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§ 120.506C — Investment of Member Accounts; New Employee Orientation; Member Education

Jacksonville Ordinance Code (Supp. No. 6, Update 2: codified through Ordinance No. 2026-492-E, enacted July 28, 2026) · Jacksonville Ordinance Code § 120.506C

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Sec. 120.506C. - Investment of Member Accounts; New Employee Orientation; Member Education.

(a) All members of the PFDC plan shall have individual member accounts. Member accounts shall be invested in one or more commingled or mutual funds selected from a list chosen by the City. At least one such fund shall be a diversified model portfolio, with automatic rebalancing and limited volatility, and designed to minimize risk of loss. The City shall have continuing due diligence responsibility in the selection, monitoring and replacement of investment options, but not for the individual investment decisions of PFDC plan participants. (b) The City shall, at its own expense, arrange for all Members of the PFDC to meet with a financial advisor to provide financial counseling three times during each Member's career. These meetings will occur: (1) when the Member is in the initial training academy; (2) upon the Member's completion of ten years of employment; and (3) upon the Member's completion of 20 years of employment. (c) The City shall not incur any liability arising from the investment decisions of PFDC plan participants or from the above education and training programs.

(Ord. 2017-258-E, § 1)