[Adopted as Ord. No. 154-1987 (Ch. 12, Art. VI, of the 1979
Code)]
Legal title to assets in the aggregated pension
trust fund should be in the name of the Third National Bank &
Trust Company of Scranton as Trustee.
The assets of the aggregated pension trust fund
shall be invested in securities in compliance with the trust agreement
between the City of Scranton and the Third National Bank & Trust
Company of Scranton.
Investment earning shall be allocated to each
associated pension plan in proportion to the most recently determined
participation value.
The valuation of assets shall be pursuant to
the provisions of Section 202 (e)(1) of Act 205 of 1984 and any applicable rules and regulations issued by the
Public Employee Retirement Study Commission.
[Amended 2-3-2003 by Ord. No. 113-2003]
The aggregated pension trust fund shall be managed
by a Board of Trustees. The Board of Trustees shall be named the City
of Scranton Composite Pension Board. The Board shall consist of 15
members as follows:
A. One member elected from the present Firemen's Pension
Board and one member elected within the Bureau of Fire at large and
contributing into the pension fund.
B. One member elected from the present Police Pension
Board and one member elected within the Police Department at large
and contributing to the pension fund.
C. One member elected from the present Municipal Pension
Board and one member elected at large from all contributing municipal
employees.
D. By virtue of the office they hold, the remaining Board
members shall consist of the Mayor, City Controller, the President
of City Council, the Business Administrator, the Human Resources Director,
the Public Safety Director, the City Treasurer, the Police Chief and
the Fire Chief. In each case, the role may be filled by the office
holder or his/her designee.