(A) The governing body hereby established 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 active paid police officers. Two members shall be designated by the governing body. The members who are participants in such retirement system shall have a general knowledge of retirement plans. Members of the governing body of the municipality, 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 association, 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’s 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 each participant is eligible to receive;
(3) Make available for review an annual report of the system’s operations describing both (a) the amount of contributions to the system from both employee and employer sources and (b) an identification of the total assets of the retirement system.
(2005 Code, § 3-403)