(a) Organization; Composition. The Retirement Commission heretofore established by the City Charter, as amended, is retained. The Commission is vested with the general administration, management and responsibility for the proper operation of the employees retirement system and for making effective the provisions of this chapter. The Commission shall be organized immediately after three Commissioners have qualified. The Commission shall consist of five Commissioners as follows:
(1) The Mayor;
(2) A Council member to be selected by Council;
(3) A resident, appointed by Council, who is an elector and a free holder of the City and who is not eligible to receive benefits under this retirement system;
(4) Two members of the retirement system to be elected by the membership of the retirement system under such rules and regulations as the Commission adopts to govern such election, provided that not more than one employee representative on the Commission shall be from any one City department.
(b) Preliminary Appointments; Elections. Until the first election is held, Council shall appoint the Commissioners provided for in this chapter. The preliminary Retirement Commission, consisting of the Commissioners provided for in subsection (a) hereof, shall order and arrange for an election by the members of the retirement system. Such election shall be held within ninety days after the effective date of the retirement system. At the first election the appointed resident Commissioner shall serve three years; the employee Commissioner with the greatest number of votes shall serve two years; and the employee Commissioner with the next greatest number of votes shall serve one year.
(c) Terms of Office; Vacancies. After the first election, the regular term of office of the resident Commissioner and the employee Commissioners shall be three years. The term of office of the Commissioner provided for in paragraph (a)(2) hereof shall be designated by Council. If a vacancy occurs in the office of Commissioner, Council shall appoint an eligible person to fill the vacancy for the unexpired term. Such appointment shall be made within sixty days following the date of vacancy. However, vacancies of employee representatives shall be filled by the employees.
(d) Oath of Office; Compensation. Each Commissioner shall, within ten days after his or her appointment or election, take an oath of office to be administered by the City Clerk or the Mayor. The members of the Commission shall serve without compensation for their services as Commissioners.
(e) Meetings; Rules of Procedure; Records; Quorum. The Commission shall hold meetings regularly, at least one in each month, and shall designate the time and place thereof. It shall adopt its own rules of procedure and shall keep a record of its proceedings. All meetings of the Commission shall be public. Each Commissioner shall be entitled to one vote in the meetings of the Commission. Three Commissioners shall constitute a quorum at any meeting of the Commission, and three concurring votes shall be necessary for a decision by the Commissioners.
Officers.
(1) Secretary. The City Controller shall be Secretary of the Commission and the administrative officer of the retirement system.
(2) Treasurer. The City Treasurer or other trustee as designated by the Commission shall be the custodian of the retirement system funds. All payments from the funds of the retirement system shall be made by the City Treasurer or trustee only upon proper authorization.
(3) Legal advisor. The City Attorney shall be legal advisor to the Commission.
(4) Actuary. The Commission shall appoint an actuary who shall be the technical advisor to the Commission on matters regarding the operation of the various funds of the retirement system and who shall perform such other duties as are required in connection therewith.
(5) Medical director. The Commission shall appoint as medical director a physician who is not eligible for membership in the retirement system and who has not, within five years prior to the date of appointment, filled an elective position in the City government. The medical director shall be directly responsible to and shall serve at the pleasure of the Commission. The medical director shall investigate all essential statements and certificates of a medical nature by or on the behalf of a member or beneficiary in connection with an application for disability. He or she shall report in writing to the Commission his or her conclusions on matters referred to him or her.
(6) Professional and clerical services. The Commission, subject to the approval of Council, shall employ such persons as are required for the proper operation of the retirement system. The compensation for such services shall be fixed by the Commission, subject to the approval of Council.
(g) Actuarial Valuations. The Secretary shall keep or cause to be kept in a convenient form such data as shall be necessary for an actuarial valuation of the various funds of the retirement system. The Commission shall render a report to the Mayor and Council, on or before October 1 of each year, showing the fiscal transactions of the retirement system for the year ending the preceding June 30, and the last balance sheet showing the financial condition of the retirement system by means of an actuarial valuation of the assets and liabilities of the retirement system.
(Res. 88-388. Passed 5-23-88.)