(A) There is hereby created a Supplemental Retirement Fund Committee in which is vested the authority and responsibility for the administration, management and operation of the retirement plan, and of construing and carrying into effect the provisions of this article.
(B) The Committee shall consist of five members from city government, who shall be appointed by the Mayor and serve at the pleasure of the Mayor.
(C) Members of the former plan board of trustees serving as trustees, as of the day preceding the effective date of the retirement plan, shall continue to serve as trustees under the retirement plan until their respective terms under the former plan shall expire.
(D) The Committee shall designate from its own number a chairman and a vice-chairman.
(E) The Committee shall hold regular meetings, at least one in each year, and shall designate the time and place thereof. It shall adopt its own rules of procedure and shall keep a record of its proceedings. All meetings of the Committee shall remain open to the public.
(F) Three Committee members shall constitute a quorum at any meeting of the Committee. Each attending member shall be entitled to one vote in the meeting of the Committee and at least three concurring votes shall be necessary for a decision of the Committee at any one of its meetings.
(G) The Committee shall annually furnish the Mayor a report showing the fiscal transactions of the retirement plan for the preceding fiscal year.
(H) The Committee shall from time to time adopt such mortality and other tables of experience as are required for the proper operation of the retirement plan on an actuarial basis. The plan shall be administered in a manner that is actuarially sound.
('74 Code, § 2-5-3) (Ord. 964; Am. Ord. 6-1988)