(a) There is hereby established an Officers' and Employees' Retirement Board, which shall consist of the following:
(1) The City Manager;
(2) The City Clerk;
(3) The Finance Director; and
(4) Two representatives selected by the employees.
The two representatives elected by the employees shall serve for terms of four years each, except for the first term, when the representative receiving the highest number of votes shall serve for a term of four years and the representative receiving the second highest number of votes shall serve for a term of two years.
Elections of the employees' representatives shall be held on or before March 1 of even calendar years.
(b) A vacancy occurring during the term of the persons named in division (a)(4) of this section shall be filled for the unexpired term by a person selected by the Council, by majority vote.
(c) Members of the Board shall serve until their successors are elected in a manner approved of by the Board.
(d) The Board shall elect a Chairperson, a Treasurer and a Recording Secretary and such other employees as may be necessary from its membership.
(e) The members of the Board shall serve without compensation, but shall be reimbursed by the City for any necessary expenditures, and no contributor shall suffer loss of salary or wages through serving on the Board.
(f) The Board shall register all persons employed by the City, shall administer the collection and distribution of the Officers' and Employees' Retirement Fund herein provided for and shall make such reasonable rules in the premises as such Board may deem necessary to carry into effect the provisions of this chapter.
(g) Each member of the Board shall take an oath of office that he or she will, so far as it devolves upon him or her, diligently and honestly administer the affairs of the Board, and that he or she will not knowingly violate or permit to be violated any of the provisions of law applicable to retirement systems for officers and employees of cities of the Third Class. Such oath shall be subscribed by the member making it and shall be filed in the office of the City Clerk.
(h) The Board shall keep a record of all its proceedings, and certified copies of all meetings and action taken shall be filed in the City Clerk's office within 15 days of said meeting. Approval of retirement of any member, along with specifications on years of service, military time, if any, and the authorized pension amount shall be submitted to Council by the Board for its approval and then to BT Management Trust Company and its successors for payment.
(i) The City shall pay all necessary and reasonable expenses incurred by the Board, provided that Council must give prior approval for all yearly expenses in excess of five hundred dollars ($500.00) per year.
(j) No person connected with the Board shall have any interest, direct or indirect, in the gains or profits of any investment made by the Board, nor, as such, directly or indirectly, receive any pay or emolument for his or her services. No person connected with the Board, directly or indirectly, for himself or herself or as an agent or partner of others, shall borrow any of its funds or deposits, or in any manner use the same, except to make such current and necessary payments as are authorized by the Board. No person connected with the Board shall become surety or become, in any manner, an obligor for moneys loaned by or borrowed from the Board.
(k) All of the business of the Officers' and Employees' Retirement System shall be transacted, all of its funds shall be invested, all warrants for money shall be drawn and payments made, and all of its cash and securities and property shall be held, in the name of the Johnstown Officers' and Employees' Retirement Board.
(Ord. 3888. Passed 1-12-71; Ord. 3992. Passed 4-10-74; Ord. 4654. Passed 10-27-93; Ord. 4662. Passed 4-27-94.)