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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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B . Purposes of Deferred Compensation Plan Trust. The Master Trustees shall <br /> maintain the Deferred Compensation Plan Trust for the exclusive benefit of the Participating <br /> Employees and their Beneficiaries . The Master Trustees intend to maintain sound prudent <br /> practices designed to provide easy and convenient access to information and transactions for <br /> Participating Employees, including transfers from one investment option to another at the <br /> Participating Employee ' s direction . The Master Trustees intend to maintain these practices at a <br /> reasonable cost to the Participating Employers and Participating Employees , The Master <br /> Trustees intend to preserve Participating Employees ' rights to choose freely among a broad <br /> range of investment options and to sel &direct their investments . Further, the Master Trustees <br /> intend to perform ongoing evaluations and reviews to ensure that the investment options offered <br /> remain diversified , competitive and attractive to Participating Employers and Participating <br /> Employees . It is the Master Trustees ' intent that the Deferred Compensation Plan Trust be <br /> exempt under Sections 501 (a) and 115 of the IRC . <br /> Section 402 . DEFERRED COMPENSATION PLAN TRUST ADMINISTRATION . <br /> A . Deferred Compensation Plan Trust Administration . The Master Trustees shall <br /> receive and accept for the purposes hereof all property paid to them by or at the direction of the <br /> Participating Employers and Participating Employees and shall hold, invest, reinvest, manage, <br /> administer and distribute property and the increments, proceeds, earnings and income thereof for <br /> the exclusive benefit of the Participating Employees and Beneficiaries under the participating <br /> deferred compensation plans . All assets shall be held by the Master Trustees in the Deferred <br /> Compensation Plan Trust. The Master Trustees have authority to invest, in accordance with <br /> valid Participating Employer and Participating Employee instructions, and manage the assets of <br /> the Deferred Compensation Plan Trust . <br /> B . Exclusive Benefit Rule . No portion of the vested principal or the income of the <br /> Deferred Compensation Plan Trust shall revert to the Participating Employers, or ever be used <br /> for or diverted to any purpose other than for (i) the exclusive benefit of Participating Employees <br /> in the Deferred Compensation Plan Trust and persons claiming under or through them pursuant <br /> to the participating deferred compensation plans and ( ii) the payment of reasonable expenses of <br /> such plans and the Deferred Compensation Plan Trust. The Master Trustees shall administer the <br /> Deferred Compensation Plan Trust in compliance with IRC Section 503 (b) . <br /> C . Deferred Compensation Plans . All references in this Part 4 to deferred <br /> compensation plans shall mean the participating deferred compensation plans of the Participating <br /> Employers in the Deferred Compensation Plan Trust. The participating deferred compensation <br /> plans, as amended from time to time, shall be incorporated herein by reference , and the terms <br /> herein shall have the meanings attributed to them in such plans . <br /> D . Pro e . The word "property" used for the Deferred Compensation Plan Trust <br /> shall be deemed to refer to any property, real or personal, or part interest therein, wherever <br /> situated, including, but without being limited to, preferred and common stocks, shares of <br /> investment companies , bonds, notes, debentures and mortgages, equipment trust certificates, <br /> investment trust certificates, interest in partnerships whether limited or general , or in any <br /> insurance contract, policy, annuity or other investment media offered by an insurance company . <br /> 23 <br /> MADI_625405.4 <br />
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