(A) The City Council hereby establishes the Fire Department Retirement Committee, which shall supervise the general operation of the Fire Department’s retirement system. The Retirement Committee shall consist of six members, of which four members shall be selected by the active paid firefighters. 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 Fire 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, subject to approval by the City Council, be reimbursed for their actual and necessary expenses incurred in carrying out their duties.
(B) (1) The funds in the Firefighters Retirement System Fund shall be invested by the Retirement Committee. The city, subject to the approval of the Retirement Committee, shall contract with a funding agent or agents to hold or invest the assets of the retirement system and to provide for the benefits provided by Neb. RS 16-1020 to 16-1042. The Retirement Committee, subject to the approval of the city, may also select an investment manager. The city, subject to approval of the Retirement Committee, may contract with investment managers registered under the Investment Advisers Act of 1940, being 15 U.S.C. § 80b-1, to invest, reinvest, and otherwise manage such portion of the assets of the retirement system as may be assigned by the city or Retirement Committee.
(2) The Retirement Committee shall establish an investment plan which allows each member of the retirement system to allocate all contributions to his or her employee account and, if he or she commenced his or her employment after January 1, 1984, his or her employer account to the various investment options or combinations of investment options described in such plan. Each firefighter shall have the option of investing his or her employee account and, if he or she commenced his or her employment after January 1, 1984, his or her employer account in any proportion, including full allocation, in any investment option offered by the plan. Upon the direction of the city, firefighters employed on January 1, 1984, may have the option to allocate their employer account to various investment options or combinations of investment options in any proportion, including full allocation, in any investment option offered by the plan. Each firefighter shall be given a summary of the investment plan and a detailed current description of each investment option prior to making or revising his or her allocation.
(3) The funds in the Firefighters Retirement System Fund 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) The analysis shall be prepared by an independent private organization or public entity employing actuaries who are members in good standing of the American Academy of Actuaries, and which organization or entity has demonstrated expertise to perform this type of analysis and is unrelated to any organization offering investment advice or which provides investment management services to the retirement plan.
(Prior Code, § 32.57) (Ord. 1292, passed 12-12-1983)