(A) Police pension fund.
(1) Fund established; use. Pursuant to the provisions of I.C. 36-8-6-1 et seq., the Police Pension Fund is hereby reestablished with a Board of Trustees to manage the funds under the term and provisions of the above Acts.
(1992 Code, § 3.40.010)
(2) Assessment. The Clerk-Treasurer is authorized and directed to withhold from the salary of those members of the Police Department who are also members of the 1925 Police Pension Fund, an assessment authorized by I.C. 36-8-6-4.
(1992 Code, § 3.40.020) (Ord. 920, passed 12-20-1949)
(B) Firemen's pension fund.
(1) Fund established; use. Pursuant to the provisions of I.C. 36-8-7-1 et seq., the Firemen's Pension Fund is hereby reestablished with a Board of Trustees to manage the funds under the terms and provisions of the above Acts.
(1992 Code, § 3.36.010)
(2) Assessment. The Clerk-Treasurer is authorized and directed to withhold salary of those members of the Fire Department who are eligible members of the pension fund as an assessment as authorized by statute.
(1992 Code, § 3.36.020) (Ord. 912, passed 7-8-1949)
(C) Police and fire pension supplemental trust.
(1) Administration.
(a) An administrative committee, consisting of the Mayor, Clerk-Treasurer and City Attorney, shall oversee the management of the supplemental trust. The administrative committee may, at its discretion, choose to enter into a trust indenture with an authorized financial institution to serve as trustee.
(b) The City Clerk-Treasurer shall determine annually whether a shortfall exists in revenues utilized to pay police and fire pensions, and whether disbursements from the supplemental trust are required to offset such shortfall. If disbursements are necessary, the Clerk-Treasurer shall also be responsible for determining the level and frequency of disbursements from the supplemental trust for that year.
(c) In the event the administrative committee chooses to execute a trust indenture with an authorized financial institution, both the administrative committee and the City Clerk-Treasurer shall perform any additional responsibilities and duties as provided for in the trust indenture.
(2) Funding.
(a) The police and fire pension budgets shall include a line item for a transfer to the trust, in the amount of any unused, appropriated monies from the prior year's budget, and any additional amounts that the budget will allow.
(b) These funds shall be kept invested and shall not be borrowed from.
(Ord. 1994-13, passed 12-30-1994)