(a) Retention; Functions. A Retirement Board heretofore established by the City Charter, as amended, is retained. The Board is vested with the general administration, management and responsibility for the proper operation of the retirement system and for making effective the provisions of this chapter. The Board shall be organized immediately after four members of the Board, as provided in subsection (b) hereof, have qualified and have taken the oath of office.
(1979 Code Sec. 2.80.030)
(b) Composition. The Board shall consist of five Board members, as follows:
(1) The Mayor for and during his or her tenure in office;
(2) The Councilperson who is either Chairperson of the Finance Committee or the City Controller, for and during his or her tenure in office or as Chairperson of the Finance Committee;
(3) A citizen who is an elector and taxpayer of the City, appointed by the Mayor and Council;
(4) A police officer who is a member of the retirement system, elected by the membership of the retirement system, and employed in the Police Department; and
(5) A firefighter who is a member of the retirement system, elected by the membership of the retirement system, and employed in the Fire Department.
(1979 Code Sec. 2.80.040)
(c) Elections; Terms of Office. Until the first election is held, the Mayor shall appoint the police officer and firefighter members of the Board to serve as trustees until their successors are elected and have qualified. The Board as so constituted shall order and arrange for an election by the members, to be held within thirty days from the effective date of the Charter amendment. The regular term of office for the appointive resident member and the police officer and firefighter members shall be three years. At the first election, the resident member shall serve one year from the effective date of the Charter amendment; the police officer member shall serve two years from such effective date; and the firefighter member of the Board shall serve three years from such effective date.
(1979 Code Sec. 2.80.050)
(d) Vacancies. If a vacancy occurs on the Board through dismissal from service, death, inability to serve or for other reasons, the vacancy shall be filled within thirty days after the date of the vacancy, for the unexpired term, in the same manner as the office was previously filled.
(1979 Code Sec. 2.80.060)
(e) Organization; Powers and Duties; Compensation.
(1) Each member of the Board shall qualify for office by taking the oath of office required of every officer under Chapter IV, Section 10, of the City Charter.
(2) The Board shall elect from its own membership a Chairperson and a Vice-Chairperson, adopt its own rules of procedure and keep a record of the proceedings, all minutes to be filed in the office of City Clerk within ten days after the Board has met. The Board shall hold meetings at least once each quarter as may be necessary. All meetings of the Board shall be posted in accordance to the Open Meeting Act and open to the public.
(1979 Code Sec. 2.80.070; Res. 07-167A. Passed 5-21-07.)
(3) Three members of the Board shall constitute a quorum, and at least three concurring votes shall be necessary for a decision by the members of the Board at any meeting of the Board.
(Res. 94-667. Passed 11-21-94.)
(4) The members of the Board shall serve without additional compensation for their services as such members. The Board may employ such legal, actuarial, medical and other services as shall be required, and compensation for such services shall be fixed by the Board, subject to the approval of Council.
(5) The City Treasurer shall be the treasurer of the retirement system and custodian of the several funds established by the City Charter, as amended, and retained and continued by this chapter.
(6) The City Attorney shall be the legal advisor to the Board.
(7) The Board shall appoint an actuary who shall be the technical advisor to the Board.
(8) The Board shall adopt mortality, service experience, compensation experience and other tables as may be necessary for the proper operation of the retirement system.
(9) The Board shall keep or cause to be kept such data as shall be necessary for an actuarial valuation of the various funds of the retirement system. The Board shall render a written report to Council on or before May 15 showing the fiscal transactions of the retirement system for the year ending the preceding December 31.
(1979 Code Sec. 2.80.070)