Loading...
HomeMy WebLinkAboutOrdinance_170_04/21/1970y`' ORDINANCE N0. 17~ AN ORDINANCE OF THE VILLAGE OF TEQUESTA, FLORIDA, AMENDING ORDINANCE N0. 152, SETTING FORTH EMPLOYEE PENSION TRUST AGREEMENT, AND ASSESSING AND IMPOSING AN EXCISE TAX UPON ANY INSURER IN ACCORDANCE WITH SECTION 185.08, STATUTES OF FLORIDA. WHEREAS, the Village of Tequesta has heretofore adopted Ordinance No. 152 on the 20th day of March, A.D., 1969; and WHEREAS, Section 185.08, Statutes of Florida, 1969, author- izes an assessment and imposition of an excise tax upon any insurance company or other insurer; and WHEREAS, the Village of Tequesta has heretofore established the Pension Trust known as the Village of Tequesta Employee Pension Trust which trust became effective March 1, 1969, and a copy of said trust agreement is attached to this Ordinance and incorpor- ated herein as fully and completely set forth; NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA: Section 1: That Ordinance No. 152 of the Village of Tequesta, Florida be, and the same is hereby, amended to read as follows: "Section 1. That an excise tax of one percent (1%) of the gross amount of receipts of premiums from policyholders on all premiums collected on casualty insurance policies covering property within the corporate limits of the Village of Tequesta be, and the same is hereby, assessed and imposed on every insurance company, corporation or other insurer now engaged in or carrying on, or who shall hereafter engage in or carry on the business of casualty insurance as shown by the records of the State Treasurer in his capacity of State Insurance Commissioner. .w .-. r «Section 2. That such excise tax shall be levied and shall be payable in accordance with the provisions of Sections 185.08 and 185.09, Statutes of Florida, 1969, and the moneys received thereunder shall be used to provide additional pension benefits for municipal police officers . rr Section 2: That the Village Manager be, and he is hereby, authorized and directed to deposit a certified copy of this ordinance with both the Comptroller and the Treasurer of the State of Florida. PASSED AND ADOPTED ON `~~~~-~' READING, this z/~ % day o f f-~~~~--~ ~--- A. D., 19 7 0. - 2 - S._ A PROVED : > ~ ~ ~ f / -~ , . // / ~/ e ` • EMPLOYEE PENSION TRUST AGREEMENT THIS AGREEMENT between VILLAGE OF TEQUESTA, FLORIDA, a municipal corporation organized and existing under the laws of the State of Florida, with its principal place of business at Tequesta, State of Florida, and ATLANTIC NATIONAL BANK OF WEST u PALM BEACH, a national banking corporation organized and existing under. the laws of the United States of America, with its principal place of business at West Palm Beach, State of Florida. WITNESSETH THAT: WHEREAS, the Employer desires to create a ~~ension trust for the exclusive benefit of its Employees who qualify under the terms and conditions hereof, providing financial benefits for such Employees upon retirement and for their dependents and beneficiaries in the event of death. NOW, THEREFORE, the parties hereto mutually agree as follows: ARTICLE I. DEFINITIONS The following words and phrases as used in t:.is Agreement shall have the meaning set forth below: 1.01. Employer: Village of Tequ esta, Florida. 1.02. Trustee: Atlantic National Bar:,c of West Palm Beach. 1.03. Employee: A person currently employed ay the Employer for more than twenty hours per week and more than five months pew year. 1.04. Trust: The pension trust create~:'.:cre;~y shall be known as the VILLAGE OF TEQUESTA EMPLOYEE PENSION TRUST. 1.05. Effective Date: March 1, 1969. 1.06. Anniversary Date: March 1 of eaci. vear su~sc:,uont to the Effective Date. • • 1.07. Participant: An Employee who is eligible under the provisions of Section 2.01, who fulfills the require- ments of Section 2.02, and who remains in compliance with all such requirements except Section 2.01 (c), Eligibility to Partici- pate. 1.08. Ben eficiary: A person designated in accordance with this Agreement to receive benefits upon the death of a Participant or eligible Employee as provided in Article VII, Section 7.01. 1.09. Continuous Service: Uninterrupted service with the Employer as an Employee. Continuous Service shall not be deemed interrupted by a leave of absence granted by the Employer for a period of one year or less. Leaves of absence shall be granted under uniform rules. Continuous Service shall not be deemed interrupted by periods of time during which the Employee is•in the active service of the Armed Forces of the United States, provided the Employee ret urns to his employment with the Employer u under such circumstances as would give him reemployment rights under applicable federal or state law. In any other situation in which an Employee terminates his employment and is rehired, he shall be considered a new Employee as of the date of such re- hiring. 1.10. Monthly Pay: An Employee's monthly compensation as shown on Employee's W-2 Form. l.ll. Normal Retirement Date: The Anniversary Date nearest the date on which the Participant attains age u5 or the Anniversary Date ten years subsequent to the Participai:t's entry into the plan, whichever period of participation is longer. 1.12 . Insurer : The Gulf Life Insurance Co:;;pa::v or any other legal reserve life insurance company that :nab- ss.:~, - 2 - --, • • a policy under the provisions of this Agreement. 1.13. Policy: Any contract or contracts issued by the insurer for the purpose of this plan. 1.14. Cash Surrender Value: The maximum cash con- sideration which the Insurer will allow for surre nder of a Policy. 1.15. Auxiliary Fund Account: Funds accumulated from the Auxiliary Fund Annual Deposit set forth in Article IX, Section 4.04. 1.16. General Fund: All amounts received by Trustee from any source, other than contributions to the Auxiliary Fund Account referred to in Article IX, which are not currently needed for the payment of basic premiums. ARTICLE II. ELIGIBILITY TO PARTICIPATE 2.01. Eligibility to participate hereunder is limited to those Employees who, on the Effective Date or on any Anniversary Date, are actively employed and have (a) completed two years of Continuous Service for all Employees other than those Employees employees as Policemen or Firemen; Employees employed as Policemen or Firemen shall be eligible upon completion of one year of Continuous Service; (b) attained age 25 years of age; and (c) not attained age 55 years of age, or attained the age of 50 years of age if the Employee is employed as a Policeman or Fireman (for new participants only), except that no Employee for whom the Employer makes cotributions to another qualified pension plan not administered unccr the Social ~, Security Act or any like Act shall be eligible to participate. Ar: actively employe d, Employee shall be one who is not on active - 3 - • • military duty o r on leave of absence. 2.02. Within fifteen days after the execution of this Agreement, the Trustee shall notify each eligible Employee and give him an opportunity to become a Participant. At least fifteen days but not more than forty-five days before each Anniversary Date, the Trustee shall notify each Employee eligible to become a Participant for the first time and give him an opportunity to become a Participant. 2.03. Each eligible Employee who desires to become a Participant shall, within thirty days after receiving notice of such eligibility: (1) execute the .required application for a Policy on a form provided for that purpose; (2) submit such evi- Bence of insurability as may be required by the Insurer. 2.04. In the event an Employee fails or refuses to participate on the date he first becomes eligible, he may partici- pate on any subsequent Anniversary Date upon fulfilling the requirement set forth above. If a Participant voluntarily ter- minates participation while remaining an Employee, he shall be barred from reparticipation. ARTICLE III. POLICIES TO BE PURL RASED 3.01. The Trustee shall acquire a Policy on the life of each Employee who has applied for participation pursuant to Article II, Section 2.03. Thereafter the Trustee shall acquire additional policies as required by Article V, Section 5.02; rowever, the Trustee shall not be liable for any delay in obtainir.~; any such policy. Each policy shall have a date of issue ~~~i:ich corresponds to the Effective Date or an Anniversary D,te. 3.02. Each policy acquired by the Trustees on t:;`, life of a Participant shall require level premiums to be pain duriti~; the. entire years of service of the Participant between the date of the policy and the Participant's Normal Reti~ctaent D~,~.e. - 4 - • • 3.03. So long as the Participant is insurable at a standard or a sub-standard rate, each Policy purchased on his life shall provide a death benefit prior to his Normal Retirement Date of 100 times the portion of his monthly retirement income provided by such Policy or the Cash Surrender Value of such Policy, if greater. If the Participant is uninsurable or shall become uninsurable, the policies purchased thereafter shall pr ovide at his Normal Retirement Date the monthly retirement income to which h e is entitled pursuant to Articles IV and V, which is not other- wise provided by the Policies issued while he was insurable: The death benefit provided by these Policies shall be an amount equal to the total premiums paid on such Policies or the Cash Surrender Value, if greater. 3.04. The Trustee shall, upon the retirement of a Participant, purchase additional retirement income which, wren combined with the previously purchased insurance upon the life of the Participant, equal the monthly lifetime income payable to the Participant under the terms of this plan. Such premiums shall be paid from the Auxiliary Fund Account created by Article IX, Section 9.04. 3.05. Each Policy shall contain a provision, in sub- stance, that to the extent permitted by law, none of the benefits of the Policy shall be subject to any legal process by any creditor of the Participant or of any Beneficiary and furthermore that :leithe•r the Participant nor any Beneficiary shall have any right to alienate, encumber, or assign any of the benefits of the said Policy. 3.06. If the Trustee shall be unable to purci;a5e ti;e types of Policies described above by reason of discontinua;zcc or rnaterial modification of such Policies by tho InSllr~l", t.~~n t:.e Trustee may purchase such form of Policies as t~1~ '~rust~e, i;: - 5 - • its discretion, shall conclude to be the most similar to the Policies described above. 3.07. All dividends that may become due on any Policy, except for postmortem-dividends, shall be applied in reduction of.the Employer's contributions to this trust in the current or next succeeding year. 3.08. The Trustee shall be the life owner of all policies but shall exercise such ownership rights only in accord- ance with the terms of this Agreement. 3.09. On request of a Participant, the Trustee shall direct the Insurer to designate a Beneficiary of any death benefits and the method of payment of such benefits to the Beneficiary so named. ARTICLE IV. AMOUNT OF RETIREMENT INCOME 4.01. Subject to the limitations of this Article and Article V, the amount of monthly retirement income to which a Participant shall be entitled shall be one and two-tenths per cent (1.2/) of the Participant's monthly pay for each full year of service to the Employer, provided that the amount for monthly net income shall not be less than $30.00. 4.02. In the event a Participant terminates participa- lion in this plan under circumstances which entitle him to benefits hereunder and subsequent to such termination becomes reeligible nor participation, the retirement benefits which he shall be entitled to receive because of that subseq uent participation shall be reduced by the actuarial equivalent of the benefits he is entitled to oy reason of prior termination. 4.03. If a Participant is on an authorized lcavo of absence or on active military duty, the benefits wilic:~ 1~ shall :`,e entitled to hereunder shall be based upon the .lon~::ly Pa~~ of that Participant on the Anniversary Date prLCed111~ t;/i_` ~~'.~iI=C S~iC:1 Dave of absence or active service conunenccd. li, ilow~~-~~r, ~:1C - 6 - • • Participant fails to return to the employ of the Employer within a reasonable time upon cessation of the leave of absence or release from active service, benefits shall be determined as though termination of employment occurred as of the date of commencement of the leave of absence or active service. 4..04. The Policy purchased for a late Participant at the time he first becomes a Participant shall provide benefits calculated in accordance with Section 4.01 on the basis of the Monthly Pay he is receiving at the time he becomes a Participant, reduced by the proportion that the number of years from the date he first became eligible to participate to the date he became a Participant bears to the number of years from the date he first became eligible t o participate to his Normal Retirement Date. ARTICLE V. AD~UST1"IENT OF RETIREMENT INCOME UPON CHANGE IN PAY 5.01. On each Anniversary of this Agreement the for.,~ala set forth in Article IV shall be applied to any change in the amount of Monthly Pay of each Participant since the last date on which a Policy was purchased for the Participant, and if the resultant increase or decrease in the Participant's monthly retirement income is equal to at least ten dollars, then the Participant's monthly retirement income shall be increased or decreased, as the case may be, by the amount so determined; pro- vided, that: (a) If any such adjustment reduces a Participant's monthly retirement income belov,~ the limitations set forth in Article IV, his monthly retirement income shall be t:.e a;;ount stated in such limitation; (b) No adjustment shall be made in monthly retirement income as a result of any changes in the Participant's - 7 - • Montiziy Pay made after the Anniversary Date occurring five years prior to his Normal Retirement Date; (c) On the Anniversary Date occurring five years prior to a Participant's Normal Retirement Date, the ten dollars limitation shall be waived to make effective any increase or decrease of at least five dollars per month to which the Participant would have been entitled but for said ten dollars limitation. 5.02. In the event of an increase in monthly retirement income resulting from an application of the formula, the Trustee shall purchase an additional Policy or Policies in accordance with Article III. 5.03. In the event of a decrease in a Participant's monthly retirement income resulting from an application of the provisions of Section 5.01, the Trustee shall continue that portion of the Policy o r Policies in the life of the Participant that will meet the requirements of Articles IV and V. The balance of the Policies shall be surrendered and the sum so realized applied by the Trustees to reduce the Employer's contribu- tion to this Trust in the current or next succeeding year. If such Participant's pay shall subsequently be increased, any resultant increase in his monthly retirement income resulting from an application of the formula shall be funded as provided by Section 5.02. ARTICLE VI. BENEFITS UPON RETIREiti7ENT 6.01. It is contemplated that a Participant will retire 0 on his Normal Retirement Date and if the Participant actually retires on this date he shall receive his retirement benefits, in accordance with the Trustee's election, in one sum or under any settlement option described in the Participant's Policies or allowed by the Insurer, except the interest option. ~io~~~ev~r, ro settlement option may be elected under this or an~~- s ;b~~,cucnt paragraph that guarantees payments for a fixed period to ~x.~nd - 8 - ,' • beyond five years. 6.02. A Participant may remain in the active service of the Employer after his normal Retirement Date with the year to year consent of the Employer. In the event of such retention in service, contributions will cease for such Participant and the payment of his retirement benefits shall be deferred until such time as the Participant actually retires. In no event, however, shall payment of a Partici- pant's retirement benefits be deferred beyond ten years subsequent to Normal Retirement Date. The net cash value of his Policies at IvTormal Retirement Date shall be retained by the Insurer and interest accumulated thereon at such rate as shall, from time to time, be determined by the Insurer. At actual retirement or at tre end of this ten year period, whichever is earlier, the amount retained, together with accumulated interest shall be paid, in accordance with the elction of the Trustee, in one sum or uncle r any settlement option as authorized by Section 6.Oi. At the deat:~; of the Participant prior to actual retirement, any amount held hereunder, with accumulated interest thereon, shall be paid to the Beneficiary. 6.03. A Participant who is within ten years of normal retirement may retire at such reduced retirement benefit as the Cash Surrender Value of the Policies on his life will provide, payable, in accordance with the election of the Trustee, in one sum or under any settlement option as authorized by Section 6.01. 0 6.04. If a Participant becomes totally and permanently disabled prior to his Normal Retirement Date, he shall be retiree: o~:~ the date such disability commenced, as deter;lli;.~d by ti:e Trustee. Total and permanent disability shall be defined u;.d`r t:.e Social Security Act, and, while the Trustee shall act upon - 9 - • competent medical advice, any adjudication as to total and permanent disability under the Social Security Act shall be controlling. The Trustee shall transfer the Policies on the life of a totally and permanently disabled Participant to the Participant free from the terms of this Trust. ARTICLE VII. BENEFITS UPON DEATH 7.01. In ,the event of the death of a Participant prior to termination or retirement, the benefits provided by the. Policies on his life, together with any postmortem dividends, shall be payable to the Beneficiary desi grated in each Policy. If an Employee who has not declined to participate dies within the thirty day period provided for by Section 2.03 and before a Policy on his life to which he would have been entitled becoires effective, the death benefit payable to the Beneficiary shall be an amount equal to the initial annual premium that would have been required on such Policy, if the Policy had been in the form pro- vided hereunder for uninsurable Employees. AR^1ICLE VIII. BENEFITS UPON TERMINATION OF EMPLOYMENT 8.01. In the event a Participant's employment is terminated for any cause other than death, disability or retire- ment, as herein provided, the Policies on the Participant's life and Participant's proportionate share of the Auxiliary Fund, shall be disposed of as follows: (a) If such Policies have no Cash Surrender Value, t'r.er. such Policies shall be turned over to the Participant. (b) If such Policies or shares of the Auxiliary Fund have a Cash Value, the Cash Value shall vest in th~~ Parti- cipant to the extent hereinafter indicated: If the Participant has not attained a~.~. 55, ar.c~ his participation in this trust has been: - 10 - • • ~ (1) less than ten years - nothing; (2) ten years or more - full amoun t. 8.02. The portion of the Cash Surrender Value and Auxiliary Fund to which a Participant is entitled shall either be turned over to him in cash by the Trustee, or, if it so elects, by having the Policy or Policies re-issued so that a Policy having the appropriate amount of Cash Surrender Value may be turned over to the Participant. The Policy or Policies and share of Auxiliary Fund to which the Participant is not entitled shall be surrendered for the Cash Surrender Value unless the Employee, within thirty days after termination of employment, purchases such part from the Trustee for its said Cash Surrender Value. The. funds thus received shall be applied by the Trustees upon the next payment of premiums hereunder to reduce the Employer's contributions. If the Participant dies after termination of employment and before the Trustee has received the part of the Cash Surrender Value to which the Trustee shall be entitled, t::e Trustee shall be entitled to recover an amount equal to that which the Trustee would have received had the Policies been surrendered for their Cash Surrender Value immediately before the Participant's death; and the rights of all beneficiaries designated in the Policies shall be subject and subordinate to the said rights of the Trustee. This amount shall be applied by the Trustee upon the next payment of premiums hereunder to reduce the Employer's contributions. In the event a Participant, while in the employ o~ the Employer, ceases to be an Employee as defined in Section 1.03, or participates in another qualified pension plan to whici: t'r~e Employer makes contributions on his behalf and which is ;.ot adrninistered under the Social Security Act or any like Act, his - 11 - rights hereunder shall be limited solely to his vested interest in the Policies on his life at the time of such cessation, or participation. His vested interest shall be computed under Section 8.01, and such Policies or portion thereof shall be placed on the paid-up option. Upon death, disability, termination of employment, or attainment of Normal Retirement Date, such Policies and proportionate share of Auxiliary Fund shall be distributed to him or his Beneficiary in accordance with the provisions of this Agreement. The non-vested Policies shall be surrendered for their Cash Surrender Value and the funds thus received shall be applied by the Trustee upon the next payment of premiums hereunder to reduce the Employ er's contributions. ARTICLE IX. CONTRIBUTIONS AND PAYMEDIT OF PREMIUMS 9.01. The Employer will pay to the Trustee funds sufficient to pay Policy premiums and to provide benefits unde r this Agreement. 9.02. The Trustee shall be under no obligation to pay any premiums on any Policy or pay benefits under this Trust unless sufficient funds are received by it from the Employer or the Insurer. 9.03. If the funds of the Trust are insufficient to pay the premiums on all Policies, the Trustee may obtain proportion- ate loans on said Policies. Any repayment of such loans by the Trustee shall be on a pro rata basis. 9.04.' T1~ Employer will pay to the Trustee, in addition to the funds set forth in Section 9.01, an amount detern;ined by the Trustee, on each anniversary date, necessary to fund the Auxiliary Fund. In determining the amount herein rcquir~d to be paid, the Trustee may accept the actuarial computation of the Insurer, or the Trustee may make such computations assumin.~ suci: - 12 - • • interest rate and such discounts for probable mortality, which will be acceptable to the Commissioner of Internal Revenue. ARTICLE X. INSOLVENCY OR MERGER OF EMPLOYER 10.01. In the event the Employer shall, at any time, be judicially declared insolvent, or in the event of its dis- solution, merger or consolidation without any provision being v made for the continuation o f this plan, the plan created here- under shall terminate. ARTICLE XI. TERMINATION BY EMPLOYER 11.01. While it is the intention of the Employer that this plan shall be permanent, the Employer reserves the right to terminate it. Any such termination shall become effective upon receipt by the Trustee of a written instrument of termination signed by the Employer. Thereupon, each Participant shall be vested with all rights, title and interest in and to each Policy on his life. 11.02. Any other funds or assets of the Trust shall be vesteu in such Participants as have not commenced to receive monthly retirement income payments in the same proportion as the total contributions of the Employer to the premiums theretofore paid on each Policy then in force on the life of each such Partici- pant and then subject to this Trust bears to the total premiums theretofore paid by the Trustee on all such Policies. 11.03. In the event of the discontinuance of Employer contributions, not a mere suspension thereof, under the plan, each Participant's right to receive the benefits attributable to tre Employer contributions, made prior to the date of discontinuance thereof, s:~all immediately vest in the same manner as if the plan were thereupon terminated. - 13 - • ARTICLE XII. PAYMENT OF BENEFITS UNDER CERTAIN CONDITIONS 12.01. During the first ten years after the establish- ment of this Trust, or during the first ten years subsequent to an amendment that revises substantially the benefit or contribution schedule, the benefits provided by the Employer's contributions for each of the twenty-five highest paid employees of the Employer shall be subject to the conditions set forth in Section 12.03 hereof. 12.02. For the purpose of these conditions: (a) The twenty-five highest paid Employees of the Employer include those who are employees at the time this u Trust was established and who initially or subsequently became Participants and whose annual retirement benefit purchased by contributions of the Employer is at a rate in excess of $1,500 per year. (b} Unrestricted benefits at any time means benefits of the form called for by the plan, including any with- drawal values available to a living Employee and any death or survivor's benefits payable on behalf of the Employee who dies after retirement, which have been provided by Employer contributions not exceeding the larger of the following amounts: (l) $20,000, or (2) an amount equal to twenty per cent (20%) of the first $50,000 of the Employee's average regular annual compensation multiplied by the number of years since establishment of this Trust or the number of years that the full current costs are ,n1et, whichever is less. (c) Supplemental retirement income payments mean any current payments to an Employee up to the full retire- ment income benefits provided under the plan. - 14 - • • 12.03. The funds o r benefits which an Employee meeting the definition of Section 12.02 may receive from the Employer's contributions (including any unrestricted benefits but exclusive of any supplemental retirement income payments he has already received up to that time) shall not exceed his unrestricted benefits if: (a) the plan is terminated within ten years after its establishment or after an amendment that revises sub- stantially its benefits or contributions; (b) the benefits of an Employee described in Section 12.02 become payable wi thin ten years after the establish- ment of this plan or an amendment that revises substantially its. benefits or contributions; (c) the benefits of an Employee described in u Section 12.02 become payable after the plan has been in effect for ten years or subsequent to ten years after an amendment revising substantially its benefits or contributions, and the full current costs have not been met during this period. The restrictions applicable to (b) and (c) above shall continue to apply until the full current costs are funded for the first time, and, in the case of (b), the applicable ten year period has expired. 12.04. These conditions shall not restrict the full payment of any insurance, death, or survivor's benefits on behalf of an Employee who dies while a Participant in this plan or while receiving retirement benefits hereunder. 12.05. The foregoing conditions do not restrict the current payment of full retirement benefits called for by the plan for any retired Employee while the plan is in full effect and its full current costs have been met. - 15 - ARTICLE XIII. TRUSTEE 13.01. The Employer has, prior to the execution of this Agreement, appointed the Trustee named herein. 13.02. The Trustee may resign by written instrument addressed to the Employer. The Employer may remove the Trustee by a written instrument addressed to the Trustee thirty days u prior to the Anniversary Date and appoint a successor Trustee. 13.03. The Trustee shall keep accurate records and books of account; shall pay no interest on funds which may come into their hands; shall receive from the Employer such reasonable compensation, if any, as may be agreed to by the Employer; shall be reimbursed by the Employer for all necessary expenses incurred; shall not be required to institute any legal action until first indemnified to their satisfaction for all expenses thereof; and may employ counsel and act in reliance upon the opinion of counsel. A Trustee shall be liable only for his own willful misconduct. 13.04. The decision of the Trustee shall be final and binding as to all matters concerning which it may act. The Trustee may deposit or invest any funds in the General Fund or the Auxiliary Fund in its possession, as it in its sole discretion may elect, and enter into any agreement in regard to such deposit or invest- ment, without regard as to whether such investments are legal or not under applicable law. 13.05. The Employer shall furnish to the Trustee such information required or desirable for the purpose of enabling t:Ze Trustee to carry out this Agreement, and the Trustee may rely upon such information as being correct. 13.06. The Trustee shall not be required to give any bond or security other than required by law. - 16 - • ARTICLE XIV. INSURANCE COMPANIES ASSUME NO TRUST RESPONSIBILITY 14.01. No Insurer shall be required to take cognizance of .the provisions of this Trust or to question the authority of the Trustee to do any act with respect to any Policies here- under, the responsibility of the Insurer being limited to the. terms of any Policies it may issue. Any Insurer may conclusively assume, and shall not be affected by any notice to the contrary, that the Trustee, including any successors in trust, has full power and authority to take or` to propose to take any act with respect to any Policies issued hereunder, and in particular to receive and give receipt for any money coming due and payable to said Trustee under any of said Policies. ARTICLE XV. ENTIRE AGREEMENT 15.01. No Employee of the Employer nor anyone else shall have any rights whatsoever against the Employer or the Trustee as a result of this Agreement except those expressly granted to them hereunder. Nothing he~sein shall be construed to give any Participant the right to remain an Employee of the Employer. ARTICLE XVI. AGREEMENT FOR EXCLUSIVE BENEFIT OF PARTICIPANTS AND TI~IR BENEFICIARIES 16.01. Prior to the satisfaction of ali liabilities with respect to Participants and their Beneficiaries, no part of the corpus or income shall revert to the Employer or be used for or diverted to purposes other than for the exclusive benefit of the Participants or their Beneficiaries. This Article cannot be altered or amended. ARTICLE XVII. AMENDMENTS 17.01. Except as provided in Article XVI, this Agre~- ment may be amended by a written amendment signed by the Employer and by the Trustee. - 17 - '. r • ~ IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed by their duly authorized officers and their corporate seals to be hereunto affixed on this day of A.D., 1969. Signed, sealed and delivered in the presence of: ~ ~ ~1 As to Employer VILLAGE OF TEQUESTA, FLORIDA By - ~` . ~~j ~ /,- ~` "_ (Corporate Seal) EMPLOYE R ATLANTIC NATIONAL BANK OF WEST PALM BEACH --, f, ~ . ~~ . ; j / .. v/l' ~/ / As to Trustee ~~ ,~ By ~ ' ~ - ~ ~~ ~ ~~ 'v (Corporate Seal) TRUSTEE u - 1£3 -