[R.O. 2011 §2.48.010; Prior Code §25-34 (part); Ord. No. 6899 §1, 10-8-2012]
A.
There
shall be a Board of Trustees to consist of eleven (11) members to
be known as the Board of Trustees of the Non-Uniformed Employees Retirement
Fund. The members of the Board shall consist of the City Manager and
a member of the City Council, neither of whom shall be a voting member
of the Board, two (2) employees of the City, and seven (7) additional
members who are bona fide citizens of the City.
B.
The
City Manager shall serve during his or her tenure of office and the
member of the City Council shall serve at the pleasure of the Council.
The employee members shall serve indefinitely, as selected and determined
by the employees, or absent such selection, shall be appointed by
the Council. The citizen members shall serve for a term of four (4)
years. Citizen appointments shall be made at the first (1st) meeting
of the Council in July, and the terms shall be so staggered that two
(2) of them shall expire at one time, three (3) shall expire one (1)
year later, and two (2) shall expire one (1) year thereafter. Citizen
member vacancies shall be filled for the remainder of the term in
like manner as original appointment.
C.
The
Board Of Trustees shall elect one (1) of its members as Chairperson,
one (1) as a Vice Chairperson and appoint a Secretary who may or may
not be a member of the Board. The Director of Finance of the City
shall serve as Treasurer of the Board. No member of the Board shall
receive any compensation for this service as such.
D.
At
least one (1) regular meeting of the Board of Trustees of the Non-Uniformed
Employees Retirement Fund shall be held each quarter, together with
such additional meetings as may be required for the transaction of
its business.
[R.O. 2011 §2.48.020; Prior Code §25-34 (part)]
A.
The Board of Trustees provided for by Section 120.650 shall be vested with the exclusive management and control of all matters pertaining to the administration of the Non-Uniformed Employees Retirement Fund, the investment and reinvestment thereof and may sue or be sued in their capacity as such Board of Trustees. The Board shall receive and hold all monies, securities and other property in the name of the Board of Trustees for the use and benefit of such Retirement Fund, or its nominee may accept donations therefor. The Board shall be vested with full power and authority to employ and fix the compensation of necessary employees and to incur and pay such medical, legal, actuarial and other expenses as may be found necessary and desirable in the performance of their duties; provided that the expenses shall bear a reasonable relation to the income of the Retirement Fund.
B.
The
Board shall keep minutes of all its meetings, as well as full and
complete records of all receipts, securities and other property coming
into its hands, in such manner as may be prescribed by the Director
of the Department of Finance of the City, and all such minutes or
records shall be open to public inspection; provided that the records
of any medical examinations made of any retired employees or applicants
for retirement shall not be subject to public inspection.
C.
The
Board shall have exclusive jurisdiction to receive, hear and rule
upon all claims for benefits from the fund and to hear and determine
all such claims in the first (1st) instance. All decisions of the
Board shall be by a majority vote of the members thereof, and the
Board shall take and preserve the evidence of any disputed claim,
and such evidence, records, findings and decisions shall be subject
to judicial review on certiorari, with the full right to appeal from
the decisions of the reviewing court, as in other civil cases. Whenever
the maximum earnings base for taxes and benefits under the Federal
Social Security Act is changed in the future, the Board of Trustees
shall study the effect of total contributions and total benefits provided
by the Federal Social Security Act and by this retirement system and
shall make recommendations as to the desirability of changes in this
retirement system to the City Council.
D.
The
Board of Trustees created pursuant to this Chapter shall have power
to prescribe rules for its own meetings and proceedings, and shall
be required to provide suitable forms of application and other forms
to be used in making claims for benefits from the Retirement Fund,
and shall have power to prescribe rules and regulations not inconsistent
with State laws, the Charter or this Code, to govern and control the
hearing, consideration and disposition of all claims and other administrative
matters before it.
E.
The
Board of Trustees of the Non-Uniformed Employees Retirement Fund shall
exercise a high degree of care to keep the surplus funds in its hands
safely invested in such securities as will afford the highest return
consistent with safety of principal; provided that only such investments
shall be made as are lawful for the investment of pension systems
under the laws of the State.
In the exercise of its powers of investment, the Board of Trustees
may enter into an agreement or agreements with one (1) or more investment
advisers containing such provisions as are deemed necessary and appropriate
including, but not limited to, the custody and safekeeping of the
assets of the system, the holding of securities in bearer form or
in the name of a nominee, the collection of income and principal and
the investment and reinvestment of the funds of the system with the
consent and approval of the Board.
F.
The
Board of Trustees of the Non-Uniformed Employees Retirement Fund shall
set up a system of accounts, such as will be required for an actuary
to determine annually the financial condition of the fund and the
contributions required annually for the sound actuarial operation
of the plan and shall furnish to the Council, upon request, such information
in order that the City Council may have the necessary data concerning
the tax requirements of the fund.
