07-14-1997 - Resolution
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THE CITY OF EDGEW ATER POLICE PENSION BOARD
A RESOLUTION DELEGATING CERTAIN RESPONSillILITIES AND AUTHORITY TO
THE CITY OF EDGEW ATER FINANCE DIRECTOR
In accordance with Article III, Section 3.02 C and Article VIII, Section 8.01 N. of the City of
Edgewater Police Retirement Plan, the Board of Trustees herewith authorize the City of
Edgewater Finance Director to carry out the following responsibilities:
1. Establish a Fund to be titled the City of Edgewater Police Retirement Plan Fund
hereafter referred to as "the Fund" and such accounts as are necessary to properly
reflect the financial accounting for the Plan in accordance with generally accepted
municipal accounting standards.
All funds and securities of the Plan may be commingled in the Fund, provided that
accurate records are maintained at all times reflecting the financial composition
of the Fund, including accurate current accounts and entries as regards the following:
a. Current amounts of Accumulated Contributions of Participants on both an
individual and aggregate account basis, and
b. Receipts and disbursements, and
c. Benefit payments, and
d. Current amounts clearly reflecting all monies, funds and assets whatsoever
attributable to contributions and deposits from the City, and
e. All interest, dividends and gains (or losses) whatsoever, and
f. Such other entries as may be properly required so as to reflect a clear and
complete financial report of the Fund.
The books and records shall be maintained in sufficient detail to be in compliance with
all requirements of the State of Florida as well as the Police Retirement Plan document.
2. Withhold 1 percent or such amount as may be enacted in the future, of the
compensation of active participants of the plan and prepare for deposit into the Fund.
3. Accept the State of Florida annual contribution to the Plan and prepare for deposit into
the Fund.
4. Prepare for deposit into the Fund the City of Edge water's contribution to the Plan.
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5. Disburse funds from the Plan for expenses authorized by the Board of Trustees.
6. Have Plan valuations and actuarial studies performed at least as often as required
by law.
7. Prepare and submit, on a timely basis, to the State of Florida Division of Retirement
the information and reports as required by the State and setforth in Article VIII,
Section 8.01 J, Subparagraphs 9 (a) through (e) of the Plan.
8. Prepare and submit to the Board of Trustees a monthly Balance Sheet and Statement
of Income for the Fund.
9. Maintain all reports received from the Annuity Provider (Principal) including but not
limited to:
a. Estimated Plan and Social Security Benefits for individual plan participants
b. Confirmation of deposits.
c. Quarterly estimated reports of estimated funds.
d. Annual report of individual plan participants estimated benefits including
a summary of benfits.
10. Attend meetings of the Board of Trustees to present reports as necessary and when
requested by the Board.
The Services set forth above are considered to be within the normal course of the Finance
Director's duties and accordingly no additional compensation shall be required.
Passed this / t./~ay of Ju Iv 1997.
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Secretary ~
Accepted:
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Director of Finance
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THE CITY OF EDGEW A TER POLICE PENSION BOARD
A RESOLUTION DELEGATING CERTAIN RESPONSIBILITIES AND AUTHORITY TO THE CITY
OF EDGEW A TER HUMAN RESOURCES DIRECTOR
In accordance with Article VIII, Section 8.01 N. of the City of Edgewater Police Retirement Plan, the
Board of Trustees herewith authorize the the City of Edgewater Human Resources Director to carry out
the following responsibilities:
1. Maintain records for all active plan participants relative to date of hire, date of
birth, compensation and such other statistical data as necessary to determine each
participants benefits under the Plan.
2. Collect and maintain all necessary elections by plan participants on appropriate forms
and submit to the Annuity Provider (principal) including but not limited to:
a. Election to be a participant.
b. Designation of beneficiary.
c. Method of retirement.
3. Prepare Check Transmittal and Investment Direction Form and mail funds to the
Annuity Provider on a monthly basis as directed.
4. Submit all necessary reports and documents for participants planning to retire to the
Annuity Provider and request retirement plan benefit estimates.
5. Submit retirement plan benefit estimates for participants planning to retire
to the Board of Trustees for their approval.
6. After approval by the Board prepare Retirement Benefit Election Form for participants
planning to retire and submit to the Annuity Provider.
7. Prepare Cash Refund Termination Form for participants who terminate employment
prior to vesting and submit to the Annuity Provider with copies to the Board.
8. Attend meetings of the Board of Trustees when requested.
The services set forth above are considered to be within the normal course of the Human Resources
Director's duties and accordingly no additional compensation shall be required.
Passed this Pit/. day of V fA / Y 1997.
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Accepted II..~ ~
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Secretary
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,Human Resources Director