§ 16-126. Definitions.

(a)

Administrator. The term "administrator" as used herein shall mean the board of trustees.

(b)

Beneficiary. The term "beneficiary" shall mean a person designated by a participant or by the terms of the pension plan created pursuant to this declaration of trust who is or may become entitled to a benefit thereunder.

(c)

City. The term "city" as used herein shall mean the City of Lake Worth, a Florida municipal corporation.

(d)

Contributions. The term "contributions" shall mean the payments required of the City of Lake Worth or payments made by or on behalf of participants or their beneficiaries.

(e)

Consultant. The term "consultant" as used herein shall mean any person or entity who, for compensation, advises, represents, or provides other assistance to the trustees concerning the establishment, or operation of the plan and meets the requirements of section 185.06(5), F.S., as amended.

(f)

Custodian. The term "custodian" as used herein shall mean the firm which is officially entrusted with guarding and safekeeping the assets of this trust fund.

(g)

Division 2. The term "division 2" as used herein shall mean the share account assets for the participants which are created by section 16-169 et seq. of the City Code and which were combined for administration and investment purposes with the assets of division 1 effective July 1, 2013.

(h)

Declaration of trust. The term "declaration of trust" as used herein shall mean subdivision 1 of this division including all amendments and modifications as may from time to time be made.

(i)

Named fiduciary. The term "named fiduciary" as used herein shall mean the board of trustees, the city finance director, the investment managers, custodians and investment monitors of the retirement system's assets.

(j)

Participant. The term "participant" shall mean any pensioner receiving or entitled to receive benefits, any person with vested benefits, and any employee who accrues or retains vesting credits, in accordance with the provisions of the plan established pursuant to this declaration of trust.

(k)

Pension plan. The term "pension plan" or "plan" shall mean the plan, program, method, rules, and procedures for the payment of benefits from the trust fund which is subdivision 2 of this division.

(l)

Police officer. The term "police officer" shall mean any person employed by the city who satisfies the definition of police officer in section 185.02(11), F.S.

(m)

Trustees. The term "trustees" as used herein shall mean the trustees designated in this declaration of trust, together with their successors, designated and appointed in accordance with the terms of this declaration of trust.

(n)

Trust fund. "Trust", "trust fund" and "fund" as used herein shall mean the entire trust estate of Lake Worth Police Retirement System as it may, from time to time be constituted, including, but not limited to, all funds received in the form of contributions, together with all contracts (including dividends, interest, refunds, and other sums payable to the trustees on account of such contracts), all investments made and held by the trustees, all income, increments, earnings and profits therefrom, and any and all other property or funds received and held by the trustees by reason of their acceptance of this declaration of trust.

(Ord. No. 97-5, § 1, 2-18-97; Ord. No. 2000-5, § 1, 3-21-00; Ord. No. 2013-31, § 1, 6-18-13)