[Adopted 7-5-1994 by Ord. No. 1130[1]]
[1]
Editor's Note: This ordinance also superseded former Art.
II, Police Pension Fund, adopted 3-31-1975 by Ord. No. 933.
[Amended 6-7-2006 by Ord. No. 1216]
The Police Pension Advisory Committee shall consist of six voting
members who shall be the three members of Council who serve on the
Finance Committee, the member of Borough Council who serves as Chair
of the Public Safety Committee, the Borough Treasurer, serving ex
officio, and a representative of the Lansdowne Borough Police Department
duly elected by and from the membership of the police collective bargaining
unit. The Chair of the Finance Committee shall preside at meetings
of the Police Pension Advisory Committee.
The members of the Police Pension Advisory Committee shall be
appointed by the President of Borough Council at the regular biennial
reorganization of the Borough Council and shall serve for a period
of two years. Vacancies shall be filled by appointment of the President
of Borough Council.
A.
The Advisory Committee shall report to the Borough Council and shall
meet regularly with the authorized representatives of the financial
institution which manages or gives investment advice concerning the
assets of the police pension fund.
B.
The Advisory Committee shall have the authority to make investment
decisions in consultation with the representatives of the financial
institution which manages or gives advice concerning the investments
of the police pension fund; said authority shall be limited in scope
to making decisions which do not increase the risk factors associated
with investments of pension fund assets.
C.
Whenever the Police Pension Advisory Committee is of the opinion
that the risk factors which govern the investment of assets or the
investment policy guidelines should be changed to enhance the return
on the investment of pension fund assets or to conserve said assets,
the Committee shall make such recommendations, in writing, to the
Borough Council on a timely basis.
The Borough Council shall appoint and fix the compensation for
a secretary to the Police Pension Advisory Committee who shall be
responsible for recording the minutes of all proceedings and writing
all correspondence directed by the Committee. The records of such
proceedings and correspondence shall be maintained in the offices
of the Borough Manager.
A.
The Police Pension Advisory Committee shall meet with the representatives
of the financial institution which manages or gives advice on investments
of the pension fund assets at least semiannually and on additional
occasions as needed. All written reports received by the Committee
shall be forwarded to the Borough Manager along with any recommendations
which the Committee shall direct to the Borough Council. Any reports
or other documents pertaining to investments of pension fund assets
received by the Borough Manager shall be made available to the Police
Pension Fund Advisory Committee on a timely basis. A quorum for the
conduct of business shall consist of three members present at a meeting.
B.
The Police Pension Fund Advisory Committee shall report annually,
within 90 days after the end of the Borough's fiscal year, to
the Borough Council on the performance of the investments of the Police
Pension Fund assets and shall make appropriate comments and recommendations
either for the continuation of the current investment policy guidelines
or for specific changes in such policy guidelines giving the reasons
upon which said recommendations are based.
The final responsibility and authority for making all investment
decisions concerning Police Pension Fund assets shall remain with
the Borough Council of Lansdowne.
