POMPANO BEACH POLICE & FIREFIGHTERS' RETIREMENT
SYSTEM
SUMMARY PLAN DESCRIPTION
GENERAL INFORMATION ABOUT YOUR PLAN
There is certain general information you may need to know about your
Plan. This general information is summarized below.
Name of Plan
Pompano Beach Police and Firefighters' Retirement System
Employers
City of Pompano Beach, Florida for Firefighter members
Broward County Sheriff’s Office for former City of Pompano Beach Police
Officers who transferred to BSO and elected to remain in this Retirement
System.
Plan Administrator
Board of Trustees
Pompano Beach Police and Firefighters' Retirement System
351 S. Cypress Road, Suite 407
Pompano Beach, Florida 33060
(954) 782-4161
Trustee
See "Plan Administrator" above.
Designated Agent for Service of Legal Process
Chairman of Board of Trustees
Type of Administration
The Plan Administrator is responsible for the overall
administration of the Plan. It has discretionary authority to construe
the terms of the Plan and make determinations on questions which may
affect your eligibility for benefits. The Plan Administrator may also
retain the services of attorneys, accountants, actuaries, investment
advisors and other professionals.
Plan Year
Each 12-month period beginning on October 1 and ending on
September 30. The Plan's fiscal records are maintained on this basis.
Relevant Provisions of Local and State Laws
The Plan is set forth in Sections 34.045 - 34.072 of the Code
of Ordinances of the City of Pompano Beach.
The most recent amendment to the Plan that is reflected in
this Summary Plan Description is Ordinance No. 2004-72.
Certain provisions of Part VII, Chapter 112, Florida Statutes
(F.S.), Chapter 175 F.S., Chapter 185 F.S. and various federal laws also
govern your Plan.
Relevant Provisions of Collective Bargaining Agreements
Certain employees covered by the Plan are members of the
following collective bargaining unit(s):
Broward County Police Benevolent Association (“PBA”)
Pompano Beach Professional Fire Fighters, Inc.,
Local 1549
(Affiliated with International Association of Fire Fighters - IAFF)
Police Officers are represented by the PBA, however, the
terms of any collective bargaining agreement are not pertinent to
the Retirement System.
The current collective bargaining agreement between the IAFF
unit and the Employer was ratified September 28, 2004, and is effective
October 1, 2004 through September 30, 2007.
Custodian
The custodian of the Plan is responsible for the safekeeping
of securities owned by the pension fund. At the direction of the Plan
Administrator, the custodian also pays benefits to eligible persons and
pays expenses incurred by the Plan. The custodian is:
Comerica Bank
Detroit, Michigan
Investment Manager(s)
The investment manager is responsible for selecting the
securities to be bought and sold by the pension fund, in accordance with
guidelines established by the Plan Administrator. The investment
managers are:
Allegiance Capital The Boston
Company Asset Management, LLC
Huntington Beach, California Boston,
Massachusetts
Comerica Bank Freedom
Capital Management, LLC
Detroit, Michigan Boston,
Massachusetts
Invesco Institutional Lord,
Abbett & Company, LLC
Atlanta, Georgia Jersey
City, New York
Sands Capital Management, LLC
Arlington, Virginia
Member
You are Member of the Plan if you fulfill the prescribed
eligibility requirements (see Eligibility and Credited Service section).
Beneficiary
Your Beneficiary is each person designated to the Plan
Administrator by you to receive any payments that may become payable by
the Plan upon your death. You should designate a beneficiary when you
become a member of the Plan. From time to time, you should review your
existing designation to insure that it expresses your wishes. Prior to
retirement you may change your designation at any time upon written
notification to the Plan Administrator.
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