City of Pawtucket, RI Pension Board

There shall be in the city a Pension Board charged with the general responsibility of overseeing all pension and retirement plans and funds to the extent allowed by law and by contractual provisions to serve as a citizen's watchdog group to ensure that the investments utilized to secure the future fiscal viability of the pensions are sound, prudential and conservative and to otherwise ensure that said pension funds remain actuarially sound and stabilized as called for by the City Charter.[1] To perform these duties, the city shall be responsible for providing information to this Board upon a request in writing for the same.

[1]

Editor's Note: See Sec. 2-309 of Charter.

§ 11-26 Membership.

[Amended 6-20-1996 by Ch. No. 2418]

The Pension Board shall consist of nine members. At all times the members of said Board shall include two police officers, one of whom shall be retired, and two fire fighters, one of whom shall be retired, the Director of Finance, the Chairman of the City Council Finance Committee, and the remaining members shall represent the general public. The representatives for the Police and Fire Department shall be appointed by their respective members; however, the retired members representing the police and fire fighters must obtain the consent of the Council. The Mayor shall appoint two members from the general public, and the City Council shall appoint one member from the general public. In the event that a member is not present or recuses himself or herself from participation in any matter, the Mayor shall be allowed to appoint an alternate member to participate in those matters. Said alternate member's appointment is subject to Council approval.

§ 11-27 Vacancies.

In the event that a vacancy occurs on said Pension Board, said vacancy shall be filled in the same manner as the original selection.

§ 11-28 Terms.

[Amended 6-20-1996 by Ch. No. 2418]

All members except for the Finance Director and the Chairman of the City Council Finance Committee shall be appointed for terms of two years, except for the seven members originally appointed, three of which shall be appointed for terms of one year and four of which shall be appointed for terms of two years. Said terms commence on the first Monday in January of each successive year. The Finance Director and the Chairman of the City Council Finance Committee shall serve as members for the duration of their respective positions.

§ 11-29 Rules and regulations.

[Amended 6-20-1996 by Ch. No. 2418]

The Pension Board shall be authorized to promulgate and establish its own rules and regulations in order to fulfill its duties and obligations as set forth in § 11-25 hereof, subject to the limitations of law. Any rules and regulations or amendments thereto shall be submitted to the City Council for approval prior to their implementation.

§ 11-30 Officers.

The Pension Board shall elect a Chairperson and a Vice Chairperson from its membership by a majority vote.

§ 11-31 Volunteer nature of service.

The members of said Pension Board shall serve on a volunteer basis. In no case shall any member of said Pension Board receive any compensation for service thereon.