Police Pension Substituted Trust Fund

Overview

Per Ordinance No. 914 adopted by the City Council of the City of Brooksville on March 2, 2020, the City of Brooksville Retired Police Officers’ Substituted Trust Fund (“Trust”) was created for the purpose of providing retirement income to police officers retired from the City of Brooksville on service (normal and early) and disability retirement. Additionally, this trust fund will hold the accrued termination benefits for certain former police officers who have not yet claimed their benefits. This plan is open only to those police officers who did not chose to take a lump sum distribution or an annuity in lieu of the monthly benefits under the predecessor plan and actually received their lump sum distribution or annuity; provided, however, that individual police officers may, if requested by the individual police officer and approved by the Board, receive a lump sum distribution or annuity in lieu of monthly benefits under this plan. This plan is intended to be a governmental plan as provided for in Internal Revenue Code Section 414(d).

The general administration and responsibility for the proper operation of this plan and Trust and for making effective its provisions are hereby vested in a board of trustees who will meet at least annually. At the first meeting of the board, (organizational meeting which shall take place within 60 days after the adoption of this plan), an election shall be held to choose a chair and vice-chair for the board. (delay in having the meeting was based on the State of Emergency due to COVID per City Manager Order. No. 1 issued 4/9/20.)  The primary attorney and actuary for the predecessor board, (subject to their respective consent to provide services to the board created herein), shall provide services to the board under the same terms and conditions as provided to the predecessor board, and shall serve at the pleasure of the board. If the primary attorney and/or actuary for the predecessor board decline(s) to provide services under the same terms and conditions as provided to the predecessor board, the board shall, at the organizational meeting, take actions to locate and hire a qualified attorney and/or qualified actuary. The board of trustees shall consist of five (5) persons as follows:

(1)    A fifth trustee appointed by the city council who shall serve at the pleasure of the city council;
(2)    Two (2) persons, who are residents of the City of Brooksville or a retiree of this Plan, elected by a majority of the retired members of this Plan; (provided, however, for purposes of the initial membership of the board, the members of the predecessor board who were elected by a majority of the retired members of the previous plan shall serve until a new election of the retired members of this Plan takes place, which shall take place as soon as practicable); 
(3)    The city finance director or interim finance director in the absence of a director; and
(4)    One (1) City resident selected by the city council who shall serve at the pleasure of the city council.

The term of office of each trustee shall be four (4) years and each trustee may succeed himself/herself as trustee.  

The trustees shall by majority vote elect from its members a chairman and vice-chair.

If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

The trustees shall serve without compensation, but they may be reimbursed from the plan for all necessary expenses which they may actually expend through service on the board.

Each trustee shall be entitled to one (1) vote on the board. Three (3) affirmative votes shall be necessary for a decision by the trustees at any meeting of the board. The chairman shall have the right to one (1) vote only.

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