[Adopted 10-20-1987 by Ord. No. 6-87]
There is hereby established pursuant to the
requirements of the Municipal Pension Plan Funding Standard and Recovery
Act (Act No. 205 of 1984, P.L. 1005, 53 P.S. § 895.101 et
seq.), hereafter "Act," a Board of Trustees to be known as the "Board
of Trustees of the Comprehensive Municipal Pension Trust Fund" to
establish a trust fund to be known as the "Comprehensive Municipal
Pension Trust Fund" and to invest and otherwise manage the assets
of said fund in accordance with the requirements of the Act.
[Amended 10-13-1992 by Ord. No. 3-92]
The Board of Trustees of the Comprehensive Municipal
Pension Trust Fund shall consist of nine members to be determined
according to the requirements of the Act. The Mayor, Director of Finance
and City Controller shall be members of the Board of Trustees of the
Comprehensive Municipal Pension Trust Fund. Three members shall be
appointed by the Mayor, subject to the approval of the City Council,
from the managing Board of the City's various pension plans. The remaining
three members shall consist of one representative of the membership
of each pension plan included in the Comprehensive Municipal Pension
Trust Fund. Two representatives shall be elected by the active membership
of each police pension plan, the remaining one representative from
the membership of the firemen's pension plan.
Each appointed member of the Board shall serve
for a term of four years, provided that the member continues to hold
a position on the managing Board of one of the City's pension plans.
Any vacancies created by the resignation, death or removal of an appointed
member shall be filled by appointment of the Mayor, subject to the
approval of the Council, for the unexpired portion of the appointed
member's term. Each elected member of the Board shall serve for a
term of four years. Any vacancies created by the resignation, death
or removal of an elected member shall be filled by a special election
of the active membership of the applicable pension plan for the unexpired
portion of the elected member's term.
Members of the Board of Trustees of the Comprehensive
Municipal Pension Trust Fund shall serve without compensation. This
provision, however, shall not be deemed to prevent reimbursement for
proper expenses incurred in the performance of a Trustee's duties
and approved by the Board.
[Amended 10-13-1992 by Ord. No. 3-92]
A majority of the nine members of the Board
of Trustees of the Comprehensive Municipal Pension Trust Fund shall
constitute a quorum for the transaction of any business or the decision
of any matters within its jurisdiction, and the majority of such quorum
shall be sufficient to decide.
The Board of Trustees of the Comprehensive Municipal
Pension Trust Fund, acting by a quorum of its members, shall have
the following powers and duties:
A.
To establish a trust fund to be known as the "Comprehensive Municipal Pension Trust Fund" to receive and to act as a repository for the assets amassed by the City's various pension plans and from which the payment of pension benefits and pension administrative costs shall henceforth be paid in accordance with the procedures established in Subsection C below.
B.
To invest and manage the assets of the Comprehensive
Municipal Pension Trust Fund and to account for the individual interests
of the various pension plans in said trust fund.
C.
To establish procedures, in accordance with applicable
law, to provide access by the various pension plans to their respective
interests in the trust fund for the payment of benefits and administrative
expenses associated with each plan and to facilitate the payment and/or
deposit of contributions to the Comprehensive Municipal Pension Trust
Fund.
D.
To contract for investment and consulting services.
E.
To assess reasonable administrative expenses of the
Board of Trustees of the Comprehensive Municipal Pension Trust Fund
against the assets of the fund.
F.
To exercise and perform any and all other powers granted
and duties prescribed under the Act.
