§ 22-131. Administration.

(a)

The general administration and the responsibility for the proper operation of the retirement system and for making effective the provisions of this division are hereby vested in the Board of the retirement system, which shall be the same board as heretofore established under Ordinance No. 986-A.

(b)

The board shall consist of five members, as follows:

(1)

The Mayor or designee, ex officio.

(2)

The City director of finance, ex officio.

(3)

Effective for terms beginning after December 31, 2010, two City employees who are members of the retirement system, who shall be elected by the actively employed members of the retirement system who are not participating in the deferred retirement option plan, for terms of four years. The election of such employee-members shall be conducted by the Mayor.

(4)

Effective for terms beginning after December 31, 2010, a citizen of the City who is not a City official, employee or in any way officially connected with the City Administration, who shall be elected by the other four members of the Board for a term of four years.

(c)

If a vacancy occurs in the office of an elected member, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

(d)

The members of the Board shall serve without compensation, but they shall be reimbursed for all necessary expenses that they may incur through service on the Board.

(e)

Each member of the Board shall, within ten days after such member's appointment or election, take the constitutional oath of office, to be administered by and filed with the City Clerk.

(f)

Each member of the Board shall be entitled to one vote on the Board. Three concurring votes shall be necessary for a decision by the members at any meeting of the Board and three members shall constitute a quorum of the Board.

(g)

Subject to the limitations of this division, the Board may establish from time to time such rules and regulations for the administration of the retirement system as may be necessary.

(h)

The Board shall annually organize and elect from its membership a chair and it shall appoint a secretary who may, but need not be, a member of the Board. It shall adopt its own rules of procedure and shall keep a record of its proceedings.

(i)

The Board may employ such actuarial, medical and other services as shall be required. The compensation for all such services shall be approved by the Board.

(j)

The Board shall keep in convenient form such data as shall be necessary for actuarial valuation of the various funds of the retirement system and for checking the experience of the retirement system.

(k)

The Board shall keep a record of all its proceedings which shall be open to public inspection at reasonable hours. It shall prepare and submit annually a report to the City Council, showing the fiscal transactions of the retirement system for the preceding year and the amounts of accumulated cash and securities of the retirement system and the last balance sheet showing the financial condition of the retirement system by means of a valuation of the assets and liabilities of the retirement system.

(l)

The City Attorney or designee shall be the legal advisor to the Board.

(m)

The Board shall arrange for the necessary physicians to pass upon all medical examinations required under the provisions of this division. Such physicians shall be persons who are not eligible for membership in the retirement system. It shall be their duty to investigate all essential statements and certificates by or on behalf of members in connection with applications for disability retirement and shall report in writing to the Board their conclusions and recommendations upon all matters referred to them.

(n)

The Board shall designate an actuary who shall be the technical advisor of the Board in matters regarding the operation of the retirement system created by the provisions of this division and who shall perform such other duties as are required in connection therewith.

(o)

Immediately after the establishment of the retirement system, the actuary shall make such investigation of the mortality, service and compensation experience of the members as the actuary shall recommend and the board shall authorize, and, on the basis of such investigation, he shall recommend for adoption by the board such tables and such rates as are required for the proper operation of the retirement system. The Board shall adopt tables and certify rates, and as soon as practicable thereafter, the actuary shall make a valuation based on such tables and rates of the assets and liabilities of the funds created by this division.

(p)

The Board shall adopt for the retirement system such mortality, service and other tables as shall be deemed necessary and shall certify the rates of contribution payable under the provisions of this division. On the basis of such tables, the board shall cause to be made no less frequently than as required by State law a valuation of assets and liabilities of the funds of the retirement system.

(Code 1973, § 22-52; Code 1992, § 22-131; Ord. No. 978-G, § 1, 6-3-2010)