Resolution 02-1046RESOLUTION NO 02-HA6
A RESOLUTION OF THE CITY OF LONGWOOD, FLORIDA,
COUNTY OF SEMI NOLE; ADOPTING THE AMENDED MASTER
TRUST AGREEMENT OF THE RETIREMENT PLAN AND TRUST
FOR GENERAL EMPLOYEES OF THE CITY OF LONG WOOD;
PROVIDNG FOR CONFLICFING RESOLUTIONS AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the City Commission established a Retirement Plan and Trust
for General Employees of the City of Longwood pursuant to Resolmfl- No. 95-828, az
subsequentlyame,Med; and
WHEREAS, the Retiremem Plan and Trust Agreement was executed on
December T 1995; and
WHEREAS the Retvemem Plan and Trust for Oeoeral EmployeesoPthe
City of Longwood panicipates in the Florida Municipal Pension Trust Fund ("FMPTPj;
and
WHP.REAS, Exhibit A ofthe Retremeot Plao and Trust for Geaesal
EmPloyee is the Master Tryst Agreement fthe Florida Municipal Pension Trust Fuld;
and
WHEREAS, the Minter Trust 4—If the Rmlremem Plan and Trust
for General Employees has IRea emended and restated by the FMPTF Master Trustees I
provide for amendments to the Termsrcaiion clause and Dl,,ibww,, jA.-clause;
NOW, THEREFORE, 6E IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF LONG WOOD, FLORIDA, AS FOLLOWS:
SECTION I: The City CommissiouoPthe Cityof Longwood In its caPeclty as
the T-- of the Retremeat Plaa and Trost for Geaual Employees oftM City of
Longwood hereby approves and adopts the amended Mazter Trust Agreemem WnhM
It— as Exhibit A, entitled Florida Municipal Pension Trust Fund Mazter Tres[
Agreement, as amended on November 29, 2001,
SECTION2: The City Commission ofthe City of Longwood hereby authorius
the Mayor m execute such doc and agreements are required to effectuate this
amendmem —he Retirement Plan alnd TT —for General F.mployces.
N,, 01
i�ece�xtth am b ,,,d,d
'F' [I — 1 0 ...... D", 11- ']A'11 fiietive
immedinrrly upon Iy adolrxion-
PAISlD AID ADOPf1D 1lll4 DAY OF 1, AD,2002
niresc
r I . . .... I "f lI I I I Id,
Alw, Ill
Exhibit A to Resolution 02-1046
FLORIDA MUNICIPAL. PENSION TRUST FUND
MASTER TRUST AGREEMENT
Ar Am ended 0tt Novernbar 29, 2001
THIS AGREEMENT mndc as of the 16'' day of December, 1983 and as amended as of the 29th
day of November. 2001, ("Agreement"h by and between all of the patties who are"
or may
hermficr became Panicipating Employers of the Florida Municipal Pension Tmst Fund and the
individuals mad as Maser Tmses burs ec n o S109 hereof and the,, successors (such
individuals mllmtivelyrefened to asthc `Master Trustee"),
WITNESSETH.
WHEREAS, the Florida Constitution, Article v11I, 5-10o 2(b), provides, in pan, that
nicipalities shall have govemmental, mrpomte and proprietay powers to enable them m condun
icipal government, perform m icipal functions and render municipal services.. and may exercise
any power for municipal purposes except as o h—ise provided by law, and
WHEREAS, Section 166.021, Florida Statutes, provides, in part, that municipalities shall have
the govemmental, mtperate and proprietary powers to enable them to conduct municipal govertnnmt,
perform m nicipal fwetion, and render m nicipal se and may ex y power for
micipal purposes, e—pt when expressly prohibited by law, end fitrther defines esmuannicipal purpose
R mean any activity or power which may be exercised by the State or its political subdivisions, and
WHEREAS. im Greene , Grav, 87 So.2d 504 (Fla. 1956), the Florida Supreme Court held
pmlio pension plans serve a public purpose end
WHEREAS, Section 163 01, Florida Statutes, provides that a public agency of the State may
isejointly with any other public agency of the State any power, privilege or authority which such
sgeaeies "" ofin common, far the purpose of permitting lomi govemmental units to make the most
'41716 t use their powers by enabling them to cooperate with other localities on a basis of .anal
advantage and
WHEREAS, the Panicipating Employers with a defined benefit plan or plans will execute a
r agreement whereby each Panicipating ElnplOyar will oo end agree to make
v erEn na based upon appropdate a erial analysis of benefits applemble agree
desigmted cash reserve and out of which lawful and proper claims- I be paid, and funhert that dte
Participating Employers will covenant and agree that there will be be disbursements out ofthis fond by
way of dividends or distribution of accumulated reserves to the rmpective Participating Employer,
and further, that the Panicipating Employers shall make expense paymmu az required for plan design
a„ d administration, and
WHEREAS, the Panicipating Employers with a defined contribution plan or plans or with a deferred
ompensation plan or plans will --N a covenant or agreement to participate in such puss according
to the plan documents.
NOW, THEREFORE, the panics hereto mutonl agree as follows-
PART I —GENERAL PROVISIONS
Section 100. APPLICATION. The provisions of Pan 1 are general administrative provisions
applioable to each Part of this Agreement.
Section 101. DEFMITIONS.
The fallowing defnitions shall apply t. each Part of this Agreement, unless the ..maxi of the
term indicates otherwise, and shall govern the interpretation of this Agr--m
A. AI —It.., The term "Administrator' shall mean Ne Florida League of Cities, Inc.
or any successor designated by Ne Master Trustee t, administer the Mastef Trust Fund and the Plans
B. B-66 The term "Beneficiary" shall mean a person designated by a Panicipatiag
Employee to be entitled to a Benefit in... of death of the Panicipatiag Employee.
C. Benefits. The tetra 'Bcnefti'shall mean any and all benefits provided for Panicipatiag
Employees and their Beneficiaries payable fora the assets of the Master Trust Fund or the assets of a
Plsn, or the policies of insurmce providing for -h payments, or both, upon certifcatioa by the
Panicipatiag Employer of eligibility for such benofrs.
D. C-.,boa, The tetra "Custodian" shall m do the banks, m tual funds, 4, r
ompam other qualified -fiti,, selected by the Mazer Tres under separate wrinen document
w hold the assets of the Master Trust Puud or the assets of any Plan..
E. Deferred Compensat on Plan Trust The term "Deferred Compensation Plan Trusi'
shall mean the — holding the assets of the panicipating deferred compensation plans.
F. Defined Benefit Plan Trust. The term " Defined Benefit Plan Trust" shall mean the
wst holding the assets of the participating defned benefit plans.
G. Defined Contribution Plan Trust. The term "Defned Contribution Plan Trust" shall
mean the wst holding the assets of the participating defned contribution plans.
H. EmE� The ten "Employee" shall m an the employees and officials of each
Employer under a classif,.6 nestablished by each Employer a,d accepted by the Master I--.
1. Ems The ten, "Employer" shall mean every municipality established within, or
public agency or political subdivision.( the State .(Florida.
1. FMPTF. The ten, "FMPTF' shall mean the Fl.nda Municipal Pension Tres Fund.
K. IRC. The term "IRC" shall mean the Internal Revcnuc Cade of 1986us amended, and,
u relevant in...-1, the Internal Revenue Code of 1954, as amended.
L. Master Tm,1 Fund. The term "Master T— Fond" shal I mean the assets of the Defined
Benehl Plan T., Defi
ned fined Contribution Plan Trost and Deferred Compensation Plan T-1 created
herein, which shall include all assets oflbe Plans.
M. Master T—tee, The "Mane, Trus "Mane, T—& hall mean the
individuals who serve as I-- pu¢oan to Sector 109 ha cof and their soccessorz
N. Parti6plu Employee. The term "Participating Employee' shall mean ,Iy eligible
Employee of a P,I-IcIpuing Employer,
O. Panieioeting Employer. The term "Panicipating Employe" shall mean an Employer
which becomes a party to this Agreement by executing a Trost JImde, Agreement as provided in
Section 102 h—f.
P. Pb- The term "Plans" eh,ll m an the defined benefit plan or plans, the defined
ntribotiop plan or plans, and the dd—d compensation plan or plans adopted by Panicipating
Employers under the terms of this Agreement.
Q. State. The term "Sure" shall mean the State RFlorida
Section 102. PARTICIPATJNG EMPLOYERS,
A. AR, III The Master Trustee shall be the sole judge of whether an Employer is
eligible to became a Panicipating Employer. The Master Trustee may delegate RG Iini- ial
authority for membership approval to the Administrator.
B. Election. Employers make lhei, election to become a Panicipating Employer by
using a Trost Joinder Agreement m such form and Intent as provided by the Master Trustee. By
using the Trust Joinder Agreement, lhr Employer agrees to be bound by all the terms and
provisions Rthis Agreement, the Trust Joinder Agreement and all roles and regulations adapted by die
Master Trustee under this Agreement.
C. Co,IImW a Parfi pa ng Employer. A Pnioipating Employe, shall be entitled to
_ti_ to be a Panicipating Employer as determined Gum time to time by the Master Trustee.
Section 103. MANAGEMENT OF ASSCTS OF THE MASTER TRUST FUND
A. Authority of Masse, Trustee. Except as set forth in subsections B, C, D, or E of R,,
Section, and except as otherwise provided by law, the Master Trustee shall have exclusive authority
and disc anage and co trot the as s of the Master Trust Fond held by a p.—I to the
guidclinea e,I.bliAId by the Master T-- in IF, FMPTF'a Invesvncnt Policy,
B. Investment Man , The M. ec Tmstee, from may apppin ne (1) o,
independent Investment Maaage,s ("Inv tt Manager")pursuant to
anagemen. egreemrnt with each, describing the powers and duties of the nvertmentn Manager to
m—I end manage all or a portion of the Maslen T— Fund. The 1—0-1 Maaager shell have the
noa�n/o su tuvaovsp tvzrmt
power b, direct the management, acquisition or disposition of that portion of the Master Trust Fond for
which the Investment Managers esponsible.
The Master Trustee shall be responsible for ascertaining thal each Investment Manager, while
acting in that capacity, sIfffes the following requirements: ,
I. The Investment Manager 'is either (i) registered a an investm tht, iser under
the Investment Advisers Act of 194, az amended; , a bank u defined in that th t ( an
ompany qualified to perform the services described herein under the laws of
eathan el l+J-OI,F or 01pooled is nt program for goverrunevtal encre tities ated
pu suont tooSccuanlonde Statutes�and
2. The Investment Manager has acknowledged in writing ro the Muter Tnstee that
it is a fiduciary with respect to the Plan.
C. Inv n, Man r Duti SnbjeG to the approval of the Mazter Trustee each
Inv nt Manager shall establ'sh and carry o nt policy and method for the portion of
the Mas cr Trust Fund for which it is responsible that ns cons .tent with the objectives of the Plan, any
ant policy adopted under the Plan, and the FMPTF's Investment Policy. At leaztamually, the
Investment Manager shall review its investment policy and method with the Mazter Trustee. The
Investment Mwager shall also make investments in a manner that is consistent with applicable law,
and, as advised by the Administrator. the cash requirements of the Plan.
Each Investment Menage, shell no less than wmually or at the t'equest of the Master T—t ,oertify the
value of any securities or other property of the Master Trust Fund managed by such Investment
Manager_ The Muter T,usee shall be entitled to rely conclusiv
ely upon such valuation far all
purposes under 1h. tryst for the Plan.
D. The Mute, T.,-, shall not be jiable for any ac n of by Investment
Manager vnd shall nee be under any obligation to invu, or otherwise manages the assets of the Muter
Trust Fwtd or of the Plane that are subject w the mmagement of any Investment Manager. Without
limiting the generality of the foregoing, il,, Master Tmstee shall not be liable by reason of its taking o,
refraining from taki ng at the direction of any Investment Manager any action pursuant to this Section.
or pursuant to notification of an order w purchase or sell secsued by any Investment
Manager, n r shall the Mazter Trustee be liable by r— of itsref IIi, from taking aay action
because of the failure of any Invesmtant Manager to give suet, direction or order, the Mazter Trustee
shall be under no duty w question or I, make inquiries as to any direction or order or failure to give
any direction o, orde, by any Investment Manager, the Master Trustee shall be under no duty to make
any re w of an inn acquired for any inn tl—bl fund at the direction o, .me, of any
Investment Manager: and the Master Trustee shall be under no duty at any tim t, make any
,eoommendation with pllt to disposing of or eonnnumg to retain any such investment.
E Invesment of Chanters 1l5 and 185 Funds. To the exnt the Master T.—
dote s that delegation of investmen authority I, Participating Emers ploywith a defined benefit
plan o, plans is required pursuant to Chapters 175 or I85. Florida Sutures, then such powers as set
forth in paragraph A of this Section shall be so delegated.
F. R The Mastu T-1- shall be responsible Far -d shall coon a be filed such
annual or periodic audits, valuations, reports and disclosures as — required by law or agreements.
The Master Tustee may employ professional advisors to prepare such audit,. valuations. reports end
disclosures and the cost of such professional advisors shall be borne by the Master Tmst Fund,
G. Coimnineling Assets. Except to the extent p,ohibited by applicable law, the Master
Tmstec may commingle the assets of all Panieipating Employers end Perticipatjng Employees held by
under this Agreement for investment purposes in the m-,,, .it Fund and shall hold the Master
Trust Fund in true and menage and administer the same in aemcdence with rho terms end provisions
If this Agree end the Plans. However, the a of Participating Employers and Participating
Employees in the various trusts included in the Master Trust Fund shall be accounted for separately.
The Master T., and the Administrator shall be under no duty to determine whether the amount of
any contribution �1,, m nc Ibb,ce with the Plans. or lb collect or enforce poy.-i If— conlributioa
Separate investment funds within the Muter Trust Fund and varying percentages of investment in any
such separate investment fund by the Participating Employes and Panioipating-Employees, to the
extent so determined by the Master Trustee, is expres,ly permitted"
Section 106. ADMMISTRATWE POWERS AND DUTIES
A Adb,mbir r. The Administrator shall —Ias Secretary -Treasurer of the FMPTF and
shall have the power and authority to implement policy matters set by the Muter Trustee as they relate
o the on -going operation cad supervisian of the FMPTF and the provisions ofth,, Agreement end
applicable law.
B" Master Trustee The Master Trustee shall have and in its sale w,d absolute discretion
may exercise from ti.—
and at any time. either through its cot through a Custodian
selected by the M,,,,,Trustee, the fallowing administrative po— andauthority with repect to the
Master Tmst Fund.
I. co To to hold arty property of the Muter Trust Fund that becomes
otherw itablenfor m for as long u the Master TNnee in its discretion deems
mmnnvs desirable; to reserve fiestment and keep unproductive of income, without liability for
cash temporarily awaiting investment and such cash as it deems advisable, or u the
Admi or from may specify, in order w mew the administrative expenses
If the FMPTF or anticipated dianbutiens there f.-
2. To hold property of the Maste<Trust Fund m iu own name or m the name of a
without disclosure of the cast, or in bearer fort¢ so that it will pass
by del very, bumno such holding shall relieve the Master Trustee of its responsibility far rite
safe c study vid disposition of the Master Trust Fund in accordance with the provisions of
this Agreement; the books and records of the Master Tmstec shall show at all times that
such property is part of the Mule, Tmst Fond and the Master Trustee shall be absolutely
liable fnr any lass oe i-,d by the acts of its I, nominees with respect to
—WI r,gi,lered in the¢ note ofthen,, —of nominees.
3, To ofgeni,e end incorporate under the Incas of any state it may deem advisable
corporation, (and 1 aegair i any such corporation that it mvy
have orgeniud and incorporated) for the purpose sof acquiring end holding title to any
p,opetty, uts o rights that the Hasler Tmstec is authorized io acquire under Sen�on
I03 1 ,bfntcr
"fo employ in the management of1he Master Trost Fund suitable agents, without
liability for any lose occasioned by any such agcros selected with the carc, skill, pmdenoc
and diligence under the circumstances then prevailing that a pmdem person -mg in a like
capacity and familiar with such manors would use in the conduct of art enterprise of,, like
character and with like aims.
5. To make, ex and deliver, as any deeds,
gages enI i
aconveyances, leases,
onother eem ting that it may dnecessary or
desirable io the exerciseofets powers under this Agr1
eement.
6. To do all other acts that it may deem necessary or proper to carry out any ofthe
pow et forth in Sec n 103, 106 or this Section, to admituster or carryout the purposes
ofthe Master Trust Funtd or any Plan, or u otherwise is in the best interests of the Master
Trust Fund or any Plan; provided, however, the Master Tmnees need not take any action
unless b, their opinion there are sutficicnt Master Trust Fund assets available for the
exp— thrseof
]. To adopt bylaws governing the Master Tmstces'operations and procedures.
8. To cwith m icipal coryorati,ttk political subdivisions and other public
fi,, of Stateor of local government end private entities for the provision of Plan
and for the use or famishing of services and facilities necessary, useful, or incident
to providing Plan services.
9. To contract with public or private endues for the provision of edmitd —1-
10. To adopt plans, w agreements, iavestment guidelines and other documents
necessary or desirable for the Pivns.
11. To charge fees for administrative services m addition to any fees charged by
other administrative service providers.
12, To collect and disburse all funds due or payable from the Master T-1 Fund.
under the terms of the Pions.
13, To provide for and promulgate all rules. regulations, and forms deemed
e I'I" or desirable in sting with Participating Employers nd Pi b6pating
Employees, in fulfilling the oMaster Tmstees' pup , of providing benefits thfough the
Master Trust Fund and Plans, and in maintaining proper records and accounts.
14. To employ in ompanies, banks, s tm ompanies, in nt brokers,
t advis othe�s vs agents for the receipt sand disbursement of funds held in
trustforePartieipating Lmployers and Panicipating Lmployces in the Plans.
IS. To participate in group
aempt tryst that has been determined by the
Internal Revenue Service to be apoolcd fund arrangement parsuartt to Revenue Ruling 8i.
too.
16. To determine, consistent wide the applicable law and the claims procedure under
the Plans, all questions of law or fan that may arise as to investmem, and the rights of any
person claiming rights undo, the Plans, including without limitation, Panicipating
Employees, former Panicipating Employees, and Beneficiaries.
1'!. Subject to end concise,, with the IRC, to -It and interpret the Master
Tmst Agreement and to d II any efect, supply any omtssi reconcile any
mco_sist ncy in the Agrcemetrrec
18, To contm,t for, purchase or otherwise procure insu,enu mtd investment
products.
19. To b gist any Mazer Trost Fund az to the n e of the FMPTF, in the -
I " agent or in the namo of a nominee or to hold m,y ins rumens m bear„ fo,m (but the
books and records of the Plan shall at all times show that such investments are part of the
Masser Trust fund).
Section 105. TAXES EXPENSES AND COMPENSATION OF MASTER TRUSTEE
A. Taxes. The Master Trustee, without direction from the Administrato,. shall pay out of
dte Muter Trust Fund all taxes imposed or levied with respect to the Mazter Tmst Fund, or any part
thereof, under applicable law, end, in its discretion, may contest the validity or amount of any tax,
assessment, claim or&G drespecting the Mazte, Trust Fund o, any pen thereof.
B. Exu and Com The Maz r'fms authorixd to azid, IF—
Panicipating Employersand Panicipating Employee conWbuti ved and the i .
(,!there _able sum for the operating expe ,,and admi expenses of the tMaz er
Trust Fund and the sPlans. All remaining fund, coming into the Master Trustee shall be set aside,
managed and used only for the peymem of B,nef is u set forth in the applicable Plan.
The Master to
o Ttus may establish From time tti .ble amount of compensation
nenda_oe at meetings by the Mazter Tnutees and the Adminisvator m the performance of the
rural duti s of a Mazer Tms o, Administrator, which conRp ,shun may include reimbursement
for necessary expenses incurt,d therein.
C. The Master Trustee may It, v d apply u _ the Defined Benefit Plvn Trust
Deferred Compensation Plan Trust and Defined Contributi- P[- Trust as pan of -d in the NE, r
Trust Fund, to pay or provide for the payment of all reasonable and necessary expenses which may be
,red m with the establiZM and maintenance of dte Defined Benefit Plan Tmst,
Deferred Compensation PEIt r ust and Defined Contribution Plan Trust, imluding but not limited to..
Ne employment of such admi a legal, accounting, and other expert and clerical assistance, the
leasing of su_h premises and nha purchase or lane of su h mvtcrials, supplies wd equipment az the
Mazer Trus is discretion, may deem necessary or appropriate in the performance of its duties,
or the dunes of the agents o, employees of the Mast,, Trustee.
Section 106, GENERAL DUTIES AND MEETING OF THE MASTER TRUSTEES
A General Duties. The Master Trustee and each Investment Manager appointed pursuant
o this Ag--, shall discharge their re pective duties under this Agrcement s`alely m the interest of
Ne Pnipvung Employers and Participating Employees in the N— end their Benefciazies end: O)
for the exclusive purpose ofprovidmg Benefits to suchtPanicipvung Employees and their Beneficiaries
end decaying reasonable e, tees of administering he PI"ts; (III with the care, A,11, prudence and
diligen under the c s then prevailing that a pradent person acting in a like eepacit and
familiar with such matters would use in the conduu of an em"prise of a like charaucr with Ii{:e aims;
end Ili) by diversifying the i s of the Plans so w tI minimize the risk of largo losses, mdess,
under the eirenmsd —1,, it is cle- Prudent not to do iy, However, the duties and obligations of the
Master Trustee and each Investment Manager, respectively, as uch, shall be limited to those expressly
imposed upon them, respeuively, by this Agrecmem notwithstanding any reference herein to the Plans.
I. Authority of the Master Trustee. The Master Trustee shall have the power and
authority and shall be charged with the duty U general supervision end operation of the
FMPTF, and shall oondum the hisiii— and activities of the FMPTF in accordance with this
Agreement and applicable law. The Master Trustee shall not er.crctse any powers in a
norm" that is mconstR- with this Agreement.
2. Approval of New Members The Master'I'rusme or other designeeer th , of e
nceptien date of the FMPTF, shall rexive applications for membership from Employers to
the FMPTF end shall approve or disapprove such applications for membership in
cordance with the to of this Agree—, the Trust Joinder Agreement end the rules
and regulvtions estnbIWI d by the Master Trustee for admission of new members of the
Plnns. The Master Trustee shall have total discretion m determining whether co accept a
ember. The Master Trustee may delegate the authority for membership approwi to
the Administramr or its designees provided that such person d—gnvted is not en owner,
'If_ or employee US the Administrator. If required by the Plan, before any member is
approved, the pension plvn proposed by the member m st be approved for ac anal
sounI— by the Adminisvatmr and must comply wish Chapter 112 Florida Statutes- m
1 Mastes Trustee Liabilities. No Master Trustee shall be liable for any anion
taken pursuant to this Agrecmem in g-d faith or for tin omission except bad faith or gross
negligence, or far any act of omission or commission by any other Master Tmstee or by an
employe" The Mast" Trustees — hereby authorized and empowered to obtain, at the
expense of the FMPTF, liability insurance fully protecting the respective Master Trunees,
the Administmtor, and the FMPTF from any lass or expense incurred, including reasonable
mey's fees, for all acts of the Master Trustees except bud faith or gross negligence. The
FMPTF hereby agrees m e, hold harmless and indemnify the Master Trvstees and
AdmiNstabr from any lossadamagc or expense i.,—d by said µ:rsmns or entities while
acting in their official -lay excepting had faith orgross negligence.
4. Standard of Review. In evaluating performance of the Master Trustees.
appliance by the Master Trusteos with dte Master Trust Agrecmem must be dztetm-d in
light of the facts and circumstances existing at the time of the NE—, 1 —1— deeds,.,, or
action and not by hindsight.
5. Limitai on on L'ahlity. The Master Trustees' responsibilities and liabilities
shell be subject w the fllowivg limitntions:
a) The Master Trustees shall have no duties other than those expressly set forth m
this Master Trust Agreement or the Plans and those imposed on the Master
Trustees by applicable laws.
b) The Mast,, Trustees shall be respmsible only for money and progeny mmally
i-d by the Maser Trustees, and then to the extent described I. this
Master True Agreement. The Master Trustees shall not be under any duty to
require payment of any co trib,iti m the Master Trust Fund o ee that
any peyme mad
e de to them is computed m aocmdmee with the p—i,i ac of
Me Plana. n
c)The Master Truseos shall not be responsible fib,the w of my
determination of payments or disbursements from the Master Tmst Fwd.
d) The Magee 'frust¢es shall Irene m liability for the acts or omissions of my
predecessor or successor in office.
e)The Master Trustees shall have no liability far (i) the f acts or omissions oany
Investment Mmager or Mmngers; (ii)thc acts or omissions m.y iosormoe
ampmy; (oil) [he sots or omissions of my mutual fed; m (iv) fllowing
directions that a e given to the Master Trustees by the Participating
Employer, Participating Employees or the Administrator m accordance with
this Master Trust Agreement or the Plans.
B. ME n C.—I. The Master Trus may employ, re salt with legal
unsel, who may be counsel for the Administrator, the Florida League of Ci�ies,of,, my of Me Plans,
and for any Master Trustee m their individual --,mg my questions which may arise wiih
refers wthe mIi and pow with referscmy other er penaining tc this Agreement;
and the opinim of such eouvsel shell be fll mdwmplete mthon.tion and protection in respect m
my action taken or suffered by the Master Trustee in good faith in accordance with the opinion ofsuch
counsel, and the M_, T-- shall not be liable Merefore.
C. Meet, , The Master Trustees shall meet at least semi-atmually, and more frequently
if called. at Me principal office f the FMPTF or at such other location . may be acceptable to a
m jority of the Mastcr'trus . The Charon of the Mas er Truseor his designee shall set the
dace, time and lecntiov of eachsmeeting, and notiu shall be [m—hedto each Master Trustee by the
Administrator not less Man ten(10) days prior w fe dnte of the meeting and may specify the purpose
and my action proposed m betaken at the meeting. Funhermore, such notice shall be directed b, the
Masrer Trusses by mail to the address of the Mum, Trusses as recorded in the office of the FMPTF.
The Chaimnm or any Iwo other Master Trustees may direct Me Administrator to send the pruequisite
nonce for my special meeting of the Master i.1—.
Por the purposes of a duly called meeting of the Master Trusses, a quovm shell exiA if e
majority ofthc members ofthe Mostcr Trustees are present.
The Adminisrator or its dasignoe shall keep minutes of all meetings, proceedings and acts of
the Master Trustees, but such minutes need vat be verbatim. Copies of all minutes of Ne Mazter
Truttee shall be sent by the Adminisvator or its designee to the Mazter Tr b—,
All action by, and deeisions of, the Master Trustees shal l be by vote of n majority of the Master
Tru attending a duly called m ting of the Master Trustees a which a quorum is pres
fur[heermore, all actions by, and decisions of, the Master Trvstees NO he by vote of n majority of the
of Master Trustees atending a special meeting.
D. ORce of the Master Tres[ The Master Trustees shell establish, maintain and provide
adequate funding for an ofrtce for the ndminimation of the FMPTF. The address of such ottice is to
be made kno o the parties in sled in or participating in the FMPTF and to the appropria
governmental agencies. The bookseand records pertaining to the FMPTF and its adminiatntion shall
be kept and maintained w the Noire of the FMPTF.
E. Execution of Documents. A cenifcam signed by the Chairman of the Master Trvstees,
suoh othu person desigveted by the Molter Tmsteea, shall be evidence of the action of the Master
Trustee and any such certificate or other ins ... so signed shall be kept and maintained at the oftice
oCNe Master Trustee and may be Belied upon as an action of the Mazter Trustees.
F. Appointment of Administrator. The Mastu Trustee shall designate and provide
ompensatioa tar an Administrator to administer the affairs of the FMPTF. An Adminisvator so
appointed shall ftunish a fidelity band with the Master Trustee as obligee. The Master Trustee shall
determine tha amount of the fidelity bond and evidence of the bond shell be available to the
appropriate governmental agencies.
O. Undaimed Benefit Pavmenis. If any check or share certificate in payment of n fin-fil
under this Agreement or any Plan, which has been mailed bygu relar United Stites fins -class mail w
the last address of the payee fin —bed to the Mazter Trustee or the Administrator, is returned
nclaimed, the Mower Trus or the Administrator shall discontinue further payme uch payee
ntil they receive fivnher instructions, subject to vty applicable uoolaimed property - provisions.
The Mazter Trustee or Adminisvator shall Nnher take reasonable actions to locate such pay—
H. Duty to Famish Information. Bath the Adminto istrar and the Master Tmstee shall
rn ttunish to ach other any doe report, re other information that the other
onabiy deems necessary to perform duties imposed sunder this Agreement or otherwise imposed by
law.
1. Authority of individual Master Trustees. Any action to be taken by the Master Trustee
And be taken only upon the authorisation or e of a majority of such individual Mazter Trustees.
However, Ne Master Trustees may delegate a particular function, power or authority It, a, individual
Money Trustee (the "Individual Manes Trustee")- When such delegation occurs, no person dealing
with the Individual Master Trustee shall be required to make inquiry az tl the authodty of the
Individual Mvster'Ilustee N do any act hereunder Any such person shall be entitled, conclusively, to
me that the Individual Master'rrustee is properly authorized to do any act, which he/she purpons
lord. hereunder, and any such person shall be under no I'rability to any person, whomsoever, far any
act done hereunder pwspant to such wriven direction of the individual Master Trustee. When such
authorized by an individual Master Tustee, any such person may assume conclusively drat
thetlnd'vidual Matter Trustee has Nil power and authority to receive mid give receipt far nay money or
re¢�io Ns�a.avvxovco ttnarot
property becoming doe and payable to the Master Trustees, and no such person shall be bound to
inquire as to the disposition of application of any money or property paid or delivered to dre Individual
Master Trustee, or paid or delivered m accordance with such wril-direction oflhe Individual Master
Tmstee.
1. Reliance on Comm s. The Master Trustees may rely upon a certification ofthe
Administrator with respec anyui�nstruction, direction, or approval of such Administrator and may
rely upon such certification until a subsequent certification is Fled wiN the Master T¢iO,
TherM.- Trus s shell hav o duty to make nay in stigation o ingolry a. any sta men[
contained in any such writing but may .wept the same as fully authorized by the Admini—tor. e
Section 107. ACCOUNTS.
The Master Trustee shall keep or cause to be kept at the expense of NI FMPTF accurate and
detailed accounts of all its ceipes, investments and disbursements under ptis Agreement and the
Plan with the Maser Trustee --ling separately for each Investment Manager's portwn of the
Master T—Fund.
Seotion 108. COMMUNICATIONS.
Until notice is given to the contrary, oommuniaation to dre Master Trustee shell be sent to it et
is o(Cice at 301 Somh Bronough Street, Suite 300, Tallahaysee, FI. 32302 and communications to the
Administrator shal I be sent to 301 South Bronough Street, Suite 300, T.Ilahassea, FL 32302.
Section 109. APPOMTMENT RESIGNATION OR REMOVAL OF MASTER TRUSTEE.
A, Master Truateee. The operation and ad.mi—tm of the PMPTF shall be the full
responsibility ofthe Master Trus ringum of. nber of individual Master Trustees selected fiom
the ranks of elected officials of muni ipalsgoverruoants p=ioipating in Ne Plans.
B. —Iffit tof Mas er Trus and Lenedrof A000intment.
The number of Master'frustees shall be five.
1. The first group of individual Maser Tros selected by the Presiden of
Ne Florida League of Citie or his desig, norders m group of Man
Trus mbl sish thean Pl. This' rmg., of ind vid.G Master Trustees served
wrtilt sue individual Mane, I—teeswere selected The group of Master Trus
o,—d of five individual Master Trustees. The initial terms of the individual
Master Tros as shefoow wllindividual Mas er Trus selected for ne-yem
and three ndividual MasterTruneas selected for a two -yam term. Tle terms
ther ereof ll be for three years.
2. Beginning in January, 1986 the Master Trustees slwll solicit nominations from
the Participating Employers of the Plans and such nominees shall constitute the basis for
individual Master T—II, selection. The individual Master Trvstees may be re-elected but
no individual Master Trvstees shall serve more th. two conaccutive three-year terms. In
the e individual Master Trvs s appointed to fill an expired term, Ne unexpired
rm shalI" be included in the t rm lim on provided her t. Replac nt Master
rus Tshall be solicited from no s provided by Parioipatmg Employers and
otfes shall be filled by the Maz unTrvstee� by majority Gom the vommee,
d by such Participating Employers,
1. Nv individual Mazer T.111, may be selected or a Mas
Trance after b—,mgan owner, office, or employee ofthe Ad mievator orva Custodi..
4. Each individual Master Trustee and eaoh sueoesmr individual Master Trustee
shall acknowledge and co to his appoin a Mas er Trus ee by giving written
nonce of acceptance of such selection to the Chairman of the Master Trustees.
C. R - nofa Master Trus
1. Aa individual Master Trustee may resign from all duties or responsibility under
this Agree at by giving not less than sixty days prior wn ,m by registered
nail to the eCbairmen of die Maher Ttv,tees. Such noten shallae nthe date said
resignation shall take effect and such resignation shall takeefEect on such date u — a
or Master Trtss shall have been selected et an earlier date by the Maztcr Trustees
n which event such resignation shall take effect immediately upon the appointment of the
successor Master Trustee.
2. Any individual Mane, Trustee, upon leaving office, shall forthwith turn over
and deliver w the Cbairmaa of the Master Trustees at Ne pnncipal office of the FMPTF any
and all records, books, doe other property in his or her possession or under his or
her coavol which belongs to the FMPTF.
D. Removal of a Master Trustee. Each individual Mane, Trustee, -less due to the
esign lii death, inoop.dLy, o, refusal to act shell serve and shall —timue to serve subject b, the
pravisiovs of this Agreement.
M individual Master Trustee a hall relinquish his or her office or may be re moved by a majority
e of the Master Trustees ipso facto when be or she no looge, serves m an offoial cepaoi,y with ire
Participating Employer Gom which he or she was selected or when the Employer is no longer a
Participating Employer of the FMPTF. Notice of removal of as individual Master Trustee shall be
ft ,had to the other individual Matter Trustees by the Ch. . or Acting Chairman of the Master
Trustees and shall set forth the clFcetive date of such removal.
E Appointment of a Sucre or Master Trus e. In Nee any individual M.- Tru
shall die, resign become m pacitatedssor refuse to erica successor Master Ttvstee shall be selected
fo,hwith by the Master Trustees. The notice of appoin sofa successor Master T-1- shall be in
[lag Gom the Chairman of the Master Trustees, and shall bn accompanied by the written —w ptaaae
of the successor Master Trustee.
F. Master T-1111 Rights.._ ofthe Master Trusters, the remaining individual Master Trustees shall have the powers,
rights'ertates. and interena of Nis Agreement as 41as1er Trustee, and shall be chazged with the duties
of this Agreement, provided in such eases, no action may be taken unless it is concurzed in by a
majority cf the remaining individual Master Trustees.
Section 110, AMENDMENT OR TERMINATION OF THIS AGREEMENT „TERMINATION OF
PLANS.
A. AmnndmenI, This Agreement and the trusts created hereby may be amended in writing
Illy tioll by the of e mejonry of the Master Tru I,. No =,od—ot w this
ree Agwhidi—flyh di�tly affects the scope of pow fin, Master Ton s of office or the
setaetill of Master Togs; shall become effective without the concurrence of the Board of Directors
of the Florida League of Cities, Inc
No change which specifcafy affects the exercise of powers by the Master Truster or the
fiduciary responsibilities of the Master Trustees to Participating Empleyers and Participating
Employees shall be required to be approved by the Board of Directors of the Florida League of Cities,
Inc., nor shall this section be construed w give the Board of Directors of the Florida U,,gue of Cities,
Inc. the power to exercise any fiduciary responsibility of the Master Trustees or w imeffere with the
_'o,i , of those reapoo bilities by the Master Trustees.
This Agree may not be a ended so o change its purpose et forth here to peewit
At
the dive ,application ofanyfunds fthe Muter Trust Fund oany r ofthe Plans for purpose odrer
then thosespecified herein. The Master Trustees, uppn adoption of an amendment to this Agreement
shall send a coPY of any such amendment to the Pazticipating Employers.
B. This Master Trust Agree and any trey caced bermay
y be terminated at any time by
the Master Ttolnt, ,ith respe an Employer when the Employei s participation in a Plan il
noted, or when e Trust ]cinder Agreemeot hu baeo terminated. The Defined Contribution Plan
TresI may be to aced to its etirety when the Defined Contribution Plan is aced in its
nety. The Deferred Compensat on Plan Trust may be terminated in its ontirery ,henthrr e Defeed
Compensation Plan is terminated in its entirety. The Defined Benefit Plan Trust may be terminated in
in [irety pursuant to Month,law. The Master Trust Agreement and the Master Trust may be
terminated in its entirety p—t not to Florida law_
C. In cue If. termination of this Master Trust Agreement, either in whole or io pan, the Master
Ttus ee nobjett to the provisions of Snaill I I I hereof and re rving respect vely such sum as the
Master Trustee shall deem necessary in settling its respective a—,, and to discharge any obligation
of the FMPTF for which as wstee the Muicr Trustee 11,111 be liable) shall hold, apply, transfer or
distribute the affected assets of the Muter Trust Fond in accordance with the epplienble provisions of
this Agreement end the affected Pions. Upon any termination, in whole or in pan, of this Agreement
and the vests created hereby, the Master Trustee shall have t right to have its accounts sealed az
provided m Section 112 hereof,
In the case of the complete or puttied trmination of this Agreement a to one or more Employers,
including a termination arising fomr the discontinuance or delinquency of contributions, the affected
s of the Muter Trust Fuld sha11 continua to be held pursuant to the direction of the Muter
Trustee, for ibe benefit of affected Panicipoting Employees and Beneficiaries, pursuant m the benefit
provisions of the Plan. This Agreement shall remain in full effect with respect to etch Participating
Employer that does not terminate its participation in the Master Trust Fund on behalf of its Employees,
r whose piNiciptti- is not terminated by the St—, Tntstee. In the event of a complete temrination
of IN, Master Trust Fund or of the complete—mtion of the Uefned Connibution Pl. Tryst, the
Deferred Compensation Plan Trust, or the Defined Benefit Plan Tryst, the Master Trustee will take
Doable steps to avoid a distribution to the Panicipating Employees and Benefcimies, except
pursuant to benefit options under the provisions of die Plan, including—Ib,s.to Bocce — pl.0).
How if dissriboti t be made, the Administrator shall be responsible far directing
distributi of all nfEe't'd assets of the Master Trust Fund to Panioipatng Employees and
Benefi6.i-
ons un Distributider a Plan obenefits
f existin6 ac rued bfits to the Panicipating
Employees and Benefeinries affected by the N.inatioasare subject m the benefit provisions of the
Plan. However,
if a Participating Employer requests a plan -to -plan transfer of Plan azsets with respect
to the Panicipating Employer's Employees, the Master Trustee may in its discretion make the transfer.
Notwithstanding the foregai ng, the Master Trustee shall not be required to pay out any asset of
the Master Trust Fwd to Participating Employees and Beneficiaries or or plan upon
n of the Muster Trust Agreement, m whale or in part, writ the MatessSrnxtee has reoeived
ertifea n from the Administrator (i) that all prov of law with respec such
ov h.etbee omplbid with, md,dmg the t sofn Plm and (it) after the M.
Trus ee has made a date n of the fair market vat- ftthe assets of a Plan, that the asses of a
Plant ate sufficient to discharge when due all obligations of a Plan required by law. The Master
Trustee shall rely conclusively on such written certification and shall b,, under no obligation to
my .tigate ur otherwise determine its propriety.
When the .sets of the Master Trust Fund afected by a on have been applied,
ansferred or distributed and the a s of the Master T., ee have bee aided, then, the Master
Trustee shall be mleased and discharged f . . aII further acwuntability or 1 ability respecting the trust
or portions thereof, affecced by the termination and shall not be responsible ht any way for Ne
further dispos n of the ."I, of the trust or vests, or portions thereof, affected by the termination or
any part thereof so applied, transferred or distributed.
Section I I I. PROHIBITION OF ASSIGNMENT OF INTEREST.
No interest, right or claim in or w any pan of the RH,R, Trust Fund or the funds of the Plans,
any payment therefrom shall be assignable, transferable or subj- t,, sale, mortgage, pledge,
hypothecation, commutation antioipation, gamishtnent, anad--, exacmion or levy of any kind, and
the Master Trustee shall no ecognin my anempt to asign, transfer, sell, moBgN,,, pledge,
hypothec mmute or an icipate the same, except 1, the extent required by 1-
Section 112. MISCELLANEOUS.
A Tides. The titles to Pans and Sections of this Agreement are placed herein for
convenience of reference only, and the Agreement is not to be wnstrued by reference thereto.
B_ Professional AdministratorThe Administrator may delegate any of its obligations
und—G, Agreements aprofesshoml adminhstrator.
C. Suc This Agree shall bind and in o the benefit of the su and
ssigns of the Florida League of Cities, Inc, the M.- Trustees, the Panicipating Employers and
Panioipating Employees.
D. Countema" This Agreemwt may be execmed m any number oEwuntorpana, each of
whiob shell be deemed to be an original but all of which togetl— shall wnatimie but one instrument,
which may be sufiicievtly evidenced by any counterpan. Any Panicipnbing Employer Net formally
epplles for panlcipatm. to this Agreement by executing a Trust Joinder Agreement end is accepted by
III, Master Trustee shall thereupon become a party this Agreement and be bound by all of the terms
and conditions therwf, and said Trust Joinder Agreement shall c—tibb, a wunteryan of Nat
Agreement
E. Jurisdicti n. This Agreement shall be iambpreted, 000swed and wforced, and the must
abed hereby Ih.11 be administered, in accordance with Ne laws of the United States and of
NetS—of Florida.
F. Sib, of the Trust. The silts of the vest or trusts created hereby is Ne State of Florida.
All questions Ii—mivg to validity, co and administration shall be determined in
cordance with the laws of the Sime of Florida avenue for any amen rc dmg this Agreement is
Leon Cowry, Florida.
G. Con When any words used in this Agree n the m cline
gender, they shall be co rued as though they w e also d in the fem gender
r iv all
where they would s apply and whena used
words ar used biNis Agreement m the
singular form, they shall be c rued as thoue though they w also used iv the plural Farm t all si
where they would so apply, andtwhe, - Ivy words are used iv this Agreement in the pl.1 form,
Ney shall be covstmed as though they were also in the singular form in all situations where they would
so apply.
H. Fiscal Year. The FMPTF and all vests created by it shall operate on a fiscal year from
12.GI a.m. October I" I, midnIasi
ight of Ne i day iv September in the following year or as otherwise
provided by the Plan Application far panicipatiov to this Agreement, when approved in venting by the
Master Trustee or its designee, shall constitute a continuing contract for each succeeding fiscal year
.,less cancelled by the Master Trustee or unless the Participating Employer shall have resigned or
withdrawn from this Agreement by written notice.
L Parties Bound. Tbis Agreement shall be binding upon Nrti e paes hereit, the
Panicipating Em
I'll en and Panicipating Employees in any Plan -d persons claiming under or
though them pursuant to any Pbn, and, as the Dose may bc, the heirs, executors, adminisvators,
auecessors and assigns of each of them.
1. Nec are P,ni, I, Di- Necessary pities ro any accounting, litigabi r other
pro eedings relating to this Agreement shall include only the Master Trus and the Administrator.
The settlement or judgment in any such case iv which the Master Trustee is duly served or cited shall
be binding upon all Panieipativg Employers and Panicipating Employees in any Plan aid their
B—fciaries and est es, and upon all persons claiming by, threugh or under them.
K. Sevembility, If any provision of bile Agreement shall be held by a coon ofcompctem
jurisdivtion m be iovelid or unwforwable, the remaining provisions ofthe Agreement shall -1- bo
be fully ef-i— If any provision of the Agreement is held to vile the IRC or to be illegal ar
—lid for any other reason, that provision shall be deemed to be null mtd void, but the invalidation of
that pr bmn shall not otherwise affect any Plan or trust cretOd by this Agreem , .
PART 2—DEFINED BENEFIT PLAN
Section 200. APPLICATION. The provisions ofPan 2 apply to defined benefit plans.
Section201. ESTABLISHMENT AND PURPOSE OF TRUST FOR DEFNED BENEFIT PLANS,
A. Esublishmu,t of Trust For Defined Benefit Plans. The Participating Employers with a
defined bannfit plea or plans establish with the Mutes Trustee, and the Master Trustee hereby aoaepu,
a Defied Benefit Plea Trust for the exclusive benefit of Participating Employees and Benefloiaries of
Paticipating Employers consisting of such cash or other property acceptable to the Master Trus
shall be transferred to the Master Tns fiom tim I. It— by the trustee of any Participating
Employer with a defined benefit plan or plans, ar provided in Section 202 herocf, far investment in the
Master Trust Fund, together with the earnings, income, additions and appreciation thereon and thereto.
B. Ptwoses of Defned Benefit Plan Trust. The Master Trustee may use and apply asseu
in the Defned Benefit Plan Trust, as part of the Master Trust Fund, for the following purposes:
1. At no time prior to the satisfaction of all liabilities witlr respect to Participating
Employees and the¢ Beneficiaries shall any pan of the corpus or inwme be used for, or
diverted to, purposes other than the exclusive benefit of the Pwicipming Employees and
their Beneficiaries w distribute the copus and income of the DeneBenefit fid Plan Trust to
the Participating Employees and then Beneficiaries in accordance with applicable law end
the Plan.
2. To establish sad ac umulace as pan of the Master Trust Fund an adequate
reserve to carry out the purposescof the Defined Benefit Plan T_t.
3. To pay any federal, state or local taxes or fees, which may be properly imposed
on ar levied against the Defined Benefit, Plan Trust or benefiu paid therefcam.
4. Udeemed appropriate and advisable, m pay premium on s,p,n 1y administered
life insur coverage on the lives of Participating Employees of Participating Employees,
Section 202. PARTICIPATING EMPLOYERS WITH A DEFINED BENEFIT PLAN OR PLANS.
A. Approval. Before any Paticipaing Employer is approved which has a defined benefit
plan n stablished as a Plan by the Master Trustee, such plan m st b, approved for acPtui.l
w,,dneu by an ,,L, selected by the Master Trustee or Admiristrato, end such plan must comply
ith Chapter 112, Florida Statute,.
B. Accumulated snare. No Panicipming Employer shall nave any dghq title or interes in
or m any specific aueu ofthe Master Trust Fund, but shall have an undivided beneficial interest in the
Master Trust Fund; however, them shall be a specifc --mg of assess allocable to each
Participating Etnplo ,
C. Contributio The Admini,-O, shall have the resp0usibility for accepting
nmbutions by Participating Employers. The Administrator shall be under w duty to determine
whether the vmoumt of any contribution is in accordance with the Partioipating' Gmploye's defoed
benefit plan or 0 collect or enforce pay—t of any n Uib li— All contributions under the Plan
shall be transferred to the Defned Beneft f thPlan Trap to be held, managed, invested and distributed as
P.
poe Defined Beneft Plw Trust by the Master Trustees m necoNunce with the provisions of the
Plans and applicable law. All benefits under the Plans shall be distributed solely from the Defned
Beneft Plan Trust and Panieipating Employers shall have no financial liability therefore ocher than the
obligation to make contributions to the Defned Benefit Plan Trust I provided in the Pi—
D. Chagt_175 1 185PIan1. The Master Trance shall be authorized to take the steps it
deems necessary or appropriate to comply with Chapters 175 -d 185, Florida Statutes, with respect to
any defined benefit plan of a Panmipntmg Employes established pursuant to such Cl,,,-
PART 3—DEFINED CONTRIBUTION PLAN
Section 300. APPLICATION. The provisions of Pan 3a,ply to defined contribution plans.
Section 30L ESTABLISHMENT AND Pl1RPOSE OF TRUST FOR DEFINED CONTRIBUTION
PLANS.
A. Establishment of Trust for Defined Contribution Plans. The Master Trustee establishes
Ne Defined Contributio, Plan Trust for the exoluswv baaeft of Participating Employees of
Participating Employers with a defoed coot bution plan or plans. The authority to conduct the
general in t opemt and the general admi ne of the Defd Contribution Plan T— is
sled in the Mauer Trvs . The Mas er Tres may�o with the Adminisvator to perform
delegated functions with respect to the defined coenmbOion IT-d the Administrator may,,,tract
with third pert to provide admimstmtive, investment and—Wdial services mreletion to the defined
wntribution plan.
B. Pummses of Defined Cont bution Plan Truss The Mane T-- shell mei— m die
Defined Contributl n Plan Trust for the exclu, ve heneft of the Panieipating Employees and their
Benefcian . She Masmr Tres ends to stablish sound prvdem practices designed w provide
easy and wnvenient access to information and transactions for Participating Employees, including
ansf", from one investment option to another at the Panieipating Employee's direction. The Master
Tres ends m esmblish drew pme while m nog a ble w o the Participating
mp Eloyes and Partiapatimg Employ—, The Manmno
r'Trus end, o pres c Participafng
Employees' rights o choose Feely among a broad r ge of invesement options and to s,fdirect their
an ¢ F,r her, the Mase
r This pe ends mf— ongoing evaluations d rcr that sthe n t option, offered ee im diversified, competitive and et tmIO,kiOLmg
mp Eloyers vend e"'Llpvting Emplm — It 1, the Mona Tmstee's i tnntvthvt the De—d
Conuibmion Plan Tust be exempt under Seotions 501(v) and 1 l5 of the IRC. n
A. Defined Contribution Plan Trust Administration. The Master Trustee shall receive ,nd
wept for the purposes hereof all propeny paid to it by or at the direction of the Participating
mp Eloyers and Participating Emees ployand shall hold, ne anage, administer and
distribute property and the increments, proceeds, earnings and income It, If fofthe exclusive benefit
of the Panicipatmg Employees end Beneficiaries under the defined wntrbution plop. All assets shall
be held by the Master Trustee in the Defned Contribution Plan Trust. The Master Trustee has
authority to in"',
n aucordance with valid Participating Employer and Panieiparing Employee
ine—i s, and —age ffil n—fthe Defined C.ennbetion Plan Trvse
B. Exclusive Benefit Rule. No portion oflhe veved principal or the income efthe Defined
Coot 3ution Plan Trust shall revert to the Panicipnting Employer, oc ever be used for or diverced to
eny purpose other then fee (i) the exclusive benefit of Participating Employees in the Defined
Contribution Plan Trust and persons claiming under or through them pursuant to the defined
ntnbution plIn and (a) the payment of reasonable expenses of the defined contribution plan and this
trust. The Muter T—ee shall administer the trust in compliance with IRC Section 503(b),
C. Plea All cefeenees in this Pan 3 to the defined e—ibutien plan shall mean the
FMPTF defined contribution plan. The defined contribution plan, as amended ft— time to time, shall
be incorporated herein by referenee, and the terms herein shall have the meanings attributed to them in
the defined contribution plan.
D. Propeei_y. The word "property" used far the tN t shall be deemed to refer to any
property, rent or personal, or part in t therein, wherever s nted, including, but without being
limited to, preferred and ce stocks9 shore of in ompaniea, bonds, notes, debentures
and mortgages, equipment tm enifcates, in enifcates, in n partnerships
whether limited or general, o any insurance ee-nett policy, annuity or other invesrment media
.fiend by an inswance company.
Section 303, DEPOSITS AND DISBURSEMENTS FROM THE 1RUST_
A. Trust Deco The Master Trustee hereby delegeles to the Administrator the
responsibility for acceptingsdesposits to the Defined Contribution Plan Trust.
B. Trust Payments. The Master Trvs e hereby delegate the Admi the
responsibilityin, making payments from the Defined Contribution Plan TrucThe Admiedsvator shall
make payments fom the Defined Contribution Plan Trust ro Participating Employees, their
Denefciaies and such other persons as the defined contribution plan may provide. Such pay. —
,hall be made in such ne—et, in such amounts and for such purposes, including the payment of
defined contrbution plan Benefirs and the payment of expenses of administration of the defined
ntribution plan, a may be specified in the defined contribution plan. The Administrator shall ensure
that any payment directed under this Section conforms tv the provisions of the defined contribution
plan, this Agreement, and the provisions ofepplicable law. Payments from the trust shall be made by
cheek (or the check of an agent) or deposit to the order of the payee. Payments or other distributi
hereunder may be mailed to the payee at the address last furnished w the Adminisrator. The Master
Trustee shall not incur any liability or other damage on account of any payment or other distribution
made by the trust in accordance with this Section.
C. Alloc n of Exo f The Masterrue T, shall pay all expenses of the t rt from the
Defined Contribum Plan Trus se All expert of the which a allocable I, a particular
t opfo umay be a11,,,, ed and charged to such invesmmn optionv dete coned by the Mutcrus nses T. All expe,f the trust which ar allocableI, ap,,,N,l.
[ option account e, shall be charged to —1, such investment options e, n —,t in the concoct
established by the Master Trustee '
Section 3- INVESTMENT OPTIONS.
The Muter Trustee, in cordance with provisions of the defined contribution plan, may
staNisb one(I)or""
ne (I) or t options within the Detned Contribution Plm Trust, each optio
being hereinafter referred to u an�'snvesunent option." The Master Trustee shall vansfer to each such
s
t option such portion of the asses of the Defined Contribution Plan Tryst u appropriate.
TheMut r Trus shall manage, acquit r dispos of the atopli— in
eordanw with valid specific in nt directions given by the PzttieipafioEmployes g Employeo
Participating Employees. All iacomesreceived with respect to, and all proceeds received from, the
disposition of property held m et eption shall be credited to, and re stud in such
t option The Master Trustee shalleswblish at lent one (1) default investment option in the
absence of valid PItImpa,mg Employer or IN,6 ip,,mg Employee investment direction
From time to time, the Master T-- may eliminate an investment eption, and the proceeds
thereof shall e cei--d is a 11- investment option in t—dance with the directions of the Master
Trustee,
Section 305, INVESTMENT IN INSURANCE CONTRACTS
The Muterus ma r Ty otter ce (1) or more intme vesnt optic,, pursuant to one (I) or mare
agreements with insurance eompanieso quelifted to do business in the State of Flonda. Any asset
es'ted pate., to such an agromneut shall be held by the insurance eompvny. Evch insurance
ompny so selected shall certify the value of the trust's interest m the property held by it at least
tmually. The Master Trustee shall be entitled I. rely conclusively on such valuation for all purposes
.der the wit.
Section 306. INVESTMENT IN MUTUAL FUNDS
The Matte, T—tee may offer one (I) or more investment options pursuant to one (1) or more
agree swith compam offering m val fund preduc . Any u sled pars uch an
agreementshall be held by the Master Trustee, F-1, mutual fwd so selected shall certify,the value of
the n tha[ fund at leas ashy. The Mane, Trustee shall be entitled 0 rely
eonolus vely e1 —1, valuation for aH purpose under the tryst
Section307. MISCELLANEOUS.
A. Conflict. In resolving any conflict among provisions of this trust wd in resolving any
e mevn other inty ns o thinn g or of any provision of This vast. thOat e intarpretvtion (i)
es the defined contribution plan vnde1-1 to sadsfy the applicable requirements of [RC Sections
4ol(a) and 414(d) and the trust to be exempt from tax under IRC Sections 115 and S01(a), a,,d (it)
eI the defined centribution plan and — w comply with all applicable requirements of law shall
prevail over any diffecent'mvrpretntien.
I5. No Guara Neither the Administrator nor the Master Trustee guarantee the
Defined Contribution Plan Trust from loss or depreciation or the payment of any amount which may
become due to any Dersen under the defined contribution plan or this Agreement.
PART 4—DEFERRED COMPENSATION PLAN '
Section 400. APPLICATION. The provisions of Part 4 apply to deferred compensation plans.
Section 401, ESTABLISHMENT AND PURPOSE OF TRUST FOR DEFERRED COMPENSATION
PLANS.
A. Establishment of Tmst far Deferred Compensation Plans, The Matter Trustee
stablishes the Deferred Compensation Plan'Ndat for the exclusive benefit of P d,.ipa1ing Empleyecs
of Partieipetidg Empleyecs with a deferzed compensation plan or plans. The authority tp conduct Ne
general investment operation and the general administration of the Deferzed Compensatioa Plan Trust
sted in the Master Tres . The Mas er Trus may co with the Admiviso-ator to perform
ate delegd fungiswith respec I. the deferred compensation plan and the Admi may -,-
with third partiesto pa rovide admiaial ivc, investmesto investment add -dial scrvioes id telal.a to the
deferred compensation pi.,
B. Purposes of Deferred Compensation Plan Trust. The Master Trustee shall maintain [he
Deferred Compensation Plan Trust fofthe exclusive benefit of the Panicipating Empleyecs aad their
Beneficiaries. The Master Trustee intends to establish sound prudent practices designed to provide
easy and c inform and tr s for Panicipating Employees, including
_bars from t optio soother w that Panic paring Employee's di—fia,, The Matta,
Trus each t stabl sh these p—till, hile m nmg a noble oa the Panicip1d g
Employers add Participating Employe s, The Master, Tmstae mends to preserve Panicipating
Employees' rights to choose freely among a broad range of investment options and to self -direct their
id m Farther, the Master Trustee intends tc perform ongoing evaldati, a, aad reviews tc easvre
that theinvestment options offered rem m diversified, ee apetill- aad attractive to Participating
Emes ployevvd Participating Employees. It is the Master Trustee`s ininn .. t that the Defed
Compensation Plan Trust he exempt under Sections 501(e) and 115 of the IRC
Section 402. DEFERRED COMPENSATION PLAN TRUST ADMINISTRATION.
A. Deferred Compensafon Plan Trust Adminisvatiod. The Master Trustee shall receive
and accept for the purposes hereof all property paid to it by or at the direction of the Panicipating
Employers and Participating Employees and shall held, id annge, administer and
distribute progeny and the Incremeats, proceeds, —id, and income thereof foe the exclusive benefit
of the Participating Employees and Beneficiaries under the deferred compensation plea All assets
shall be held by the Master Trustee in the Defarted Compensation Plan Trust The Master Tmstee has
authority to tancordaaoe with valid Panicapahag Eand
ia d Panicipating F,mployee
madr ipts, and mageatheassetsofthe Deferred Compensation Plaa Trust
B. Explosive Benefit Pal, Pursuant to IRC Section 45'1(g). no portion of the vested
principal or the in e of the Deferzed Compensation Plan Trust shall re o the Panicipating
Employer, or "ar be used for or divened to any purpose ether then for (i) the exclusive benefit of
Panicipating Employees m the Deferzed Compensation Plan Trust and persons claiming under or
through them purl o the deferred eompev an plan end (ii) the payment of reuovable expenses
of the deferred compensation plan and this trust. The Muter Tmsice shall administer the wst f
compliance with IRE Section 503(b).
C. Plan. All references in this Part 4 to the deferred compeL:iodz1fm shall mean the
FMPTF 16—d compensation plan. The def000d compensation plan, as emen2d from time to time,
shell be inwrporeted herein by rIfrence, and the terms herein shall have the meanings attributed to
them m the dd—d wmpevsatiato pi-
D. Property. The word "property' used for the trust shall be deemed to refer to any
property, real or personal, or pan in t therein, wheve rer si abed, including, but without being
limited to, preferred and common stocks shares of investment companies, bonds, notes, Rben ,
and mortgages, equipment nu ertifcates, in ,,bF,,ates, m o partnerships
whethli er mited nr general, o any insurance cover t, policy`—ity or other mvotmem media
offered by an insurance companyn
Section 403. DEPOSITS AND DISBURSEMENTS FROM THE TRUST.
A. Tmst Deno Theaster MTrustee hereby delegates to the Administrator the
responsibility for acceptingsdeposits to the Deferred Compensation Plan Trust,
B. Trust Pa,.,-, The Mat , T—b,o hereby delegates to the Administrator the
responsibility for making payments from th, Deferred Cnmpeosabion Plan Trust. The Admirnimamr
shall make payments from the Deferred Compensation Plan Trust to P t icipatmg Employees, their
Benefrcivrles end such other persons u the defered compensation photo may provide. Suah p,y t,
shall be made u,uch m uch am uch and foe purpos ncluding the payme of
deterred _topensvtion plan Benefits end the poymeot of expenses of administration of the defend
compensation plan, u may be specified in the deferred comnsat peion an. plThe Admstra initor shall
are that any payment directed under this S-ion obf—, to the provisions of the deferred
ompensation plan, this Agree and the prov of applicable law. Payme is from fe —
shall be made by oheok (or the check of an U,-) or deposit to the orde of the payee Payments or
other dio
sbibuti s hereunder may be mailed to the payee of the address last f 'shod to the
Admi . Tbe Master Trurt e shall bo,
' any liability o other damage on account of any
payment or other distribution made by the b"tit,—ordance with this Section.
C, Allocation of Exoen s. The Mazter Trustee shall pay all expenses of the bust f om the
Deferred Compensation Pleb hush All expenses of the bust, which ore allocable to a p 1ic
soptic may be allocated and charged to uch io et option or account u
detcrmined by the Muster Trustee. All expenses of the 1-1 which arenott allocable to a particular
nt option or account shall be charged to each such invesmeot option or ee — iv the ot—,
established by the Master Trustee.
Section 404. INVESTMENT OPTIONS.
The Master Trus cordon with provisions of the deferred compensation plan, may
mabl ixh o e (1) o e oplions within the Drre efed Compens n Plan Trust, each
option being hereinafter r,feaedttoen , r option" The Mas tr T., e shall transferto
each .such investment option such portion of that assets of the Deferred Compensation Plop Truss u
appropriate. The Muter Trustee shall m naga, acquir or dispose ofthe assets in an investment option
Gordan with valid s,cift nt dire given by the Participating Employers o
Panici➢atiag P nployee . All ii ved with respec and all proceeds r eived from, the
disposition of propenysheld m t opliom shall be credited to, and ee steel such
n( option. The M—, Trustee shell establish at lens( one (1) deGult invu-- option in the
absence of valid Participating Employer or 1-icipa1ing Employee investment difrtition.
Prom time to time, the Master Trustee may eliminate en Investment option, and the proceeds
(hereof shall be rem—1,d in another mvestme t option in accordance wi(h the directions of the Master
T,_
Seotiom 405. INVESTMENT IN INSURANCE CONTRACTS
The Master Trumay
y oltbr one (1) or nt options purs ae (I) or
agreements with insurance companies qualified mo dobu,m— in the Slate of Florida_ Any asset
sled pursuant to uch am agreement shall be held by Ne ompan
ry. Each inr ompany so scI-M shall certify the value of the to Ws in(aest sin�ihc progeny held by it at(east
unlly_ The Master Tmstee shall be entitled m rely oonclusively on such valuation for ell purposes
under the —
Section l06. INVESTMENT IN MUTUAL FUNDS
ma The Master Tmsme y offer one (1) or t options pursnor ne (1)
agree with —parries offerimg mutual fund products.[ Any asset io ested, uch an
agreemen�shall be held by the Master Trustee. Each mutual find sm selected sh iI certify the value of
the w n that fund at least vvmolly. The Moser Trustee shall be entitled tm rely
wnclusively .(.such valuation for nll purposes under the 1.1t
Section 407. MISCELLANEOUS.
A. Conflict. In resolving any conflict among provisions ofdtis trust and im resolving any
-11"aas other
inty o the in mg o nof any provision of this tru , the in(upretation that Ill
Bthe deferred compens om planand w (isfy the applicable requir s of IRC S-ion
457(b) and the wst to be e—p, from tar under IRC Sections 115 and 501(a), and (II) causes the
deferred compensation plan and tryst to comply with all applicable requirements of law shall prevail
over any different mteryremtmn.
B. No Guarantees. Neither the Administrator nor the Master Trustee guaramee the Deferred
Compensation Plan Trust from lass or deprccintion or the payment of any amount which may become
due to any peon under (he deferred comperssntion plan or this Agreement.
M WITNESS WHEREOF, the M.,,, Ttssstees have oeused the Flonda Municipal Pension
Trust Fund Master Trust Agreement to be Amended as of the 291° day ofN—ber, 2001.
Passed and adopted by the Master Trustees of the Flonda Municipal Pension Trust Fund this
2�day of A ✓c—here ,200L
(� -Z--t c
Chairman
Accepted 6Y1R` d inistor
AS d AAd mminis,,-D, londa League of Citi/es, Inc
Atrator
_ FMPTF
PENSIONSF,'RVICF.'S Florida Municipal Pension Trust Fund
Febnwry 26. 2002
Ms. Geri Zwnbn
City of Longwood
175 West Warren Ave.
Longwood. Fl 122i0
RE: R,,, W os to Master Trust Atr< went
Dear Ms Zambri:
Vou have recently received o letter from the Florid. League of Cihes notifying you of rhe
ehenges m the Matter Trust Agreement Thasc iw change, ore tise result of the Leayve
changing the nIet. of the Defined Contribution (401.) plan and adding . Deferred
Compensation Plop (457b)- The Defined Benefit plea remains weh.g,d, As we discussed, the
endmen to you shows the arnendmet. to the plop end one section has wording with n
so r—che In, Net indicates that C.t -i. u 1. be deleted from the docament.
Conversely, the underlined portion is to replace that partioa which ie deleted. In particular, this
endment deals with Section 110-B, "Amendment or Termination of this sAgree nt and ubsernon C."Tetmi-e of Plans"-Abriefdiscussiun of LLse changes ore as ibilowsme
• 110 B, "Termination" ie changed to begin "This Mate, 'trust.:'. As stated, the
Employer may to , participation is the plans el y ti with proper n
'the amendmrn t.6'eus warding for the Deferred Compensation plan, and addresses
compliance with Flonde Law.
110-C, "Distdbutinn of Assets" is changed to begin "In case of a Termination..."
This section deals with the dimibution of the plans assets in the event of a partial or
omplete plan termination. Much his provision remains the s e, but a of the
warding has been cleaned up m d clarify ce such ambiguities es pareg eph tw
where rated LLset "rhe►� ued arsers of the Masrer Trusr Fund shall continue ro
I,
held purrvani le the direcrion aJ the Masrer Trarree,I rhe benefit` cred
Par Icipnrie' Lmployees and Ben hcimtes purruanr ro the ben Pr provisions f rhe
piari'. This wording dots not substantially —ge the way operated in the post, but
fated clearly in the Agreement. Similarly, paragraph rive' dealing with
allowing plan to in iransfers and paragraph five deals with the M.- Trustee's
reieusc from liability, both not previously addressed m the old M.stu Trutt
Agreement.
Florida Leegne of Oitiae, lot_, 001 S-14ronough Sc, P.O. Boz 17b7, Tolleheeaee, FL 52902 1767'
Wit) 2U Oeai Fe. (..) 22 3ehh
A5 I —d—d on the ph-, these changes were --Iq 10 accommodate the updates m Ne
current plan
.,d Ne new plan we have added,. beater serve.ur membership.
Phase feel fine to call
look forward 1, d ... ty with th, Cty of Longwood in 6, Nturc.
Sine ely
�. Retiremens Programs Manager
Florida League of Cnies
AMENDMENT
Comes now [he Master Tr M-11o[the Flerida Municipal Pension Trust Fund Pbrseant,o
n Il0. Subsection A. of the Mosierd A ,Agreement ofsaid Trust. and does hereby amend
Seeuon 110. Subsections 8. antl C., ofsaid Agreement to reed as [allows:
Section 110. AMENDMENT OR TERMNATION OF THIS AGREEMENT:
TERMINATION Or PLANS.
D----Freeme
[«xw4y-NasenooaawxNal+eLNmPaniusteat�Ay wdand+naccordencawitk+gagwwsiens
eCehwgeetier.
N. This Master Trvs[ Aerc and N,w eted hereb ma bet a[ed a[
mob the Muster Trus vnrh re n Em to a whene4he Gm to a Plan
n[ed o when neTrusl Ia rider A re nt hestbae ared. The DefhM tContribution
3,yeryliv r me n tarmin
Plnn Trus a bee e[ed in" when the Defined Contribution Plan ated in its
entvely,. The De(crrcdn Com a nePl Trus be cad i �rotlnwhon nho
DuE—d Com en on Plan is mrminared in its emir , . The Def ncd Hanefi, Plan Truss me 6e
used in its endre[ t Floride law The Maser Aar-- and the Master Trus,
v,be 1—naed m to Ploridnlow
tg.sreazed-peraby
ate-[erminaeda
hareefandtaseniag 'a-sett7tag
wstee-the
M e
Rlxas{«-rgaz-ParaeFthuAA>.u�-
nxxme�wwsses<wsteo e
[b�uH�inaeiex,-eash�xc-a9u�x-w�-m�n,ive
Flenae-rke9a,ea€tgaiwmire,«te—irre,'
He
whol:�osaa
shay kemaHfiafger
wz§iVR
9istfibutad, i#oF
sltalMw%e+esg[x[ubl ta,4ihe
ed-pete4yare
w-+uheFn-ut- a-vry --.s�uro--r«asirud-weu�x�aea-kem-Me
C. In case f If this Master T— h , i, �,hl,
Master T.,.. the s If Section I I i —If end --,g
,Iai- —.—, and to discharge
an, 1�g, of IMPTI for �II,l Master
T I shall
" I be liable f shell hold,,
or disttibute the affected as t the M, T—, Fund v.—dwiNilte
—
pw, I LljAg-- aId 1h, affected ,Pl— Uwhale o
If iIIAIthan[ "�'e-Yfhe-- T -1 -11 h— i- to
av P_&dec n I I2
hereof
Mml —i-- If thisAg—` ' t' re 5""""
sc
affected es T-1 Fund shall—fi— t� b, held M,�,antl T__ del na not co vibuti the
for tha benefit
If Itf-Id Beoeficie
the benefit r —Nbe Plan This A
..t,, T— F— II behalf
I, whosI—i—d b ffiI M—r T-11, 1� the I—, ofa
,I 1—inlim If the Master Trust 1,,l I,
I lh,
Ict,mf the Dlfind
Ini u6-I,T�-,,!,L,- PI Tres the De[, dB�fj Pl.T
the M.- ,.L- f, taker nobles the Pnn_pntin¢ t
and Bf6.—. b-91 nationunder the ehe .12—, the -11 be
Trust Fupd , f— t�I
Distributi —under , N- of I.iWm —Id benefits tthe — 'Im
7and TI, affected lh�—Ibi- . the benefit If the Em to
L 'it the NmIg E.pl,'s 1.1; .. No w
�,,dTrust
'i� TI the TrusteeTrustee shell not be required�d It If the
_ Fund
t.
Flh. Master Tm> whale orIIII the Ma., T.,- has
from the all If law with re uch
on have bee m lied with includin the —n If a Plan and iaf., fhI Mast
—de a d-i—"-- Iflhe fair mark.,_k., valuer If the .- fa Pl., the, the assets f.
dh, b—Rhg—If . I- I—i- b, law. The Master—h —l- mfi—i- �dlh 11 b, �--
"'p,,
When the —11 f lhe Master Trus[Fund affec[ed by a semi na[on have been applietl
and �h� -- 7 Mll, TI-I 1— b— —(Id� IhI, I'll = nail be released end d'schareetl from i1 or d
s thereof effected by the rerm'na end shell no[be responsible ir�anv wav for
by further dispasit on of [ho of the s Ihareof effected by the
N—d and—ptedby the M,te,Trustees lflh. FflfidaW,i,i,l
I" d, ofN—b, N01.
CITY OF LONGWOOD, FLORIDA
GEORGIA AVENUE/LAKEVIEW DRIVE
ROAD PAVING ASSESSMENT AREA
INITIAL ASSESSMENT RESOLUTION
ADOPTED JUNE 3, 2002
'TABLE OF CONTENTS
PAGE
ARTICLE I
DEFINITIONS AND CONS'1RUC I ION
SEC LION 1.01.
DEFINITIONS .........................................
2
SECTION I O2.
INTERPRETATION ....................................
6
SECTION 1O3.
GENERAL FINDINGS ..................................7
ARTICLE II
NOTICE AND PUBLIC HEARING
SEC'FION2.0L
ESTIMATED CAPITAL COST .... ......................
12
SECTION 2.02.
ASSESSMENT ROLL ..................................
12
SECTION 203.
PUBLIC HEARING....... ... ......... .................
12
SECTION 2.04.
NOTICE BY PUBLICATION ............................
13
SECTION 2.O5.
NOTICE BY MAIL ....................................
13
ARTICLE III
ASSESSMENTS
SECTION 3.01.
DESCRIPTION OF PROPOSED ASSESSMENT AREA ......
14
SECTION 3.02.
IMPOSITION OP ASSESSMENTS ........ ..............
14
SECTION 303.
PREPAYMENT AMOUNTS .. ......................
14
SECTION 3.04.
COMPUTATION OF ANNUAL ASSESSMENTS ...........
15
SECTION 305.
INITIAL PREPAYMENT OPTION .. ... ...........
... 17
SECTION 3.06.
ADDITIONAL PREPAYMENT OPTION ..................
18
SECTION 3 07.
MANDA"DORY PREPAYMENT .........................
19
SECTION 3O8.
REALLOCATION UPON FUTURE SUBDIVISION .........
20
SECTION 3.09.
ASSESSMENT ROLL ....... ...... ....... ..........
.... 22
ARTICLE IV
GENERAL PROVISIONS
SEC NON 4.01.
METHOD OF COLLECTION ..... ...... --,-24
SECTION 402.
SEVERABILITY..................................
24
SECTIONa03,
I'll ECHVEDAIE.. ....... ..... .............
24
APPENDIX A- FORM OF NOTICE TO BE PUBLISHH LD
APPENDIX B- FORM 01NOTICE 10 BE MAILED
APPENDIX C- DESCRIPTION OF PARCELS 1N 'IIiE GEORGIA
AVENUE/LAKEVIEW DRIVE ROAD IMPROVEMENT
ASSESSMENT AREA