23-1647 Providing for a Retirement Healthcare Funding PlanRESOLUTION NO.23-1647
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LONGWOOD,
FLORIDA, PROVIDING FOR A RETIREMENT HEATHCARE FUNDING PLAN;
PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE.
WHEREAS, the City of Longwood ("City") is a Municipal Corporation, organized as a Local
Government and is a member of the National Public Pension Fund Association ("NPPFA") and
wishes to provide a Retiree Healthcare Funding Plan;
WHEREAS, NPPFA has created a Retirement Healthcare Funding Plan (the "Plan") for the
use of its member jurisdictions and offers the Plan for adoption by Governmental Employers for
the benefit of their respective employees and beneficiaries;
WHEREAS, NPPFA has created for execution a Health and Welfare Document, and the
corresponding Specifications;
WHEREAS, NPPFA, on behalf of sponsoring entities that adopt and maintain the Plan, has
provided for coordinated investment management and administrative services for the
accumulation phase of the Plan through an Administrative Services Agreement, hereto (the
"Services Agreement"), pursuant to which Transamerica Retirement Solutions (the "Service
Agent") has been appointed to provide certain record keeping and administrative services with
respect to the Plan, as more specified in the Services Agreement and to provide investment
management under a Group Mutual Fund Agreement;
WHEREAS, the City has employees rendering valuable services to the City and has, upon
due deliberation, concluded that it would be prudent and appropriate to adopt and administer
the Plan on behalf of such employees of the City who are subject to a Collective Bargaining
Agreement with the City (as specified in schedule A of the Specifications) that requires inclusion
in the Plan or have been designated as a covered class by the employer (as specified in schedule
A of the Specifications) in order to allow such employees to provide for their retirement security
and to serve the interest of the City in attracting and retaining competent personnel;
WHEREAS, the Corporate Authority has reviewed the Plan documents including, and the
investment media via prospectus, and has found the NPPFA's arrangements to be reasonable and
beneficial to the Plan and will serve the objectives of the City and its employees who participate
in the Plan and;
WHEREAS, the Corporate Authority has reviewed the Plan documents including, and the
investment media via prospectus, and has found the NPPFA's arrangements to be reasonable and
beneficial to the Plan and will serve the objectives of the City and its employees who participate
in the Plan and;
Resolution No. 23-1647
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
LONGWOOD, FLORIDA, AS FOLLOWS:
SECTION I. There is hereby adopted the Health and Welfare Document, and the
corresponding Trust Agreement, and corresponding Specifications and as may be amended from
time to time to comply with any changes in applicable laws, rules and regulations or as otherwise
necessary or appropriate.
SECTION II. That the City Manager is the authorized program coordinator to execute the
BMI TRS Administrative Service Agreement, including without limitation which may be amended
from time to time to comply with any changes in applicable laws, rules and regulations or as
otherwise necessary or appropriate. The City Manager or his/her designee shall be the
coordinator for this program; shall receive necessary reports, notices, etc. from BMI and
Transamerica Retirement Solutions may assign administrative duties to carry out the Plan to the
appropriate departments, and is authorized to execute all necessary agreements incidental to the
administration of the Plan.
SECTION III. That the City appoints State Street Bank and Trust as passive trustee of the
Plan pursuant to its master trustee agreement with Transamerica Retirement Solutions.
SECTION IV. A copy of the Voluntary Employee Benefit Association Plans Transamerica
Retirement Solutions LLC Services Agreement, Summary Plan Description of the Retiree
HealthCare Funding Plan, the Specifications, and 115 Trust Agreement Retiree HealthCare
Funding Plan is attached to this resolution.
SECTION V. Conflicts. All Resolutions or parts of Resolutions in conflict with any of the
provisions of this Resolution are hereby repealed.
SECTION VI. Severability. If any Section or portion of a Section of this Resolution proves
to be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the validity,
force, or effect of any other Section or part of this Resolution.
SECTION VII. Effective Date. This Resolution shall become effective immediately upon its
passage and adoption.
PASSED and ADOPTED this 16th day of October, 2023.
Resolution No. 23-1647
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CITY OF LONGWOOD, FLORIDA
TON B I, MAYOR
!l T7'LCT.
Approved as to form and legality for the use and reliance of the City of Longwood, Florida,
only.
DAME . LA A RNEY
Resolution No. 23-1647
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