Firefighter Retirement Plan (FRP)
Details about the Firefighter Retirement Plan (FRP)
The Firefighters' Retirement Plan (the "Plan"), to provide retirement disability and death benefits for the firefighters of the City and their covered dependents. The Board of Trustees shall have the discretionary authority and responsibility to interpret and manage the Plan and exercise all fiduciary responsibilities with respect to the Plan.
The Board of Trustees shall consist of seven (7) members, two (2) of whom shall be appointed by the Mayor of the City of St. Louis for a term of 2 years.
Board Duties and Purpose
Powers of the Board of Trustees.
Without limiting the powers of the Trustees, the Trustees are authorized and empowered:
(1) To invest the Trust Fund in such bonds, notes, debentures, mortgages, insurance contracts, trust certificates, preferred or common stocks or in any other property, real or personal, as the trustees may deem advisable; and to hold in cash such portion of the Trust Fund as shall be reasonable under the circumstances, pending invest mentor payment of expenses or distribution of benefits;
(2) To sell, exchange, convey, transfer or dispose of and also to grant options with respect to any property, whether real or personal, at any time held by it; any sale may be made by private contract or by public auction; and no person dealing with the trustees shall be bound to see to the application of the purchase money or to inquire into the validity, expediency or propriety of any such sale or other disposition;
(3) To retain, manage, operate, repair and improve and to mortgage or lease for any period any real estate held by the Board of Trustees;
(4) To compromise, compound and settle any debt or obligation due to or from it as trustee hereunder and to reduce the rate of interest on, to extend or otherwise modify, to foreclose upon default, or to otherwise enforce any such obligation;
(5) To vote in person or by proxy on any stocks, bonds or other securities held by it; to exercise any options appurtenant to any stocks, bonds or other securities for the conversion thereof into other stocks, bonds or other securities or to exercise any rights to subscribe for additional stocks, bonds or other securities and to make any and all necessary payments; to join in, or to dissent from, and to oppose the reorganization, recapitalization, consolidation, sale or merger of corporations or properties in which it may be interested as trustees, upon such terms and conditions as they may deem wise, and to accept any securities which may be issued upon any such reorganization, recapitalization, consolidation, sale or merger;
(6) To make, execute, acknowledge and deliver any and all deeds, leases, assignments and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted;
(7) Subject to the limitations set forth in this ordinance, to enforce any right, obligation or claim and, in general, to protect in any way the interests of the Trust Fund, either before or after default, and, where it shall consider such action in the best interest of the Trust Fund to abstain from the enforcement of any right, obligation or claim and to abandon any property, whether real or personal, which at any time may be held by it;
(8) To cause any investment from time to time held by it to be registered in, or transferred to, their name as trustees or in the name of their nominee, or to retain in book entry or unregistered form or in a form permitting transferability by delivery; provided, that the books and records of the Board of Trustees shall at all times show that all such investments are part of the Trust Fund;
(9) To do all acts which it may deem necessary or proper, and to exercise any and all of the powers of the trustees under this Plan upon such terms and conditions as it may deem to be in the best interest of the Trust Fund, as established in this ordinance;
(10) To invest and reinvest all or any part of the Trust Fund through the medium of any common, collective or commingled trust fund maintained by state and federally chartered financial institutions (which institution maybe the trustee or affiliated with the trustee) as the same may have heretofore been or may hereafter be established or amended, which is qualified under the provisions of Section 401(a) of the Code and exempt under Section501(a) of the Code, and during such period of time as an investment through any such medium shall exist, the declaration of trust of such fund shall constitute a part of the Plan;
(11) To invest assets of the Trust Fund in deposits of a bank or similar financial institution that bear a reasonable rate of interest;
(12) To establish an investment policy, which sets out investment objectives, goals and guidelines for the investment of the assets over which the Board of Trustees or an Investment Manager has discretionary control; and
(13) To enforce collection of receivables, including an obligation of the City to make a contribution to the plan
Removal of Trustee.
The mayor of the City of St. Louis may remove a member of the Board of Trusteesappointed by the mayor.
Appointment of Board of Trustees.
The Board of Trustees shall be constituted as follows:
(1) The Budget Director of the City, ex officio;
(2) The Comptroller or Deputy Comptroller of the City, ex officio;
(3) Two (2) members to be appointed by the Mayor of the City to serve for a term of 2 years;
(4) Two (2) members to be elected by actively employed Participants in the Plan for a term of 3 years who shall hold office while Participants in the Plan;
(5) One (1) member who shall be a retired firefighter to be elected by the retired firefighters who shall hold office for a term of 3 years.
The initial three members to be elected by actively employed Participants in the Plan (subsection 4 above) and the one member who shall be a retired firefighter (subsection 5 above) shall each serve an initial term of one year commencing on the Effective Date, after which they shall be elected to serve three-year terms as described above.
If a vacancy occurs in the office of the Trustee the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.
The Trustees shall serve without compensation, but they shall be reimbursed from the expense fund for all necessary expenses which they may incur through service on the Board.
Each Trustee shall within ten days after his appointment or election take an oath of office before the Clerk of the Circuit Court of the City, that, so far as it devolves upon him, he will diligently and honestly administer the affairs of the Board and that he will not knowingly violate or willingly permit to be violated any of the provisions of the law applicable to the Plan. The oath shall be subscribed to by the member making it and certified by the Clerk of the Circuit Court.
Each Trustee shall be entitled to one vote on the Board. Five affirmative votes shall be necessary for a decision by the Trustees at any meeting of the Board.
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