§ 16-54. Powers and duties of trustees.

(a)

Conduct of trust business. The trustees shall have general, sole and exclusive supervision of the operation of this trust fund and shall conduct the business and activities of the trust fund in accordance with this trust agreement and applicable law. The Trustees shall hold, manage and protect the trust fund and collect the income therefrom and contributions thereto. The trustees may in the course of conducting the business of the Trust, execute all instruments in the name of the City of Cocoa Beach General Employees' Pension Trust Fund.

(b)

Use of fund for expenses. The trustees shall have the power and authority to use and apply the trust fund to pay or provide for the payment of all reasonable and necessary expenses of administering the affairs of this trust, including the employment of such administrative, legal, expert and clerical assistance, the purchase or lease of such materials, supplies and equipment and the performance of such other acts, as the trustees, in their discretion, find necessary or appropriate in the performance of their duties.

(c)

Use of fund to provide benefits. The trustees shall have the power and authority to use and apply the trust fund to pay or provide for the payment of retirement and related benefits to eligible participants and beneficiaries in accordance with the terms, provisions and conditions of the pension plan.

(d)

Investments.

(1)

The trustees shall have the power and authority, in their sole discretion, to invest and reinvest such funds as are not necessary for current expenditures or liquid reserves, as they may from time to time determine. The trustees may sell, exchange or otherwise dispose of such investments at any time and, from time to time, as provided in section 16-54(g)(6). The trustees shall have the authority, in respect to any stocks, bonds or other property, real or personal, held by them as trustees, to exercise all such rights, powers and privileges as might be lawfully exercised by any person owning similar stocks, bonds or other property in his own right.

(2)

Delegation and allocation of investment functions.

a.

The trustees shall have the power and authority to appoint one (1) or more investment managers who shall be responsible for the management, acquisition, disposition, investing and reinvesting of such of the assets of the trust fund as the trustees shall specify. Any such appointment may be terminated by the trustees upon written notice. The fees of such investment manager, and its expenses to the extent permitted by law, shall be paid out of the trust fund. The trustees shall require that the investment manager acknowledge in writing that it is a fiduciary with respect to the plan.

b.

In connection with any allocation or delegation of investment functions under paragraphs (1) and (2) of this subsection (b), the trustees shall, from time to time, adopt appropriate investment policies or guidelines.

(e)

Deposits and disbursements. All funds and securities of the trust shall be deposited by the trustees in such depository or depositories, as the trustees shall, from time to time, select, and any such deposit or deposits, or disbursement therefrom, shall be made in the name of the trust in the manner designated and authorized by the trustees or by the investment manager appointed in accordance with section 16-54(d)(2)a. of this article.

(f)   

By-laws; rules and regulations.

(1)

The trustees are hereby empowered and authorized to adopt by-laws and to promulgate any and all necessary rules and regulations which they deem necessary or desirable to facilitate the proper administration of the trust fund, provided the same are not inconsistent with the terms of this trust agreement. All by-laws, rules and regulations adopted by the trustees shall be binding upon all parties hereto, all parties dealing with the trust fund and all persons claiming any benefits hereunder.

(2)

No by-law, regulation, rule, action or determination made or adopted by the trustees, shall in any, manner conflict or be inconsistent with any provision of this declaration, or with any applicable federal, state or local law.

(g)

Additional authority. The trustees are hereby empowered in addition to such other powers as are set forth herein or conferred by law,

(1)

To enter into any and all contracts and agreements for carrying out the terms of this declaration and for the administration of the trust fund, and to do all acts as they, in their discretion, may deem necessary or advisable and such contracts and agreements and acts shall be binding and conclusive on the parties hereto and on the participants involved;

(2)

To keep property and securities registered in the name of the trustees or of the fund;

(3)

To establish and accumulate as part of the trust fund such reasonable reserve funds as the trustees, in their sole discretion, deem necessary or desirable to carry out the purposes of such trust fund;

(4)

To pay out of the trust fund all real and personal property taxes, income taxes, and other taxes of any and all kinds levied or assessed under existing or future laws upon or in respect to the trust fund, or any money, property, or securities forming a part thereof;

(5)

To do all acts, whether or not expressly authorized herein, which the trustees may deem necessary or proper for the protection of the property held hereunder, and

(6)

To sell, exchange, lease, convey, or dispose of any property, whether real or personal, forming a part of the trust fund upon such terms as they may deem proper and to execute and deliver at any time, any and all instruments of conveyance, lease, mortgage and transfer in connection therewith.

(h)

Bonds. The trustees may obtain from an authorized surety company such bonds as may be required by law or desired by the trustees covering such persons and in such amounts (but not less than required by law) as the trustees, in their discretion, may determine. The cost of premiums for such bonds shall be paid out of the trust fund.

(i)

Insurance. The trustees may in their discretion obtain and maintain policies of insurance, to the extent permitted by law, to insure themselves, the trust fund as such, as well as employees or agents of the trustees and of the trust fund, while engaged in business and related activities for and on behalf of the trust fund,

(1)

with respect to liability to others as a result of acts, errors or omissions of such trustees, employees or agents, respectively, and

(2)

with respect to injuries received or property damage suffered by them.

The cost of the premiums for such policies of insurance shall be paid out of the trust fund.

(j)

Information to participants and beneficiaries. The trustees shall provide participants and beneficiaries such information as may be required by law.

(k)

Accountants and actuaries. The trustees shall engage one (1) or more independent qualified public accountants and one (1) or more enrolled actuaries to perform all services as may be required by applicable law and such other services as the trustees may deem necessary. The costs incurred under this section shall be paid out of the trust fund.

(l)

Trustees reimbursement. The trustees shall be entitled to reimbursement for the expenses properly and actually incurred in the performance of their duties with the trust fund and to per diem allowance in amounts established by city policy, including, without limitation, attendance at institutes, seminars, conferences or workshops for or on behalf of the trust fund.

(m)

Reports. The trustees shall make reports to and file such information with appropriate public authorities as may be required by applicable law.

(n)

Records of trustees' transactions. The trustees shall keep true and accurate books of account and a record of all of their transactions, which records and books shall be audited at least annually by a certified public accountant. A copy of each audit report shall be available for inspection by interested persons at Cocoa Beach City Hall at reasonable times and after reasonable notice.

(o)

Construction and determination by trustees. Subject to the stated purposes of the fund and the provisions of this declaration, the trustees shall have full and exclusive authority to determine all questions of coverage and eligibility, methods of providing or arranging for benefits and all other related matters. The trustees shall have full power to construe the provisions of this declaration, the ordinance establishing the pension plan, the terms used therein and the by-laws and regulations issued thereunder. Any such determination and any such construction adopted by the trustees in good faith shall be binding upon all of the parties hereto and the beneficiaries hereof.

(p)

Liability. The trustees, to the extent permitted by applicable law, shall incur no liability in acting upon any instrument, application, notice, request, signed letter, telegram or other paper or document believed by them to be genuine, to contain a true statement of facts, and to be signed by the proper person.

(q)

Reliance on written instruments.

(1)

By trustees. In any controversy, claim, demand, suit at law or other proceeding between any participant or any other person and the trustees, the trustees shall be entitled to rely upon any facts appearing in the records of the trust fund, any instruments on file with the trustees, or with the city, and any facts certified to the trustees, by the city, any facts which are of public record and any other evidence pertinent to the issue involved.

(2)

By others.

a.

No party dealing with the trustees shall be obligated

1.

To see the application to the stated trust purposes of any funds or property of the trust fund; or

2.

To see that the terms of this declaration have been complied with; or

3.

To inquire into the necessity or expediency of any act of the trustees.

b.

Every instrument executed by the trustees shall be conclusive evidence in favor of every person relying thereon

1.

That at the time of execution of said instrument the trust was in full force and effect,

2.

That the instrument was executed in accordance with the terms and conditions of this declaration, and

3.

That the signing trustees were duly authorized and empowered to execute the instrument.

(3)

Reliance on counsel's opinion. The trustees may consult with legal counsel concerning any question which may arise with reference to the duties and powers or with reference to any other matter pertaining to this declaration or the trust hereby established. The opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by the trustees hereunder in good faith in accordance with the opinion of such counsel. The trustees shall not be liable therefore to the extent permitted by applicable law.

(4)

The provisions of this section shall not relieve the trustees of any responsibilities or obligations imposed by chapter 112 of the Florida Statutes or other applicable laws.

(r)

Discharge of liability. The receipt by the trustees of any money or property or checks (after such checks are honored at the bank and paid to the trust fund) shall discharge the person or persons paying or transferring the same to the extent of such payment or transfer.

(1)

The Cocoa Beach City Commission shall adopt by ordinance a written pension plan wherein the trustees, as named fiduciaries, shall have the authority to control and manage the operation and administration of the plan. Such plan shall provide for the payment of such retirement pension benefits, disability pension benefits, death benefits, and related benefits, as are required by law or feasible by way of illustration and not limitation:

a.

conditions of eligibility for participants and beneficiaries;

b.

standards for vesting of benefits;

c.

a schedule of the type and amount of benefits to be paid;

d.

a procedure for the payment of benefits in the form of a qualified joint and survivor annuity;

e.

procedures for claiming benefits and for the distribution of benefits;

f.

the establishment and maintenance of a funding standard policy;

g.

a procedure for establishing and carrying out a funding policy;

h.

any procedures for the allocation of authority for the operation and administration of the plan;

i.

the basis on which payments are made from the plan.

Such pension plan shall at all times comply with all applicable laws.

(2)

The trustees shall recommend amendments to the plan which shall then be submitted to the Cocoa Beach City Commission for enactment as an ordinance. This plan and any amendments thereto, shall qualify under applicable provisions of the Internal Revenue Code.

(s)

Amendment of plan. The pension plan may be amended by the trustees recommending amendments to the city commission, provided that such amendments comply with the applicable sections of the then applicable Internal Revenue Code, all other applicable law, and the purposes as set forth in this declaration and are enacted by the Cocoa Beach City Commission. Additionally, and not by way of limitation, the trustees may recommend that the city commission amend the pension plan, in future, or retroactively when they deem it necessary, to maintain the continuation of the trust fund's tax exempt status or to preserve compliance with the then applicable Internal Revenue Code, and all other applicable law. A copy of each amendment of the pension plan shall be made available to the participants and their beneficiaries requesting such.

(t)

Allocation and delegation of non-investment responsibilities. The trustees may, by resolution or by-law or by provisions of this trust agreement, allocate fiduciary responsibilities and various administrative duties to committees or subcommittees of the board of trustees. In addition, the trustees may delegate such responsibilities and duties to other individuals as they may deem appropriate or necessary in their sole discretion, and consistent with state law provided by a majority vote of the trustees, as provided in section 16-52(j). Such delegations or allocations of responsibilities shall not relieve the board of trustees of its responsibility for the sole and exclusive administration of the trust fund.

(u)   

Committee of the board of trustees. Each committee or subcommittee shall consist of at least one (1) trustee. A quorum of a committee shall be at least a majority of the trustees assigned to said committee or subcommittee.

(Ord. No. 1222, § 1, 11-18-1999)