[R.O. 2011 §2.50.010; Prior Code §2-74; Ord. No. 3982 §1; Ord. No.
6899 §1, 10-8-2012]
A. There
shall be a Board of Trustees to consist of eleven (11) members to
be known as the Board of Trustees of the Police and Firemen's Retirement
Fund. The members of the Board shall consist of the City Manager and
a member of the City Council, neither of whom shall be a voting member
of the Board, two (2) employees of the City, and seven (7) additional
members who are bona fide citizens of the City.
B. The
City Manager shall serve during his or her tenure of office and the
member of the City Council shall serve at the pleasure of the Council.
The employee members shall serve indefinitely, as selected and determined
by the employees, or absent such selection, shall be appointed by
the Council. The citizen members shall serve for a term of four (4)
years. Citizen appointments shall be made at the first (1st) meeting
of the Council in July, and the terms shall be so staggered that two
(2) of them shall expire at one time, three (3) shall expire one (1)
year later, and two (2) shall expire one (1) year thereafter. Citizen
member vacancies shall be filled for the remainder of the term in
like manner as original appointment.
C. The
Board of Trustees shall elect one (1) of its members as Chairperson,
one (1) as a Vice Chairperson and appoint a Secretary who may or may
not be a member of the Board. The Director of Finance of the City
shall serve as Treasurer of the Board. No member of the Board shall
receive any compensation for this service as such.
[R.O. 2011 §2.50.020; Prior Code §2-76 (part)]
A. The
Board of Trustees provided for by this Chapter shall be vested with
the exclusive management and control of all matters pertaining to
the administration of the Police and Firemen's Retirement Fund, the
investment and reinvestment thereof and may sue or be sued in their
capacity as such Board of Trustees. The Board shall receive and hold
all monies, securities and other property in the name of the Board
of Trustees or its nominee for the use and benefit of such Retirement
Fund and may accept donations therefor. The Board shall be vested
with full power and authority to employ and fix the compensation of
necessary employees and to incur and pay such medical, legal, actuarial
and other expenses as may be found necessary and desirable in the
performance of their duties; provided however, that the expenses shall
bear a reasonable relation to the income of the Retirement Fund.
B. The
Board shall have exclusive jurisdiction to receive, hear and rule
upon all claims for benefits from the fund and to hear and determine
all such claims in the first (1st) instance. All decisions of the
Board shall be by a majority vote of the members thereof, and the
Board shall take and preserve the evidence on any disputed claim,
and such evidence, records, findings and decisions shall be subject
to judicial review on certiorari, with the full right to appeal from
the decisions of the reviewing court, as in other civil cases.
[R.O. 2011 §2.50.030; Prior Code §2-77; Ord. No. 3982 §1]
The Board of Trustees created pursuant to this Chapter shall
have power to prescribe rules for its own meetings and proceedings,
and shall be required to provide suitable forms of application and
other forms to be used in making claims for benefits from the Retirement
Fund, and shall have power to prescribe rules and regulations not
inconsistent with State laws, the Charter or this Code, to govern
and control the hearing, consideration and disposition of all claims
and other administrative matters before it.
[R.O. 2011 §2.50.040; Prior Code §2-75; Ord. No. 3982 §1]
At least one (1) regular meeting of the Board of Trustees of
the Police and Firemen's Retirement Fund shall be held each quarter,
together with such additional meetings as may be required for the
transaction of its business.
[R.O. 2011 §2.50.050; Prior Code §2-76 (part)]
The Board shall keep minutes of all its meetings, as well as
full and complete records of all receipts, securities and other property
coming into its hands, in such manner as may be prescribed by the
Director of the Department of Finance of the City, and all such minutes
or records shall be open to public inspection; provided that the records
of any medical examinations made of any retired employees or applicants
for retirement shall not be subject to public inspection.
[R.O. 2011 §2.50.060; Prior Code §2-78; Ord. No. 4366 §1; Ord. No. 4534 §1]
A. The
Board of Trustees of the Police and Firemen's Retirement Fund shall
exercise a high degree of care to keep the surplus funds in its hands
safely invested in such securities as will afford the highest return
consistent with safety of principal; provided that only such investments
shall be made as are lawful for the investment of police and firemen's
pension systems under the laws of the State.
B. In
the exercise of its power of investment, the Board of Trustees may
enter into an agreement or agreements with one (1) or more investment
advisers containing such provisions as are deemed necessary and appropriate
including, but not limited to, the custody and safekeeping of the
assets of the system, the hold of securities in bearer form or in
the name of a nominee, the collection of income and principal and
the investment and reinvestment of the funds of the system with the
consent and approval of the Board.
[R.O. 2011 §2.50.070; Prior Code §2-79; Ord. No. 3982 §1]
The Board of Trustees of the Police and Firemen's Retirement
Fund shall set up a system of accounts, such as will be required for
an actuary to determine annually the financial condition of the fund
and the contributions required annually for the sound actuarial operation
of the plan and shall furnish to the Council, upon request, such information
in order that the City Council may have the necessary data concerning
the tax requirements of the fund.
[R.O. 2011 §2.50.080; Prior Code §2-80; Ord. No. 3982 §1]
The enumeration of the specific powers of authority of the Board
of Trustees of the Police and Firemen's Retirement Fund in this Chapter
shall not be construed in limitation of their powers and authority
to do all other things necessary or reasonably required to carry out
and make effective the specific powers granted by this Chapter.