Ordinance 01-1560aN ORDINANCE OF'D IF CH'Y OF LONGWOOD. SEMINOLE
COUNT)', FLORIDA, ADOPTING THE AMENDED AND RESTATED
M ASTER'TRUST AGIRCEMENT FOR TtIE RETIREMENT PLAN
AND )'RUST FOR FIRFFKTH if .RS AND POLICE OFFICERS.
PROVIDING FOR CONFLICTING ORDINANCES AND PROVIDING
FORAN EllFECTIVE DATE.
rs
WHEREAS, the City Commix=ion su tablished Reliremeni PI'nn and Trust
or Fireligh.eand Police Off—, of d.e Cis, of Longwood pursuam ro Resolution No.
1i-618, subsequently emended=end_
WHEREAS, the Retirement Plan and T,F,I Agreement was executed on
Uxenthtt' J, I `)9i; and
W HERE,'nS. Eehibit A of III, Rc1-,l e, flan and Ttust for Firefighters
and Police OAT—, is the ManerTnLcI Agreunent of she Florida Municipal Pension
I Iust Fund: ;end
WHEREAS, the Masser Tmst Agtepmen. of ReairemenI Plan and'D—t for
E -fighters anU Polim OfLceas has beets nmevdnd end �estaied by dio FMP'CF Master
I r,i-es to provide consistency of got -erring document, and to provide for e separate
...suu�.m Policy;
NOW, THEIiPORE. BE IT ORDAINED BY THE CIT Y COMMISSION
OF THE CITY OF LONGWOOD_ FLORIDA, AS FOLLOWS:
SECTION I: The City Comm....on of the City of L.o owood-t,
capacity ae the Trustee of [he Retirement Plan and -Rust Cor I'irefi�htets end Police
011iccrs of the, C by of Lntng Y" hereby eppinvcs cud adopts the untended and --d
Nlv.ter'D.ist A",A ...... attached ns Eshibit A-
SECTION). 'fhe ('City ComT1111 on pf the Ci IS o f Long.. ood,Fl—da.
ereby uut1.oi _" ,he Mdyo.to execu.e such documanls vs ara .equired to zlfeeluele this
.�nt.ndmi..tutbc Retnumritt Plan anJ Ttustf tTir iSh,ns.inI Police Offee.,e
S ECl. IION is All ordiitaitces sal urcliiunccs m�onllict herewith
n C
iI.>I R I J M1
Paul Lurv�rand, Maro�
_11S, A 1 _IN m IA. 01-1160
PLORIDA MUNICIPAL, PENSION I RUS'P F UND
MAti flsR TRUST AGREEMRN'C
hr AmenEed.lnd [<er[ated r)er�Lu 1, 2000
THIS AGI2EEMEN'f mvdc az o(tha 16'"day o[ Uccember, 1983 and as wtended and instated
of the . day of October, 2000, by and between all of the panics who arc now or may hereahor
bee ursuamslo mbar b the rticFlorida Muni l Pen n'Cmst Fund and nc� individua mad az Mas
Trustee pAle X hereof anA their successom (such tmstoes collee[ivoly rcferzed to as the
"Masmr'1'rtrsteci `l.
WI1NES1EI'11
WHEREAS, the Flodda Consritmion, Article VIII, Section 2b, provides, in pan, that
ipaliues shall have govunmental, corporate and ptopricrary powers ro enable them to conduct
i6pal government, perform muaicipvl [umtions and rwtder municipal srrvieos. and may exorcise
any power fur municipal purposes oxcept as otherwise provided by law, and
WHEREAS. R S. 166.021 provides, m part, that municipalities shell have the governmeaml,
corporate and proprietary powers to e bla them to conduct municipal government, perform municipal
func[ions, and render municipal services, and may exercise any power for municipal purposes, except
when expmsaly prohibited by law, and further deflnes a municipal purpose to moan any activity or
power which may be exercised by the State or its political subdivisions, and
use
W HERF,AS, A. S. 163.01 provides that a public agency of the Stem of Florida may exercise
jointly with any other public agency of the State any power, privilege or -".my which such agencies
are shn, for therp puose emu of pring local gov enrol units to make the most efficient
of their powersoby enabling them to cooperam wblb oIe localities on a bazis of III— advantage, and
W'T -AS, tha me b-1 of the FLod will ex« a c 1-1 or agremeat wh—by each
ember will mvcaant end agree to mako contnbntions based upon app pfi m actuarial analysis of
benefits or applicable agreement into a designated cash reserve and our of which lawful and proper
claims are to be paid, and further, Nat the members will covenant and agree Nat there will be no
disbursements out of this fund by way of dividends or distribution of accumulated reserves to the
respective members, and further, That the members shall make expense payments az squired for plan
design and administration. --
NOW. THEREFORE, the ponies hereto mutual agme a (ol lows',
ARTICLE 1
IIF RNCITONS
The following dehnirions shall govern the interpretation of Nis Agrccmen�
All'rlro Aden c 1=1-1" Lc o(Chics. Inc.
or Y ccvuo r ""'lab.'[ 'Y c I t stcv o I. tc Ma.smr I .,I tr _
e. IL Cas, l t;eneniS'sLall mean am and nu ncncfn. pmv idcd o rc ftnpbyecs.
dmie I'i Ionics. dgocnticus "r
andnben�oiarics payable from h o(dtc M r'fxt Fund o
of ii o providing for such pvymenis, or boot upon ccnifcvuon hymthc mmploycr or
pcligdtility Cor such bcnehtc.
C The term "Ncneli—q" shall be to a person desigb— by an Employcc to
be entitled [o a benefit hemundcr in iaso of death.
D. 13 f.,'TrSSSS.md- The [crm "Eoard of Truateoe" shall mean tI"b' Fi or u'ue[ens o[ v
Purticipating'('mst for plans established pusuant to Dither Chnp[m Il5 or I85 0[ [be Florida Statutes.
E Code. The 1-11 "Code" shall mean [hc lobb-1 Revenue Cbde of 195C' as amended
front time to time.
F. Cunod- The Iemi "Cuswdian" shall mean the bank selected by the Mastn Tru 1—.
under separate written document ro hold the assets of the Maztu Trust Fuod_
G. E tau The term "Employee " shad m an die Din"loyees and officials of each
employer under a cimtsifieadon established by each Employer and accepted by the Master T-III,
H. Emolovee Contribut oas. The tetra "Employee Contnbbd."" shalt mean payments
made by an employee for the benefit of his or her account [o be remitted by the employer for inclusien
is and for[hc puryosc of[he Mazter TNn Fund -
I. Eby' M The term "Emp10 1 shall meet each and every municipality established
within. or public agency or political subdivision of, the State of Florida and which becomes a party m
this Agreement by executing a Tmst binder Agaemem az provided m Article RI hereof.
1. Ln>PJpyer Contnbat oas The term "Employcc Contributions" shall -- paymeaes
made by an Employor for the benefil of, and for the acwunt of, the Employee of said Employe far
inclusion in and for the purpose of the Mazter Tien Fund as defined herein.
K. Fund. The term "Fund" shall mesa [he Florida Municipal Pension Trust F.-
U, Muster Trustee. The corm "M.-T.—shall mean the individuals who I,, as
Trustees pursuant 1. Article X hereof and their successors.
M. Master Tm Eupd. The term "Master Trust Fund" shall mean the assets of[he Maner
Trust established pursuant to Section A of Article ll hcmof.
N. Partic lalib, Trusf The — Pan6,ling Tmstshall n each and every
icipality _bblished within, of pubb. agency or political subdivision of, the State of Florida vnd
wh ch become. a "any [o [his Agreement by executing a Trust binder Agrecmc b as pro—b in
AIblc III hemof
O_ Pia s 'lilt, tcoo "I'I...... rub mean till written b b,,C[ progrxmc adopted by Gnploy—
which e-blisit beacfus to be paid from each Employer's (ands in Ne MastexTnrst Fund-
n I<'fIC1.G LI
A- L_slabli.chment o, Tr^ust. The panics hwoto emabl'ash with the Masror I ms end the
Master "trustee hereby ac tin6 pf such cash or other property acceptable to the
Mast r'I ee es shell be transferred to the Master Tnistee Cram ti me by the Irustec of any
Yaetieipeting Tmst, as provided in Allide III hcrcof, for investment inetaMnster Trvst Fund, together
with the camings, income, additions and appreciation thrtcon and the-
3_ Purposes of Trust. The Master Trustees may also ose and apply - Master —It Fund
for the following puryoses:
1. To Flay or provide far the payment of all reasonable
ay be iuemred in and necessary expenses
which meonneotion with the etablislweut mbd maintenance of the Master
'Crust, including but not limited to, the employment of such admmmbitive, Iega4 accounting,
and other expert and Gerical assistance, the leasing of _b premises and the pumhase or lease
of such materials, supplies and equipment as the Master Trustees, in their discretion, may deem
ssary or appropriate m the perfonnenoe of their duties, or the duties of the agents or
employees of the Master Trust.
I To establish - a minute as pat,. of the Master Tmst Fund an d,qua e
reserve I,,mry out the purposes of the Master Tmn.
3. To pay any federal,—, or local taxes or fees which may be properly imposed
on or levied against the Master Trust Fund or benefits paid dberoftom.
4. If deemed appl pn= vbl advisable; m pay premium on separately administered
life insurance coverage I. the lives of the Employees of patticipadng Employers.
c. r~gE�g�pef ne Assets. Except to the e nt prohibited by Florida Suit— outer
applicable laws of rogulal s, the Master Tms ee shallw mingle the as u of all Petticlpaeing Trusts
held by it under Ibis Agreement for investment purpose is the Mazter Trust Fund and shall hold the
Master Trust Fund in and managed administer the same in —dance with the to and
provisions o[ this Agreement The MI-1 "fmstec snail be Slider noaduty to determine whether the -
of any contribmi cotdan with the Plans or any of them or to collect or enforce
payment of any w tnbul vs Scpemtc investment funds within the Motor Tlpst Fund and varying
percemages of in any such s,b=1 in nt fund by the Participating Tmsts m the
cxlentso d.—. ed by Ibe M.-T-- hcaby isvezpmssly pemtiucd.
AIPI'ICIA: 11I
1—I—TIN E I—
'I'rAs'c oP'i �0.1�'I'hc Maslci"fnistcesshall dcmrminc which Gnploycns
� elect to become I�i iupxl g'Crusts_ l'he Mastct Trustees may delegate the ministerial authority
for membership approval to the Adininlllad In Bcfom any paniciputing Trust is vppmv1A b'' M1az n
dnCncd benehl pension plan not camblished as a masmr plan by rho Master Trnemes, such plan must be
_Tt A [or acmariel soundness by an actuary aolecmd by thter e MasTrus
'n tee or Adminisnator and
t�Nan mast comply ww Ps- t Iz
13_ h'1 s1L 6mployu'I make their cl—o to become a Pathcipating'1'tusv by executing
a "Cmst Joinder Agmemcat m such form and imm�t az provided by the Master Trustees- By execuhng
the Trust Joinder Agtec I, dw Employer agrees to be bound by all the terms and provisions of I'll,Agreemont. the'1'rust lomider Agreement and A rule, and regulations adopted by the Messer Trustees
antler this Agreement_
C. Coat t as Pan'c o_g� uLst. A Participating Trust shell be entitled to continue w
be a Patticipating Trust as determined from time m lime by the Master Ttvnec.
D. Accu nulated Share No partieipating T"" shall have my nght, title or interest m oc to
any specific azI,, of the Master Tmsl F.d, but shall have an undivided beneficial interest (the
`Aooumulated Share") in the Masmr Tmst Fund valued as provided m paragraph C of Atticle IV
hereof The Master This ee shall .11 Issue any—ifcate or whet tlocumcnmtion represe ring any
Anwmulated Share or part thereof o
E. Comnbutio s. The Adminishawr shall have the responsibility for determining whedrer
tnbuti o Participating Tmsts ar -M.. with Ihn re,pec e plan documents. The
Administm[or may tel o the i,f—li— provided m malting such demmtination. The
Adnti 112T r shall be under no duty m determine whedsu tht amount of any c Iabution is to
accordance with the Plans or vty of Ihem or to collect or enforce paymnm of any contribution.
P. i,ao er,Opor 1T.Plas The Master Tmsmes shall bo-ib, zadto Wee thesteps it
deems necessary or -It-.- —ply , ",'h apmrs l]5 and 185, PIorida S[amtes. with respect [o
any Participating Trust rstablishW pursuant m those Chapters.
ARTICLE IV
MANA IMENT I' ASSETS OR THE MAST ER TIitI TrV
A. A for of MaEler TNsyees_ Exeepl a is 8 or C of this Atiicle, and
xoept as otherwise provided by law, the Maz[u"fius[cc shall have exclusive authority and discretion
Co tcnage and control the assets ol'dtn Masmr Tnixl Fund held by it and, pursuant m the 6vidclines set
h in the Investment policy_
I. 'fhc Mas r'Cn ally ti nays
1 Managcr nngc (ncluding [tic pow, �acqui and dispos oof) t
or n po I [tic Mastu' Tmst Fund spcdlfed by be Mu'mr "fnisiec (hereinaf cr
ivluied to .is iltm luvwnnuitM I, a"Scgrcgaiulund").
2 Niy Inv �[ Manager appointed by be st be tither (� a
n adviser ingammU es sneli undo the Investment Advisers All.bank as
dchnM tin bat Act, or (iii) a —pi y qu hfCctl �o perfonn sc n the
nngon acquis or dispos � ofntheeaaseLs of [he plans under the lewsrof mote than
roan tdon trio
a d any lnvestrncnr Manager so appointed m [ ad:nowlWge in waling [o rho
Master Tb— the[ he is a hdudary with respect to be Plans
3. F-1, Investment Managcf appointed pmsnant. r .subpuagrapir of this
paragraph shall have exclusive autho,ity and discretion m manage and --1 the assets of its
Segfegated Fnnd and, pursuant to such auboriry and d,,—bon, may direct the Mazrcr Trustee
Gm end at any time with respect b any of be powers of be "fmstee as set force
in paragraph A ofdtis Artielc_
4. in atldilion. each Ill'h hC usr Maoage[ from ti and a any ti may
delegate to !tic Master Tustee or the usroUian (or in the even[ of n n�ynv--y in the office of
Inv nr Manage,, the M—, Trustee may exercise tliscmtionary aothetity with respect to
is Segegated Fund [o n debt se es (including obligations of
Gcv the
.—I of be United States) payable on demand ornhaving ma[uridu not axee mg one
year, or in in any trust fund that has been or shall be created and mai—ebb by the
Mas er Tms ee for be oollective short-term ii of fonds of try t,, for
employee -benefit planssyu,ihfi tl undu Code Smtion 401(a) the insrrvment creating such tmst
fund, together with any amendments, modifcations or supplements dtemof, being hereby
ef[ecrive when and as such in mad,, incorporated m and made n pmt of this
Agreement as fully and to all intones and purposes as is se[ forth herein at length_
5. 'Cho Master Trustee shall exercise, in respect of each Segregated Fund, be
powers _ forth in paragraph A of this Article only when and to [he extevt directed io writing
by be Investment Manager of that Segegated Fund. Each Investment Manager, from time to
and at any limo, mvy is o,dets for be purchase or sate of securities di.Ily to a broker
of dealer and the Mazter Trustee shall act upon vch order written no[ifieation ofthe issuance
of each such o[du shall be given promptly to the Mazter Trustee by the Investment Mnnago,
that sued it and dte execution of cacti suoh tittle,'&ll be eonb— by be broker to [bat
Investment Manager end to the Mazter Trvstee. Such notihca[ion shell be euthonty ro Master
lYus es purchased against payment rhemfofe and to deliver securities sold
agaitrn _pt of ""'mcced,, themhom, as the uaze may be.
6. The Master Trustee shall not be liable for any net or emission of any Investment
Managcr and snail note be node, mry obligation ro invest or otherwise manage the azsers of Ne
Plans [hat are subject to the management of any Invcsrmcm Manager. Without limiting be
gcnemhry of the foregoing, the Master Trustee shall not be liable by Cason of its taking or
refraining ham taking at the tlimetien of miy htvestrncm Manager any notion p--, to this
paragraph. or pursuant to a mti Clarion of order ro purchase or sell seeu,itics issued by any
Invcsttnent M ranger. n r "hail be Master's
s' cc by habit by mon of its fcrr "mg from
king any action bccm�e of be bail nre of anylnvcshnenr Managcr io give such direction or
ordu. the Mu shall be tabu o bury to quc nuke inqui say
ui ordu of ui m o give dire , order by'�ny —bbbatt Manager, and the
Nlutcr "1'rt Stec shall be miler ao duly to make auy review of invect�nent acquittd for any
vcnmcnt Mennger anJ shall be under no
"bi 'Y l�'- —il -'ll cspmt l. 11, .11, .'b.,'' to
c m me 11-111 the
Boards of Tnistces is
royuired for Plans subject to Chaptcry 175 or 185 If cv.ffi- such powers u set forth in
Section A of this Anielc shrill be so dclrgnted.
Matte, Trustees 0,11 b,, t.d shall -- to be fled such
ual or periodic audits, ,Ihiali—, reports end di,tl,,.,b, as II, required by -wt,regulations or
M""' ri"'. may
"'P[.y professional advisors to prepare
" audits,
reports and disclosures -d the con If such pltb—i—1 advisors -11 b, b.— by the M-11 T-1
AWFICLE , V
A. Ad-bi,,-,.,. The Adminisvator shall I— ,s S he1-1 of the F-d and
111till and authority W -P-1 policy bit— It fl, lhe M-1 Tibl— I [hey
'blarePlIg p—libI d If the Fbbd d ffie provisions If this Ag—.1 ..d
,,pplibtbi, '11b- and
The M-1 T-111 —1 have sad its sole and lb,Il- di—Itt.. may
se from I T_':d I by b— titherthroughh il .. tim, I, through --i.
selected by th,M, thb following administrative powers Illd .—bly -1, m,1 11 the
Master T-1 Fund.
1. To bo.b-1 1. 1.1d any property If the M-1 Trust Fund 1- bwl—
otherwise fI'i,il,,- fill 11.9 1 the in its discretion 1-1
desirable advantageous ,eali�etioo for t c from ibl---,,d keepp
unproductive If i—m-, without liability for i-11. h 1.P—ly 1—It d
1.11 cuh as it deems Al—bfi, lhe Adbimi,, fill. time to it,,, may specify) m
J,, administrative expenses If the Feud I, antibipa[etl distributions therefrom:
2. To hold "bip— ,1 [he Mute, T1,11 Fund in its I— name or i, the name M
without
d-1.1.11 If the IbIll I, i, b,—, form to that it will p— by
d'h", but such 11Ildibg shall the T.— If it, 111P.Ilibilily for the If,
study -
studyandI., tll
If e M-1 I Fund in -- Id1 with th, If this
Ag
ree III hook and If till Master Trustee shall 1h,- at all suchihl, 1
'1, pan17 1,, M.— Trust I- ill. Mall, TrusteeTrusteeshall1l be absolutelyabsolutelyw. for
, 7 by the -1 of 11 noi,dncc 1, with —p- w 1-111t, 1191-11d
org[rntw aw i� rated? li t die nemo=c or mpnidng :...d balding tllle w �y p,pe,ty.
intcruts o righ�c Nut Ne Master nts.ec a aurltorlred io rcrlui c under Article ! V hcmnr--,
the nagen c Mn.' �[ ur uubla agen wiNn
d
linbility fo d by nny xi agen selcctcrl with Fthe ,skill, Vru an
ddigcnru un dcyr thcveimr rzi�ecevs [hen prevailing that a prudent ratan a ling in a likaccapeeity
ongngcs, contracts, w sother ins... mnu' eem
ex
ein w ring that it may dnecessary or
desirable in the 6,,, of hspowcrs under this Agreement, and
6. "fo do all other acts Nat it may ticcm necessary or proper to ceay our any of Ne
powecv set forth in Articles IV or V hereof arothervvise irr Ne best inmretts of the Master Trust
Fund.
ARTICLE VI
TAXE$yEXPENSES AND COMPENSATION OF MASTER TRET+EE
A. Tg The Master Trus without direction from the Administrator, shall pay o of
the Master'rntst Fund all [axes imposed or levied wiN respect m Ne Master Tnut Fund, or anynpaz
thereof, under existing or future laws, end ill their discrotioa may contest the validity or amount of any
tu, assessment, claim or demand respecting Ne Master Trus[ Fund or any part thereof
B. E d Comp . The M.- Teustecs ar authodz,d to azi& from
Employer anU 8mployce Contributio rued and the a
th in arced ereon
nablc s m for the operating expenses and vdmlnistrative ezpenseseof «te Master Trust Fund. All
Wing funds coming into their hands shall be set aside and shall bo used only for the payment of
benefits az set forth in the Plan
The Mas et Trustoos may establish hum time to time a reazonabic amount of mmpensation ro
tendenee at meuings by the Master Tmstees wtd the Administrator m [he performanoe of the
rural duties of a Master "trustee or Adminisrator which compensation may include reimbursement
for necessary expenses incurred Netein.
ARTICLE VII
G_(r,(y}1,fW,_ )LTlES ANTI MEETING OF THE MAS'FEE Tj,24JSTL6
A. .IeSP"5!"hl_1>u -us. l"r I,— "1'msrec and cncd Invrslmcnt Mvnagcr appointed pursuam
to paragraph 13 of Article V hcteof,hall discharge dreir respective duties under this Agreement solely
n the mtcrest of the pnnicipvnt5 in tlic sovcral Plain and Iheir beneficiaries and (i) for the exclusive
purpaz of ern ing benefit., r Inn and thcr bencfmi vnd dnfrvying cc noble
aspens it flan tuft)w skill, prudes d d.becn under
y I'kpucity"tr f n a'itli such
IJ d o 1 Ik (d)t
+y r6t -Iclr r'Ac
v+ oeo afiel; ao mr, wl naps .fh
A6�' es rl y- -I rcprov sos -F SA,:cthc x. ,ny be font time
endW'ha cdut igat of Nc ud u�dr rl M
spot voly, n ich, all be 1[edIn Nm ex pmsslybyI
imporlyd upon drent spec vely, by his
Agrc malt notwirhswnd�ng anY rcfercncc hcrr,n to NC Pinns_
Au�A �iy of ih MllaverTvs w--"Trances shall 11— the power and
author'-y and shall be charged wide Ne duty oC ge-ecal supervision vnd-pemtion of the Fund,
and shall c t [hc hu and v of the Fund ii c-Nan with [his Afire
applicable 6dei�nl and/or statesslarurs aadrnppl'iuble governmental mis and ro lThe
Mas er'Rusteus shell not exercise auy powers rn a manner Nat is inconslslen[ withb [hbI Master
T[ust Agreement.
2. Ap.rovvl of New Members "fhc Mastcl"TI'ustecs or other designee, after the
rceprion date of [hc Iv-d. shall receive vpb il-I., for menb—[, I— prospective new
embers to Nc Fund and shall approve or disapprove such vpplicelio.s for membership in
rcord.- vah Ili, s of,he Master Tmst Agfeement, [he Pertieipati A, and the
ubs andcregulehons rvabhshcd by tlr-Masco, Tmnees for the admission of now members of
the Master Tfust Fund. The Masmr Trustees shall have total discretion in detemu-i-g whether
cept v bb, emb- The Mum, Tmstees may delegate the authority for membership
approval to the Administrator or his dsig-ws provided drat such person designated is
e
. of — or employee of the A'nu—tramr. Before any mamba is approved, the pension
planproposed by the member must be approved far actuarial soundness by the Administrator
end must comply with Cbaplcr 112. Florida Statutes.
2. ]byy}eq'3.Givbiliucs, No Master T-- shad be liable for any aerie- taken
pars o this Tres[ Agree rn good Nfl, or for an omission excepl gross neglige-ce, or
for any act of omission or wmmission by auy other Trance or by an employee Tlse Maslen
Tms[ws ace hereby —1,b bbd and empowered to obtain, at rho expense of the Fund liability
ce fully protech.g the rspec,ive Mascot Tmstees, the Administrator and the Fund from
any loss or expense --weed, including reasonable auomey s fees, far all acts of the Master
Tfustes except bad faith .ud gross-egligurcc. 'The bond hereby agrees to save, hold hamdess
and -d—Wy the Master Tnrstces and Adttd hlbl r from any loss, damage or expense
acted by said persons while acli-g i. Nei, official capacity excepting bad faith end gross
cgkgenm__
R. t3pJjgfi_ .g9.-c The Meter r—t— may employ, retain or consult with legal
fonsel, who may be rqunsel for the Adminisrator, the Florida League of Cities, any of the Plans, and
r any Master T'anee i- Ne., lib vidaal capacity conecmd. .g questions which may arise with
rcfaen o the duties ubd powers or wiN a[erencc to any oNet matter pertain--g [o this Agree
or dre Tn st cmaled Ncm(roin; and the opinio- of suet couissol shall no lidl and e 11 lb o authorize ion
ul pm[cehon in rospec[ of -ny action [-ken or m([emd by the Master "Trustee hereunder m good faidr
in viceoidanec wide nc�opinion o(such counsG, euJ rho Mazler'Plsrsloe shall no[ be livblc Nercfore.
(_ _ s The Master'Trusme.s shall meet ul lust µcm' --annually. and more fr.:duently
r lhoM office.1h undo ieh o11-lot Ybee ccplal
lh�'Ir l' �Ic Mix "In vsgtc :ll: nd Ix cord a Ach Mac o by Inc
.r, lo)d', vs ,de,-rr r 1, rt :y.n �rl ,r,poae
YYw Administrator or 1, d.,,,.,, shall 1 --- of all meeOb,proceedings b of
Tis Maswr'fmxwcs, bur such mbnu, '—d act 1, —b.li- Copies of all minuws If the M,,
niswes shall —1 by the Allblt� or designee to all Master --b,
All action by, ,.,d b—I.— of, the M-1 I = shall � by of a majority If the Maser
attending a dolt' called 1-6n9 If "I".— ,'�b,b a — " " —I';
I11bIb'
b, and deciscons If the --r Trttstees shall b, by —, of a I,.p,by If the
number f M-1 F-11111 bbll-g a 1p—.1 —mg,
D. OffibI If nc, M.- I —, I be M— T— AW1 e—UA —iblib and provide
adcquaw funding for an ar",
for the If ffib Fund. The address If such off b is to II
made known to the
p"M"' in or 'i.ginthe said Fund d . the bpp,Ipfi—
g'—bI—w agencies. T. band llhFond end its d.mi—li- shall he
kept and bbib'bbb'db,'b'fr_at1e Fond.
2 1 A —ifi—b signed by ffib Ckbb.l. If ffie M.lb, T—.,
F.
E-
-lb other designated by , M—, T—, evidence If the acfi.b If the Master
Trustee and by _h cartificew or
other ins-- 10 signed shalt be kept and maintained at the Iffi—
If the M.- T— and may be relied upon as an bbu- If the M.", r—'.
F. Apaojntn r o[ Adm"ti s The M.,,, T—II, IW dlig-, and provide
An Ad.-,l.,bb, �.:d
sappointed hall,h 11 famish a fidelity bond — - lh� M11 T11as obligee.obligee.amount,
11 gThe be amount , the
by ffiI M-1 1-1 and
the llldlll 0,11d 1— be Illillbil . the
app'.Pb— g'—b,—.1 agenciex
ARI IML V111
ACCOXJNTS
shall
keep or cause m be kept at .— —,.
and disbursements -
the .p,b,, If h� .., Tb,
'lire '— b. I, di..(b ,,' this Agreement, the
Maser _bb b" b_bb"g 'pj y for each
"_bb"b, --gb, I Funds.
npI'A, 1x
Coral M uN lt�"P QNS
uotdn echo ,, �meo ra�y,� r'rrn tahal
o[licc ar 301 sou11, Sta 1. Sui o 304 T�ullaha 2J02 and c ns w tAe
Admioittmmr shall besr,� m col sonm Bionoogn so�wr, s�,aesal. Tmlahastw�ianlzgoz e
naTlr_l.[gx
APPOINTM1iNT, IiGS((;NA'L'[O�'OIi IitiMO VAL Of MASPPR TROSTCP
A Masrcr't'rusteec The operation and ndministrntion of dte Matrcr"I-1 shall be - full
responsibility of It. Master Tfustees w ting of a number of individual Master Trustees selected
[rom the ranks of eleetud.—bls of municipal govemments participating in this Mumf Tmst Pund.
B. Apponr t of Mates Trustees
I. The first gmupofindividual Mutef Ttvs¢es shall beselcctedby the Presidentof
the Florida League of Cities or his designee in order to create an iurofim group of Maser
Trustees w cuablish the Mutu T-1. This —1 group of individual Master Trustees shall
ntil successor individual Matter Trustees are sblltld, The Boazd or group of Master
Trustees shall be composed of five individual Mazru Tmttees- The in tint [e of the
individual Macrer Trvsrces shall bee follows two individual Mute, Trustees shall be solected
for a ono-yoer to�ty rand hvee individual Master Trusters shall be selected for atwo-year term.
The terror drereaGer shell be for throe years.
2. Beginning in January, 1986 the Muter Trustees shall solicit nominations from
the member govemments of the Matter Trust � d such -au. s shall wusdwte the bafo sis r
individual Muter Trustees selection. The iudividual Muter Trustees may be ro-Geued but no
iudividual Master Tustees shall serve more than two consecutive three-year terms. [n the
individual Masu T-- is appointed to C11 an unexpired term, the unexpired term
shall not beincluded in the two-- limithtion provided heccin. Replammeut Muter Trustees
shall be solicited [rom nominations pmvidcd by member local govemments ps¢ic.,,bg io the
Master bust end vacancies shall be fillod by the Muter Trustees, by majority vote, from the
nom�nxs offered by n�ch montbus.
J. No',di,,dull Mnster "1'rusreo may be seltsted or-1 rant to strut es a trustee
a[lu becoming au owner, o[ficcr er employee of the Administrator or Custodlan.
individual Matter Trustee and ucM1 successor iudividual Mazfer "1'rutteo
shall acknowledge nnU censcnt to his appoiutrnent us a Masrcr'Ctunee by giving wn«cn notice
of accepunce of such solwtiou ro �hc Chairman of the Masrer'Civsteet_
r 'fniatn: mny msigu I responsibitiry
under b.. g vu'mguu s tlMit xry tlaYa t� wii«uu uonuc in w y by reRi< <cd
c Cira of the Maatcr'lir s Mas Such I shall s
J :'g- A rt d -g' f'll 'A [Yc oncucM1 <a �bs
t'M:x s vslial rhea x�min
'cc l ea idate b11 aM-Tv ec
which even 1uJt Ivzigaxl on lircll aka cl ec cdl y rlpol 1appo rl lnvnt oC Jte
Any indi:idual i'bs r ", Ica ing o,bl shall fort .:Poi wcr
,11 dclivor rb Nc Chaimrun of thv i_ P'.rrustcc, at the principal o1Gcc of the'."b,ny and
all recoNs. books, Aoculncllts or odler pmpctty in his possession or under his con« of which
belongs to the I�rin<L
D. Le eth o(Ap o a dlicm vl f 1 Mns cr Tnrs unless tlue to the esignodoq death. incnpaeity, r rhrsueGch lndivitlual
to q, shall serve
and shall wminuc to serve subject to die provisions of dtis Article.
An individual Master d'mstees shall rolinquish his office or may be removed by a m Jority voro
of the Metter Tlv1tee1 I— facto when ie no Iengcl'se — i, an oM—i capacity in the unit of local
gov t Cron which he w ,celected o when the u of local gove o longer
panecipating member o[ the Masaicc Trust. Notice o! removal of an individual Maser Tmstteea sbMI be
furnished m the other individual Master Trances by fire CM1aiemen or Acting Chairman of lb,,Master
Trustees by eertifed mail and shag set forth Iheeffecdve dare of sue" removal.
E. A f S or Max e '1'ru tee in the event any m-idovt Master Ttunee
is duly appointed ro n the Mazer Trustee shall die, resign, It— incapac tared, or refuse to
e shall he ealecred forthwitir by the Mazer Trustee, The notice of appointment of
si ndividonl Mazter Ttus e shah be is writing from the Chairman of the Mazter Tmeos nby
ertifedsmaiI and shall be accompanied by the wdtren acceptance of the successor individual Mazter
Trustee so selected.
C. Master7'm�,tees In case of death, resignation, refusal. or inability 0 au by any
of the Mazter Trustees, the remaining individual Master Tmstees shall have rho powers,
nghtsl es ales, vid imerest of this Agrmment az Master T—b— and shall be charged with the duties
of this Agree—, provided in it cases, n on may be taken unless it Is concurred m by a
majority of Ne mnuining individual Mnster't'mstees
M1INY®i
A_ MENDMGN't OR'IT JIMI NATION OF MA. TDI TRUST AI RCRIMR.NT
rl—UIN'y_ATI()N OR PLANS
rend nc . 'Phis Agmnlnevt avd the tmst cmared hereby rvey be amanded Iv wntivg
ally Ai c by d of a majority of nc" Mnncr Trusters. No a tclydmutt to this
Agrcemevn, rahiclr d mctlyuaf[vcu' dIe scopo of powo¢ of the Maser Tn l—, Ierms of ogee or the
xGccflon of Mnatu l'rusums, shall bccnnle cffcelivc witheut dre wnetlrrcncc of till Roard of Directors
ofthc llolwal o of Cities, lvc_
<Iw spec ally alfcav the pow s by ti e Maz r Tru
:ny R UiIVIi of the Mc�sr all he reyuiM e Iciv rppmvcU by dM1c
of rc liorda la. oIC- or. :Il tlis seer or rcwnz _r c4 og'vc the
1 f l iahe
Iv Y of to NI tste su,i I t t ibe urc xe of lase p t.� h't -es by the
liow rhir Agree r.�y not be idol n It, cbangc is putpos er foah her
��t Ilic div reppli lily hnt _s of the Mu sl pond for any puryos r'than
v:uap'ccihcA M1c Tlic Mug r!Pn adopti of ai endm o this Agrc m t, shall
dacopy ofany such einenyntcmwt epa cipahngm inbemofdw Mnsie'Tmsa
Ii. Tar Ili, Tn toy be red a any ti c by a eof all of the
panics to the Trust Agreentpm and in acmalence with Article Xl of the Master mst Ageement_
G Dstibuio of Asscls In c this Ali— and the It- Itemby c ated a
�orgy in whole o in part, the Master TarSIC�Y' (subject W the provisions of Article I, hercef and
ing respectively such s o the cI Trus shall doom a sorry i et, ie
rspecdT accounrs and to discharge any obh9ntiI 1 Master Trust pond for which a e [he
Mosier T,— F shall Ie liable) shall apply o.- distribute e Master Trust Fund (or that pea of the
Master Trust Ivnd as to which this Agmcmcnt iz terminated), e the trustees of each of the a'. prey
Paaie. clpadng Ttusis having an interest Illf"ei�t at ilte cffeetive dale of the terntina[ion, onslt or propeay
n equal in value at IM1e cffcctivc date of such le , the c value of the
melaled Shareof that Pnrticipating Trull at the dateof the tptminanen. Up-.e,nletme ion. it,
whole a in pan of this Agree tl the trust hereby created the M.-Ttuaee shall have a tight
to have its accounts setlled m provided in A —le V Ill 11—VE When the Mercer Trust Fund, in whole
hal in patt sl have, been xo applied or ""tie"" any the of t accounts he Maztet Taslees shall have
been s anted, then, the Maser Trustees shall be released and discharged from all further
ntability or liability respecting the Master frost (or Ihat pan of the Master Tmst so applied or
d itn-butcd, if this Agreement and the 1-1 hereby created aze tetminatcd only in pea) and shall not be
responsible inany way for Ilse further disposition of the Matter Trust (or that part of the Maztet Trust
o applied ordis ributed, if Ibis Agreement and the tresl hereby aeated ate I—le"ted only in pare) or
any pan thereof so applied er rlisrnbutcd.
No intemsr, nghl of claim in or to any part of the Master TrusI Fund el any payment therefrom
shall be assignable, Iransfuable or nibjeet io 'le �nortgege, pledge, hypothecation. commutation,
i. potion, garnishment, enaehmenh execution or Icvy of any kind, and he Master Trustee shall not
cognac any attempt to assign «msfer, fell, meagage, pledge, hylwlhaale, eoinmule or an icipete
thu same, exenptto he ortcnl rwluimd by law_
IS. LgLc—"b -- ITheAd its ,
imdvr chi. Ad,, 11 ", 11---.-' Adk
c �.—e 1-1h, dl-l.l i,l lh� and
signs ofihu Florida inniguv of �u¢s. Inc, die "ehl die pa."'p"IlIg id.pl,
D. Cgpn emxnc'I'his Agreement may he eeccumd ", any number el
rich shall be dcemcd 11 be an -gmIl but all - I ell together [hall11' ... ... ..e
which may sufficiently .'b, I evidenced by any ilh,,Ifth Any -,be, — applies I
by be Masterby ...
FII'11111 lb 1111—,b- be —I, 4 party I the m— Trust Ag-111 and be bound by all of the
zz,d::,,dcon
ditions dheie.r. and said Trost JII1 Ag,ument of that
E. LidsVmace
s Agreemenn shall he
avd enforced, ana foe ties,
,,b,by —bled U]i be d-, 1-1 -11 he 1.11 Ir lhe lhillb -1-1.d If the Sbil,
of Fiodaa_
F Ii.1h, T-11 The sites f this Trust is the SI11e f Florida. All qb-i—
NeTbib,1Z b. ,
11, 111,dil administration h,II be d,.- I,, ,—d—, -1, the
be I"" If Fl,,.dI
laws o[
O. Cons
T�2. Whenever
, any words bin Illi, Agree—be,,rides,�l i�
,1, They shall
be hibib el though they ware also
used 1,, the 1—ile or —.1 —d" i. III
,he,. they I.- so apply Idd whenever any words — —d 11 vlris Agr¢ment in be
,,,g,l, I— they shall be -,-111 though they were idl. —d I the plural I— in Ill situations
wham they would so apply, vnd whenever any d, : used e, this Ag—led il the pbb,el form,d"y shall be -i—el 11 though ,bey were III in he — f.lm in Ili libations— they would
5d aPidy.
IT midnight
F-L - llThe M.- Tbill Fund shall PblWe on afi—I year lIfromI-1 I.-
Oalb, ' d gh, If he INiday, in September in the (11111lig year. Application 1 continuing
dde.b-� I,, when I ppb—d in w,iddg by the Master
d-filT,their designee, shalt -in II —I bb� —1, 11-1 Y ...... .=I'dbybegr—1" or.,,less
the member -11 have g- .r wilhd—n from said Master crust by wd[Icn nonce_
IN WITNESS WIT—ITIF, the Master T-Nel bble ceased the Florida Mh,b,i,Id Pension
Trull R,bd Muter Trull AgmrnnenI II be A—ded - R—led as of the I'dil of October, Mbo,
P.111d cl,,d adopted by the Master T—tees of the Flb,id. Municipal Pension Trust Fund Ibis
I day 2000
Chairman
.. ...... ......
FLORIDA MUNICIPAL PPN1S'1,10,NTRUIST FI); ID)
ti,.tit,t.,t,d,1,1
IMPORTANT. REQUIRED=ACTION ONXHOLOSED PObICY4PQCUMFNITS
lo. odda Municipal Pension Trust Plan Members
Plans wBh Individual Boards of Trustees or Board of Directors
Frn1n: Aeve wloII CPA
Ait f Financial SeMces
Re. Restated Master Trust Agreement and Investment Pc,ilcy
Tile Florida M nicipal Pen Trnst Fund (FMPTF) has P, ised its governing tlocuments to nclude
changes required by statelegolation and to provide for application conformity. Tltcsc chengu do not
have any material or fiscal ,fleet on any operations, administration, tees, invesYmen[c, or philasophies
of the FMPTF.
Senate 0i11 372 signGovernor
ed by r Bush on lone 14, 200 created Chapter 2-164, Laws of Florida.
Thaw amen is lds Section 112.625, Florida Statutes I200), and crea000
tes Section I i2.661, Florida Statues
(2000), effect.,, C—ber 1, 2000. These twos 1C l refer to the new 2quirempnt Ile the investment
of assets of any publi<pe -, plan must he consistent with a fprmal written Investment policy adopted
by the system', or plan', Board of Trustees or Direclors-
On December 14, 2000, the Florida M nicipal Pe on Trust Fund's M er Trustees approved the
nclosed tnvesunenl Policy for the FMPTF, eReclive 011-1 t, 2000. 1'he policy intludes all provisions
r,e 'Pdin Ses[ion 111-, Flodda Stamwz
By participating in the FMPTF, your plaire n is requd Io adopt the FMPTF', Investment Policy. If your plan
has an individual Board of l'rus[ees/Direclors, that Board m�sl aL approve and adopt the Investment
Policy. Additionally. if your plan has a B—d of in151ees/Directors, you m t address a legislative
spec,hcaily relating to continuing education requirements Iy Board members Although
the statutes are silent as 10 1he prescribed eduabon requirements, ypu may want to seek guidance from
e Cry, Finance Department or other veer groups 10 determine your specihc needs- One suggested
era nple of Ihis is provided in the deft board Resolution 10 adopt the investment b"i"which reatls:
concer !, al,, P 11,d ro lnrestmu,l5 and ml ,".1"",o/Ooardmemberr-
11 zupgesled 11 a1d of T ,,Rite mtlude Ihis milar
education requ�renlent�s ,v�thin the resolution or other action the Board 1wi11 take Io adopt the enclosed
- nThe enclosetl Draft ltesolulion for the tloard of Trustees /Directors to adopt
Iln lhd ¢ chile esNim n ,1,ou1d be nv, .vi,yd
Department of Management
Dlv of Retir
Cedar Exewtive Center
2639-13 North Monme Stree
Tallahassee, FL 32394156C
Flodda League of C,,-,Inc
r! Pension Services
301 S. Bronough Street
P.O.Box 1757
The Florida Municipal Penslon Trust Fund Master Trust Agreemeart is attached as an exhfblt ro all of the
plans participating In the Fiorida Municipal Pi on crust Fund. the Master mist Agreement has been
ised to corporate the FMPTF'I By — � which provide the goveming provisions mlating tp the
Matter Trustees of the FMPTF.
Separate Investment Polic
Th¢ Investment Policy of the FMPTF 1— previously included as Pali of the Master Trust Agreement The
nt Policy has been separated. r ated and attahed a n Exhib;l to allowor fease of future
amendments from legislative changes ..changes to investment specifics-
Defined 8—fit Plans with Individual llpards of Trustees/Direcrors:
1. The C, or Dist approve the ordinance/resolution adopting the Amended and
Restated Master Tmst Agreement effective October 1, 2000.
2. The Board o(irusteeslDlrettors of the Penslon plan must adopt the FMP'fF Investment Pol icy
and establish continuing education ,qulrement,ef(ecdvel-Jctober 1, 2000,
3. Sends dcopies of the Board Resolution&Investment Policy to the addresses listed above.
If you have any questions reg,N 9this information, please contact me. Joyce case, or l,-- Hagan at
800-616 1513, extensions 253. 278.or 277 respectively_
Fnctnsums.11aced Mastnr Ir Agree cm
Restated tmesunenlspntiry n
Sample Ordin,in /kezolutron