HomeMy WebLinkAboutDocumentation_Regular_Tab 06_06/12/2014 VILLAGE CLERK' R��stributed from May meeting
AGENDA ITEM TRANSI
IIA�ng Dats: M�ng Type: R�ular ORJlnance �: 10-14
5/8/134
Cons�nt Agenda: No R�oludon �:
Originatlng �rtrr�enk Le9s1
ORDINANCE 10-14. F{RST READING. AMENDING THE VILLAGE CODE OF ORDINANCES �1T CHAPTER
2. ADAAINISTRATION. BY AAAENDING SECTION 2-61. PENSION TRUST FUNDS, EXHIBIT A, THE
GENERAL EMPLOYEES' PENSION TRUST FUND, TO ADOPT REVISIONS REQUIRED BY THE TERMS
OF IRS FAVORABLE DETERAAINATION LETTER DATED JUNE 17, 2013, KNOWN AS °GUST° REVISIONS
� • � -
Account �: Amou� of this i�n:
Current Budgebed Amount Available: Amourrt Remainin0 af�r item:
Budget Trans'fer Required: Choose an Appro�a�e Fund Balance: Choose an item.
item.
.- � .
... � .
D��rtrn�nt H�d Submi�d by L�gt
Finance Dir�ct�or or R�pr�ser�lve as.,1 �,{, l� � e.�--•�,.� �
Re�riewed for Financiai Suf�iaency (� W�� `� �""``1 � '"��C��
No Finandal Impad [� ��� �`�� b� c a.�.s �- by
Attorn�y: (for I�el sufficiencY)
Villa�e �anager. ��
Su�nit for Counal Discussion: ❑
Approve Item: ❑
�ny (tem: �
. �.
Form Amen�d: 3/14�14
T� LAw Or�cES oF
. PERRY � JENSEN LLC
An►w H. P�tRY BONNI SPATARA JENBEN
SPsnY@P�TYlensenlavv.com bsJer�sen@perryjensenf�n►.crom
MEMORANDUM
To: �Ilage of Tequesta
Vilage Council -
From: Bonni S. Jensen �
Subject: �llage of Tequesta Public Safety Officers' Pension Trust Fund - Proposed
Amendment
Date: May 30, 2014
This firm represents the Board of Trustees of the �Ilage of Tequesta Public
Safeiy Officers' Pension Trust Fund ("Board'�. The June 12, 2014 agenda contains a
proposed amendments to the Village of Tequesta Public Safety Officers General
Employees Pension Trust Fund plan document, classfied as Exhibit B to Section 2-30
of the Vllage. This amendment to the Plan was required as a result of collective
bargaining betvveen the Vllage and the IAFF Local Union representing the Firefighters.
The amendment makes changes to the pension benefits for Firefighters hired on
and after October 1, 2010. There is no change to the benefits for Firefighters w�ho vvere
employed on September 30, 2010.
The changes to the benefits for Firefighters hired on and after October 1, 2010
are:
• Definition of salary is the fixed monthly remuneration paid to a firefighter
for senrices rendered (including regular eamings, vacation pay, and sick
pay) but excluding lump sum payments, overtime, bonuses, incenfives,
and longevity.
• Pension multiplier is 2% for the first six (6) years of employment and 2.5%
for all of the followring years. �
lf you have any questions regarding these amendments, please let me know and
I will provide you with the answ�ers.
es�
Copy to: Chairman end Secretary
Pensfon Regource Cerrter
H:1Tequesta PS 1011�1an Docs 8� RuleslAmend12014W1emo to Vfllage counal 2014.wpd
400 ExECtmve Ce� DwvE, SurrE 207. Wes�' P�n B�ct�, F�o��A 33401-2922
PH: 561.686.6550 e• FX: 561.686.2802
�
THE LAW OFFICES OF
. PERRY � JENSEN LLC
ANN H. PERRY BOWNI SPATARA JEN3EN
eP�Y@PeRYJensenlaw.�m �jer�sen(d�perry+jenaenlavv.com
MEMORANDUM
To: Vllage of Tequesta
�Ilage Council ,
From: Bonni S. Jensen�
Subject: Village of Tequesta General Employees Pension Trust Fund - Proposed �
Amendment
Date: May 30, 2014
This firm represents the Board of Trustees of the Vllage of Tequesta General
Employees Pension Trust Fund ("Board°). The June 12, 2014 agenda contains tvuo
proposed amendments to the Village of Tequesta General Employees Pension Trust
Fund plan document, classfied as Exhibit A to Section 2-30 of the Village. The
amendment was approved by the Board of Trustees at their regular meeting held on
August 19, 2013.
The amendments are required by the terms of the IRS favorable detennination
letter dated June 17, 2013. These are technical IRS amendments need to be amended
as soon as possible in accordance writh Revenue Procedure 2009-36.
There are twio amendments wrhich cover different time periods and provide for
different technical cequirements. One is for the body of amendments provided for a
series of laws: GATf, USERRA, SBJPA, and TRA (collectively knovvn as GUSI� and the
other is the Economic Growth and Tax Relief Reconciliation Act enacted in 2001.
GUST amends the Plan to;
• Document the separation of the Public Safety Plan from the General
Employee Plan:
• Define the actual mortality table used by the actuary;
• Clarify that "best° means "highest;°
• Cross reference Section 414(u) of the Intemal Revenue Code ("Codea)
which provides for the purchase of seniice;
• Define Plan year
• Add the fimitation on included compensation as provided for by Code
Section 401(a)(1�.
• Revise the reference to the pick up of employee contributions to include
400 E�curn� C�� DwvE, Surre 207•: WEST PALM BEACH, FLORIDA 33401 -2922
PH: 561.686.6550 ❖ Fx: 561.686.2802
m
�Ilage of Tequesta General Employees
Pension Trust Fund - Proposed Amendment
May 30, 2014
Page 2 of 2
� the paragraph number 414(h)(2) of the Code and provide that if there are
any excess additions they wrill be placed in an unallocated suspense
account.
• Add clarifying language to the section on private and gift contributions;
• Strike the °othe�' form of benefrt distribution;
• Add 415(b) distribution fimits;
• Add the grandfathering provisions of 401(a)(17);
• Provide for distributions in accordance writh Section 401(a)(9) of the Code;
• Update the se�tion regarding rollover distributions; and
• Provide for full vesting upon termination of the Plan.
The EGTRRA amendment incorporates the above changes and:
• Add the interrt to be a govemmental plan and meet the requirements of
Code Secfion 414(d);
• Update the definition of Actuarial Equivalent in accordance vvith the
Revenue Rulings;
• Add an effective date for the excess annual addition placement in a
suspense account;
• Add an effective date for the 415(b) limitations on distributions;
• Update the language regarding rollover distributions; and
• Cross reference Section 415(n) regarding service purchase.
These amendments should be passed GUST first and EGTRRA second. AS you
can see from the impact statements, these amendments have no actuarial impact to the
plan.
If you have any questions regarding these amendments, please fet me know and
I will provide you vvith fihe answers.
ss.�
Copy to: Chairman and Secretary
Pensfon Resource Center
H:1Tequesta GE 10121PIan Dacs 8� RulealAmend12013W1ema ta Village cound12014.wipd
T� I.Aw Or�cES oF
� PERRY � JENSEN LLC
I�PI H. RERR1f BOi�Il�9 S'PATARA J9VSEN
.aatn ,�
August 20, 2093
V1A EMAIL
Michael R. Co�o, Jr.
Yllage 11�aneger
250 Teque�te Drive, Suite 300
Tequesi�� Florida 33469
Re: Vllage ofTequ� Generaf Employ� Pet�sion
Trust Fund - Proposed Amendmerrt
n�ir �le Number' 1012.0050
Dear 11A�ce:
As you tmouv. th� firm represeritss the Board of Trustees of �e Villege o# T�ue�ta
General Emp�yees Pension Trust Fund (°B�r+d'. Attach�l are iwo propas�
amendmer�ts to the Yltege of T�uesta General Employ� Pension Trust Fund plan
documerrt� classifi� as Exhibit A to Section 2-3� of the �Ilage. The amendmerit vvas
approv�l by the Board of Truste� at their r�ular me�ting held on August 9 8, 2013.
The amendmer�ts are required by the terms of the IRS favorabb detiarminetion letber
da� June 17, 2013. These are technicx�l IRS amendmerrl� need to be amended es soon
as possible but not fater than "91 days efter the last day af the first regular legisletive
session beginning more then 120 deys after the date of the fevoreble determ�etlon letter
in w►hic.h t�e govemin8 body v�ith the aut�w�tj► iao am�nd the plan can cmnsider a plan
amendment° S� Revenue Procedure 2009-36.
' There are two amendmer�#s which c�ver di�ffererrt tirne �riods and provide for
differerrt tec�nical r�uirements. One is for the body of amendmer�s provided for a seri�
of lav�: GATT, USERRA. SBJPA, and TRA (col{ectivety known es GUS'n end the ather is
the Economic Groavth and Tax Relief Reconctliation Ad enac�ed in 2001.
GUST amends the Plan fio:
• Documerrt the �peretion of t�e Public Safeiy Plan from the General
Employee Plan: � a �-�- �
• Define the acival martality table used by the ac�ary; � I�I�� �„
400 Ex�rn� C�tt DRNE, Sut� 287a• 1Rf�sr Pnu� B�cH. F�oRmt► 33401- �'
PH: b61.686.8560 � Fx 581.�6.2B02 ��� G �
0
AAichael R. Couao� Jr.
ViHage IWenager
Propos� Amendment
A�ust 20, 2013
Page 2 of 2
• Clatify that °b�t° means °high�t°;
• Cr�s referenoe Sec�ion 414(u) ofthe Ir�fiemal Revenue Code (°Code' which
provides fior the purchase of senrice;
• Define Plan year
• �dd �te fimi�on an includeal compensation as provided for by Code Section
4Q1(a)(1�.
� Rev�se ifie r+efeme to the pidc up of employee �ntribu�ons � inc�ude the
p�rregceph number 414(hx2) of the Code and provde� that if thene are arry
exc�s addfions they wn11 be plac� in an unapot�ted suspense accour�t.
• Add clarifym9 len9uage to �e secfion on prnrafie and g�t c�ntribudons;
• S�ike the "othe�' fonn of benefit d'�tnbution;
• Add 495(b) distr�lbution limits;
• �►dd grandfe�er�ng provisions of 401(a)(1 �;
• Provide for distributions in acc�rd�nce v� S�ion 401(e)(9) of ihe Cade;
• Updete the sec�on r�erd'mg rollover distnbu6�ons; end
• Provide for full vesting upon termination of the Plan.
The EGTRRA amendmerrt incorporab� the above chenges and:
• Add the inter�t to be e go�emmental plan and meet tl� r�uirerner�ts of Caie
�on 414(d);
• Update the definition of Aduariel Equivelent in a�r�dance w�th the Revenue
Ru�ngs;
• Add en ef�ctive d� fvr the ex�ss an�ual addition pla�mer�t in � sus�nse
ec�oun�
• Add an effec�re date for the 415(b) lim'�tations on d�nbuti�ons;
� U�ate the I�ngeuge r�ertiing ro0over distributior�s; and
• Cra�s reference Secfion 415(n) r�arding seroic.e pur�hese.
Th� eunendmen� should be pessed GUST flrst and EGTRRA �nd.
Given the short time frame ivr the emendmen� the Boerd vuould I�Ce #his mai�er to
be add�l to next avaitable �genda. After your neview� please contact me to discuss the
advisability of a workshop s�sion.
Sinoerely yours�
i
' Bonni S. Jen n
�
�.
co�► m� cn�a� �a s�►
P� �e cerder •
Ft1TEqt� dE 101 Q� �1 D�' 6u�dm�.vapd
EXHIBIT "A"
VILLAGE OF TEQUESTA
GEMERAL EMPLOYEES' PENSION TRUST FUND
Section 1. Cr9estion of P�nsion Trust Fund.
The Vf{lage of Tequesta General Employees' Pension Trust Fund for the purpose
of providing retirement� death and disabilit�/ beneflts to member� of the Fund� certain
former general empioyees and survivor beneflts to beneflciaries. Prior to Novem�r 9.
1899. all Villas�e Emolov�s were oart of one Plan. E�ve Novemb�r 9.1998. bv
Vllla�e of Teaues#a Ordinance No. 549. the Plan was �oara�eci between i�e General
�m�l and the Public �tv Emolov�.
Section 2. Definitions.
1. Statement of Definitions. As used herefn, unless othennrise defined or requir�
by the context� the follov�ng wonds and phrases shall have the meaning indit:ated:
Acxumulated Contiibutions means a Member's owm oor�fiibutions writhout interest.
Ac�ua�al Equivalent means a benefit or amount of equal value, based upon the
7983 Group Annuitv mortaliiy tabl '
, and an 8�o rate of inter�st. For distributions af�r
Decem�r 31.1995 for pur� of Code �on 415(b), �e mortalitv table is dte
table used under Code Seclion 417(e) as prescr�bed bvthe Secre�arv ofthe Treasury
in Rev. Ruling 95-6.
Avera�e Final Comaensatlon shall mean one-twelfth (1/12) of the aver�ge salary
of the flve (5) highest � years of the last ten (10) years of credited sen►Ice prior to
ret�rement, termination, or death, or the career average as a full time General Employee,
vvhichever is greater. A year shall be tvvelve (12) cons�cutive months.
Beneficiarv means the person or persons entitled to r�eive benefits hereunder at
the death of a Member v�o has or have been designat� in vvrifiing by the Member and
flled with tl�e �ard. If rro designation is in effed, or tf no person so designated is living,
at the time of death of the Member, the beneficiary shall � the estate of the Member.
Board or Boand of Trustees, means a member of the General Employee Boerd of
Trustees, which shall administer and manage the S�rstem herein provided and serve as
Trustees of the Fund for the beneflt of benefldaries of the general employees.
C�e means the Irrtemal Revenue Code of 1986, as amended from tlme to tlme.
1
Credited Servic:� means the total number of years and frac�ional parts of years of
service as a General Employee who makes mem�r oontributions to the Plan, omit�ng
intervening years � fractional parts of years when such General Employ� was not
employed by the �Ilage of Tequesta. A plan member may voluntarily leave his/her
cor�tribution in the Fund for a period of five (5) years after leaving the employ of the V'illage
of Tequeste pending the possibilily of being rehlr� in a full tlme position by the Village of
Tequesta wi�hout losing c�edit for the time of active partidpation as a plan member.
Should the employee not be re-employed withh the Village of Tequesta in a full �ime
capacity within five (5} years, his/her contributlons shall be retumed to hirn/her with three
percent (3°k) interest
The years or frac�ionat parts of years that a General Employ� serves in the military
service of the Armed Forr.�s of the United States or the Uni#ed States Merchant AAarine,
voluntarily or involuntarily� upon being granted leave by the Village of Tequesta and
separation from employment as a V'illage of Tequesta plan member, shall be add� to
hisJher years of credi�eci service provided that:
A. The General Employee retums to hisJher full �me employmer�t with the
�Ilage of Tequeste within one (1) year from the date of his/her military
discharge.
B. The General Employee deposits in� the Fund the same sum that the
Member w�uld have c:ontributed if he/she had nemain� a Gener°al
Employee� plus an amount of interest that substantially appr�dmates the
amount eamed by the Fund from �e date of retum to employment to the
date of deposi� in accordanc� with Code Seciion 474(u) eifiective
December 12.1994.
C. The ma�dmum credit for military servic� shail be flve (5) yc�rs.
EfFective Date means the date on whlch this �rdinanc� becomes effec�vve.
Fund means the Trvst Fund establlshed hereln as part of the System, forthe beneflt
of General Employee.s.
General Emplovee means an act7vvely employed full-�me person employ�i by the
Village of Tequesfa� induding his/her in�lal probationary employment period� excluding
certified Firefighters and cer�fied PoOc� Officers.
General Emnlovee Board means the bo�rt! of trustees provid� her�under to
administer and manage tlie funds for the benefit of the General Employe�.
Member means an actively employ� General Employee that fulfills tfie applicable
prescribed participatlon requirements.
a
One hundred and twentv montl�lv pavments auaranteed means benefits are payable
for the life of a retiree with a guarar�tee of 120 monthly payments. Should a member die
beforoe 120 mor�ly paymerrts (10 year°s) are made� then the remainder of the 120 monthly
payments will be paid to a beneficiary. Should a member rec�ive more ihan 120 monthly
payments, then no beneflt is payable to a beneficiary.
Plan Year means the 12 month aeriod bealnnina October 1 of each vesr and
endin� the followins� September 30.
Salarv or Comoer�sation means base wages earnpe�stiert ta indude regular
eamings, vac�on pay, sick pay� plus all tax defemed items of income� exduding lump sum
payments� overtime, bonuses and longevity bonus. The amount of compensation t�ken
Irtto account under the S�tem ma not exceed $200,000. Triis amount is sublect to
adlustrnerrt as arovided for in Code Section 401(au7 71. Code S�on 415(d) and
Section 16 of this Plan.
S pOUSe means the lawFul wife or husband of a plan member a# the time of pre-
retlrement� death or re�remerrt.
Statement of Investrnent Poticv means the written investrnent �licy adopted by the
B�s pursuar�t to this Ordinance and F.S. 112.661. et seq., whi� shall apply to funds
under #�e control of the board.
SYStem means the �Ilage of Tequesta General Employees' Pension Trust Fund as
contained herein and ali amendments there+to.
Vested defemed retlremerrt means a Member who leaves the employ of the �Ilage
with 6 or more years of credited servioe and who is not eligible for any re�irement benefit.
This beneflt is payable at early or normal retirement.
Villa�e means the Village of Tequesta� Florida.
2. Mascx�fine Gender. The mascullne gender, where used herein, unless the
context speciflc�lly reqttires otherwrise, shrall include both the feminine and mascx�ltne
genders.
S�cction 3. Membership.
1. Conditilon of Elic�ibil
All full �me General Employees as of the effectivve date, and all fiaiure new
full time General Employees shall �me Members of this System as a
condi�on of employment.
3
2. Membership
Each full �me Generel Employee shall complete a form prescribe�d by the
Board providing the following ir�formation:
A. Acceptanc� of the terms and conditions of t9�e Retirement System,
and,
B. Designation of a beneflciary or beneficiaries, and,
C. �► certifled sst�atement as to prior medical and psychologic�l history.
3. Chanqe in Desic�natlon of Beneficiarv
A member may Trom time to time change his/her designat� benefldary by
wrltten notice to the Board upon forms provid� by the Boand. Upon such
change. the rights of all previously designated beneflciaries to recenre any
benef+ts under the System shall cease.
Se�on 4. Board of Trustees.
1. The sole and exclusive admini�on of and rosponsibility for t�e proper
operation of tl�e retirement system and far making efFect9ve the provisions of this �dinanr�e
is hereby vested in a Board of Trustees. The Board shall consist of five (5) Trustees. two
(2) of vHhom, unless othervvise prohibited by law, shall be legal residents of the municipality�
who shall be appointeal by tlie Tequesta Vill�ge Counal, and iwo (2) of whom shall be full-
time General Employee members of the System, however, in the ever�t that either full �me
General Employee posi�on remains vacant forthr�e months or more. then the �s'�fion can
be filled by a legal resident of the Village of Tequesta elected by the General Employee
Members of the System in acxordance wlth the electlon rules established by the Board for
one term. At the end of the term the position will be posted to again be filled by a full blme
General Employee. The flfi� (5"') Trustee shall be seleCt� by a maJorlty vote of the other
four (4) Trustees.
Each person seeldng to fill a designated employee repneser�tative Board member
seat shall be elected by the full-time General Employee Members of the System. Upon
r�ipt of the fifth (5"') person's name the Tequesta General Counal shall, as a ministe�al
duty. appoint such person to the General Employee Board as its fifth (5�') Trust�. The
flfth (5�'') Trustee shall have the same rights as eech of the other Trustees appoir�ted or
elect� as her�in provid� and shall serve a tv�ro (2) year term unles,s the office is sooner
vapted and may suc�eed himselfi or herself in offlc:e. Each r�esident Trustee shall serve
as Trustee for a period of two (2) years unless sooner replaced by tt�e Tequesta Village
Council at whose pleasure the Trustee shall serve, and may succeed himseFFor herself �s
a Trust�. Each General Employee Trustee shall serve as Trust� for a period of two (2)
4
years, unless he/she sooner leave the employment of the Village or otherwrise vacates
his/her offic� as Trustee, whereupon a sucx:essor shall be chosen in the manner as the
departing Trustee. Each employee representative Trustee may sucx:eed him�lf or herself
in office. The General Emp(oyee Board shall meet et least quarteriy each year. The Board
shall be a I�al enti�ty with, in add�lon to otlier powers and re.sponslbil�ies con�ined
herein, the power to bring and defend lawsuits of every kind, nat�re, and description.
2. The Board shall, by majority vote, elect a chairman and secretary. The
secretary of the B�rd shall keep, or c�use to be kept� a�mpiete minute book of the
actions� proc�edings� or hearings of the Board and shall preside over Bo�ard mee�ngs in
the ab�nce of the Chairman. The Trustees shall not receive any compensation es such,
but may receive expenses and per diem as provid� by law.
3. Each Trust� shall be enti�ed to one vote on the Board. Thr� (3) affirmative
votes shell be nec�ssary for any decision by the Trustees at any meeting of the Board. A
Trustee shall have the right to abstaln from vofing as the r�esult of a conflid of in�berest
provid� that Trustee states (n writing the natur�e of the confllct complies with the provisions
of Section 112.3143, Florida Statutes. �
4. The Board of Trustees shall engage such actuarial, accour�ting. I�al, and
other servic�s as shall be required to transad the buslne�s of tl�e Re�riement System to
administer and manage the fund and to meet tl�te r�quirements of applicable law. The
compensation of all persons engaged by the Board of Tr�stees and all other expenses of
the Board neoe�sary for the operation of the Retiroement System shall be paid from �e
Fund at such rates and in such amounts as the Board of Trustees shall appr+ove.
5. The duties and responsibilitles o�the Board of Trustees sfiall Indude, but not
necc�ssari�y be limited to, the following:
A. To �nsirue the provlsions of the System and determine all questions
arising thereunder.
B. To determine ail ques�ons refating to eligibility and participatlon.
C. To determine and certify the amourrt of all retiremerrt ailowances or
other beneftts hereunder.
D. To establish uniform rules and procedures � be followed for
administrative purposes� benefit applicatlons and all matters r�quired
to administer the System.
E. To distribute to Members� at negular intervals, ininrmation conceming
the System.
5
F. To receive and process all applic�tions for partiapatlon and beneflts.
G. To authoriae all payments what�everfrom the Fund, and to notify the
disbursing agent in writing of approved �nsion payments and other
expend�unes arising through operafilon of the System and the Fund.
H. To have �rFormed actuarial studies In acxordanc� vvfth Florida
Statute 112.63 provid(ng a copy of the same to the Division of
Retirement, and writh at least biennial valua�ons� and make
r�ommendations regarding and all ch�nges in the provisions of the
System.
I. Ensure complianc� with Article X, SedJon 14� of the Florida
Constituu�on, requiring that any Increase in benefits be funded on an
actuarialiy sound basis.
J. Ensure the completion of an actueriat impact statement prior to the
adoption of a ct�ange i n the plan's retirement benefits, a copy of wihich
must be provided to the Division of Retirement
K. To ensure the funds and assets for tl�te beneflt of �e employee
groups they serve are segr�ated and separat� from the funds and
assets under the coritrol of the Board.
L. To pertorm such other dutles as ar� s�ed in this Ordinanoe.
M. To adopt and be guided by Statements of investrnent Policy
applicable to all funds under the control of the General Employee
Board of Tnastees as requlred from time to filme by F.S. 112.661 � et
seq., and/or �,s sucx�ssor statutes.
Section 5. Finance And Fund Manag�men�
Establishment and Operation of Fund.
1. As part of the System, there is hereby established a Fund� inbo which shall be
deposited all of the contr�butlons and assets whatsoever attributable to the S�tem, for the
benefit of General Emptoyee.s.
2. The actuaf cust�y and supervision of the Fund (and assets 1t�ereof� shall be
vested in the Board of Trustees. Payment of benefits and disbursements from the Fund
shall be made by the Village on the �ard's agr�ment, but onty upon written authorization
from the Board.
6
3. All funds end secx�ritiies of the Fund may be deposlted by the Board of Trustc�s
w�ith the Treasurer of the municipality, acting in a ministerial c�pacity oniy, vNho shall be
liable in the same manner and to the same extent that as he is liable for the safekeeping
of funds for the municipality. However, any funds and securities so de�sited with the
Treasurer of the municipality shall be kept in separate funds by the Treasurer or cleariy
identified as such funds and securities of the General Employee Trust Fund. In lieu
thee�eof, the Boar+d of Trustees shall de�sit the funds and securities of the Fund in a
qualfied public deposit�ory or depo.sitories as defin� in Sedion 280.02. Flortda St�tutes.
which depository or depositories with regard tio suc� funds and secwrities shall conform to
and be bound by ell of the provisions of Chap�r 280. Florida Statutes. In order to fulflll i�s
investment responsibili4es as set forth herein. the Board may retain t�he services of a
custodian bank or benl�� an investrnent advlsor or advi�rs register� under Investrnent
Advisors Act of 1940, registered broker dealer or otherwise exempt from such required
registration, an insurence crompany. or a combina�on of these, for the purposes of
investrnerrt decisions and management. Such investrr�ent manager or managers shall
have dlscretlon, subJect to any guidelines as prescxibed by the Boerd, in the investrnent of
all fund assets.
4. Acxurate necords shall be maintafned at ell tlmes refleding the market valuations
of funds and assets of the Fund. induding aacurate c�ment accounts and entries as
regards the folloaring:
A. Current amounts of A�mulated Contributions of Members on both
an individual and aggregate acxount basis, and
B. Receip� and d�bursemenis� and
C. Beneflt payments, and
D. Current amounts clearly reflecting all moneys, funds and as�ts
uvhat�everattributable to contributions and deposlts from the Village,
County or State� and
E. All interes� dividends and gains (or losses) vvhatsoever, and
F. Such other erdries as may be properiy r�uired so as to reflect a c�ear
and cmmplebe financi�l report of the Fund.
5. An independerrt audit shall be perFormed annually by a certfi�! public
atxountant for the most recent fiscal year of the Vlllage showing a detailed listing of �ssets
and a statement of all income and disbursements during the year for each Fund. Such
income and disbursemenis must � recc�nciled with the a�ets et the beginning and end
of the year. Such report shall reflect complete eveluations of assets on both a cost and
market basis� as well as other items normally Induded in a certified audit.
7
6. The Board of Trustees shall have the following investment powers and authoriiy:
A. The BoarcJ of Truste�s shall be vested with full legal title to the Fund,
subject, hov�ever. and in any event to the authorliy end power of the
Tequesta Village Council to amend or terminate this Trust, provid�
that no amendment or Fund terminatlon shall ever result in the use of
any assets of the Fund except for the payment of reguiar e�ense.s
and beneflts under this System. All confiibutlons from �lme to �me
paid into the Fund, and the income theneof, vvithout distinction
beiween principal and inc:ome� shall be held in the Fund and
administered by the Boerd or its Agents.
B. All moneys paid into or to be held by the Fund shall be Invested arui
reinvested by the Board and the investrnent of all or any part of such
funds shall be limit� �:
(1) Annuity and life Insurance contrac� of Iife fnsurance
oompanies in amounts suflicfent ta provide, in vvhole or in pert,
the benefits to whic� all of the partiapani� in the Fund shall be
en�tled under the provisions of the Plan and pay the initlal and
subsequent premium thereon.
(2) lime or savings acxounts of a natlonal bank, a state bank
insur� by the Bank Insurance Fund� or a savings and loan
associa�on insur� by the Savings �sociation Insurance
Fund which is administer� by the Federal Deposit Insurance
Corporation or a state or federal chartered cxedit union whose
share ac�ounts are insured by the Nat(onal Credit Union Sf�are
Insurance Fund.
(3) Obligatbns of the United States or obllga�ons guarar�te� as
to prin�ipal and interest by the govemment of the United
States.
(4) Bonds, stock�� commingled funds administer� by PVational or
Stat� Banks or eviden�s of lndebtedness issued or
guararrt�d by a corpora�on organized under the lawrs of the
Unit� States, or registered investrnent company pur�uant #o
the Investrnent Advisors Act of 1940� arry state or organizsd
territory of the Untted States� or the District of Columbia�
provided that the corporafion is trad� on a na�onally
r�ogniz� Exchange and in the case of bonds onfy holds e
rating in one of the four highest classiflcations by a major
ra�ng senrice, and 'rF such invesfiments ar� made in a pooled
fund administered by a state or national bank. then the rating
8
of each issue in the pooled fund shall hold a rating withtn the
top three (3) ratlng dassiflca�ons of a maJor rating servic�.
(5) Real estate.
(6) All monies paid into or held in the Pension Fund shall be
invest� and reinvested by tl�e B�r�d of Truste� and the
investrnent of all or any part of such funds shall be invested in
acoordance with an established investrnent policy adopted by
the Board of Trustees.
(� Up to 10% of the Plan assets may be invested in foreign
securities.
C. The BoarcJ of Truste� shall not invest mone than five percent (5%) of
i#s assets in the common stock or capital stock of any one issuing
company, nor shall the aggregate investrnent in any one issuing
company exc�ed five perr,ent (5°k) of the outstanding capital st�k of
that company; nor shall the aggr�ate of its investrnents in common
stock� capital stock and convertible �nds at cost exceed sixty perc�rn
(609�0) of the assets of the Fund.
D. The Board of Trustees may retain in cash and keep unproductiv�e of
inoome such amount of the Fund as they may deem advisable, having
regard for the cash requiremerrts of the System.
E. No person or entity shall be Ilable for the maldng. retention or �le of
any investrnerrt or reinvestment made as herein provid�� norforany
los,s or diminishment of the Fund, except that due � his/her or its own
negligence� wiliful misconduct or lack of good faith.
F. The Board may cause any investmer�t in sec�rities held to be
registered in or transferred into �elr name as Trustee or into the
name of such nominee as they may direct, or they may retain them
unregister� and in form permitting transferability, but tlie books and
records shall at all �mes show that all investrnents ane part of the
Trust Fund.
G. The Board is empowered to vote upon any stocks, bonds or s�curities
of any c�rrporation � associafion � or trust and to give general or specfic
pro�aes or powers of attomey writh or arithout pov�ner of substitution; to
participate in mergers� reorganizations, recapitalization�
consolfdations and similartransacfionswrith respectto such �rities;
to deposit such stock or other sec�rities in any wting tr�st or any
protective or like committee witt� the Trustee.s or with depositories
9
designateal ther�by to amortize orfiafl to amortlze any part of all of the
premium or discount resulting fnom the acquisition or disposltlon of
assets; and generally to exercise any of the powers of an owner wlth
respec� to stodcs, bonds, or other investrnents comprising the Fund
whic� it may deem to be the best interest of the Fund to exerase.
This power may be del��ted to an agent by the Board of Trustees.
H. The Board shall not be roequired to make any inventory or appraisal or
report bo any court, nor �cure any order of oourt for the exerdse of
any pow►er contain� herein.
I. Wherse any adion which a Board is required to take on any duty or
function which it is requir� to pertorm either under the terms herein
or under the general law applicable to it as Trustee under this
Ordinance� can reasonably be taken or perFormed only after rec:�ipt
by it from a Member� tl�e Viilage, the Department or any other enfity�
of spe�Rc informatlon, oertlflr.ation, dlrc�fion or instruc°dons, the Board
shall be free of liability in fiailing to take such action or perForm such
duty or function un�l such Ir�formatlon. certiflcation� directlon or
instruction has been received by it
J. Any overpayments or underpaymerrts from a Fund to a Member or
benefiaary cause,d by errors of computa�ion shall be adjusted w�ltth
interest at a rate per annum approved by the Boand. Overpayment
shall be charged a�inst member's payments next succeeding the
corr�on. Underpaymer�ts shall be made up from the Trust Fund.
K. A B�rd shall susi�in no liability whatsoever for the suF�ciency of a
Fund to meet the payments and beneflts herein provided.
L. Any of the foroegofng powers and tunctlons may be performed or
c�nied out by the Board through duly authorized Agents, provid�
that the Board at all t�mes maintains con�nuous supenrision over the
a� of any such Agen� provided further, that legal ti�e to a Fund shall
aharays remain in the Board of Trustee.s.
M. A Board shall not invest mor+e than ten �rcerit (10°�) at c�st of �s
assets in real properly or r+eal estate and there shaU be no investment
. in a limited partnership or trus�t.
N. The �Ilage shall maintain Fiduciary Liability insurance to cover the
members of the Board of Truste�s.
10
Sectlon 6. Contiribu�ons.
1. Member Contributlons
A. Amount AAembers of the Retirement System shall be required to
make r�gular con�ibufilons to the Fund in the amount of five percent
(5�0) of hisJher salary. Member c:ontiibu�ons withheld by the Village
on behaif of the Member shall be deposited with the Board of
Trustees imm�iately afterthe wi�holding ofsuch contributions. The
corrtributions made by each Member to the Fund shatl be designed as
employer contributions pursuant to Sechon 414(h�2 of the Code.
Such designation is contingent upon the oontributions being exduded
from the Members' gross income for Federal Income Tax purposes.
For all other purposes of the Plan, such contributions shall be
considered to be Member contributions. Anv excess annual
addit�ons shell be olace in an unalloc�ted susoen� account.
B. Meth�. Such contrlbutlons shall be made by payroll deductlon.
2. Villa�e Contributlons
So long as this System is In effect� the Village shall make contributions at
le�st quarterly to the Trust Fund in an amount equal to the normal c�st and tl�e amount
required to fund any actuarial defidency shown by an ac�uarial valuation as provided in
Part VII of Chapter 112, Florida Stah�tes.
3. Other
Private dona�ons� gifts and contributions may be deposited to the Fund, but
such de�sits must be kept separately and kept on a s�regated bookkeeping basis.
Funds arising from these sourc�s shall �ep be resenred exelusiv�ly �ed-e�►-for
add�lonal beneflts for Members, and shall be reserved to be s�r�t for the additional
beneflts as determined by the Board when st�cilic�llv provid�d for b�► this olan
documen� and may not be used to reduce what would have otherwise b�n r�uired by
V'illage contribu�ions.
S�tlon 7. Bene�t Amounts and Eligibilitv.
1. Normal Retir�ment Date
A Members normal retiremerrt date shall be the first day of the morrit�
coinddent withh, or next following the ea�ter of:
11
a) attainment of age sixty-tvvo (62) r�ardless of years of cr�ited
service, or
b) aitainment of thirly (30) years of cr�it� service r�rdless of age.
A Member may retire on his/her nonnal retirement date or on the ftrst day of
any month thereafter, and each Mem�r shall become 100°� vested In
his/her accrued benefit on the Members normal retirement date. Normal
retirement under the Plan is retirement from employment with the �Ilage of
Tequesta as a General Employee, on or after the normal retirement date.
2. IVormal Retirement Benefit
A Member retiring hereunder on or after his/her normaf retirement date shall
r�etve a monthly beneflt wt�ich shall commen� on his/her Retirement Date and be
continued thereafter during the Members lifetime� ceasing upon death, but vvith one
hundred twenty (120) monthly payments guaranteed in any event Benefiits are payable
for the I�Fe of a retiree with a guarantee of 120 monfihly payments. Should a member die
before 120 monthly payments (10 years) are made. then the remainder of the 120 monthly
payments will be �id to a beneficiary. Should a member r�eive more than 120 monthly
payments. then no benefit is payable to a beneficiary. The monthly retiremerrt benefrt shall
equal iv� per+cer�t (2°�) of average final compensation� for ead� year of cxedited service
(2°� x average final compensation x years of credited servic�).
3. Earlv Retiremerrt Date
A Member may re�re on hisJher eariy re�r�ement date which shall be the �rst
day of any month coinadent vvitth or next following the later of the attainment of age f�fty
(50) and the comple�on of sbc (6) years of credited servic�. Early retirement under #he
Plan is retirement from employment with the Village of Tequ�ta on or after the ear�y
retirement date and prior to the normal retlrement date.
4. Earh� Retirement Benefit
A Member re�ring hereunder on his/her eariy re�irement date may rec�ive
either a deferned or an imm�iate motrthly retirement benefit payable fior life� but with one
hundred twenty (120) mor�thly �ayments guaranteed in any event, as follows:
A. A deferr� monthly re�rement bene�twhich shall commencre on what
would have b�n his/her normel retlrement date had he/she remain�
a General Employee and shall be con�lnued on the flrst day of �ch
month thereafter. The amount of each such deferr� monthly
retirement t�neflt shall be determined In the same manner as for
retirement as hisJher normal retirement date except that credited
12
service and average flnal compensatlon shall be determined as of
his/her early netirement date; or
B. An immediate morrthly retirement benefit whic:h shall commence on
his/her early retirement date and shall � continu� on the first day of
each month thereaRer. The benefltt �yable shall be as determined
in paragraph A above, which is actuarially r�uc�d from the amount
to which he/she would have been en�tled had he/she refiir� on
hisJher normal retirement date end with the same number of Years of
cxedited servioe as at the �me hisJher bene�t commence and based
on his/her average final compensa�on at that date. In no event shall
the early retirement reduc�on exceed flve percent (5�a) each year by
which the commencementof beneflts precedesthe Membe�s normal
re�rement date.
�on 8. Pre-retiremerrt Death.
Upon the death of any vested member, whether or not still in ac�ive employment,
a survivor benefit is �yable to the benefldary sterting when the member would have
reached retiremerrt age. The benefit is equal to the vested pension beneflt
Sectlon 9. Disability.
1. Disabllifi► Benefiis On-Dutv
Each full time employee v�o is a participant in the Pensfon Fund System and who
becomes totally and permanen�tly disabled whfle an adive employ� of the Village of
Tequesta to the exteM that he/she is unable� by r�eason of a m�lic�lly determinable
physical or mental impairment, to render u�ful and efflcient service as a General
Employee, whic� disabilit�r was dir�tly caused by the performance of his/her duty as a
General Empfoyee shall upon establishing the same to the satisfaction of the Board� be
entitled to the greater of A or B:
A. If the injury or disease is service connected� the employee shall be
enti�ed to the greater of (1) or (2):
(1) a monthly pension equal to 42% of his/her average monthly
com�ns�a�on as of his/her disability re�rement date, or
(2) an amount equal to the number of years of hi�r cnedited
service multiplied by 2°� of hisJher average monthly salary
based upon his/her final 5 years of service.
2. Disabilitv Benefits OfF Dutv
13
Every Generat Employee who has sIx years of cxedited �rvice. is a
partfcipant in tt�e Pension Fund System and who shall have �me totally and
permanently disabled to the extent that he/she is unable, by reason of a me�icatly
determinable physical or mental impafrment� to render useful and efficient servic�+ as a
General Employee which disability Is not dire�tly caus� by the perFiormance of his/her
du�es as a General Employee shall be entitled to the gr�ter of A or B:
A. a monthly pension equal to 259�0 of his/her average monthly
compensation ba�d upon his/her flnal 5 years of service, or
B. An amount equal to the number of years of hisJher cx�edited
service mul�plied by 2°� of his/her average monthly salary
based u�n his/her final 5 years of service.
3. Conditions Disqualiivin� Disabil�tv Benefds
Each Gen�al Employee vvFw is daiming di�bility benefits shall establish� to
the satlsfaction of the Board, that such disabllity was not �sioned primar�ly by:
A. Exc�essive or habilual use of any drugs, into�acar�.s or alcohol.
B. Injury or disease sustained while willfully end illegally �rdcipating in
flghts. riotis or civil insurrecfions.
C. Injury or disease sustained while commitdng a cxime.
D. Injury or disease sustained while �rving in any branch of the Armed
Fon�ss.
E. Injury or disease sustain� after hi�her emptoyment shall have
terminated as a General Employee uvith the Village of Tequesta.
F. Willful, wanton or gross negllgence of the Member.
G. InJury or disease sustain� by General Employee vvi�ile working fior
anyone �her than the vllage of Tequ� and arising out of sudi
employment.
H. Injury or disease sustained by the member before employment with
the Village begins. This subparagraph applies only in the event of a
duiy injury or disease.
4. Phy°sic�l Examination Requirement
14
An employce shall not �me eligible for disability beneflts until and unless
he/she undergoe.s a ph�ical examination by a qualfied physician or physicians and/or
surgeons, who shall be selected by the Board for that purpose.
Any person receiving disability bene�t underprovisions ofthis Ordinance may
be peri�ically re-examined by a qualified physician or physicians and/or surgeon or
surgeons who shall be select� by the Board, to determine if such disabilit�r has c�ased
to e�dst. If the Boarcl flnds that the retlr� is no longer permaner�ly and totally disabled to
the extent that he/she is unable to r�ender useful and effident service as a C�+neral
Employee the Board shall re�commend to the Vtllage that the retiree be retumed bo their
previous performance of duiy as a General Employ�, and the retiree so re�med shall
enjoy �e same rights �at Member had at the tlme he/she vvas plac:ed upon pension. In
the event tl�e retiree is so onder� to ret�m shall refuse to comply avi� the order within
thirly (30) days from the issuance thereof, Member sha0 forfeit the right to his/her pension.
The cost of the physical examina�on and/or ne-examin�tion of the employee
or retiree dalming and/or re�eiving disability benefits shall be bome by the Board of thls
Pension Fund System. All other reasonable costs as determined by the Board incident to
the ph�sical examination, such as, but not limited to, transporta�lon, meals and hotel
accommoda�ions, shall be �me by the Board.
If the retlree recovers from disabll(ty and reenters hisiher former service with
the Village of Tequesta held prior to dis�ability r�e+tirement, his/her servic�, will be deemed
to have been con�nuous. but the �r�od beginning with the first month for vvhlch he/sfie
r�ived a disability retiremerrt income paymerrt and ending writh the date he/she reerrtered
the xrvice of the Vlllage will not be oonsidered as credited serotce for the purposes of the
Plan.
The Board shall have the �wer and authority to meke the flnal declsion
regard(ng all disability daims.
5. Disabilit�r Pavments
The monthly benefit to which a Member is entitl� in the event of the
Member's disability re�rement shall be payable on �e first day of the flrst morithh �fter the
B�rd of Trustees determines such entitlement. However, the mon�ly re�rement income
shall be payable as of tl�e dabe the Boand determined such enti�ement� and any �rtion
due for a partial month shall be pald together arith the flrst payment The last payment will
be:
A. If the plan member recovers from the disability or attains his/her
normal retirement date� �e payment due next pre�ding the date of
suc� recovery, or
15
B. If the plan member dies without recovering from the disability prior to
his/her normal retirement date uvhile s�ll disabled, the payment due
next prec�ding his/herdeath orthe 120�' monthly payment. arhichever
is later.
Section 10. Ves�ng.
If a Memixr temtinates hisJher employment with the �Ilage of T�uesta� either
voluntarily or by disc�arge� and is not eligible for any other benefits under this System� the
Member shall be e�ntitied to the fiollowing:
1. If the Member has less than six (6) years cx�lt� senri� and has not attained
the age of sixt�ta�ro (62) upon termination, the Member shall be enti�ed to a refund of
acxumulated contribu�on plus thr� �rcent (3%) interest or the Member may leave it
dep�ited with the Fund, in acxordance with the defini�on of cx�dited service.
2. If the Member has sbc (6) or more years of cr�ited servic� upon termina�on, or
altematively, the Member has att�ined the age of sbdy-finro (62)� r�arcfless of cxedited
years of servic�, the Member shall be entitled to a monthly retiremerrt benefit that is the
actuarial equiwalent of the amount of such re�rement inoome otlienn+i� pa�rable to him/her
c:ommenang at the Membe�s othenroise normal or early re�rement date� provided he/she
does not elect to v+r�draw his/her acxumulated �r�tribu�ons plus �ree perr.ent (3°�)
interest and provid� the Member survives to his/her normal or early retirement date.
3. Any plan member of the System whose position is terminat�, for whatever
r�ason, but who is employed by the Village in some capacity, shall have all retlrement
beneflts ac�cru� up to the date of such termina�on underthis System preseroed, provid�
he does not elect to writhdraw hislher acx.�mulated contributions plus three percent (3°k)
interesfi from this System. Such Accrued r�tirement beneflts shalf be payable at hi�/her
otherwise normal re�rement date heneunder, or later� in acx;ordance with the provisions of
this S'ystem.
Sec�tlon 11. Oational Forms of B�neflt,s.
1. In lieu of the amount and form of retirement income payable in the event of
normal or early retirement as s�ed her�in, a plan member� upon wriiten request to the
Board of Trvstees and submission of evidence of go� health (except that such evidence
will not be required if such r�uest is made at least three (3) years prior to the date of
commencxmerrt of retirement income or if such request is made within six (6) months
following the effective date of the Plan, if later)� and subj�t to the approval of the Boani
of Trustees. may elect to r�ive a retirement inoome or benefit of equivalent actuarial
valua�ion payable in ac�ordance dvith one of the following options:
A. A retirement income of a larger monthly amount, payable to the
Member for hlslher IPfetlme only.
16
B. A retirement inc;ome of a modifled monthly amount. payable to the
Member during the joint lifetime of the Member and a dependent joint
pensioner designated by the Member and following the death of either
of them, 100°!0, 76%� 66-2l3%, or 50% of such morrthly amounts
payable to the survivor for the life�me of tt�e survivor.
. ,
2. The Member, upon electing any op�on of this sedion� will designate the joint
pensioner or beneficiary (or beneficiaries) to receive the benefit� if any, payable under the
Plan in the event of the Member's death, and will have the power to change such
designation from time to time, but any such change shall be deemed a new elec�on and
will be subject to approval by the Board of Trustees. Such destgna�on will name a joint
pensioner or one or more primary benefldaries where appllcable. If � Member has eleded
an op�on arith joint penslon� or �neficiary and the Member's retiremerrt income benefits
have commenced, tt�e Member may thereafter change hisJher designarbed joint pensioner
or benefiaary� but only i� the Board of Tr�stees consen� to change and if the joint
pensioner or benefiaary� but only if the Board of Trustees conserrts to change and if the
joint pensioner last previousiy designated by the Member is alive when h�she flles v� the
Board of Tn�st�s the request for such change.
3. The con�r�t of Joint pensioner or benefldary to any such change shall not be
r�uir�d.
4. The Boerd of Trustees may request such evldence of the good health of jant
�nsioRer that is �ing removed as it may r+equire and the amount of the refilrement income
payable to the Retiree upon deslgnatlon of a new Jolnt pensioner shall be aduarially
r�etermin� taldrtg into ac�ount the age and sex of the former joint pensioner, the newr
joint pensioner, and the Retiree. Each such designatlon will be made in writing on a form
prepared by the Boar+d of Trustees and on oompletion wlll be flled with the Boerd of
Trustees.
In the event that no deslgnated beneflciary survives the Member, such benefits as
are payable in the event of the death of the Member subsequent to his/her re�rement shall
be paid as provided in Sec�ion 12.
5. Ret�rement income payments shall be mede under the option elected in
accordance wlth the prorrisions of thls section and shall be subJect to the following
lim�tations:
A. If a Member dies prior to hisJher normal re�irement dafie or early
retirement date, whichever occurs, no retirement benefit will be
17
payable under the option to any person� but the benefits, if any, will
be determined under Sectlon 8.
B. If the designat� beneflciary (or beneflciaries) or Joirrt �nsioner dies
before the Member's re�irement underthe Plan, the option elected will
be canc�eled automatically and a retiremerrt income of the normal form
and amount will be payr�ble to the Member upon hisJher retirement as
if the el�tion had not been made. unless a new el�:don is made in
acxo�+dance vvith the provlslons of this s�tion or a new beneficiary is
designated bythe Mem�r priorto hisJher retirement and within ninety
(90) days after the death of the beneficiary.
C. If both the retired Member and the beneflciary (or beneflciarles)
designated by the Member die before the full payment has been
effected under any option providing for payments for a pe�� certaln
and life thereafter� made pur�uarrt to the provisions of subsection 1,
the Board of Trustees may in its discretion, direc� that the computed
value of the remalning payments � paid in a lump sum and in
accordance with Section 12.
D. If a Member cormnues beyond hisJher normal retiremer�t date pursUar�t
to the provisions of �tion 7, subsection 1. and dies prior to his/her
ac�ual retirement and while an option made pursuarrt to the provisions
of this s�tion is in effed, montl�ly retirement income payments wrill be
made� or a retirement benefit wrill be paid� under the op�on to a
�nefiiaary (or beneficiaries) designated bythe Member in the amount
or amounts computed as FF the Member had retir� under the op�on
on the date on which his/her death ocxurred.
6. The Member may not change his/her retirement option after the date of c�shing
or deposi�ng hisJher flrst retirement check.
Section 12. Beneflciari�.
1. Eadi MemtrPr may, on a fam provid� for that pur�e, signed and filed with
the �arcl of Trt�stees� designate a�neflaary (or beneficia�es) to re�eive tl�e beneflt, if
any. arhic� may be p�ayable in the everrt of his/her deatli; and each designation may be
revoked by such Member by signing and filing vvith the Board of Trustees a ne�nr
designatlon-of-beneficiary form.
2. If a deceased Member falls to name a beneflciary in the manner prescxibed in
sub�on 1, or if the beneficiary (or �nefiaaries) named by a deceased Member
predeceases the Member� the death beneflt� if any� which may be payeble under the Plan
with respect to such deceased Member shall be pald� in the discxe�on of the Board of
Trustees� elther to:
18
A. The wife or dependent children of the Member;
B. The dependerrt living panents of the Membe� or
C. Estate of the Member.
Section 13, Claims Procedur�s Befor� th� Board Decision.
1. If any Member of the System has been:
A. Plac� on pension und�r the terms and provisions of thls ondinan�
for disability, or
B. Plec� on pension bec�use the Member has served tl�e requlred
number of years to entitle him to a pension� or
C. Refus�i beneflfis under this Plan� and is diss-atisfied uv� the amourrt
of penslon the Member is r+e�iving� or believes that he should be
enti�� � benefits under the Plan. the Member may, in wrrtting,
r�uest the Board to review his/her c�se. The Board shall review the
ca� and errter such order thereon as it deems right and proper writhin
sbcty (60) days from r�ipt of suc� wrrdten request and the r�eceipt by
�e Board of a wriiten medical release authoriza�on and a list of
names and addnesses of all treating health c�re providers for such
review of disabilily clafms; pr�vided� that the Board may extend the
time for entering such order by an additional forty-five (45) days if i#
determines such time is nec:�ssary for discovery in full artd ad�uate
review.
2. In the everrt that tfie order from the Board denies the clalm for a change in
such benefits or denies the dalm for beneflfs� the order of the Board shall be
put In vvr�ng. Such wrritten order shall include:
A. The spec�c r�asons for the denial, including speciflc referenr,es to
pertinent provisions of the re�remerrt system on wh�Ch such deniel is
bas�i;
B. A description of any addi�onal material or ir�forma�on that the Boar+d
feels is necessary for �e Member to perFect his/her daim� together
wi� an explana�lon of vHhy such material or information is necessary;
and
C. An explanetlon of the neview procedure next open to �e Memb�.
Such review prooedure shall provide that
19
(1) Prior to such review, the Member or his/her duly authorizzed
representative may neview any pertinent documents Including Plan
provisions, minutes of the meeting of the Board in whic� denial fo �e
claim was originally rec:ommende�, and any other documents materlal
to the case;
(2) Af�er such review. t�e Member and/or hi�her duly authorized
repr�esentative shall submit their case in wrlting to �te Boar+d and
request a heering. Such submission shall be filed with the Boar+d no
later than ninety (90) days after the r�ipt of the order of the Board.
Upon receipt of the vvritten submission by the Member, the Board
shall schedule an opportunity for a full and fair h�ring of the Issue
vulthin the next ninety (90) days. and such sch�uled hearing shall �
communic�ted in writing to the Member. The Member and/or hisTher
duly authorized representa�ve may ttren appear at suc� sch�uled
hearing to pr�esent their case. The Board shall consider the facts
presented at the scheduled hearing and shall, writhin thirty (30) days
after such hearing� make � flnal ruling in writing on the requebt of the
Member. The written dedsion shall indude the reasons fior such
decision and� such decision shall be flnal.
(a) The Chairman shall pr�side over the hearing and shall
rule on all evidenfilary and otlier I�al questions that
arise during the hearing.
(b) Either party, the claimant or the Board, may file
pleadings within the trme Iimits set herein. Proc�dur�al
mo�ons ar� to be determin� by the Cha�rman of the
Board at any time. Afl par�es ar+e to fumish coples of all
pl�dings to the opposing parties and exchange lists
with names and addresses of witnesses expected to be
called to testify at the hearing, as v�l! as the list of
exhibtts that are intended to be inbr�uced, at least
forty-five (45) days prior to the hearing. Tesfilmony of
witr�esse.s shall be under oath or affirmation.
DeRosi�ons or af�davits shaJl not be admisslble unless
upon stipulation by all parties. The Chairman, any
Member of #�e Boand� the attomey for it�e Boarad, the
daimant and the daimant's attomey, upon rer�gnition
by the Chairman, may direct ques�ons to any wifiess
during the proc�edings. Eac.� party shall have the right
to present evidence retevant to the issues� to cross-
examine witr�essss� to impeach vultr�esses and to
respond to the evidence preserrted against the party.
Each party shall have the right to present any opening
20
and dosing arguments. Any parly may s�ure the
servic�ss of a court reporter to record the proc�ings
with the cost to be bome by the party requesting the
oourt reporter or requesting the transcr�ption of the
proc�edings.
c) In all cases� unless othen�vise provid� in this secfiion.
the burden of proof shall be on the c�aimarrt who seeks
to draw his/her entitlement to a pension, disebll�y
pension, or increased �nsion benefits.
3. In all proce�ings under sub�c�ions 1 or 2 hereof� the B�rd shaA have the
power to subpoena and require the attendanc� of wfia�esses and the
production of documents for discovery prior to and at the prooe�ings
provid� for in each paragraph. A rea�nable fee may be charged for #�e
issuance of any subpoenas not to exceed the f�s set forth in Florida
Stat�tes.
Section 14. Rost�r of Re�re�.
The Secxetary of it�e Board shall keep a re�ord of all �rsons enjoying a�nsion
under the provisions of this Ordinance in which (t shell be noted the time when the pension
is allowed and when the same shall oease to be paid. Additionally. the S�etary shall
keep a rec:ord of all General Employees employed by the Muniapality who are Members
of the plan in such a manner as to show tt�e name� addres.s, date of employmerrt and date
such employment is terminated.
Sectlon 15. B�rd Attomey and Professionais.
The B�rd may employ independent legal counsel at the Pension Fund's e�ense
forthe purposes c�nteined herein, togethervvi� such other profi�sslonal, technic�l, orother
advisors as the Boar+d deems necx�ssary.
Section 16. Ma�dmum Pension.
1. 415(bllrrternal Revenue Code Limita
a Basic Limi�on,s. Notwri�standin� anything to t�e con�arv in
this Plan. the provisions of Sec�on 415 and its �ulations are
her9ebv incoroorated bv reference irrto this plan. Sublect to the
ad�ustrr�er�ts in Cod� Section 415. the maximum amount of the
actual annual retirement Incom� oaid in arniyearwith respectto
a Partici�� under this Pl�n attnibutab{e to employer provided
bene� shall not exceed the dollar amount allowable for any
21
calendar year pursuant to �475(b) of the Code. as ad�usted in
such calendar �ear for increases in �e cost of living in
accordance with Re�ulations i�sued by the S�cretar�r of the
Tressurv und�r �415(d) of �e Code For purposes of applYOng
the basic limi�tion, benefits payable in any form other than a
s�ight lii�e annuit�r wlth no ancillar�r ben�ts shall 6� adluste�J.
as arovid�d b Treasurv Regulal�ons. so that such beno�s ar+e
the l�arial Equ�ler�t of a s�aight life annuity. For purposes
of �is su�on Article, the following b�ne� shall not be
tak�n into account•
(7) Anv ancillarv bene�t which is not dir�tly related to
ret�renrent income beneflts;
(2) Anv oit�er ben�flt not rec�uired und�r 5415(b)(2) of the
Code and Treasurv Regulationa thereunder to be taken
into account for ourpages of the limitation of �415(b)(9 ) of
the Code.
B. For purposes of apph►ing the limit�tions of Code Section 415(b).
com��on includ� thos� Hrms as set forth in Reg. 1.415-
2(d1. This deflnition s�eci#lcallv includes the creditlng of
comaensa�on while abs�nt from service for militar�► dui�►; such
credffing shall to ex�d the com��on thatvvould have been
credited under the Svstem if Stirs�em �rvices had continued.
�
2. Additlonal Limite�on on Pension Benefits. Notwithstanding anything heroin
to the cxmtrary:
A. The normal retirement benefit or pension to a retiree who be�comes a
mem�r of the Plan and who has not prasviously p�articipeted in such
Plan, on or after January 1� 1980. shall not exc�ed 900 percent of
his/her average flnal compen�on. However, nothing cor�tained in
this sec�on sF�ll apply to supplemental r�tirement beneflts or to
pension inc�eases attributable to cost�f-living incxeases or
adjustrnents. In all ever�t,s, distributions shall t� limited by the
applicable provisions of Code Sec�on 495(b) limits.
B. No member of the Plan who is not now a memt�r of such Plan shall
be al{owed to receive a retirement benefit or �nsion which is in part
or in whole based upon any servi� with resp� to which the member
is already receiving� or will receive in the fi�ture, s re�nement benefit
22
or pension from another retirement system or plan. This restrictlon
does not apply to social security benefits or federal I�nents under
Chapter 67, Title 10� U.S. Code.
3. 401(aN7n I.Imi�on on Cwnaensation. For arrv oerson who flrst
becomes a member in anv plan r beginnln on or aRer Januan� 1, 7996.
comae nsation for arnr plan vear ahall not include amr amourrts in excess of the
Internal Re�nue Code s. 407 (aN1n limita�on (as amended bv �e Omnibus Budaet
Reconciliation Act of 18831. whieh limitadon shall be a iusted as required bvfederal
law for qualifled govemment alans and shall be further ad�usted for chang� in the
c.a�t of livin� in the manner arovided bv Ir�temal Rev�nue Code s. 415(d). For anv
p�rson who f�rst bec�me a member orior to �e first alan vear beginning on or after
Januar�► 7.1996, the limi�on on �oma�ns�ion shall be not I�ss than �e maximum
compensa�ion amount that was allowed to b� taken i�rto account under �e olan as
in efFect on Julv 1.1993, which limitation shall b� adlusted for changes in the ca�t
of living since 1989 in the manner �rovid� bv Intemal Revenu� Code s. 415(�.
Secblon 17. Commencement of Bene�.
1. Unless the Member othervvise elects, witii such election being in writing and
to tl�e Trustees and spe.�ifying the form of retiremerrt income and date on whic� the
retirement income is to c:ommenoe, the peyment beneflts under the Plan to the Member
shall commen� not later than the 60�' day after the close of the Plan Year in whic� the
latest following events o�r.
A. The attainmer�t by the Member of age 65;
B. The 10"' anniversary of the date on v�ich �e Member commenced
participation in the Plan; or
C. The termination of the Member's service with the Village of Tequesta
2. If the paymerrt of a Member's retirement income cannot b�in on the date
r�uir� under subsection 1 of the Section because the Trust�s either cannot ascertain
the amount of the Member's retlrement income or c�annot locate tlie Member after making
reasonable efforts to do �� the payment of the Member's benefit shall begtn not later than
sixty (60) days after the date on which the amount can be ascertain� or the Member is
locat�� whichever is applicable. Any such payment shall be mede retroaclive to a date
which is not earlier than the date on which the payment of t�he Member's benefit was
sc�eduled to begin but which is not later than �e date s�cifl� under subseCtlon 1 of this
Se�fion.
Sec�on 18. Dis�ributlon of Bene�s.
23
Notwrithstending any other provision of this Plan to the contrary, a form of refirement
income payable from this Plan after the effective date of this ordinance. shall be made in
ac:cordanc� with the r�uirements of Code Seotlon 401(aK9), Including the minimum
distribution inciderrtel �ne�t reauirements of so�tion 1.407(aN912 Code Sectlon
401 a�(9)(G) to satisfy the following cortditions:
1. If the retirement income is payable before the Member's death�
A. it shall either be distributed or commence #o the Member not later
than April 1 of the calendar year folloaring the later of tlie calendar
year in which the Member aitains age 70'/� or the calendar year in
which the Member re�lres�
B. the distribution shall commence to them not later than the calendar
year defln� above; and shall be pald over the life of the Member or
over the lifetimes of the Member and spouse� isst�e or dependent, or�
sha[I be paid over the perl� extending not beyond the Iffe e�ncy
of the Member and spouse, issrre or dependent
Where a form of re�rement income payment has commenc:od in acxordance
with the pr�ing paragraphs and the Mem�r dies before hi�her entlre
interest in the Plan has b�n distribut�, the remaining por�on of such
interes� in the Plan shall be distribut� no less rapidly than under the form of
distribution in effect at the �me of the Nlembe�'s death.
2. If the Members death occ�rs before the distrjbu�on of his/her interest in the
Plan has commenced� the Member's entlre interest in the Plan shall be distributed v�thin
fnre (5) years of the Mem�rs death� unless ft is to be distribut�l in acxordance with the
following rules:
A. The Member's remaining interest in the Plan is pay�ble to his/her
spouse; iss�e-or dependent;
B. The remaining interest is to be distribut� over 1�e IFfe of the spouse�
issue or dependent or over a period not extending beyond the life
e�ectancy of tfie spouse;-is�e-or dependerrt; and
C. Such disiribution be�inswitl�in one yearofthe AAembers death unless
the Mem�ers s�use, issue or dependent shall r�ive the remaining
irrter+est in whic� case the distribution need not b�in before the date
on which the Member would have attained age 70'/Z and if the
spouse, is.sue or dependent dies before the distributlon to the s�use.
issue or dependent begins. thls Sedion shall be appli� as fF the
spouse, issue or dependent were the Plan Member.
24
Section 19. AAiscellaneous Provision.
1. Inter�st of Members in Pension Fund. At no time prior to the satisfac.�on of
all liabilfies under the Plan with respect to Members and their spouses or beneficia�es,
shall any part of the corpus or income of the Pension Fund be used for or diverted fio any
purpose other than for their elusive beneflt
2. No amendment or ordinance shall be adopted by the Village Councll of the
�Ilage of Tequesta which shall have the effect of reducing the then vested acxru�
benefits to Members or Members benefiaaries.
3. Rollover Distribu�ons.
A. This subsection applies to distributions made on or a#ter January 1,
1993. Noiv�thstanding any provisfon of the Plan to the voritr�ry that
would othervvise limit a distribut�'s ele�dion under this subsection, a
dlshributee may elect, at the tlme and In the manner proescxiibed by the
Board of Tr�stees, to have any �rtion of an eligible rollover
dlstribution paid directly to an eligible re�rement plan speafied by the
distributee in a direct rollover.
B. Defin�lons.
(1) °Eligible rollover distribution° is any dislribution of afl or any
portion of the belence to the cxedit of the dishibut�, except
tliat an eligible rollover does not indude any distribution that is
one of a series of subst�ntlally equal periodic payments (not
less f�uentiy than annually) made for the life (or life
expectancy) of the distributee or distributee's deslgnated
beneficiary� or for a specif�ed period of 10 y�rs or more; any
distribution to the extent such distribution is requir�d under
section 401(a�9) of the Code; and the portion of any
distribution that is not includible in gr�s income.
(2) "Eligible retirement plan" is an individual retirement ac�ount
described in sectlon 408(a) of the C�ode� an individual
retirement annuity d�bed in sectlon 408(b) of the Code, an
annulty plan desc�bed in sec�on 403(a) of the Code. or a
qualified trust describ� in section 401(a) of the Code. that
accepts the dlstributee's eliglble rolloverdistributlon. However,
in the case of an eligible rollover distribution to the surviving
spouse, an eligible retiremer�t plan is an individual retirement
account or individual re�irement annuit�r.
25
(3) °Distributee° includes an employee or former emplo�. In
addition, the employee's or �former empbyee's sunriving
spouse and the employee's orformer employee's spouse who
is ent�led to payment nder a
domes�ic rela�ons order determined to be qualified under the
provisions of Code Se�tion 474(0l(1)(al(il �y�fils-Far�d- are
distributees with regar+d to the Pnterest of the spou� or former
spous�e.
(4) °Direct rollove�' is a payment by the Plan to the eligible
retirerr�nt plan sp�ifled by the distributee.
Section 20. Re�l or Termination of Stirsfi�m.
1. This Ordinance establishing the System and Fund. and subsequent
Or+dinarn:e+s pertaining to said System and Fund, may be modiFi�i, terminated, or
amended� in whole or in part; pr+ovided that if this or any subsequent Ordinance shall be
amended or repealed in its applic�tion to any person beneflthing hereunder, the amount of
benefits which are the time of any such alteration, amendment, or repeal shall have
aocrued to the Member or beneficiary shall not be afFected thereby, except to tlie extent
that the assets fo the Fund may � determined to be inad�uate.
2. If this Ordinance shall be repeal�, or if contributions to the System are
dis�ritinued, the B�rd shall continue to administer the System in ac�orclance avith the
provisions of this Ordinance, for the sole benefit of the then Members, any beneflciaries
then recelving retirement allowanc:ros, and any futune persons entitl� to rec�ive beneflts
under one of the options pr�ovided for in thls Ondlnanc:e who are deslgnated by any of said
Members. In the event of repeal, Plan termination. or if oontribu�ons to the System are
comnletelv discontinued, there shall be full vesting (100%) of benefits aocrued to date of
repeal and the assets of the System shall be allocated in an equitable manner to provide
benefits on a proportionate basis to the persons so entitied in eocordance with the
provisions thereof.
3. The following sha{I be the order of priority for purposes of allocating the
assets of the System as of the date of repeal of this Ordinance� or if contributlons to the
S�tem are discontinued �nrit� the date of suc� disoontinuation being defiermin�l by the
Board.
A. Apportionment shall first be made in res�ct of each retired General
Employee nec�iving a roetirement or disabilit�r �neflt hereunder on
su� date, each person rer.eiving a beneiitt on such date on acx:ount
of a retlred or disabled (but since deceased) General Employee who
has, by such date, become eligible for normal retirement but has not
yet re�red, an amount which is the aduarial equivalent of such
26
benefit, based upon the act�arial assumptions in use for purposes of
the most rec:ent ac�uarial valuation. provided that, if suc� as.set �ralue
be less than the aggr�ate of such amounts� such amounts shall be
proportionately reduc�d � that the aggregate of such r�uc�
amounis will be equal to such asset value.
B. If ther� be any asset value remaining after the apportionment under
paragraph A. apportlonment shall next be made in respect of �ch full
time General Employee in service of the Village of Tequesta on suc�
date who has completed at least six (6) years of cnedited service and
who is not entitled to an apportlonment under paragraph A, in the
amount required to provlde the ac�arial equivalent, as descxibed in
A above, of the acxrued normal retirement beneflt ba�d on the
credited servlce and average monthly eamings as of such date� and
each vested former Member then entitled to a defemed benefrt who
has not by such date, begun rec�iving beneflt payments. in the
amount nequired to provide said �arial equivalent of the acxru�
normal retirement beneflt; provid� that, if such remaining asset value
be less then the aggr�ate of the amounts appordoned hereunder,
such latter amounts shall be proportionately re�duc� so that the
aggr�abe of such r�u�d amounts w111 be equal to such remaining
ass�et value.
C. If there be any asset value efter the apportionmerrt under paragraph
A and B� ap�rtionment shall be made in respect of e�ch full time
General Employee in servit�e+ of the Village of T�ues�ta on such date
who is not entitled to an apportionment under paragraphs A and B in
the amount equal to Membe�s Accumulated Contr�ibutions� provid�
that, if such remaining asset value be less than the aggr�ate of the
amounts apportion� hereunder such latter amount shall be
proportionately reduced so that the aggr�ate of such r�uc�d
amounffi will be �ual to such remaining asset value.
D. If there be any asset value remaining after the ap�rtionment's under
paragraphs A, B and C, apportionment shall las�y be made in respect
of each Member induded in paragreph C above to the extent of the
acivarial equlvalent� as descrlbed in paragraph A above� of the
accrued normal retirement benefit� less the amourrt apportioned in
paragraph C, based on cr�ited service and avera�e monthly
eamings as of such date provided that, if sudi remaining asset �ralue
be less than the aggr�ate of the amourits ap�r�ioned hereunder
such amounts shall be reduc�d � that tl�e aggregate of such r�uo�
amounts will be equal to such remaining asset value.
27
E. In the everrt that there be asset value remaining after the full
apportionmenYs specifled in paragraphs A� B, C, and D, such ex�
shall be retum� to the Village.
The alla�tlon of �e Fund provid� for In this subseclion may� as deaded by the
Board be camed out through the purchase of insurance company aontracts to pravide �e
benefits determined In acxordan� with this subsection. The Fund may be distributed in
one sum to the per�ns entltled to seid benefit,s ar the distribufilon may be canied out in
such other �uitable m�nner as tl�e �ard may direct The Trust may be contPnued In
existence for purposes of subsequent distributions.
4. After all the vested and acc�ued benefits provlded hereunder have been paid
and after all other llabilities have b�n satisfied. then and only then shall any remaining
fund revert to the Gener�l Fund of the Village.
S�ction 27. Exemotion from Ex�utiion. Non�ssignability.
The pensions. annu(�es. or any other benefits accrued or acxruing to any person
under the provisions of this Ordinan�re and t�e accumulat� contributi�ons and the cash
seca�rities in the Fund created under this Ordinance are hereby exempted from any state�
county or municipal tax of the state and shell not be subject to execution, attact�men�
gamishment or any legal prot�+ss what�ever and shall be unassignable. However,
pursuant to �n invome deduc�on order. the Truste� may direct that retlr�emer�t benefli�
be paid for alimony ar child support in acxordance arit� rules and regulations adopted by
the Board of Trust�s.
�on 22. Pension Validitv.
The Board of Trustees shall have the �wer to examine into the facts upon which
any pension shall heretofore have been granted and under any prior or exlsting law� or
shall hereafter be granted or obtained erroneously� fr�audulerrtly or i(legallyfor any r��ns.
Said Board is empowered to purge the pensfon rolls of any person heretofore granted a
pension under prior or e�sting law or heretofore granted under this Ordinance if the seme
Is found to be erroneous, fraudulent or illegal for any reason. and to r�assiiy any person
who has heretofore under any prior or existlng law been or vNho shall heneafter under this
Ordinance be erroneously. improperiy or illegally classifi�.
S�tlon 23. Forf►�eiture of Pension.
Any Plan Member convicted of the follovv�ng oifenses committed prior to retiremerrt�
or whose employment is terminated by reason of hi�her admitted commission, aid or
abatement of the following sp�ified ofFenses, shall forFe�t all rights and benefits under this
Pension Fund� except fior the retum of this acxumulated contribu�ons as of the date of
termina�on.
28
1. Specifi� offenses are as followrs:
A. The oammltting, aiding or abettlng of an embe�ement of puWic
funds;
B. The committing, aiding or abetdng of any theft by a public officer or
employee from employer,
C. Bribery in connedion with the employment of a public officer or
employee;
D. Any felony specifl� In Chapter 838� Florida Statutes;
E. The committlng of an impeachable offense.
2. The committing of eny felony by a public offlc,er or employee who willfully and
with intent to defraud the public or puWic agency� for which he acts or in which he is
employed, of the right to receive the fai�ful perfamance of hisTher duty as a public of�cer
or employee. realizes or obtains or attempts to obtain a prfofit� gain� or ad�rantage for
himseff or for some other person through use or attempted use of the pow�� rights,
privile�� duties or positlon of his/her public ofiice or employment position.
A. Convic�ion shall be defined as follows:
An adjudication of guilt by a court of competent juri�ic�on; a plea of
guilty or nolo contendere; a Jury ver�iict of guiky w�en adjudication of
guilt is wlthheld and the acxus� Is plac� on probation; or a
conviction by the Senate of an impeachable offense.
B. Court shall be defin� as follov�rs:
Any st�te or federal court of competent jurisdiction a�ich is exencising
jurisdic�on to consider a proceeding invofving the alleged c:ommission
of a speclfl� ofFense. Prior fortelture, the Board of Trustees shall
hold a hearing on which no�ce shall be gnren to the Member wfiose
beneflts are being considered for forfeiture. Said Member shall be
afforded the right to have an attomey preserrt. No formal rules of
evidence shall apply, but the Member shail be afford� a full
opportunity to present his/her c�se against forfeiture.
Any Member who has rec�ived beneflts from the System in exc�ss of his/her
accwmulated contributions after Member's rights were forfeited shall be
required ta pay back to the Fund the amount of the benefits receiv� in
29
.
excess of hisJher aax�mulated contributions. The Board of Trustee.s may
implement all legal acfiion necessary to recover such funds.
Section 24. Mlli�rv �rvice Prior to Emolovm�rrt.
The years or fiac�ional parts of years that a Member serves or has served in the
military se�nice of the Armed Fonn�s of the United States or Unit� Stetes Merchant
Mar�ne, voluntar�ly or involuntarily, prior to first and infial employment with the Village of
Tequesta shall be add� to his�hher years of credited servioe provided that:
1. The General Employee contributes to the Fund the sum thet he/she vw�uld
have contribut�l had he/she been a member of the Plan for the years or frac�onal parts
of years for which he/she is r+�uesting credit plus amounts �ctuer�ally determined such
that the cx�iiting of service does not result In any c�st to the Fund plus payment of costs
for all professionel servic:es rendered to the Board in connection with the purchase years
of credited service.
2. The r�uest shall be made only once and made by the Member on or before
the later of twehre (12) months from the effective date of thls Or�in�nce or sbc (6) months
from �e date of his/her employment with the Village of Tequesta, whichever is later.
3. Payment by the Member of the r�uired amou�t shall be made within six (6)
months of hislher request fior c�it and shall be made in one lump sum payment upon
r�ipt of which credit� service shall be given. Credlted service purchased pursuant ta
this section shall be c�uur�ted for �II pur�oses except toward vesting of beneflts.
4. The ma�dmum credit under tliis section shall be five (5) y�rs.
H:1Tequeste GE 10121PI� Dow 6 RuleslAmertd12013U1i.S OUST Tavaable d� letber Ame�.uupd
30