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(A) The responsibility for the proper operation of the fund and the direction of its policies shall be vested in the Board of Trustees, consisting of:
(1) The Mayor, ex officio, who shall be the President of the Board;
(2) The City’s Chief Financial Officer, ex officio, who shall be the Treasurer of the Board; and
(3) Five trustees, all of whom shall be members of the Board of Commissioners, ex officio, and the City Manager, ex officio.
(1995 Code, § 2.88.210) (Ord. O-2001-30, passed 10-22-2001)
(B) (1) The officers of the Board shall consist of the President, Vice-President and Secretary. The President shall be the chief executive officer of the Board, shall preside at all meetings and shall appoint all necessary committees. The Vice-President shall serve in the absence of the President.
(2) The Board shall designate the Secretary who may or may not be a member of the Board and shall fix his or her compensation. The Secretary shall keep a full account of all proceedings of the Board, shall give notice of all meetings and give effect to all resolutions, orders and directives of the Board. He or she shall be in charge of the detailed affairs of administration of the fund; shall keep the record of proceedings of all meetings; shall keep all books, files, records and accounts of the fund; shall receive all applications for annuities, benefits and refunds; shall prepare periodic reports relative to the financial operations of the fund for the information of the Board; shall compile all statistics pertinent to the operation of the fund; and shall answer all correspondence received by the Board.
(3) The Treasurer of the Board and custodian of the fund shall have custody of all cash and securities of the fund, subject to the authority and directives of the Board and shall keep such accounts and records as may be prescribed by the Board.
(4) The Law Department of the City shall serve as legal advisors to the Board on all matters pertaining to the fund involving suits or actions at law, and on any questions as to the interpretation of the provisions hereof, or, if the Board so elects, it may retain special counsel.
(5) The Board shall establish rules and regulations to implement the provisions of this division which shall not be inconsistent therewith.
(6) The Vice-President shall be annually elected by the Board of Trustees.
(1995 Code, § 2.88.230)
(C) In addition to other duties arising out of this subchapter, the Board shall:
(1) Hold meetings as may be deemed necessary and keep a full record of all its proceedings, which shall be open to inspection by the public;
(2) Provide for the installation of a system of accounts and records that will give full effect to the requirements of this subchapter;
(3) Obtain such information from the participating members and the City as shall be necessary for the proper operation of the fund;
(4) Consider and pass upon all applications for annuities, benefits, refunds and other payments, and authorize the expenditure for such purposes, in accordance with the provisions hereof; (The Board shall have authority to promulgate the rules and regulations, not inconsistent with the provisions of this subchapter, necessary for the proper determination of all claims before it.)
(5) Accept any gift, grant or bequest of any money or property of any kind, for the purposes designated by the grantor, if such purposes are specified as providing cash benefits to some or all of the members or annuitants of the fund; and (If no such purposes are designated, the same shall be credited to the account representing income from investments.)
(6) Have the accounts of the fund audited as of the end of each fiscal year, by a competent accountant, and submit an annual report to the City as soon as possible following the close of the year, embodying among other things, a balance sheet showing the financial condition of the fund, a statement of income and expenditures for the year and such other financial or statistical data as are necessary for a proper interpretation of the condition of the fund and the results of its operations. The Board shall also cause to be published for distribution among the members a synopsis of the report.
(1995 Code, § 2.88.240)
The Board may invest the moneys accruing to the fund in interest bearing bonds of any county or City of the first, second or third class in the state, or in any securities in which Trustees are permitted to invest trust funds under the laws of the state.
(1995 Code, § 2.88.250)
(A) An adequate system of accounts and records shall be established and maintained for the fund that will reflect fully the requirements of the provisions of this subchapter.
(B) This system shall be integrated to the extent possible with the accounts, records and procedures of the City to the end that the same shall operate most effectively and at minimum expense, and that duplication of records and accounts may be avoided.
(1995 Code, § 2.88.260)
Each member shall, by virtue of the payment of contribution to the fund, receive a vested interest in such contributions, and in consideration of the vested interest, shall be conclusively deemed to undertake and agree to pay the same and to have the amounts deducted from his or her salary as herein provided.
(1995 Code, § 2.88.280)
The right to a retirement annuity, disability annuity, survivors annuity or benefit, death benefit or any other benefit under the provisions hereof by whatever name called, or refund, is personal with the recipient thereof, and the assignment or transfer of the benefit or any part thereof shall be void, except as herein provided. Any such annuity, benefit or refund shall not answer for debts contracted by the person receiving the same, and it is the intention of this section that they shall not be attached or affected by a judicial proceeding.
(1995 Code, § 2.88.290)
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