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(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)
Any former plan police officer or firefighter who, within the provisions of Section 201-A of the former City Charter, shall elect not to be covered by the pension plan provided in Sections 202 and 211 of the former Charter and to become a member of this retirement system shall be given service credit for all service rendered the City prior to July 1, 1947. He or she shall also, as of the date of his or her election, be credited with a contribution to the employee savings fund of this retirement system in an amount equal to the aggregate amount of his or her contributions to either the police service pension fund of the fire service pension fund provided in Section 207 of the former Charter. The employee savings fund credit shall in all respects, from the date of the credit, inure to the benefit of the employee as though created by original payroll deduction under the terms of this retirement system; except, that upon death or separation from service, the employee or his or her survivors or legal representative shall not be entitled to reimbursement therefor out of funds of this retirement system as would otherwise be the case under the provisions of § 35-35, unless the transfer of funds above provided for has been completed. Any such former plan police officer or firefighter so electing to become a member of this retirement system shall at that time irrevocably authorize and direct the Director of Finance to pay into this retirement system as of one day prior to the date the electing employee shall become a member of the retirement system any sum which under the terms of Section 202 and 211 of the former Charter would otherwise be payable as a contribution refund to the employee or his or her representative. The payment so made shall be considered only as reimbursement to the retirement system for the employee savings fund credit above set forth.
(Ord. 1860, passed 8-16-1965)
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