§ 6. Administration.

1.

The general administration and responsibility for the proper operation of the retirement system and for making effective the provisions of this ordinance are hereby vested in a Board of Trustees which shall be designated as the plan administrator for the system. The Board shall consist of five (5) persons as follows:

A.

Two (2) legal residents of the Town who shall be appointed by the Town council to serve for a period of four (4) years unless sooner replaced by the Town council. An appointed Member may succeed himself.

B.

Two (2) employee Members of the police department to be elected as hereinafter provided; and

C.

A fifth Member, elected by the other four (4) Members of the Board, to be appointed by the Town council as a ministerial duty for a four (4) year term. Such fifth Member shall be allowed to succeed himself in office.

2.

The regular term of office of each elected trustee shall be four (4) years.

3.

Future elective employee trustees shall be elected in the following manner: by vote of all actively employed Members of the police department who come within the purview of this ordinance at places designated by the Board, of which all qualified Members entitled to vote shall be notified in person or by written notice ten (10) days in advance of said election. The candidates receiving the highest number of votes for office shall be declared elected, and shall take office immediately upon commencement of the term of office for which elected or as soon thereafter as he shall qualify therefor. An election shall be held not more than thirty (30) and not less than ten (10) days prior to the commencement of the term for which a trustee is to be elected. The Board shall establish and administer the nominating and election procedure for each election. The Board of Trustees shall elect from among its Members a chairman, vice-chairman and secretary, within ten (10) days after a new employee trustee is elected or appointed and duly qualified.

4.

If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

5.

The trustees shall serve without compensation, but they may be reimbursed from the fund for all necessary expenses which they may actually expend through service on the Board.

6.

Each trustee shall, within ten (10) days after his appointment or election, take an oath of office before the Town Clerk. Such oath shall be subscribed to by the Members making it and certified by the said clerk and filed in the office of the Town Clerk. Each trustee will act diligently and will honestly administer the affairs of the Board and will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the retirement system.

7.

Each trustee shall be entitled to one vote on the Board. Three (3) affirmative votes shall be necessary for a decision by the trustees at any meeting of the Board. The chairman shall have the right to one vote only and may not cast proxy votes.

8.

Subject to the limitations of this ordinance the Board of Trustees shall from time to time establish uniform rules and regulations for the administration of funds created by this ordinance and for transactions of its business.

9.

The Board of Trustees shall engage such actuarial, accounting, legal and other services as shall be required to transact the business of the retirement system. The compensation of all persons engaged by the Board of Trustees and all other expenses of the Board necessary for the operation of the retirement system shall be paid from the fund at such rates and in such amounts as the Board of Trustees shall agree. Funds may be distributed by a disbursing agent as determined by the Board, but only upon written authorization by the Board of Trustees.

10.

Any elected or appointed trustee who neglects the duties of his office may be removed in accordance with the provisions of Chapter 112, Florida Statutes.

11.

For all acts and determinations of the Board the secretary shall prepare minutes.

12.

The duties and responsibilities of the Board of Trustees shall include, but not necessarily be limited by, the following:

A.

To construe the provisions of the system and determine all questions arising thereunder.

B.

To determine all questions relating to eligibility and participation.

C.

To determine and certify the amount of all retirement allowances or other benefits hereunder.

D.

To establish uniform rules and procedures to be followed for administrative purposes, benefit applications and all matters required to administer the system.

E.

To distribute to the Members annually, pertinent financial information concerning the system.

F.

To receive and process all applications for participation and benefits.

G.

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 system and fund.

H.

To have performed actuarial studies and annual actuarial valuations, and make recommendations regarding any and all changes in the provisions of the system.

I.

To perform such other duties as are specified in this ordinance and Florida law.

J.

To make the final determination of a Member's eligibility for the disability benefits provided herein.

(Ord. No. 8-87, § 3, 4-7-1987; Ord. No. 10-03, 9-16-2003; Ord. No. 06-10, 5-18-2010)