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191 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 ORDINANCE NO. An Ordinance of the Mayor and City Commission of the City of South Miami, Florida amending the City of South Miami Police Officers Retirement Trust Fund, providing for compliance with Chapter 2009 -97, Laws of Florida; providing for severability; ordinances in conflict, and an effective date. WHEREAS, the 2009 Florida Legislature enacted Chapter 2009 -97, Law of Florida, which mandates certain amendments to the City of South Miami Police Officers' Retirement Trust Fund; and WHEREAS, recent changes to State statutes require several amendments to the Plan in order to maintain eligibility for receipt of state premium tax revenues; and WHEREAS, an amendment to the City code is necessary to permit such new obligations and conditions; and WHEREAS, the trustees of the City of South Miami Police Officers' Retirement Trust Fund have requested and approved the amendments provided herein as being in the best interests of the participants and beneficiaries and improving the administration of the plan, and WHEREAS, the City Mayor and City Commission has received and reviewed an actuarial impact statement related to this change and attached as such; and WHEREAS, the City Commission deems it to be in the public interest to provide this change to the pension plan for its police officer employees; NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA, THAT: Section 1. That the foregoing whereas clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Ordinance upon adoption hereof. Section 2. Section 16 -33 of the South Miami Code of Ordinances is hereby amended to read as follows: Sec. 16 -33. Membership of board; term; officers; meetings; quorum. (a) There is hereby created a seven - member board of trustees of the city police officers' retirement trust fund, which board shall consist of three (3) op lice officers as defined herein and in F.S. & 185.02(l 1), who shall be elected by maiority of the police officers who are participants of the fiord, appointed as a ministerial act by the city commission and shall serve as trustee for period of two Page 1 of M 2 0 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 (2) years; unless he or she sooner leaves the employment of the city as a police officer, whereupon a successor shall be elected in the same manner as an original appointment Each police officer trustee may succeed himself or herself in and ap ekatell 1-Y 41, office•�n a +rhe= pvlicc- aZ�'axa.F the finance dii�.etor, thc rnaye, three of whom who may be a resident or an employee of the cif shall be appointed by the city commission and shall serve as trustee for a period of two (2) Years unless sooner replaced by the city commission at whose pleasure the trustee shall serve, and a resident of the city i +" be appointed- >,., +r„, city eonm a)seventh trustee that shall be selected b�maiority of the other six trustees and appointed as a ministerial duty by the city commission. The seventh trustee shall have the same rights as each of the other six (6) trustees appointed or elected as herein provided shall serve as trustee for a period of two (2) years and may succeed himself or herself in office the e ~ox.voting, FF 1. F .7 I- .7 Effective November i �nn� >^ vzricco-nzcmbe. of said s. Effective November z, 006, thmembership-of L_ beard shall eensist of 9­ /5� members eRd all prier4eFms­­shaU-expire. Two (2) of wbern, unless otherwise commission, ejid shall serve as t,,,.ee It a pe.-'ed of two (2) years, unless-sooRef replaced by the city eaffunission at vAese tfustee shall serve, an may sueeeed himself of her-self as 4­_�__ 12) of �Abara shall be police- , FC , d F• d hefein a in F.S. Z§ 18-5.102(l 1� .o,T." ..w�n.,l_be_- ezeeted by -a majority of the peliee offieers--who are pa-'e*_arrts [efl-the-f4fid, and shall serve as trustee for pefied of two (2) yeffirs, unless he T leaves--the > ravraca- ZCavvsv employment of the eity as a police officer, whereupon-a-s��� in the same manner as an original appointment. Eaeh police offieer tFustee-may, sueeped w'ms 1€ or hersel€ in o €€ice The fifth trustee shall be selected by majerit�, of !he pfevieus four (4) tfustees, and appointed as a m: : Iffisterial duty by the e43 have the same fights as eaeh of the trustee for a period of twe "I years, and —_-y suee-eed- himself or herself in Offiee. , (b) A4 the first eleetien of trustees, eMetive November 1, nnn�, � 006 thefe-shall-be eleeted one (1) police effieef to serve as tfustee far a two year term; and one (1) police effleer te sen,e as trustee one year tefra. Thereafter, eaeh year, on (1) police effi The board shall annually elect from its membership a chairman and secretary. The chairman, when present, shall preside at all meetings. The secretary shall keep complete minutes of all proceedings of the board and shall comply with requirements of F.S. § 185.06(3). At each quarterly meeting a report detailing the assets and liabilities of the fund as of the date of such meeting shall be presented. All elections of the board shall be by a majority vote, a quorum being present. Three- (3)Four 4 or more trustees shall constitute a quorum. Trustees shall receive not compensation as such but may be reimbursed for any expenses related to board business. Page 2 of 4 I Section 3. Section 16 -37 of the South Miami Code of Ordinances is hereby amended 2 to read as follows: 3 4 5 6 7 8 9 10 11 12 13 14 1.5 16 17 18 19 20 21 22 23 24 25 26 Sec, 16 -37. Powers of board. The board shall have the power and authority as follows: (a) To invest and reinvest monies of the fund. In making such investments they shall be governed by F.S. ch. 185 relating to the investment of fiduciary funds, except that the allocation of assets shall not be less than forty (40) percent in fixed income investments at market. The board may, however, invest up to ten (10)twenty -five (25) percent of the assets in international securities. (f) The board shall identify and publicly report any direct or indirect holdings it may have in any scrutinized company, as defined in Florida Statutes, Section 215.473, and proceed to sell, redeem, divest, or withdraw all publicly traded securities it may have in such company beginning January 1, 2010 and shall thereafter be prohibited from purchasing or holding such securities. The divestiture of any such security must be completed by September 30, 2010. In accordance with Ch. 2009 -97, Laws of Florida, no person may bring any civil, criminal, or administrative action against the board or any employee, officer, director, or advisor of such board based upon the divestiture of any security pursuant to this paragraph. Section 4. Section 16 -42 of the South Miami Code of Ordinances is hereby amended 27 to read as follows: 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Sec. 16 -42. Benefits. No participant shall receive benefits from the fund in excess of the amount credited to his account. Subject to this provision a participant shall receive benefits as follows: (g) Change of beneficiary. Each participant shall have the right to name a beneficiary and to change his beneficiary designation from time to time. Any such exercise of rights shall become effective immediately upon proper execution of the beneficiary designation form provided by the board as a standard form under this plan. A retired participant may change his or her designated beneficiary up to two times without the approval of the Board or the current designated beneficiary_ The retired member need not provide proof of the good health of the designated Page 3 of 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 beneficiary being removed, and the designated beneficiary being removed need not be living. Section 5. If any section, clause, sentence or phrase of this ordinance is for any reason held invalid or unconstitutional by a court of competent jurisdiction, the holding shall not affect the validity of the remaining portions of this ordinance. Section 6. All ordinances or parts of ordinances in conflict with the provisions of this ordinance are repealed. Section 7. This Ordinance shall take effect upon adoption. PASSED AND ADOPTED this day of 2010. ATTEST: CITY CLERK I" Reading — 2 "a Reading — READ AND APPROVED AS TO FORM AND SUFFICIENCY: LAURENCE FEINGOLD CITY ATTORNEY APPROVED: MAYOR COMMISSION VOTE: Mayor Stoddard: Vice Mayor Newman: Commissioner Palmer: Commissioner Beasley: Commissioner Harris: W:AMy Documents\resolutionsAOrdinance Police Officers amendment.doc Page 4 of 4 Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone GRS Consultants & Actuaries Suite 505 954.525.0083 fax Ft. Lauderdale, FL 33301 -1872 www.gabrielroedeccom March 26, 2010 Ms. Emilie Smith Benefits USA, Inc. 3810 Inverrary Blvd., Suite 302 Lauderhill, Florida 33319 Re: City of South Miami Police Officers Retirement Trust Fund Dear Emilie: As requested, we have performed an actuarial review of the proposed Ordinance (copy attached) for the City of South Miami Police Officers Retirement Trust Fund. Based upon our review, the proposed Ordinance: I. Increases the number of Trustees on the Board of Trustees including corresponding definition of a quorum as four (4) Trustees. 2. Updates composition, election and appointment procedures for Trustees. 3. Increases allowable investment in foreign securities to 25% of the Fund's assets. 4. Provides for the Board to identify and publicly report any holdings it may have in any scrutinized company and the Board must complete divestiture of any such company by September 30, 2010. 5. Allows retired participants to change their designated beneficiary up to two (2) times without Board of trustees approval and without evidence of good health of the beneficiary being removed - the removed beneficiary need not be living. 6. Provides for severability. 7. Provides for repeal of all Ordinances in conflict and 8. Provides for an effective date. In our opinion, the proposed Ordinance is a no cost Ordinance for the City of South Miami Police Officers Retirement Trust Fund under State funding requirements. We are available to respond to any questions concerning the above. Sincerest regards, �r,7�. � Lawrence F. Wilson, A.S.A. Senior Consultant and Actuary Enclosure cc: Kenneth R. Harrison, Esq.