25-005 1 ORDINANCE NO. 25-005
2 FIRST READING, AN ORDINANCE OF THE CITY OF BOYNTON
3 BEACH FLORIDA, REPEALING AND REPLACING PART II,
4 CHAPTER 18, ARTICLE II, DIVISION 5, SECTION 18-145 "CITY OF
s BOYNTON BEACH INVESTMENT POLICY FOR GENERAL
6 EMPLOYEES' PENSION FUND," TO ENABLE THE TRUSTEES TO
7 ADOPT AND MODIFY A CITY OF BOYNTON BEACH INVESTMENT
8 POLICY FOR GENERAL EMPLOYEES' PENSION FUND; PROVIDING
9 FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF
10 PROVISIONS; REPEALING ALL ORDINANCES AND RESOLUTIONS
11 IN CONFLICT HEREWITH AND PROVIDING FOR AN EFFECTIVE
12 DATE.
13 WHEREAS, the Board of Trustees ("Trustees") of the Employees' Pension Plan of
14 the City of Boynton Beach, Florida, Pension Plan, with the advice of the Investment
is Consultant, has an investment policy which governs its investments; and
16 WHEREAS, keeping the entire investment policy codified within the City Code has
17 become an administrative burden to keep up to date and has the potential to result in
18 missed opportunities for recommended changes to the Investment Policy governing the
19 Board's investments; and
20 WHEREAS, the Trustees recommend repealing Section 18-145 of Article II of
21 Chapter 18 of the City Code and replacing it with language that authorizes the Board of
22 Trustees to adopt an investment policy to govern the investment of the Pension Fund
23 assets; and
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24 WHEREAS, the State Legislature adopted Florida law, which governs the
25 investment policies for public pension plans and provides for a review period by the City
26 when changes are made to the investment policy; and
27 WHEREAS, the City Commission of the City of Boynton Beach, Florida, finds it in
28 the best interests of the citizens, residents, and employees of the City to amend the
29 Employees' Pension Plan of the City of Boynton Beach, Florida.
30 NOW THEREFORE BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
31 OF BOYNTON BEACH, FLORIDA:
32 Section 1. The foregoing "WHEREAS" clauses are hereby certified as true and
33 correct and incorporated herein by this reference.
34 Section 2. Part II, Chapter 18 "Pensions and Retirement," Article II "Employees
35 Pension Plan," Division 5 "Administration of The Plan," Section 18-145 "City of Boynton
36 Beachy Investment Policy for General Employees' Pension Fund," is hereby repealed in
37 its entirety, and the following is inserted in its place:
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38 Section 18-145.
39 (a) The Board of Trustees:
40 (1) May invest and reinvest the assets of the Boynton Beach General
41 Employees' Pension Fund in annuity and life insurance contracts of life
42 insurance companies in amounts sufficient to provide, in whole or in part, the
43 benefits to which all the participants in the Pension Fund shall be entitled
44 under the provisions of this article, and pay the initial and subsequent
45 premiums thereon from the integral part of the fund.
46 (2) Shall have the power and authority to invest and reinvest the monies of the
47 fund, and to hold, purchase, sell, assign, transfer, and dispose of any securities
48 and investments held in the fund, including the power and authority to employ
49 counseling or investment management services. The aim of the investment
50 policies shall be to preserve the integrity and security of fund principal, to
51 maintain a balanced investment portfolio, to maintain and enhance the value
52 of the fund principal, and to secure the maximum total return on investments
53 that is consonant with safety of principal; provided that such investments and
54 re-investments shall be limited only by the investments permitted by the
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55 investment policy guidelines adopted by the Board in accordance with sections
56 112.661 and 112.662, Florida Statutes, notwithstanding the provisions of
57 Section 18-221 of the code. The Board must discharge these duties with
58 respect to the plan solely in the interest of the participants and beneficiaries
59 and: (i) for the exclusive purpose of providing benefits to participants and their
60 beneficiaries and defraying reasonable expenses of administering the plan; (ii)
61 with the care, skill, prudence and diligence under the circumstances then
62 prevailing, that a prudent person, acting in a like capacity and familiar with
63 such matters, would use in the conduct of an enterprise of a like character and
64 with like aims; and (iii) by diversifying the investments of the plan so as to
65 minimize the risk of large losses, unless under the circumstances it is clearly
66 prudent not to do so.
67 (3) May issue drafts upon the Boynton Beach General Employees' Pension
68 Fund pursuant to this article and rules and regulations prescribed by the Board
69 of Trustees. All such drafts shall be consecutively numbered and shall be
70 signed by the chairman and secretary of the Board or their designee and shall
71 state upon their faces the purpose for which the drafts are drawn. The Pension
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72 Fund shall retain such drafts when paid as permanent vouchers for
73 disbursements made, and no money shall be otherwise drawn from the fund.
74 (4) May convert into cash any securities of the Fund as it may deem advisable,
75 having regard for the cash requirements of the Fund.
76 (5) Shall keep a complete record of all receipts and disbursements, and of its
77 acts and proceedings.
78 (6) May cause any investment in securities held by it to be registered in or
79 transferred into its name as Trustee, or into the name of such nominee as it
80 may direct, but the books and records shall at all times show that all
81 investments are part of the fund.
82 (b) The sole and exclusive administration of, and the responsibilities for, the
83 proper operation of the retirement fund and for making effective the provisions
84 of this chapter are vested in the Board of Trustees.
85 (c) The Board of Trustees shall retain a professionally qualified independent
86 consultant who shall evaluate the performance of any existing professional money
87 manager and shall make recommendations to the Board of Trustees regarding the
88 selection of money managers, if necessary.
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89 (d) The Board of Trustees may employ such independent professional,
90 technical, or other advisers as may be needed to fulfill the Board's responsibilities
91 under this Pension Plan. These professionals include but are not limited to: legal
92 counsel, actuaries, and certified public accountants. If the Board chooses to use
93 the city's legal counsel, actuary, or other professional, technical, or other advisers,
94 it must do so only under terms and conditions acceptable to the Board.
95 Section 3: The City Commission of the City of Boynton Beach intends that this
96 Ordinance's provisions shall become and be made a part of the Code of Ordinances of
97 the City of Boynton Beach, Florida. The Sections of this Ordinance may be renumbered,
98 re-lettered, and the word Ordinance may be changed to Section, Article, or such other
99 word or phrase to accomplish such intention.
Zoo Section 4: All Ordinances or parts of Ordinances, Resolutions, or parts of
sol Resolutions in conflict herewith be and the same are hereby repealed to the extent of
102 such conflict. If any clause, section, or other part or application of this Ordinance shall be
1o3 held by any court of competent jurisdiction to be unconstitutional or invalid, such
104 unconstitutional or invalid part or application shall be considered as eliminated and so
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105 not affect the validity of the remaining portions or applications remaining in full force
106 and effect.
107 Section 5: This Ordinance shall become effective upon passage.
108
109
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110 FIRST READING this ( 'day of Maj
, 2025.
111 SECOND, FINAL READING AND PASSAGE thisday of raty , 2025.
112 CITY OF BOYNTON BEACH, FLORIDA
113 YES NO
114
115 Mayor— Rebecca Shelton
116 ✓
117 Vice Mayor— Woodrow L. Hay
118 ✓
119 Commissioner—Angela Cruz
120 ✓
121 Commissioner—Thomas Turkin
122
123 Commissioner—Aimee Kelley
124 S j,
125 OTE ((//
126 ATTEST:
127
12: 1
129 4 ..� 0 S
130 Mayl •e Jesus, M Rebecca Shelton
131 City le Mayor
132
133 =of B0y/7�‘
APPROVED AS TO F RM:
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134 (Corporate Seak,.••'coRPo,�,•,��� ,����/�G
135 1 ().• SE 91F`:tom' ��E�r'f aepiJ
136 y ivo°Rp iL Shawna G. Lamb
137 1 '• 192 OR4TFo f City Attorney
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