[HISTORY: Adopted by the City Council of the City of Seward as amended in its entirety 1-5-2016 by Ord. No. 2016-08 (Ch. 1, Art. 11, of the 1976 Code). Amendments noted where applicable.]
The restated Police Officers Pension Plan for the City of Seward is made a part of and incorporated into this article as fully as if set forth at length herein, said pension plan to be effective January 1, 1984. (A copy of this plan is on file at the office of the City Clerk).
The City-Council-designated members for the Pension Committee for the pension plans shall consist of the City Administrator and the Assistant Administrator/City Clerk-Treasurer/Budget and Human Resources Director. The persons holding those offices are hereby appointed and empowered to perform all administrative duties not specifically delegated, by ordinance, to the Retirement Committee.
There shall be one representative from each of the following City departments on the General Employee's Retirement Plan Committee: City Hall Administration, Park/Cemetery/Recreation, Building Inspection/Public Facilities/Civic Center/Senior Center, Street, Electric, Water/Wastewater, and Library on said Committee. Each representative must be a full-time employee currently participating in the City's General Employee's Retirement Plan. Representatives shall serve a two-year term, with establishment of the first Committee members in January 2016. Initially, representatives of the City Hall Administration, Park/Cemetery/Recreation, Building Inspection/Public Facilities/Civic Center/Senior Center departments shall serve a three-year term and representatives of the Street, Electric Water/Wastewater, and Library shall serve a two-year term. The representative shall be the voice for the respective department, gain additional knowledge about retirement plans and investments, and be the spokesperson back to the department and peers.
The Committee shall meet at least annually, or more often as deemed necessary, for the purpose of, but not limited to: selecting an array of appropriate investment options; monitoring investment options; monitoring the activities of prudent experts; documenting the investment review process and decisions, to develop and review an Investment Policy Statement.
The Committee shall annually elect a Chairperson and a Secretary from among the representatives. The Chairperson shall preside over all Pension Committee meetings and the Secretary shall give notice of all meetings and prepare written minutes, of which a final copy shall be kept on file in the office of Assistant Administrator/Clerk-Treasurer/Budget and Human Resources Director. All members of the Committee have voting rights.