benefits.
16.04 Participation in Other Defined Benefit Plans.
The limit of this section with respect to any member who at any time has been a
member in any other defined benefit plan as defined in Code Section 4140)
maintained by the Employer shall apply as if the total benefits payable under all
Employer defined benefit plans in which the member has been a member were
payable from one plan.
16.05 Ten Thousand Dollar ($10,000) Limit.
Notwithstanding anything in this article to the contrary, the retirement benefit
payable with respect to a member shall be deemed not to exceed the limit set forth
in this article if the benefits payable, with respect to such member under this plan
and under all other qualified defined benefit pension plans to which the Employer
contributes, do not exceed ten thousand dollars ($10,000) for the applicable
limitation year and for any prior limitation year and the Employer has not at any
time maintained a qualified defined contribution plan in which the member
participated; provided, however, that if the member has completed less than ten
years of credited service, the limit hereunder shall be a reduced limit equal to ten
thousand dollars ($10,000) 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.
16.06 Reduction of Benefits.
Reduction of benefits and/or contributions to all plans, where required, shall be
accomplished by first reducing the member's benefit under any defined benefit
plans in which 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 determined by the board and the plan administrator of such
other plans, and next, by reducing or allocating excess forfeitures to defined
56
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,
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DB PLAN RESTATED and AMENDED as of September 21, 2023
which does not exceed the amount necessary to fund the benefit
attributable to such service credit.
Effective for permissive service credit contributions made in limitation years
beginning after December 31, 1997, such term may, if otherwise provided by the
plan, include service credit for periods for which there is no performance of service,
and, notwithstanding clause (13)(2), may include service credited in order to provide
an increased benefit for service credit which a member is receiving under the plan.
(C) For purposes of applying the limits in this Section 16.07 only and for
no other purpose, the definition of compensation where applicable will be
compensation actually paid or made available during a limitation year,
except as noted below and as permitted by Treasury Regulations located in
26 CFR 1.415(c)-2, or successor regulations. Unless another definition of
compensation that is permitted by Treasury Regulations Section 1.415(c)-
2, or successor regulation, is specified by the plan, compensation will be
defined as wages within the meaning of Code Section 3401(a) and all other
payments of compensation to an employee by an employer for which the
employer is required to furnish the employee a written statement under
Code Sections 6041(d), 6051(a)(3) and 6052 and will be determined without
regard to any rules under Code Section 3401(a) that limit the remuneration
included in wages based on the nature or location of the employment or the
services performed (such as the exception for agricultural labor in Code
Section 3401(a)(2).
(1) However, for limitation years beginning after December 31,
1997. compensation will also include amounts that would otherwise
be included in compensation but for an election under Code Sections
125(a), 402(e)(3), 402(h)(1)(B), 402(k), or 457(b). For limitation
years beginning after December 31, 2000, compensation will also
include any elective amounts that are not includible in the gross
income of the employee by reason of Code Section 132(f)(4).
(2) For limitation years beginning on and after January 1, 2007,
compensation for the limitation year will also include compensation
58
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
(E) If the annual additions for any member for a plan year exceed the
limitation under Code Section 415(c), the excess annual addition will be
corrected as permitted under the Employee Plans Compliance Resolution
System (or similar IRS correction program).
(F) For limitation years beginning on or after January 1, 2009, a
member's compensation for purposes of this section shall not exceed the
annual limit under Code Section 401(a)(17).
16.08 Additional Limitation on Pension Benefits.
Notwithstanding anything herein to the contrary:
(1) The normal retirement benefit or pension payable to a retiree who
becomes a Participant of the Plan and who has not previously participated
in such Plan, on or after January 1, 1980, shall not exceed one hundred
percent (100%) of average final compensation. However, nothing contained
in this section shall apply to supplemental retirement benefits or to pension
increases attributable to cost -of -living increases or adjustments.
(2) No Participant shall be allowed to receive a retirement benefit or
pension which is in part or in whole based upon any service with respect to
which the Participant is already receiving, or will receive in the future, a
retirement benefit or pension from a different employer's retirement system
or plan. This restriction does not apply to social security benefits or federal
benefits under Chapter 67, Title 10, U.S. Code.
16.09 Benefit Restoration Plan & Trust
(A) An Employer may fund a Benefit Restoration Plan as permitted
under Code Section 415(m) as specified in this Section
(B) Definitions
(1) "Information Sheet":
is the document executed by the Employer providing specific
information as to that Employer.
60
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
this Benefit Restoration Plan, unless excluded by category under the
terms of the Information Sheet.
(2) Participation in the Benefit Restoration Plan is automatic. Any
Participant, Pensioner or Beneficiary who is eligible for benefits is
entitled to such benefits without the necessity of enrollment.
Participation in the Benefit Restoration Plan will cease for any Plan
Year in which the retirement benefit of a Pensioner or Beneficiary is
not limited by Code Section 415.
(D) BENEFITS
(1) Benefit Amount
A covered Pensioner or Beneficiary shall receive a monthly benefit
equal to the difference between the participant's monthly retirement
benefit otherwise payable from the Plan prior to any reduction or
limitation because of Code Section 415 and the actual monthly
retirement benefit payable from the Plan as limited by Code Section
415. The monthly benefit shall be subject to withholding for any
applicable income or employment taxes.
(2) Payment of Benefit
Benefits under the Benefit Restoration Plan shall be paid only if the
Pensioner or Beneficiary is receiving retirement benefits from the
Plan.
(3) Form of Benefit
The form of the benefit paid to a Pensioner or Beneficiary from the
Benefit Restoration Plan shall be the same payable under the Plan.
(4) Re -calculation of Benefits
The maximum benefit under the Plan shall be increased as permitted
by Internal Revenue Service regulations to reflect cost -of -living
adjustments above the base period, and from August 1, 2000, the
benefit paid to any Participant or Beneficiary who is in payment
status will be adjusted as the first day of each limitation year for the
increase, if any, in the dollar limitation indexed under section 415(d)
of the Code.
(E) CONTRIBUTIONS AND FUNDING
62
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.
63
DB PLAN RESTATED and AMENDED as of September 21, 2023
The Employer reserves the right to discontinue or terminate this
Benefit Restoration Plan in whole or in part. Upon a termination of
the Benefit Restoration Plan, the Board shall take such steps as the
Board determines to be necessary or desirable to comply with
applicable laws and to apply any remaining assets.
If, after satisfaction of all liabilities, there is any balance remaining in
the fund, such balance shall be refunded to the Employer if not
otherwise prohibited by law.
(F) ADMINISTRATION
(1) Benefit Restoration Plan Administration
The Benefit Restoration Plan shall be administered by the Board.
The Board shall have the same authority to administer the Benefit
Restoration Plan as exists for the Plan. The Board may delegate any
or all of the Board's administrative authority.
(2) Compliance Authority
The Board may make modifications to the benefits payable under the
Benefit Restoration Plan as may be necessary to maintain its
qualified status under Code Section 415(m).
(3) No Liability for Benefits
Since this Benefit Restoration Plan is not intended to accumulate
funds, the Benefit Restoration Plan shall not be liable for the payment
of any benefits except to the extent of funds actually received from
the Employer and not previously distributed or applied to pay Benefit
Restoration Plan expenses.
(4) This Benefit Restoration Plan shall be construed, administered
and governed in all respects by the laws of the State of Florida.
(G) EFFECTIVE DATES
The Board shall pay benefits under the Benefit Restoration Plan beginning
on or after the date specified on the Information Sheet.
64
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
65
DB PLAN RESTATED and AMENDED as of September 21, 2023
Participant died, or by December 31 of the calendar year in which the
Participant would have attained the applicable age as required under IRC §
401(a)(9), if later. [See note to Provision 6.08 regarding applicable age
requirements]
(2) If the Participant's surviving spouse is not the Participant's sole designated
beneficiary, then, except as provided in the adoption agreement,
distributions to the designated beneficiary will begin by December 31 of the
calendar year immediately following the calendar year in which the
Participant died.
(3) If there is no designated beneficiary as of September 30 of the year
following the year of the Participant's death, the Participant's entire interest
will be distributed by December 31 of the calendar year containing the fifth
anniversary of the Participant's death.
(4) If the Participant's surviving spouse is the Participant's sole designated
beneficiary and the surviving spouse dies after the Participant but before
distributions to the surviving spouse are required to begin, this subsection
(B), other than B(1), will apply as if the surviving spouse were the
Participant. For purposes of this subsection, unless this provision B(4)
applies, distributions are considered to begin on the Participant's required
beginning date. If this provision B(4) applies, distributions are considered to
begin on the date distributions are required to begin to the surviving spouse
under B(4). If distributions under an annuity meeting the requirements of
this article commence to the Participant before the Participant's required
beginning date (or to the Participant's surviving spouse before the date
distributions are required to begin to the surviving spouse under B(1)), the
date distributions are considered to begin is the date distributions actually
commence.
(C) Direct Transfers of Eliqible Rollover Distributions
(1) This paragraph applies to distributions made on or after January 1, 1993.
Notwithstanding any provisions of the Plan to the contrary that would otherwise limit
66
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:
(1) 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
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DB PLAN RESTATED and AMENDED as of September 21, 2023
amounts so transferred (including interest thereon), including separately
accounting for the portion of such distribution which is includible in gross
income and the portion of such distribution which is not so includible.
(ii) An "eligible retirement plan" is an eligible plan under § 457(b) of the
Code which is maintained by a state, political subdivision of a state, or any
agency or instrumentality of a state or political subdivision of a state and
which agrees to separately account for amounts transferred into such plan
from this plan, a traditional IRA, a Roth IRA, an annuity plan described in §
403(a) of the Code, an annuity contract described in § 403(b) of the Code,
or a qualified defined benefit or defined contribution plan described in §
401(a) of the Code, that accepts the distributee's eligible rollover
distribution. The definition of eligible retirement plan shall also apply in the
case of a distribution to a surviving spouse, or to a spouse or former spouse
who is the alternate payee under a qualified domestic relations order, as
defined in § 414(p) of the Code.
(iii) A "distributee" includes an Employee or former Employee. In addition,
the Employee's or former Employee's surviving spouse is a distributee with
regard to the interest of the spouse. For distributions occurring in plan years
beginning after December 31, 2009 (or in any earlier plan year beginning
after December 31, 2006), a distributee also includes the Participant's non -
spouse designated beneficiary. In the case of a non -spouse beneficiary, the
direct rollover may be made only to a traditional IRA or Roth IRA that is
established on behalf of the designated beneficiary and that will be treated
as an inherited IRA pursuant to the provisions of § 402(c)(11). Also, in this
case, the determination of any required minimum distribution under §
401(a)(9) that is ineligible for rollover shall be made in accordance with
Notice 2007-7, Q&A 17 and 18, 2007-5 I.R.B. 395.
(iv) A "direct rollover' is a payment by the Plan to the eligible retirement
plan specified by the distributee.
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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
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DB PLAN RESTATED and AMENDED as of September 21, 2023
which might be made in the future, shall apply prospectively and shall not apply to
Participants who terminate employment or who retire prior to the effective date of any
ordinance or resolution adopting such benefit improvements, unless such ordinance or
resolution specifically provides to the contrary.
18.06 Procedure for Unclaimed Benefit
If the Board is unable, within three years after any benefit becomes due to a Participant or
Beneficiary under the Plan, to authorize payment because the identity or whereabouts of
such person cannot be ascertained, the Board may direct that such benefit and all further
benefits with respect to such person shall be forfeited and all liability for the payment thereof
shall terminate.
18.07 Qualified Military Service:
Notwithstanding any provision of this Plan to the contrary, contributions, benefits, and
service credit with respect to qualified military service will be provided in accordance with §
414(u) of the Code. To the extent that the definition of "credited service" sets forth
contribution requirements that are more favorable to the participants than the minimum
compliance requirements, the more favorable provisions shall apply.
Consistent with the Heroes Earning Assistance and Relief Tax (HEART) Act, a deceased
person's period of qualified military service will be credited service under the Plan.
If a Participant dies while engaged in qualified military service, the Participant's beneficiaries
shall be entitled to any benefits the Participant would have been entitled to as if the
Participant had resumed employment immediately prior to his or her death in accordance
with the Heroes Earning Assistance and Relief Tax (HEART) Act, and any regulations
promulgated thereunder.
18.08 Domestic Relations Order Submission:
(A) Prior to the entry of any domestic relations order which affects or purports to affect
the Fund's responsibilities in connection with the payment of benefits, that order should
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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
The FMPTF Master Trustee shall not make any amendment to benefits under the Plan
unless the amendment is necessitated to comply with applicable federal or state laws or
regulations. Employers shall receive copies of any Plan amendments made by the
FMPTF Master Trustee.
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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
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DB PLAN RESTATED and AMENDED as of September 21, 2023
for normal retirement but has not yet retired, an amount which is the actuarial
equivalent of such benefit, based upon the actuarial assumptions in use for purposes
of the most recent actuarial valuation, provided that, if such asset value be less than
the aggregate of such amounts, such amounts shall be proportionately reduced so
that the aggregate of such reduced amounts will be equal to such asset value.
(2) If there be any asset value remaining after the apportionment under paragraph
1, apportionment shall next be made in respect of each Participant in the service of
the Employer on such date who has completed at least ten (10) Years of Credited
Service and who is not entitled to an apportionment under paragraph 1, in the amount
required to provide the Actuarial Equivalent, as described in paragraph 1 above, of
the accrued Normal Retirement Benefit, based on the Credited Service and Salary
as of such date, and each vested former Participant then entitled to a deferred benefit
who has not, by such date, begun receiving benefit payments, in the amount required
to provide said Actuarial Equivalent of the accrued Normal Retirement Benefit,
provided that, if such remaining asset value is less than the aggregate of the amounts
apportioned hereunder, such latter amounts shall be proportionately reduced so that
the aggregate of such reduced amounts will be equal to such remaining asset value.
(3) If there be any asset value after the apportionments under paragraph 1 and 2
above, apportionment shall be made in respect of each Participant in the service of
the Employer on such date who is not entitled to an apportionment under paragraphs
1 and 2 above in the amount equal to Participant's Accumulated Contributions,
provided that, if such remaining asset value be less than the aggregate of the
amounts apportioned hereunder, such latter amount shall be proportionately reduced
so that the aggregate of such reduced amounts will be equal to such remaining asset
value.
(4) If there be any asset value remaining after the apportionments under
paragraphs 1, 2, and 3 above, apportionment shall lastly be made in respect of each
participant included in paragraph 3 above to the extent of the Actuarial Equivalent,
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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:
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DB PLAN RESTATED and AMENDED as of September 21, 2023
(1) The Board shall determine the date of distribution and the asset value required
to fund all the nonforfeitable benefits, after taking into account the expenses of
such distribution. The Board shall inform the Employer if additional assets are
required, in which event the Employer shall continue to financially support the plan
until all nonforfeitable benefits have been funded.
(2) The Board shall determine the method of distribution of the asset value, that is,
whether distribution shall be by payment in cash, by the maintenance of another
or substituted trust fund, by the purchase of insured annuities, or otherwise, for
each participant entitled to benefits under the plan as specified in paragraph (3).
(3) The Board shall distribute the asset value as of the date of termination in the
manner set forth in this subsection, on the basis that the amount required to
provide any given retirement income shall mean the actuarially computed single -
sum value of such retirement income, except that if the method of distribution
determined under paragraph (2) involves the purchase of an insured annuity, the
amount required to provide the given retirement income shall mean the single
premium payable for such annuity. The actuarial single -sum value may not be less
than the employee's accumulated contributions to the plan, with interest if provided
by the plan, less the value of any plan benefits previously paid to the employee.
(4) If in the event that there is asset value remaining after the full distribution as
specified in paragraph (3), and after the payment of any expenses incurred with
such distribution. such excess shall be returned to Employer, less return to the
state of the state's contributions, provided that, if the excess is less than the total
contributions made by the Employer and the state to date of termination of the
plan, such excess shall be divided proportionately to the total contributions made
by the Employer and the state.
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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.
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DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 21
FORFEITURE OF PENSION: CONVICTION AND FORFEITURE
Any Participant who is convicted of the any of the following offenses committed prior to
retirement, or whose employment is terminated by reason of his admitted commission, aid
or abetment of the following specified offenses, shall forfeit all rights and benefits under this
Plan, except for the return of his Accumulated Contributions as of the date of termination.
(A) Specified offenses are as follows:
(1) the committing, aiding or abetting of an embezzlement of public funds;
(2) the committing, aiding or abetting of any theft by a public officer or
employee from the employer;
(3) bribery in connection with the employment of a public officer or
employee;
(4) any felony specified in Chapter 838, Florida Statutes;
(5) the committing of an impeachable offense.
(6) the committing of any felony by a public officer or employee who
willfully and with intent to defraud the public or the public agency, for which he
acts or in which he is employed, of the right to receive the faithful performance
of his duty as a public officer or employee, realizes or obtains or attempts to
obtain a profit, gain, or advantage for himself or for some other person through
the use or attempted use of the power, rights, privileges, duties or position of
his public office or employment position.
(7) the committing on or after October 1, 2008, of any felony defined in
Section 800.04, Florida Statutes, against a victim younger than sixteen (16)
years of age, or any felony defined in Chapter 794, Florida Statutes, against
a victim younger than eighteen (18) years of age, by a public officer or
employee through the use or attempted use of power, rights, privileges,
duties, or position of his or her office or employment position.
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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
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DB PLAN RESTATED and AMENDED as of September 21, 2023
this subsection (F) "conviction" means a determination of guilt that is the result of a
plea or trial, regardless of whether adjudication is withheld.
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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.
L-W
DB PLAN RESTATED and AMENDED as of September 21, 2023
ARTICLE 23
SIGNATORIES
This agreement is effective on the date specified in the Adoption
Agreement.
C
Jy of Se-Las� i'o-ti
I
EMPLOYER
C,
AUTHORIZED SIGNATURE
CI v M 6t
TITLE
DATE
82
DB PLAN RESTATED and AMENDED as of September 21, 2023
EXHIBIT A
MASTER TRUST AGREEMENT (INCLUDING INVESTMENT POLICY)
Ei-3
DB PLAN RESTATED and AMENDED as of September 21, 2023
EXHIBIT B
ACTUARIAL EQUIVALENT
Actuarial Equivalent for benefit calculations under the Plan:
Actuarial Equivalent shall mean a benefit of equivalent current value to the
benefit that would otherwise have been provided to the Participant. At the
time of calculation of the actuarially equivalent benefit, the calculation shall
not include possible future benefit increases which have not been adopted
by the Employer and which are not in effect as of the calculation date.
Actuarial equivalence will be based on an interest or discount rate and
mortality table as set forth in this paragraph. The interest rate will be equal
to the post -retirement rate of interest that was used to determine the
minimum funding requirement pursuant to Chapter 112, Florida Statutes,
for the plan year that precedes the plan year during which the benefit is
being determined. The mortality table will be the unisex mortality table that
is promulgated by the Commissioner from time to time for purposes of
determining lump sum values pursuant to Code section 417(e)(3).
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DB PLAN RESTATED and AMENDED as of September 21, 2023