(a) Creation. There is hereby created the employees' retirement fund of the city of Dallas, which is a trust fund, and the board of trustees of the employees' retirement fund of the city of Dallas.
(b) Public entity. The fund is a public entity established for the exclusive purpose of providing benefits to members and their beneficiaries. Except as permitted under this chapter or by state law, the employees' retirement fund of the city of Dallas is the name in which all of its business must be transacted, all of its funds invested, and all of its cash, securities, and property held.
(c) Composition of the board.
(1) The board shall be composed of seven members consisting of:
(A) three persons appointed by the city council who may be city council members;
(B) three employees from different departments of the city who are elected by members of the retirement fund and who are members of the retirement fund; and
(C) the city auditor.
(2) If only one eligible employee is nominated for an elected board position described in Subsection (c)(1)(B) of this section, that employee will be declared elected to that position by the board without requiring an election by the members of the retirement fund.
(d) Chair and vice chair.
(1) The board shall elect a chair and a vice-chair at the first regular meeting each calendar year. The chair shall call a meeting as frequently as necessary to conduct the business of the board, but not less than quarterly. In the absence of the chair, the vice-chair may call meetings or preside over meetings of the board.
(2) If the office of chair or vice-chair becomes vacant, the board will elect a replacement at its next meeting. (Ord. Nos. 15414; 20960; 21582; 25695; 30162)