(A) There shall be and is hereby created a Police Officers' Retirement Committee to supervise the general operation of the retirement system established pursuant to Neb. RS 16-1001 to 16-1019. The Committee shall consist of six members. Members of the Committee shall serve for terms of four years. Vacancies shall be filled for the remainder of the term by a person with the same representation as his or her predecessor. Four members shall be selected from the police force of the city. Election of police officers shall be by secret ballot. Results of the election shall be verified by the City Clerk. Two members shall be designated by the City Council. The City Manager and the Director of Finance of the city shall be and hereby are appointed to the Committee and shall be deemed to be reappointed each four-year term hereafter unless otherwise specified by the City Council. Members who are not participants in the retirement system shall have a general knowledge of retirement plans. Members of the retirement committee shall receive no salary and shall not be compensated for expenses.
(B) The funds of the retirement system established pursuant to Neb. RS 16-1001 to 16-1019 shall be invested under the general direction of the Police Officers' Retirement Committee. All funds of the retirement system shall be invested pursuant to the policies established by the state Investment Council.
(C) It shall be the duty of the Police Officers' Retirement Committee to:
(1) Elect a Chairperson and other officers as the Committee deems appropriate;
(2) Provide each employee a summary of plan eligibility requirements and benefit provisions;
(3) Provide, within 30 days after a request is made by a participant, a statement describing the amount of benefits the participant is eligible to receive; and
(4) 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.
(5) Beginning December 31, 1998, and each December 31 thereafter, the Chairperson of the Retirement Committee shall file with the Public Employees Retirement Board an annual report on each retirement plan established pursuant to § 401(a) of the Internal Revenue Code and administered by a retirement system established pursuant to Neb. RS 16-1001 to 16-1019, and shall submit copies of the report to the members of the state Retirement Systems Committee of the legislature. The annual report shall be in a form prescribed by the Public Employees Retirement Board and shall contain the following information for each retirement plan:
(a) The number of persons participating in the retirement plan;
(b) The contribution rates of participants in the plan;
(c) Plan assets and liabilities;
(d) The names and positions of persons administering the plan;
(e) The names and positions of persons investing plan assets;
(f) The form and nature of investments;
(g) For each defined contribution plan, a full description of investment policies and options available to plan participants; and
(h) For each defined benefit plan, the levels of benefits of participants in the plan, the number of members who are eligible for a benefit, and the total present value of the members' benefits, as well as the funding sources which will pay for the benefits. If a plan contains no current active participants, the Chairperson may file in place of the report a statement with the Public Employees Retirement Board indicating the number of retirees still drawing benefits, and the sources and amount of funding for the benefits.
(6) Beginning December 31, 1998, and every four years thereafter, if the retirement plan is a defined benefit plan, the Retirement Committee shall cause to be prepared a quadrennial report and the Chairperson shall file the same with the Public Employees Retirement Board and submit to the members of the Nebraska Retirement Systems Committee of the legislature a copy of the report. The report shall consist of a full actuarial analysis of each retirement plan administered by a system established pursuant to Neb. RS 16-1001 to 16-1019. The analysis shall be prepared by an independent private organization or public entity employing actuaries who are members in good standing of the American Academy of Actuaries, and which organization or entity has demonstrated expertise to perform this type of analysis and is unrelated to any organization offering investment advice or which provides investment management services to the retirement plan.
(Ord. 2005-2738, passed 7-7-2005)