(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)