The retirement system shall be managed by the Administration, Investment and Fiscal Management Board which shall consist of the following persons:
(a) The city manager or designated representative;
(b) The city finance director, or designated representative;
(c) The city treasurer, or designated representative;
(d) A resident of the city not connected with the government thereof, appointed by the city council, who is qualified by training and experience in the management and investment of funds; and
(e) A resident of the city not connected with the government thereof, appointed by the city council.
A majority of members of the board shall constitute a quorum. Action by the board shall require the affirmative vote of three members, except that a lesser number may adjourn from time to time.
The two incumbent board members holding the seats described in subparagraphs (d) and (e) shall continue to serve until the expiration of the term for which they were initially appointed, or until a successor is appointed. Thereafter, such members shall be appointed for a term of three years, or until a successor is appointed. (Amended June 6, 1989)