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2010-320C
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2010-320C
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Last modified
2/23/2016 2:16:14 PM
Creation date
10/1/2015 1:30:43 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/21/2010
Control Number
2010-320C
Agenda Item Number
12.G.3
Entity Name
Florida League of Cities
Subject
Pension Fund Amended June 2006
Florida Municipal Pension Trust Fund Master Agreement
Supplemental fields
SmeadsoftID
9171
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G . Commingling Assets . Except to the extent prohibited by applicable law, the <br /> Master Trustees may commingle the assets of all Participating Employers and Participating <br /> Employees held by the Master Trustees under this Agreement for investment purposes in the <br /> Master Trust Fund and shall hold the Master Trust Fund in trust and manage and administer the <br /> same in accordance with the terms and provisions of this Agreement and the Plans . However, <br /> the assets of Participating Employers and Participating Employees in the various trusts included <br /> in the Master Trust Fund shall be accounted for separittely. The Master Trustees and the <br /> Administrator shall be under no duty to determine whether the amount of any contribution is in <br /> accordance with the Plans, or to collect or enforce payment of any contribution . Separate <br /> investment funds within the Master Trust Fund and varying percentages of investment in any <br /> such separate investment fund by the Participating Employers and Participating Employees, to <br /> the extent so determined by the Master Trustees, are expressly permitted . <br /> Section 104 . ADMINISTRATIVE POWERS AND DUTIES , <br /> A . Administrator. The Administrator shall serve as Secretary-Treasurer of the <br /> Master Trust Fund and shall have the power and authority to implement policy matters set by the <br /> Master Trustees as they relate to the on-going operation and supervision of the Master Trust <br /> Fund and the provisions of this Agreement and applicable law. <br /> B . Master Trustees . The Master Trustees shall have and in their sole and absolute <br /> discretion may exercise from time to time and at any time, either through their own actions or <br /> through a Custodian selected by the Master Trustees, the following administrative powers and <br /> authority with respect to the Master Trust Fund . <br /> 1 . To continue to hold any property of the Master Trust Fund that becomes <br /> otherwise unsuitable for investment for as long as the Master Trustees in their discretion <br /> deem desirable ; to reserve from investment and keep unproductive of income, without <br /> liability for interest, cash temporarily awaiting investment and such cash as they deem <br /> advisable, or as the Administrator from time to time may specify, in order to meet the <br /> administrative expenses of the Master Trust Fund or anticipated distributions therefrom . <br /> 2 . To hold property of the Master Trust Fund in their own names or in the <br /> name of a nominee or nominees, without disclosure of the trust, or in bearer form so that <br /> it will pass by delivery, but no such holding shall relieve the Master Trustees of their <br /> responsibility for the safe custody and disposition of the Master Trust Fund in accordance <br /> with the provisions of this Agreement; the books and records of the Master Trustees shall <br /> show at all times that such property is part of the Master Trust Fund and the Master <br /> Trustees shall be absolutely liable for any loss occasioned by the acts of their nominee or <br /> nominees with respect to securities registered in the name of the nominee or nominees . <br /> 3 . To organize and incorporate under the laws of any state they may deem <br /> advisable one or more corporations (and to acquire an interest in any such corporation <br /> that they may have organized and incorporated) for the purpose of acquiring and holding <br /> title to any property , interests or rights that the Master Trustees are authorized to acquire <br /> under Section 103 hereof. <br /> 6 <br /> MADI_625405.4 <br />
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