HomeMy WebLinkAboutResolution No. 1987-71 MICROFILMED JUNE 89
RESOLUTION NO. 87-71
A RESOLUTION AMENDING RESOLUTION NO.
82-34 WHICH ESTABLISHED A PENSION
PLAN FOR THE CITY OF CAPE CANAVERAL
WITH PENSION CORPORATION OF AMERICA
( PENCOA) ; APPROVING PARTICIPATION OF
SAID PLAN AND TRUST IN THE FLORIDA
MUNICIPAL PENSION TRUST FUND; AUTHOR-
IZING THE MAYOR AND CITY CLERK TO
ENTER INTO AN AGREEMENT WITH FLORIDA
MUNICIPAL PENSION TRUST FUND FOR
ADMINISTRATION AND TRUST INVESTMENT
OF SAID PLAN; PROVIDING AN EFFECTIVE
DATE.
WHEREAS , the City Council has, by adoption of Resolution No.
I / 87-70, terminated their contract with Marc Schoen as administra-
tor and investment manager of the City of Cape Canaveral employee ,
-t.
pension plan;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Cape Canaveral, Brevard County, Florida, as follows: •
SECTION 1. Resolution No. 82-34 , which established a Pen- ,
sion Plan for the employees of the City of Cape Canaveral with
Pension Corporation of America (PENCOA) , is hereby amended as
follows : The City of Cape Canaveral, Florida, does hereby approve
participation of said Plan and Trust in the Florida Municipal
Pension Trust Fund and therefore amends the previous procedures,
policies , methods and service providers thereto applicable ,
providing thereafter for the administration and trust investment
of said Plan and Trust within the procedures , policies , methods
and service providers accorded by the Fund.
SECTION 2. The Mayor and City Clerk are hereby authorized `
to enter into an agreement with the Florida Municipal Pension
Trust Fund, a copy of which is attached hereto and made a part
hereof by reference.
SECTION 3. This Resolution shall become effective immediate-
.
ly upon its adoption. .
ADOPTED BY the City Council of the City of Cape Canaveral,
Florida, this 1st day of December , 1987.
aile--e----
Mayor
Approv-• as to Form:
'' NAME YES NO
HOOG X
,y ,'' r x".r KIDD
y
-., ∎F=0 1 t LEE X
MILLER _X
3 ;7,e, RANDELS X
1 '4—vizilf71 X . 44'."'
1
THE RETIREMENT PLAN
OF THE
CITY OF CAPE CANAVERAL, FLORIDA
TRUST JOINDER AGREEMENT
THIS AGREEMENT, ''between the City of Cape Canaveral, Florida,
(herein called the "Employer"), and the Board of Trustees of the
Florida Municipal Pension Trust, Fund, (herein called the
"Trustees"):
W IT.N E S S.E T Hi
WHEREAS, the Employer desires to provide Retirement Benefits
for the sole and exclusive benefit of its Employees and Benefici-
aries, and for such purposes has adopted Resolution No. 82-34,
providing for the terms and conditions of such Benefits; and
WHEREAS, such Resolution and the Retirement Plan are intend-
ed to be in compliance with the laws of the State of Florida; and
WHEREAS, the Employer has adopted a Resolution authorizing
the participation in the Florida Municipal Pension Trust Fund,
(herein called the "Fund"), and authorizes the execution of this
Agreement; and
WHEREAS, the Employer has petitioned for and been accepted
by the Trustees as a participating employer in the Fund;
NOW, THEREFORE, in consideration of the mutual covenants and
agreements flowing to each of the parties hereto,it is agreed as
follows
1. The Employer shall make contributions based upon its
plan benefit formula and the terms of its trust into a
depository designated by the Trustees.
2. The Employer shall timely remit administrative fees as
may be from time to time mutually agreed upon by the
parties in writing into a depository designated by the
Trustees. -
ATTACHMENT TO RESOLUTION NO. 87-71
PAGE l OF 3
3. The Employer agrees to provide all initial and update of
all relevant employee information, including but not
limited to birthdates, years of service, covered compen-
sation and appropriate addresses to the Professional
Administrator designated by the Trustees. The Employer
shall certify said information to be correct to the best
of their knowledge and the Trustees shall have the right
to rely on the accuracy of said information in perform-
ing its contractual responsibilities.
4. The Employer has a responsibility to provide to the
Professional Administrator designated by the Trustees,
in a timely manner, all information concerning employee
termination including but not limited to date and reason
for termination (e.g. death, disability, retirement,
resignation or dismissal). If the reason for termin-
ation is disability and the employee is claiming disabil-
ity benefits, it shall be the sole responsibility of the
Employer to ascertain eligibility through the procedures
enumerated in their pension plan. The Employer shall
certify that the information required to be provided in
this Section is true and correct and the Trustees shall
have the right to rely on the accuracy of said informat-
ion in performing its contractual responsibilities.
5. 'Both parties to this Agreement agree to abide by the
terms, duties, rights and obligations of all parties
which are set forth in the Master Trust Agreement of the
Florida Municipal Pension Trust Fund.
6. Either party may terminate this Agreement by giving 120
days notice in writing to the other party. Upon termin-
ation the funds held by the Trust for the Employer shall
be returned to the Employer based upon the accumulated
share of the Employer as determined by the last valu-
ation date prior to termination.
ATPAC7II'FNP To FXSDUJPION No. 87-71
PAGE 2 OF 3
IN WITNESS WHEREOF, the Employer
has caused
its Seal and
signatures
of its authorized officers to
be affixed
this lst
day of
December , 1987.
ATTEST:
,CITY OF ,CAPE
CANAVERAL',
FLORIDA
By,
ty C erc
Mayor
THE FLORIDA MUNICIPALION
TRUST FUND
^1
Se
ary Treasure
Fe
y 17, 1988
ATIACHMENT To RESOLUTION NO. 87-71
PACE 3 OF 3