§ 39.267 REMARRIAGE OF SURVIVING SPOUSE.

   Surviving spouses whose pension benefits have terminated or whose future pension benefits are subject to termination because of remarriage will have their surviving spousal pension benefits reinstated as of the effective date of the ordinance from which this section derives. The reinstatement of surviving spousal benefits will not be retroactive and will not include post-retirement redetermination benefit increases granted since termination of benefits, but pension benefits will begin again based on their last calculated benefit. They will be eligible under the same regulations as other retirants for future post-retirement redetermination increases.

(1992 Code, § 35-62) (Ord. 110-89, passed 10-16-1989)

§ 39.268 TERMINATION OF PLAN.

   In the event of termination of this plan, the rights of all affected participants to benefits then accrued shall thereupon become 100% vested andnonforfeitable to the extent then funded or the amounts credited to the employees’ accounts are nonforfeitable.

(1992 Code, § 35-62.1) (Ord. 5-05, passed 1-10-2005)

EMPLOYEE’S RETIREMENT SYSTEM; BOARD OF TRUSTEES

§ 39.280 ADMINISTRATION OF RETIREMENT SYSTEM.

   (a)   The authority and responsibility for the administration, management and proper operation of the retirement system and for construing and making effective the provisions of this subchapter shall be vested in the board of trustees.

   (b)   The retirement system is established as a qualified defined benefit plan known as the "city of Sioux Falls Employee's Retirement System" as amended from time to time, pursuant to §§ 401(a) and 414(d) of the Internal Revenue Code and such other provision of the Internal Revenue Code as applicable and applicable Treasury Regulations and other guidance.

(1957 Rev. Ords., § 2.503; 1992 Code, § 35-63; Ord. 118-16, passed 12-20-2016)

§ 39.281 COMPOSITION.

   The board of trustees of the Employee's Retirement System shall be composed of seven trustees as follows:

   (a)   The mayor, or that person as the mayor shall designate to act on the mayor's behalf; and two members who may or may not be members of the council appointed by the mayor with advice and consent of the council, to represent the council;

   (b)   Three members of the retirement and pension system selected by the membership, two of whom shall be general members elected by the general division members and one of whom shall be a police member elected by the police division members. Elections shall be in accordance with § 39.282; and

   (c)   One resident of the city who is not an official or employee of the city and whose membership on the board of trustees creates no conflict of interest. The member shall be nominated and approved by an affirmative majority vote of the trustees selected pursuant to divisions (a) and (b) above.

(1957 Rev. Ords., § 2.503; 1992 Code, § 35-64) (Ord. 108-85, passed 12-2-1985; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)

§ 39.282 ELECTION OF TRUSTEES.

   The election of the trustees provided in § 39.281(b) and (c) shall be held under the rules and regulations as the board shall from time to time adopt.

(1957 Rev. Ords., § 2.504; 1992 Code, § 35-65)

§ 39.283 TERMS OF OFFICE.

   (a)   The regular term of office for trustee members appointed by the mayor shall be four years to expire on December 31 in the year of the mayoral election. The regular term of office for the trustees provided in § 39.281(b) and (c) shall be four years, one term to expire each year.

   (b)   No trustee selected under s § 39.281(a) or (c), except the mayor or their designee, shall serve more than two consecutive full terms of office.

(1957 Rev. Ords., § 2.505; 1992 Code, § 35-66) (Ord. 67-94, passed 7-25-1994; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)