(A) The City Council hereby establishes the Police Department Retirement Committee which shall supervise the general operation of the Police Department’s retirement system. The Retirement Committee shall consist of six members of which four members shall be selected by the active paid police officers. Two members shall be designated by the City Council. The members who are not participants in such retirement system shall have a general knowledge of retirement plans. Members of the City Council, active members of the Police Department, and members of the general public may serve on the Retirement Committee. The Committee members shall be appointed to four year terms. Vacancies shall be filled for the remainder of the term by a person with the same representation as his or her predecessor. Members of the Retirement Committee shall receive no salary and shall not be compensated for expenses.
(B) The funds of the retirement system shall be invested by the Retirement Committee. The municipality or Committee shall contract with an insurance company, trust company, or other financial institution including, but not limited to, brokerage houses, investment managers, savings and loan associations, banks, credit unions, or Farmers Home Administration or Veterans’ Administration approved lenders. Such funds shall be invested pursuant to the policies established by the State Investment Council.
(C) It shall be the duty of the Retirement Committee to:
(1) Provide each employee a summary of plan eligibility requirements and benefit provisions;
(2) Provide, within 30 days after a request is made by a participant, a statement describing the amount of benefits such participant is eligible to receive;
(3) Make available for review an annual report of the system’s operations describing both the amount of contributions to the system from both employee and employer sources and an identification of the total assets of the retirement system; and
(4) Have an analysis made of the investment return that has been achieved on the assets of the retirement system administered by the Committee. Such analysis shall be prepared as of January 1, 1989, and each five years thereafter. The analysis shall be prepared by an independent private organization which has demonstrated expertise to perform this type of analysis and which is unrelated to any organization offering investment advice or which provides investment management services to the retirement system.
(Prior Code, § 32.25) (Ord. 1291, passed 12-12-1983)