Loading...
(a) The pension reserve fund is hereby created. It shall be the fund in which shall be accumulated reserves for the payment of all pensions payable from funds provided by the City. Upon the basis of such mortality and other experience tables, and regular interest as the Board of Trustees shall from time to time adopt, the Actuary shall annually compute the pension reserves:
(1) For pensions being paid retirants and beneficiaries; and
(2) Covering service rendered and to be rendered by members.
(b) The pension reserves shall be financed by annual appropriations, to be made by the City Council and Board of Hospital Managers, determined according to subsections (1), (2) and (3) of this subsection (b), subject to subsections (c) and (d) of this section.
(1) The appropriation for members’ current service shall be a percent of their annual compensations which will produce an amount which if paid annually by the City during their future service will be sufficient to provide the reserves, at the time of their retirements, for the portions of the pensions to be paid them based upon the future service.
(2) The appropriation for members’ accrued service shall be a percent of their annual compensations which will produce an amount which if paid annually by the City over a period of years, to be determined by the Board of Trustees, will amortize, at regular interest, the unfunded pension reserves for the accrued service portions of the pensions to which they may be entitled.
(3) The appropriation for pensions being paid retirants and beneficiaries shall be a percent of the annual compensations of members which will produce an amount which, if paid annually by the City over a period of years, to be determined by the Board of Trustees, will amortize, at regular interest, the unfunded pension reserves for pensions being paid retirants and beneficiaries.
(4) Each year following receipt of the report of the annual actuarial valuation, the balance in the retirement reserve fund shall be set equal to the actuarial present value of pensions being paid retirants and beneficiaries by a transfer to or from the pension reserve fund. The pending transfer shall be taken into account by the Actuary when making the actuarial valuation.
(c) The Board of Trustees shall report to the City Council, on or before June 30 of each year, the amount of contributions to be made by the City and Board of Hospital Managers. The City and Board of Hospital Managers shall respectively appropriate and pay the amounts of contributions out of available funds to the retirement system during the ensuing fiscal year.
(Ord. 1860, passed 8-16-1965; Ord. 2967, passed 8-26-1985; Ord. 3495, passed 5-28-2002; Ord. 3591, passed 6-24-2004; Ord. 3642, passed 4-11-2005)
Each year, when so requested by the City Administrator, the Secretary of the Board of Trustees shall prepare a budget showing the estimated amounts necessary for the administration of the retirement system during the ensuing fiscal year. When adopted by the City Council, the budget shall be administered and disbursed from the retirement fund of the City of Flint.
(Ord. 1860, passed 8-16-1965; Ord. 2525, passed 10-27-1975)
(a) (1) The Board of Trustees shall be the Trustees of the assets of the retirement system. The Board of Trustees shall have full power to invest and reinvest the assets subject to:
a. The terms, conditions, limitations and restrictions imposed by law of the State upon domestic life insurance companies in the making and disposing of their investments; and
b. The State law pertaining to the investments of public employees retirement system assets.
(2) The Board of Trustees shall have full power to hold, purchase, sell, assign, transfer and dispose of any securities and investments in which any of the money of the system has been invested, as well as the proceeds of the investments and any money belonging to the system.
(b) There shall be kept on deposit available cash not exceeding 5% of the total assets of the retirement system. All money and other assets of the retirement system shall be held for the sole purpose of making payments authorized by the provisions of the retirement plan and shall be used for no other purpose.
(c) The description of the various funds of the retirement system shall be interpreted to refer to the accounting records of the system and not to the segregation of assets in the funds of the system.
(Ord. 1860, passed 8-16-1965)
All interest and other earnings on money and investments of the retirement system shall be credited to the pension reserve fund. The Board of Trustees shall, at the end of each fiscal year, allow regular interest on the members’ individual balances in the employee savings fund at the beginning of the fiscal year; and on the mean assets credited to the retirement reserve fund. The amounts of interest so credited to the employee savings fund and the retirement reserve fund shall be charged to the pension reserve fund.
(Ord. 1860, passed 8-16-1965)
(a) The right of a person to a pension, to the return of accumulated contributions, the pension itself, any optional benefit, and any other right accrued or accruing to any member, retirant or beneficiary under the provisions of the retirement plan, and any monies belonging to the retirement system shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency law, or any law or any other process of law whatsoever, and shall be unassignable, except that a member may make voluntary assignment of his or her accumulated contributions to the municipal employees credit union as security for a loan or loans; provided, that the City and Hurley Medical Center shall have a right to set off from any member’s accumulated contributions at the time of termination of employment, for any money owed by the member to either Hurley Medical Center or the City, whether from nonpayment of a debt to Hurley Medical Center or the City, for any overpayment in final wages and fringe benefit payoffs made as a result of termination of employment. Provided also, that the City and Hurley Medical Center shall have the right to set off for any claim arising from embezzlement by or fraud of a member.
(b) Any retirant or beneficiary may authorize to have deducted from his or her pension those sums of money necessary to provide his or her membership in any fund or plan acceptable to the Board of Trustees, provided that the authorization to deduct is in writing and that notice of termination of the deduction shall be given to the Board in writing.
(Ord. 1860, passed 8-16-1965; Ord. 2457, passed 10-7-1974; Ord. 2842, passed 7-26-1982)
Should any change in the records result in any member, retirant or beneficiary receiving from the retirement system more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees shall correct the error and as far as practicable shall adjust the payment in such manner that the actuarial equivalent of the benefit to which the member, retirant or beneficiary was correctly entitled shall be paid; provided, however, that for errors discovered on or after July 1, 2009 a person receiving more than he or she would have been entitled not as a result of non-disclosure, fraud or misrepresentation shall not have the payments occurring more than one year prior to discovery of the error considered in the adjustment. Notwithstanding the foregoing, if the person or the person through whom that person is due benefits: (1) provided incorrect information which caused the error, (2) failed to provide information that was necessary to calculate the payment correctly, (3) caused the providing of incorrect information or failed to provide necessary information, or (4) knew or reasonably should have known that he or she was in receipt of an erroneous payment, all such payments, including payments occurring more than one year prior to the discovery of the error, shall be considered in the adjustment.
(Ord. 1860, passed 8-16-1965; Ord. 3758, passed 7-27-2009)
The Board of Trustees, or its duly authorized representative shall have the power to administer oaths and to subpoena witnesses to appear and testify or to produce books and papers which relate to questions in dispute. Any person who refuses to obey such a subpoena or who refuses to be sworn and testify or who fails to produce books and papers touching upon any material matter, or any witness party or attorney who is guilty of any contempt while in attendance at any hearing held under the retirement plan, may be punished as for contempt in court. For these purposes a court of competent jurisdiction, upon application of the Board of Trustees or its duly authorized representative, shall compel the attendance of witnesses, the production of books and papers and the giving of testimony before the Board of Trustees by attachment for contempt or otherwise in the same manner as the production of evidence may be compelled before the court. No person, having taken an oath or made affirmation in the proceeding, shall swear or affirm, willfully, corruptly or falsely. The District Court is herewith given jurisdiction to try persons for false swearing.
(Ord. 1860, passed 8-16-1965; Ord. 2314, passed 2-24-1969)
Loading...