ORDINANCE NO. 96-08

AN ORDINANCE OF THE COMMISSION OF THE TOWN OF SHALIMAR; AMENDING THE RETIREMENT PLAN AND TRUST FOR THE POLICEMEN OF THE TOWN OF SHALIMAR; PROVIDING FOR CONFLICTING ORDINANCES;AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, in order to establish an alternative retirement plan and opt out of the Florida Retirement System, the Town Commission joined the Florida Municipal Pension Trust Fund and established a Retirement Plan and Trust for the Policemen of the town of Shalimar pursuant to Resolution number 96-09; and

WHEREAS, technical corrections that have no fiscal impact need to be made to the Plan Document; and

WHEREAS, the Town Commission desires to ratify and confirm the provisions of the Retirement Plan and Trust, and

NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF SHALIMAR:

SECTION 1. The Town Commission of Shalimar hereby approves the changes as set out forth in the restated Plan Document, attached hereto as Exhibit "B."

SECTION 2. The Town Commission of Shalimar hereby ratifies and confirms the provisions of the Plan as attached hereto in the form of the Adoption Agreement, Plan Document and Florida Municipal Pension Trust Fund Master Trust Agreement, attached hereto as exhibits herein.

SECTION 3. The Town Commission of Shalimar hereby empowers the Mayor or his appointee of Shalimar with the authority to execute such documents and agreements as are required to effectuate these amendments of the plan.

SECTION 4. All Ordinances or parts of Ordinances, in conflict with this Ordinance are hereby repealed.

SECTION 5. The Ordinance shall be effective January 1, 1996.

PASSED AND RESOLVED this 13th day of August , 1996

CHANGES TO PLAN DOCUMENT

INCORPORATED IN THE RESTATED PLAN DATED 05/22/96

CHANGE #1

1.11 "Credited Service":

(definition remains unchanged until the last two paragraphs)

(B) FOR FIREFIGHTERS ONLY: the participant must deposit into the Fund the same sum that the Participant would have contributed if he had remained a participant, plus an amount of interest determined utilizing the interest assumption in the prior years' valuation assumption utilized in the prior years' valuation from the date the Participant left employment to the date of payback.

CHANGE #2 1.30 "Total and Permanent Disability:" shall mean a physical or mental condition of a Participant resulting from bodily injury, disease, or mental disorder which renders him incapable of continuing any gainful occupation with the Employer, or in the case of a Firefighter, Police Officer or Public Safety Officer renders him incapable of employment as a Firefighter, Police Officer or Public Safety Officer, respectively, and which condition constitutes total disability as determined by the Board. a licensed physician selected by the Employer.

CHANGE #3 3.01 Board of Trustees (Police Officers, Public Safety Officers and Firefighters Plans Only)

(A) The sole and exclusive administration of and responsibility for the proper operation of the plan is hereby vested in a Board of Trustees consisting of five (5) trustees. These trustees shall be selected according to Chapter 175.351 (15)(a) Fl.Sta. Each resident trustee shall serve as trustee for a period of two (2) years, unless sooner replaced by the governing body of the Employer at whose pleasure the Board member shall serve, and may succeed himself as a Board member. Each Participant

Board member shall serve as a Board member for a period of two (2) years, unless he sooner leaves the employment of the Employer as a Participant or otherwise vacates his office as Board member, whereupon a successor shall be chosen in the same manner as the departing Board member. Each Board member may succeed himself in office. The Board of Trustees shall meet at least quarterly each year. Each Board of Trustees shall be a legal entity with, in addition to other powers and responsibilities contained herein, the power to bring and defend lawsuits of every kind, nature and description. Accurate and detailed accounts of all Board meetings must be kept. All accounts, books and records relating thereto shall be open to inspection and audit in accordance with general law. at all reasonable times by any person designated by the Employer. The Board shall issue such reports as are requested and make available to the same for inspection any and all records and accounts which are deemed appropriate in order to comply with governmental regulations issued thereunder.

(B) unchanged

(D) The Board of Trustees shall engage such actuarial, accounting, legal, and other services as shall be required to transact the business of the Plan. The compensation of all persons engaged by the Board of Board members and all other expenses of the Board necessary for the operation of the Plan shall be paid from the Fund at such rates and in such amounts as the Board of Trustees and the Employer shall approve.

(the remaining of Section 3.01 is unchanged)

CHANGE #4 4.01 (D) All funds and securities of the Plan may be commingled in one trust fund for collective investment purposes, with trust created under any other qualified retirement plan. As provided in the Master Trust Agreement, the Trustee is The Employer specifically authorized the Trustee to invest all or any portion of the assets comprising the Trust Fund in any group trust fund which at the time of the investment provides for the pooling of the assets of plans qualified under Code 401(a). The provision of the group trust fund agreement, as amended from time to time, are by this reference incorporated within the Plan and Trust. The provisions of the group trust fund will govern any investment of Plan assets in that fund. The group trust fund to which this authorization applies is listed under Exhibit A. Accurate records are to be maintained at all times reflecting the financial composition of the Fund, including accurate current accounts and entries as regards the following:

CHANGE #5 5.01 Participant Contributions

(C) Pre-Tax Employee Contributions If pre-tax Employee Contributions are applicable, this provision will be noted within the Adoption Agreement - Section K as pre-tax contributions pursuant to Section 414(h) of the Code, otherwise the Plan will assume after tax contributions. specified in the Adoption Agreement Section K as Pre-tax contributions, the contributions then shall be designated as Employer contributions pursuant to Section 414(h) of the Code. Such designation is contingent upon the contribution being excluded from the Employees' gross income for federal income tax purposes. For all other purposes of the Plan, such contributions shall be considered Employee contributions.

CHANGE #6 5.02 State Contributions

Any monies received ore receivable by reason of laws of the State of Florida for the express purpose of funding the Plan shall be deposited in the Trust Fund comprising part of this Plan immediately. Contributions must be deposited within five (5) days after receipt by the Employer.

CHANGE #7 6.03 Normal Form of Benefit

The normal form of benefit shall be a single monthly retirement benefit for the life and ten years certain. of the Participant.

CHANGE #8 6.04 Cost of Living Adjustments to Benefit Payments

A cost-of-living increase, if any applicable, shall be as specified in the Adoption Agreement, Section L - COLA Adjustments.

CHANGE #9 6.06 Early Retirement Benefit

A Participant retiring hereunder on or after his Early Retirement Date may receive either a deferred or an immediate monthly retirement benefit payable for life and ten years certain as follows: (the remaining of 6.06 is unchanged)

CHANGE #10 7.05 Beneficiaries Receipt of Payment

A Beneficiary may not elect an optional form of benefit, however, the Board, in its discretion, may elect to make a lump sum payment to a beneficiary of the death benefits payable hereunder that best meets the circumstances of the beneficiary and the Trust. A beneficiary may, in lieu of any benefit provided in Sections 7.02, 7.03 & 7.04 above, elect to receive a refund of the deceased Participant's Accumulated Contributions.

CHANGE #11 8.06 Disability Payments & Workers Compensation

A participant will be disqualified to receive a disability benefit under this Plan if the original Workers' Compensation claim is controverted.

(the remaining of 8.06 is unchanged)

CHANGE #12 Article 9, VESTING

(section remains unchanged until paragraph (B)

(B) If the Participant has the required number of years of Credited Service specified in the Adoption Agreement - Section J1 J2, Termination of Employment and Vesting, the Participant shall be entitled to a retirement benefit that is the Actuarial Equivalent of the Accrued Benefit otherwise payable to him commencing at the Participant's otherwise Normal or Early Retirement Date, provided he does not elect to withdraw his Accumulated Contributions and provided the Participant survives to his Normal or Early Retirement Date

(the remaining of Article 9 is unchanged)

CHANGE #13 Article 10, Optional Forms of Benefits

(A) In lieu of the normal form of benefit as specified herein, a Participant's Early or Normal Retirement Benefit may be paid in an optional form as selected by the Participant. A Disability Benefit may only be paid in the Normal Form of Benefit.

Subject to the approval of the Board or its Designee, the Participant may elect to receive the Actuarial Equivalent of the benefit otherwise payable to the Participant in accordance with one of the following options:

1. Monthly income payments for life of the Participant. Monthly income payments of one hundred twenty (120) monthly payments guaranteed. If Participant dies, remaining payments are paid to the beneficiary.

2. Monthly income payment for the life of the Participant and after his death, a survivor annuity payable for the life of the Participant's designated beneficiary equal to, 100%, 66 2/3 or 50%50% of the amount payable to the Participant.

3. Such other amount and form of retirement benefit payment that, in the opinion of the Board, will meet the circumstances of the Retiree and the Trust.

(section remains unchanged until (E)

(E) Unless otherwise allowed by law, aA Participant may not change his benefit payment option after the date of cashing or depositing his first benefit check.

CHANGE #14 ARTICLE 12

CLAIMS PROCEDURES Firefighter, Police Officer and Public Safety Officer Plans that are established under Chapter 175.351 and Chapter 185.35, Fl. Stat., are required to have the Board of Trustees adopt administrative claims procedures once the Board is established. For any other plans the following claims procedures are applicable.

(the remaining of Article 12 is unchanged)

CHANGE #15 ARTICLE 19

REPEAL ORF TERMINATION OF PLANS

(the remaining of Article 19 is unchanged