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(a) The general administration, management and responsibility for the proper operation of the retirement system, and for construing and making effective provisions of the retirement plan shall be vested in a Board of Trustees and all provisions hereinbefore and hereinafter provided for shall be operative from and after July 1, 1965.
(b) The Board of Trustees shall consist of nine Trustees to be selected by the City Council, as follows:
(1) A City Councilperson to be selected by the City Council, to serve at the pleasure of the Council;
(2) City Administrator;
(3) Director of Finance;
(4) President and CEO of Hurley Medical Center or a designee selected by him or her to serve in his or her place;
(5) A police officer or firefighter member to be elected by the police officer and firefighter members;
(6) A presently employed general member who is not employed by the Board of Hospital Managers to be elected by the general members who are not employed by the Board;
(7) Two general members who are presently employed by the Board of Hospital Managers to be elected by the general members who are employed by the Board; and
(8) A member who has retired from the system, elected by retirants of the system.
(c) (1) The elections of Trustees provided in the above subsections (b)(5), (6), (7) and (8) above shall be held under such rules and regulations as the Board of Trustees shall from time to time adopt.
(2) An alternate member for each of the members set forth in subsections (b)(5), (6), (7) and (8) above shall be elected at the same election and in the same manner in which the member is elected, and the alternate member shall serve in the absence of the regularly elected member. In subsection (b)(7) the alternates for the general members employed by the Board of Hospital Managers shall be alternates to the Trustees as follows: the individual who receives the third highest number of votes shall be the first alternate and the individual who receives the fourth highest number of votes shall be the second alternate. The first alternate shall serve only in the absence of one Trustee member and the second alternate shall serve only in the event that both Trustees are absent.
(d) An alternate member for the member set forth in subsection (b)(1) shall be selected by and serve at the pleasure of the City Council.
(e) An alternate member for the member set forth in subsection (b)(2) shall be selected by the City Administrator.
(f) An alternate member for the member set forth in subsection (b)(3) shall be selected by the Director of Finance.
(g) An alternate member for the member set forth in subsection (b)(4) shall be selected by the President and CEO of Hurley Medical Center.
(Ord. 1860, passed 8-16-1965; Ord. 2496, passed 5-19-1975; Ord. 2558, passed 6-14-1976; Ord. 2649, passed 7-24-1978; Ord. 2811, passed 10-26-1981; Ord. 2960, passed 6-24-1985; Ord. 3370, passed 4-27-1998; Ord. 3767, passed 5-24-2010)
(a) The Trustee provided for in § 35-8(b)(8) shall be elected in 1975 for a four-year term. The term of office for Trustees provided for in § 35-8(b)(5), (6) and (7) serving at the time of election of the Trustee provided for in § 35-8(b)(8) shall be extended for one year and thereafter the term of office for Trustees provided in § 35-8(b)(5), (6), (7) and (8) shall be four years, the term of one such Trustee to expire each year. A Trustee shall continue to serve until his or her successor has qualified.
(b) Each Trustee shall, within ten days after his or her appointment or election, take and subscribe to an oath to support the Constitutions of the United States and the State of Michigan and to faithfully perform the duties of Trustee to the best of his or her ability.
(Ord. 1860, passed 8-16-1965; Ord. 2496, passed 5-19-1975)
(a) The position of Trustee shall be deemed to be vacated by a Trustee provided in § 35-8(b)(5), (6), (7) or (8) if he or she:
(1) Resigns from the Board during his or her term as Trustee;
(2) Leaves the employ of the City;
(3) Transfers out of the division of government which he or she was elected or appointed to represent; or
(4) Dies or is physically incapacitated.
(b) If the vacancy occurs in the position of Trustee provided in § 35-8(b)(5), (6), (7) or (8), the alternate member provided for the respective Trustee position shall fill the vacancy. Any alternate member that fills a vacancy for § 35-8(b)(5), (6), (7) or (8) shall hold the office of Trustee until the next election is held for each respective Trustee position. In the event the alternate member position for § 35-8(b)(5), (6), (7) or (8) is vacated, the Board shall fill the vacancy from the ranks of the respective group from which the Trustee member was elected. A vacancy in the position of Trustee provided in § 35-8(b)(1) shall be deemed to occur if the Trustee shall cease to be a member of the City Council while serving as Trustee, or in the event he or she resigns from the Board of Trustees.
(Ord. 1860, passed 8-16-1965; Ord. 2149, passed 8-18-1969; Ord. 2496, passed 5-19-1975; Ord. 2558, passed 6-14-1976; Ord. 2891, passed 1-9-1984; Ord. 3768, passed 5-24-2010)
The Board of Trustees shall hold meetings regularly, at least one in each month, and shall designate the time and place thereof. The Board of Trustees shall adopt its own rules or procedure and shall keep a record of its proceedings. All meetings of the Board of Trustees shall be in public. The Trustees shall serve without additional compensation for their services as Trustees.
(Ord. 1860, passed 8-16-1965)
Five Trustees shall constitute a quorum at any meeting of the Board of Trustees. Each Trustee shall be entitled to one vote on each question before the Board and at least five concurring votes shall be necessary for a decision by the Board.
(Ord. 1860, passed 8-16-1965; Ord. 2496, passed 5-19-1975)
(a) The Board of Trustees shall elect from its own number a Chairperson and a Vice-Chairperson.
(b) The Director of Finance shall be the Secretary of the Board of Trustees and he or she shall serve as the administrative officer of the retirement system.
(c) The City Treasurer shall be treasurer of the retirement system and the custodian of its funds. All payments from the funds of the system shall be made by the Treasurer, countersigned by the Director of Finance, only upon a specific or continuing resolution adopted by the Board of Trustees authorizing the payment or payments.
(d) The Chief Legal Officer shall be the legal advisor to the Board of Trustees.
(e) The Board of Trustees shall appoint an Actuary to advise it regarding the operation of the retirement system. The Actuary shall perform such other duties as are required by him or her under the retirement plan.
(f) The Board of Trustees shall appoint as Medical Director a physician who is not eligible for membership in the retirement system. He or she shall be responsible to and shall hold office at the pleasure of the Board of Trustees. He or she shall arrange for and pass upon all medical examinations required under the provisions of the retirement plan; he or she shall investigate all essential statements and certificates of a medical nature made by or on behalf of a member, retirant or beneficiary in connection with an application for disability or death benefits; and he or she shall report in writing to the Board his or her conclusion on medical matters referred to him or her by the Board of Trustees.
(g) The Board of Trustees shall appoint an Investment Counselor who is a chartered investment counselor or a chartered financial analyst to advise the Secretary and the Board of Trustees regarding the investment of all funds of the system.
(h) The Board of Trustees may employ such professional and other services as are required for the proper operation of the retirement system. The compensation for all services rendered to the Board shall be fixed by the City Council.
(Ord. 1860, passed 8-16-1965; Ord. 2558, passed 6-14-1976)
(a) The Secretary shall keep, or cause to be kept, such data as shall be necessary for an actuarial valuation of the assets and liabilities of the retirement system. The Board of Trustees shall render a report to the City Council, on or before November 1 of each year, showing the fiscal transactions of the system for the year ended the preceding June 30; and a balance sheet showing the financial condition of the system by means of an actuarial valuation of its assets and liabilities; and any other information as the City Council may request.
(b) The Board of Trustees shall adopt such mortality and other tables of experience as are necessary, or in its opinion advisable, in the operation of the retirement system on an actuarial basis.
(Ord. 1860, passed 8-16-1965)
(a) The membership of the retirement system shall include all employees and officers of the City who are now or who hereafter become employed by the City, except as provided in subsections (b) and (c) of this section.
(b) Persons who have been employed as members of the City Council, Judges of the 68th Judicial District, the City Administrator, appointees of the City Council, appointees of the Ombudsman, and appointees of the Mayor provided for in Sections 4-202 and 4-203 of the Charter of the City of Flint who were members of the retirement system before implementation of the City of Flint Employees Defined Contribution Pension Plan are eligible to remain members of the retirement system.
(c) The membership of the retirement system shall not include:
(1) Any person whose services are compensated on a contractual or fee basis;
(2) Any person whose compensation is less than $1,000.00 a year;
(3) Any person represented by the medical technologist organization at Hurley Medical Center who works less than 80 hours per month;
(4) The Medical Director;
(5) The Actuary;
(6) Members as such of multiple member boards;
(7) School crossing guards who have attained the age of 65 years, or who are precluded from participation in the retirement system as set forth in § 35-69 hereof;
(8) Temporary employees employed by the Hurley Medical Center Board of Hospital Managers, and not represented by a recognized bargaining unit;
(9) Employees hired after the implementation of the City of Flint Employees Defined Contribution Plan who are not members of a recognized bargaining unit, and not employed by the Board of Hospital Managers;
(10) Employees who are not members of a recognized bargaining unit, and not employed by the Board of Hospital Managers, who have elected to terminate their membership in the retirement system under § 35-15.1;
(11) Persons who become employed after implementation of the City of Flint Employees Defined Contribution Pension Plan as members of the City Council, Judges of the 68th Judicial District, the City Administrator, appointees of the City Council, appointees of the Ombudsman, and appointees of the Mayor specifically provided for in Sections 4-202 and 4-203 of the Charter of the City of Flint;
(12) Persons employed in positions that are part-time, seasonal, temporary or provisional; or
(13) Groups of employees employed by the City or the Hurley Board of Managers that leave the retirement system by the express approval of its Finance Director and relevant bargaining unit if any.
(d) Persons who have City service that is precedent to this amendment and that has never been credited either to the system or a deferred compensation plan may, at the same time, and in the same manner as is provided for participation in the retirement system in subsection (c) elect to have the service credited to the system.
(e) Appointed officials serving at the pleasure of the Board of Hospital Managers may, within 30 days of hire or within one year from the effective date of this provision, whichever is last to occur, elect to participate in an alternate plan as approved and established by the Board of Hospital Managers in lieu of participating in the retirement system. The election shall be irrevocable and shall be made in writing in accordance with procedures adopted by the Board of Trustees.
(Ord. 1860, passed 8-16-1965; Ord. 2314, passed 3-13-1972; Ord. 2322, passed 4-10-1972; Ord. 2496, passed 5-19-1975; Ord. 2558, passed 6-14-1976; Ord. 2583, passed 1-17-1977; Ord. 2628, passed 4-10-1978; Ord. 2699, passed 2-26-1979; Ord. 2800, passed 8-10-1981; Ord. 2893, passed 2-13-1984; Ord. 2933, passed 1-28-1985; Ord. 3201, passed 5-11-1992; Ord. 3303, passed 7-24-1995; Ord. 3462, passed 9-25-2000; Ord. 3496, passed 6-10-2002; Ord. 3585, passed 6-24-2004; Ord. 3639, passed 4-11-2005)
(a) The retirement system shall provide an opportunity for each member who is a member prior to the implementation date of the City of Flint Defined Contribution Pension Plan, the date being established by resolution of the City Council and incorporated herein by reference, and who is not a member of a recognized bargaining unit, and not employed by the Board of Hospital Managers, to elect in writing: to terminate membership in this retirement system and elect to become a participant in the City of Flint Employees Defined Contribution Pension Plan. An election made by a member under this subsection is irrevocable. The retirement system shall accept written elections under this subsection from members during a window established by resolution of the City Council incorporated herein by reference. A member who does not make a written election or who does not file the election during the period specified above continues to be a member of this retirement system. A member who makes and files a written election, elects to do all of the following:
(1) Cease to be a member of this retirement system effective 12:00 midnight, in accordance with a date set forth by resolution of the City Council incorporated herein by reference;
(2) Become a participant in the City of Flint Employees Defined Contribution Pension Plan effective 12:01 a.m., in accordance with a date set forth by resolution of the City Council incorporated herein by reference;
(3) Waive all of his or her rights to a pension, an annuity, a retirement allowance or any other benefit under this retirement system effective 12:00 midnight, in accordance with a date set forth by resolution of the City Council incorporated herein by reference;
(4) Acknowledge and approves the transfer of his or her actuarial present value of his or her accrued retirement benefit as provided in subsection (c) below.
(b) An election under this section is subject to the Eligible Domestic Relations Order Act, Act 46 of the Public Acts of 1991, being MCLA §§ 38.1701 through 38.1711.
(c) Transfer of lump sum amount. For a member who elects to terminate membership in this retirement system under subsection (a) above, the retirement system shall direct the custodian of the funds of the retirement system to transfer a lump sum amount from the appropriate funds of the retirement system to the City of Flint Employees Defined Contribution Pension Plan in accordance with a date set forth by resolution of the City Council incorporated herein by reference.
(d) The retirement system shall calculate the amount to be transferred, which shall be equal to the sum of the following:
(1) The member’s accumulated contributions, if any, from the employees’ savings fund as of 12:00 midnight, in accordance with a date set forth by resolution of the City Council incorporated herein by reference; and
(2) The excess, if any, of the actuarial present value of the member’s accumulated benefit obligation, over the amount specified in subsection (d)(1), from the pension reserve fund. For the purposes of this section, the present value of the member’s accumulated benefit obligation is based upon the member’s credited service and final average compensation as of 12:00 midnight in accordance with a date set forth by resolution of the City Council incorporated herein by reference. The actuarial present value shall be computed as of 12:00 midnight of a date set forth by resolution of the City Council incorporated herein by reference in accordance with the following:
a. Seven and three-fourths effective annual interest, compounded annually;
b. A 50% male and 50% female unisex blend of the 83-gam mortality tables used to project retirant longevity in the most recent actuarial valuation report;
c. A benefit commencement age, based upon the member’s estimated credited service as of 12:00 midnight in accordance with a date set forth by resolution of the City Council incorporated herein by reference. The benefit commencement age shall be the member’s earliest retirement age at which the member could receive an unreduced retirement benefit (excluding a disability retirement) or the member’s current age, if greater;
d. Interest on any amounts determined in subsections (d)(1) and (d)(2), to the date of the transfer, based upon 7.75% annual interest, compounded annually.
(e) If the City of Flint or the retirement system receives notification from the Internal Revenue Service that this section or any portion of this section will cause the retirement system to be disqualified for tax purposes under the Internal Revenue Code, then the portion that would cause the disqualification will not apply.
(Ord. 3496, passed 6-10-2002; Ord. 3498, passed 7-22-2002; Ord. 3586, passed 6-24-2004; Ord. 3640, passed 4-15-2005)
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