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A majority of the members of the Board of Trustees shall constitute a quorum and have the power to transact business, provided no money belonging to the funds of the Police Pension and Retirement System shall be disbursed for any purpose without a vote of the majority of all the members of the Board of Trustees, which vote shall be taken by yeas and nays, and the vote of each member so voting entered upon the proceedings of the Board.
(`90 Code, § 1-39)
The Board of Trustees shall, in addition to the other powers herein granted, have power to:
(A) Compel witnesses to attend and testify before the Board upon all matters connected with the operations of this article, and in the same manner as is, or may be, provided by law, for the taking of testimony before notaries public, and its Chairperson or any member of the Board may administer oaths to the witnesses;
(B) Provide for the payment from the funds of the Police Pension and Retirement System of all its necessary expenses, and to pay for the services as shall be required to transact the business of the Police Pension and Retirement System, provided that no compensation or emolument shall be paid to any member of the Board for any duties performed under this article;
(C) Provide all rules and regulations needful for its guidance in conformity with the provisions of this article; and
(D) (1) Invest and reinvest any funds of the Police Pension and Retirement System in state and federal bonds only subject to all the terms, conditions, limitations and restrictions imposed by law upon life insurance companies in the state in making and disposing of their investments and subject to like terms, conditions, limitations and restrictions. The Trustees shall have full power to hold, purchase, sell, assign, transfer or dispose of any of the securities and investments, in which any of the fund shall have been invested, as well as of the proceeds of the investments and any moneys belonging to the funds. The Board, for the purpose of meeting disbursements for pensions and other payments, shall keep available cash of at least 10% of the total amount in the several funds of the Police Pension and Retirement System on deposit in one or more banks or trust companies in the city, which bank or trust company shall be organized under the laws of the state or the United States, and that the amount on deposit in any one bank or trust company shall not exceed 25% of the paid-up capital and surplus of the bank or trust company.
(2) No Trustee and no employee of the Board shall have any interest in gains or profits of any investment made by the Board of Trustees nor as such receive any pay or emolument for his or her services. No Trustees, nor employee of the Board of Trustees shall directly or indirectly, for himself or herself or as an agent, in any manner use the assets of the Police Pension and Retirement System, except to make correct and necessary payments, as are authorized by the Board of Trustees, nor shall any Trustee or employee of the Board become an endorser or surety or become in any manner an obliger for moneys loaned by or borrowed from the Board of Trustees.
(`90 Code, § 1-40)
All moneys provided for the funds of the Police Pension and Retirement System, by appropriation by the city, or contribution by police officers, shall be paid over to and received by the City Treasurer for the use and benefit of the Police Pension and Retirement System, to be disbursed as provided by law and this article, and the additional duties this imposed on the City Treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath as City Treasurer.
(`90 Code, § 1-41)
(A) All police officers hired by the city, including the Chief of Police, shall be members of the Police Pension and Retirement System if eligible.
(B) The percentage of wages required to be contributed by the police officer, and the amount to be contributed by the city, shall be determined in accordance with the requirements set by state statutes pertaining to, or the rules and regulations promulgated by the State Police Pension and Retirement System.
(`90 Code, § 1-43) (Ord. 2685, passed 5-5-81)
(A) Any of the funds in the Police Pension and Retirement System, whether paid by the city or contributed by the police officers of the city, shall be used only for the following purposes:
(1) For investments, as authorized in § 1-93(D)(1);
(2) For the payment of pensions for long service to retired meritorious police officers of the city; and
(3) For the payment of a pension to any widow, while single, and a child or children under 18 years of age of any police officer eligible for a pension.
(B) Payments, in any event, shall not exceed the limits in this article provided.
(`90 Code, § 1-44)
(A) The Board of Trustees is hereby authorized and empowered to pay out of any funds in its Police Pension and Retirement System a service pension to any police officer eligible as hereinafter provided, 50% of the average final yearly compensation of any police officer.
(B) (1) In order for a police officer to be eligible for the service pension, he or she must have reached the age of 55 years, or more, and his or her service with the Police Department must have ceased.
(2) He or she must have served for a period of 20 years or more in some police department in the state of a standard equivalent to that of the Police Department of the city, five years of which service shall have been consecutive immediately preceding the end of the period in the city. He or she must have complied with any agreement as to contributions by him or her and other police officer to the funds of the Police Pension and Retirement System, provided for in this article. Any police officer meeting with all other requirements of this article, who has served 25 years in accordance with this article, may be retired at one-half of the final average compensation of the police officer without regard to age. Any police officer who serves over 25 years may be retired at one-half of the final average compensation of the police officer, plus 2% of each additional year in excess of 25 years, not to exceed in any event three-fourths of final average compensation of the police officer.
(C) Where a police officer has served for the necessary number of years and is otherwise eligible except as to being 55 years, or more of age, if he or she is discharge without cause or his or her office is abolished, he or she shall be eligible for pension. When a police officer reaches the age of 70 years, he or she must retire, unless at the request of the Chief of Police, the Board of Trustees grants him or her an extension of one year, which can be further extended for one-year periods only at the request of the Chief of Police.
(D) In the event of the death of any police officer who has been awarded a pension under the provisions of this article, his or her widow, child or children, shall be paid the pension so awarded, provided that the same shall cease as to the widow, when he or she shall marry, or as to the child or children when they become 18 years of age. The payments to be divided equally between the child or children and widow provided, however that in the event of the death of the widow of the police officer, the child or children under the age of 18 shall be entitled to receive the full benefits of the pension in equal proportions.
(E) In the event of the child or children dying or becoming 18 years of age, the widow shall receive the full amount of the pension. In order for a widow to receive the pension as in this article provided, he or she must have been the husband or wife of the police officer at the time of his or her retirement, and for at least three years.
(`90 Code, § 1-45)
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