HomeMy WebLinkAboutLB 2022-2023 05 Plan Trustee Change CLAY COUNTY UTILITY AUTHORITY
RESOLUTION NO. 2022/2023-05
A RESOLUTION OF THE BOARD OF
SUPERVISORS OF THE CLAY COUNTY
UTILITY AUTHORITY(THE "AUTHORITY")
AMENDING IN PART AUTHORITY
RESOLUTION NO. 2020/2021-05 RE THE
AUTHORITY EMPLOYEES PLAN (THE
"PLAN"); REMOVING ASCENSUS TRUST
COMPANY AS PLAN TRUSTEE;APPOINTING
MISSIONSQUARE RETIREMENT AS NEW
PLAN TRUSTEE; AUTHORIZING AND
DIRECTING THE EXECUTIVE DIRECTOR OR
CHIEF FINANCIAL OFFICER OF THE
AUTHORITY TO EXECUTE AND DELIVER
SUCH NECESSARY OR HELPFUL
DOCUMENTATION TO EFFECT SAID
REMOVAL OF OUTGOING FORMER PLAN
as TRUSTEE AND APPOINTMENT OF
a INCOMING NEW PLAN TRUSTEE TO THE
ADMINISTRATOR AND TRUSTEE OF THE
o PLAN, AND TO TAKE ANY AND ALL
E FURTHER ACTIONS AS MAY BE
Z NECESSARY, APPROPRIATE, OR HELPFUL
ce
TO ADMINISTER THE SAME AS THE DULY
AUTHORIZED AND ADOPTED PLAN OF THE
AUTHORITY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS,the Authority originally established the Plan as a Money Purchase Pension Plan
and Trust dated effective October 1, 1994, for the exclusive benefit of the Authority's "Eligible
Employees" as defined therein; and
WHEREAS, the Plan was previously amended and restated by the Authority's Resolution
No. 2015/2016-04, effective October 1, 2015, at which time Branch Banking&Trust d/b/a BB&T
commenced serving as Trustee of the Plan; and
WHEREAS,by Authority Resolution 2022/2023-05,effective February 16,2021,the Plan
was amended and restated,and Ascensus Trust Company("Ascensus")was named as the successor
I
professional corporate"Trustee"of the Plan,to regularly advise the Authority on its responsibilities
as "Employer" and"Administrator" of the Plan; and
1 Resolution No. 2022/2023-05
WHEREAS,due to contractual and marketplace changes,it is necessary and appropriate that
Ascensus be removed as Trustee of the Plan,and that MissionSquare Retirement("MissionSquare")
be appointed as the new incoming Trustee of the Plan, to be effective upon the adoption of this
Resolution No. 2022/2023-05, or as soon thereafter as such change may be further documented,
implemented,and accomplished by the designated outgoing and incoming Trustee of the Plan,and
by the Employer and Administrator of the Plan; and
WHEREAS,it is therefore consistent with the advice and recommendation of Trustee,and to
ensure compliance with Florida law,the Internal Revenue Code of 1986,as amended,and all other
applicable laws and regulations by which the Authority and the Plan are governed by and subject to,
for the Board of Supervisors of the Authority to take the action recommended and requested of it by
the outgoing and incoming Trustee of the Plan.
NOW THEREFORE,BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE CLAY COUNTY UTILITY AUTHORITY, an independent special district created and
existing under Chapter 94-491, Laws of Florida, as follows:
Section 1. The Board does hereby formally amend prior Authority Resolution No.
2020/2021-05 as provided for in Sections 2 and 3, below.
Section 2. Ascensus is hereby removed as Trustee of the Plan.
Section 3. MissionSquare is hereby appointed as the new incoming Trustee of the Plan.
Section 4. The Executive Director or Chief Financial Officer of the Authority, or their
respective designee, is hereby authorized and directed to serve as Limited Trustee under the Plan,
and to execute and deliver one or more counterparts of the Plan, and any additional related
documents, instruments, agreements, or certificates pertaining to the Plan, to the Administrator,
Custodian, and/or Trustee of the Plan, and to take any and all further actions as may be necessary,
appropriate, or helpful to administer the same as the duly authorized Plan of the Authority, and to
document,implement,and effectuate the removal of Ascensus as the outgoing former Trustee of the
Plan, and the appointment of MissionSquare as the new incoming Trustee of the Plan.
Section 5. This Resolution No. 2022/2023-05, and such change in the Trustee of the
Plan, shall be effective for all purposes as of the adoption of this resolution,or as soon thereafter as
such change may be further documented, implemented, and accomplished by the designated
outgoing and incoming Trustee of the Plan, and by the Employer and Administrator of the Plan.
2 Resolution No. 2022/2023-05
DULY ADOPTED by the Board of Supervisors of the Clay County Utility Authority this 18th
day of April, 2023.
CLAY COUNTY UTILITY AUTHORITY,
BY ITS BOARD OF SUPERVISORS
By:
Wendell Davis, Chairman
ATTEST: CO-SIGNATURE BY AUTHORIZED PLAN SIGNER
By: By:
Janice Loudermilk, Secretary Jeremy D. Johnston, PE, MBA
Clay County Utility Authority Executive Director of the Authority
(Seal)
3 Resolution No. 2022/2023-05