The Board of Pensions and Retirement shall administer the pension and retirement systems of the City and shall examine and make recommendations as to the administration of any separate pension and retirement systems to which the City makes appropriations even though such systems are incorporated.
ANNOTATION
Sources: No specific source.
Purposes: The City pension and retirement system is to be administered by a separate agency, the Board of Pensions and Retirement, for it will be a vast and complex operation. The Board could not be given jurisdiction as a matter of law to administer private pension and retirement systems unless the City had some direct interest in such systems, such as through appropriations made to them. However, since there is no established City policy in this respect, and since City appropriations may constitute but a small part of the income of private pension and retirement systems, the only requirement imposed is that the Board shall examine such systems and make recommendations as to their administration. Such recommendations may be made mandatory by ordinance as a condition of receiving City appropriations.