(A) Creation; composition. The responsibility for the proper operation of the Fund and the direction of its policies shall be vested in a Board of Trustees of the Pension Fund, consisting of:
(1) The Mayor ex officio, who shall be the President of the Board;
(2) The City Manager ex officio, who shall be a member of the Board;
(3) The City Finance Director ex officio, who shall be the Secretary and Treasurer of the Board;
(4) The City Human Resources Director ex officio, who shall be a non-voting member; and
(5) One trustee shall be a former employee who is a member of the Fund. The trustee shall be appointed by the Mayor and serve a one-year term.
(B) Board of Trustees; vacancies. The Mayor shall fill any vacancy occurring on the Board.
(C) Powers and duties of the Board. The Board shall:
(1) Hold regular meetings, at least quarterly, and such special meetings as may be deemed necessary, and keep a full record of all its proceedings, which shall be open to inspection by the public;
(2) Provide for the installation of a system of accounts and records that shall give full effect to the requirements of this subchapter;
(3) Obtain such information from the participating members and the city as shall be necessary for the proper operation of the Fund;
(4) Consider and pass upon all applications for annuities, benefits, refunds and other payments, and authorize the expenditure for such purposes, in accordance with this subchapter;
(5) Have authority to promulgate such rules and regulations, not inconsistent with the provisions of this subchapter, necessary for the proper determi- nation of all claims before it;
(6) Accept any gift, grant or bequest of any money or property of any kind, for the purposes designated by the grantor, if such purposes are specified as providing cash benefits to some or all of the members or annuitants of the Fund. If no such purposes are designated, the gift, grant or bequest shall be credited to the account representing income from investments; and
(7) Have the accounts of the Fund audited at the end of each fiscal year, by a competent accountant, and submit an annual report to the city as soon as possible following the close of the year, embodying, among other things, a balance sheet showing the financial condition of the Fund, a statement of income and expenditures for the year and such other financial or statistical data as are necessary for a proper interpretation of the condition of the Fund and the results of its operations. The Board shall also cause to be published for distribution among the members a synopsis of such report.
(D) Officers of the Board of Trustees. The officers of the Board shall consist of a President, a Vice-President and a Secretary-Treasurer.
(E) President; powers and duties. The President shall be the chief executive officer of the Board. He or she shall preside at all meetings and shall appoint all necessary committees.
(F) Vice President; election; powers.
(1) The Vice President shall be annually elected by the Board of Trustees.
(2) The Vice President shall serve in the absence of the President.
(G) Secretary-Treasurer; powers and duties; compensation.
(1) The Secretary-Treasurer of the Board shall:
(a) Keep a full account of all proceedings of the Board;
(b) Give notice of all meetings, and give effect to all resolutions, orders and directives of the Board;
(c) Be in charge of the detailed affairs of administration of the Fund;
(d) Keep the record of proceedings of all meetings;
(e) Keep all books, files, records and accounts of the Fund;
(f) Receive all applications for annuities, benefits and refunds;
(g) Prepare periodic reports relative to the financial operations of the Fund for the information of the Board;
(h) Compile all statistics pertinent to the operation of the Fund; and
(i) Answer all correspondence received by the Board.
(2) The Board shall fix the compensation of the Secretary-Treasurer.
(H) Secretary-Treasurer; powers and duties. The Secretary-Treasurer of the Board of Trustees shall be treasurer of the Board and custodian of the Fund. He or she shall have custody of all cash and securities of the Fund, subject to the authority and directives of the Board, and shall keep such accounts and records as may be prescribed by the Board.
(I) Legal Advisor to the Board of Trustees. The Law Department of the city shall serve as legal advisors to the Board of Trustees on all matters pertaining to the Fund involving suits or actions at law, and on any questions as to the interpretation of this subchapter. If the Board so elects, it may retain special counsel.
(J) Investments of Board; bonds and securities. The Board may invest the moneys accruing to the Fund in interest-bearing bonds of any county or city of the first, second or third class in the state, or in any securities in which trustees are permitted to invest trust funds under the laws of the state.
(K) Payment of moneys; Board authorization required. Moneys ordered paid from the Fund to any person shall be paid by the Secretary-Treasurer only upon order of the Board entered on the record of proceedings of the Board.
(L) Determination by Board; application for rehearing; transcript.
(1) (a) After a determination has been made on any application by the Board, any interested person may, within 20 days after notice of the determination or findings of the Board, apply for a rehearing with respect to any of the matters determined by the Board.
(b) The application for rehearing shall specify the matter of which a rehearing is sought.
(2) The Board shall fix the time for the rehearing within 20 days after the application is filed unless otherwise agreed by the parties.
(3) (a) Upon the rehearing, a complete transcript shall be made of all evidence presented.
(b) The cost of such transcript shall be borne equally by the applicant for the rehearing and the Board.
(4) Upon rehearing, the Board may change, modify, vacate or affirm its previous order upon the application and enter such an order as it deems necessary.
(1984 Code, § 34.62) (Ord. O-39-64, passed 7-23-1964; Ord. O-15-80, passed 2-19-1980; Ord. O-20-83, passed 4-19-1983; Ord. O-53-84, passed 8-28-1984; Ord. O-25-86, passed 5-6-1986; Ord. O-47-96, passed 11-26-1996; Ord. O-2-98, passed 1-20-1998; Ord. O-28-01, passed 8-7-2001; Ord. O-27-04, passed 4-13-2004; Ord. O-4-05, passed 1-25-2005; Ord. O-30-11, passed 9-20-2011)