[Adopted 9-23-1987 by Ord. No. 2907 (Art. 150 of the 1965 Codified Ordinances)]
A. 
There is established an aggregated pension trust fund consisting of all City-administered uniformed and nonuniformed pension fund assets, but shall specifically exclude any funds administered by the Pennsylvania Municipal Retirement Board, in the manner and under the conditions and subject to the provisions of the Municipal Pension Plan Funding Standard and Recovery Act, Act 1984-205, and subject to future amendment; such pension trust fund to be subject to all the definitions as set forth in the aforesaid Act of Assembly.
B. 
Transfer of funds. All pension fund assets now in the custody of the Employees' Retirement and Pension System as set forth in Article III, the Police Pension Association as set forth in Articles I and II, and the Firemen's Pension Fund as set forth in Article V, but specifically excluding any funds administered by the Pennsylvania Municipal Retirement Board, shall, on January 1, 1988, be transferred to the Aggregated Pension Trust Fund hereby created, together with all financial records pertaining thereto.
A. 
There is established a board to be known as the Aggregated Pension Trust Fund Board of Trustees, composed as provided by the Municipal Pension Plan Funding Standard and Recovery Act, Act 1984-205,[1] with the powers and duties herein provided.
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
B. 
Members of the Board of Trustees shall serve without compensation but shall be reimbursed for necessary expenses.
C. 
No person shall suffer loss of salary or wages by reason of service on the Board.
[Amended 2-24-1988 by Ord. No. 2936; 8-23-1995 by Ord. No. 3381; 1-26-2000 by Ord. No. 3760]
The Board of Trustees shall be composed of the following:
A. 
Mayor, or his designee;
B. 
Director of Finance, or his designee;
[Amended 2-11-2009 by Ord. No. 5156]
C. 
Chief of Police, or his designee from the Police Department;
D. 
Chief of Fire, or his designee from the Fire Department;
E. 
Chairperson of the Administration and Finance Committee of Council, or his designee from City Council;
F. 
Chairperson of the Public Safety Committee of Council, or his designee from City Council;
G. 
One member each, elected from the active membership of each pension plan included in the Aggregated Pension Trust Fund, or an alternate, also to be elected from the active membership; and
H. 
City Controller.
[Amended 2-24-1988 by Ord. No. 2936]
A. 
The Mayor shall serve as President of the Board of Trustees.
B. 
At the first meeting annually of the full Board of Trustees, the Board shall elect a Vice President from among its members. The Director of Finance shall serve as the Secretary/Treasurer of the Board of Trustees.
[Amended 2-11-2009 by Ord. No. 5156]
An active member from each of the pension plans included in the Aggregated Pension Trust Fund shall be qualified and elected for terms as follows:
A. 
Qualifications. The employee member shall be actively contributing to the applicable pension fund.
B. 
Terms.
(1) 
The employee member on the Board of Trustees shall serve a three-year term beginning on the first Monday of February, except for the first term of this article. The first terms of the employee members shall be as follows:
(a) 
Member representing Fire Pension Fund membership, date of election to first Monday of February 1989;
(b) 
Member representing Police Relief and Pension Association membership, date of election to first Monday of February 1990; and
(c) 
Member representing Employees' Retirement and Pension System membership, date of election to first Monday of February 1991.
(2) 
Board memberships shall be held until the successors are elected and enter upon their duties.
C. 
Elections. The full active membership of each of the pension plans included in the aggregation shall conduct an election for each vacancy during the January immediately preceding the expiration of any term. On the second Monday of January the membership shall conduct a meeting at a time and place specified by the Board of Trustees for the purposes of receiving nominations for the employee memberships on the Board. At such meeting the Board shall determine and announce the date and hours for receiving of election ballots. The Board shall promptly, upon conclusion of the nomination meeting, post notices in conspicuous places in City Hall stating the date and hours fixed for the election and the names of all employees placed in nomination at such meeting. The Chairman or Acting Chairman of the Board shall appoint and assign judges for the election. The nominee receiving the highest number of votes shall be elected as the Board member.
D. 
Election of initial Board members. Within 14 days following the effective date of this article, the active membership of each of the pension plans included in the aggregation shall conduct a meeting at a time and place specified by the present governing bodies of such pension plans for the purpose of receiving nominations for employee memberships on the Board. At such meeting, the interim Board of Trustees, those members designated in § 110-39, shall determine and announce the date and hours for receiving election ballots. Thereafter, an election in accordance with the procedures set forth in Subsection C hereof.
E. 
Vacancy. Any employee membership on the Board which becomes vacant for any reason shall be filled for the unexpired term by an election to be conducted promptly by the Board consistent with the provisions for regular elections herein stated.
Legal title to assets in the Aggregated Pension Trust Fund shall be in the Board of Trustees, subject to the rights of any person having a beneficial interest in a particular pension plan which is associated with the pension trust fund.
A. 
The standard of prudence to be applied by the Board of Trustees in the investment of the aggregated pension funds shall be the "prudent investor rule," which states, "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived." The prudent investor rule shall be applied in the context of managing the overall portfolio. The Board acting in accordance with written procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviation from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.
B. 
The assets of the Aggregated Pension Trust Fund shall be invested in investment securities and/or other instruments which are authorized investments pursuant to any applicable law for any of the associated pension plans.
C. 
The Board shall routinely monitor the contents of the portfolio, the available markets and the relative values of competing instruments, and shall adjust the portfolio accordingly.
D. 
Investments shall be diversified to preclude large losses from a single position.
E. 
The Board may employ a professional money manager or portfolio manager or other consultants or professionals as deemed necessary to aid in the investment and/or administration of pension fund assets.
F. 
Investment earnings shall be allocated to each associated pension plan in proportion to the most recently determined participation value.
A. 
The Board of Trustees shall annually appoint an actuary or firm of actuaries to complete such reports and provide such advice as are necessary for the proper administration of the Aggregated Pension Trust Fund.
B. 
An actuarial valuation of assets shall be annually prepared pursuant to the provisions of the Municipal Pension Plan Funding Standard and Recovery Act, Act 1984-205,[1] and any applicable rules and regulation issued by the Public Employee Retirement Study Commission.
[1]
Editor's Note: See 53 P.S. § 895-101 et seq.
C. 
An actuarial valuation of the plan shall be prepared pursuant to the provisions of the Municipal Pension Plan Funding and Standard Recovery Act, Act 1984-205, and any applicable rules and regulations issued by the Public Employee Retirement Study Commission.
D. 
An annual audit shall be made by a certified public accountant or firm of certified public accounts appointed by Council. For accounting purposes, the audit shall include a calculation of the value of participation by each plan.
E. 
The accrual basis of accounting shall be used in conformance with generally accepted accounting principles for the Aggregated Pension Trust Fund.
F. 
Value of participation by each plan to the Aggregated Pension Trust Fund shall be calculated annually in accordance with the requirement of the Municipal Pension Plan Funding Standard and Recovery Act, Act 1984-205, Section 607(b)(1).
[Amended 7-22-1992 by Ord. No. 3219]
A. 
The existing managing boards of the pension funds aggregated hereunder, to wit, the Easton Officers' and Employees' Retirement Board, the Police Pension Commission and the Board of Managers of the Firemen's Pension Fund shall, following the effective date of this article, continue to have the responsibility for determining the eligibility for pension of any applicant under their respective pension plan and for the certifying of such determinations of eligibility to the Board of Trustees created hereunder; such Boards, however, shall, after January 1, 1988, no longer have any authority, right or responsibility for the investment, accounting, auditing or administration of any of the funds aggregated hereunder.
B. 
The Aggregated Pension Fund Board of Trustees shall not permit any pension payment to any potential retiree without having first secured from the appropriate pension board a certification as to the retiree's eligibility for pension and calculation as to pensionable amount. Such documentation shall be delivered to the Secretary of the aggregated board, accompanied by minutes of the appropriate pension board, as to that board's vote regarding each individual pension.
C. 
The Aggregated Pension Fund Board of Trustees shall, no later than March 1 of each year, present to Council:
(1) 
A report on the performance of the investments and of the investment manager(s) for the prior calendar year; and
(2) 
A report summarizing by pension fund the name of each new pensioner, the date on which retirement benefits began and the date on which the appropriate board certified the pensioner's eligibility for pension.
D. 
The Aggregated Pension Fund Board of Trustees shall submit to Council with the administration's annual submission of the Budget a Board-approved operating budget for the forthcoming calendar year.