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Every fiduciary shall discharge his or her duties solely in the interest of the participants and beneficiaries of this retirement system, for the exclusive purpose of providing benefits to participants and their beneficiaries and with the skill, care, prudence and diligence, under the circumstances then prevailing, of a prudent person familiar with the matters and acting in a similar capacity. For purposes of this section, the word FIDUCIARY means any person or entity who exercises any discretionary authority control over the management of this retirement system or its assets, any person or entity who renders investment advice to this retirement system for a fee or other compensation, or any person or entity who has any discretionary authority or discretionary responsibility in the administration of this retirement system.
(1992 Code, § 35-77) (Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)
FIREFIGHTERS’ PENSION FUND;
GENERALLY
GENERALLY
For the purposes of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACCUMULATED CONTRIBUTIONS. The sum of all amounts deducted from the compensations of a member and credited to his or her individual accumulated contributions account in the pension fund, together with regular interest thereon.
BENEFICIARY. Any person, except a retirant, who is in receipt of a pension or other benefit payable from the pension fund.
BOARD. The retirement board provided for in this subchapter.
CHILD. An eligible child who is an unmarried child under age 18, born to or legally adopted by the member.
COMPENSATION. The annual rate of salary paid a firefighter by the city for service rendered by him or her as a firefighter in the employ of the city. The word COMPENSATION shall include longevity pay increases, if any, granted him or her.
CREDITED SERVICE. Service credited a member to the extent provided in this subchapter.
ELIGIBLE HANDICAPPED CHILD.
(1) An unmarried, dependent child born to or legally adopted by the member, irrespective of age, for which the board is provided medical proof that the child is permanently unable to hold fully self- supporting gainful employment because of mental or physical disability. Whether the child is dependent shall be determined in the discretion of the board on an individual basis. Factors which may be considered in determining dependency include, but are not limited to:
A. Whether the child is claimed as a dependent on another person's federal income tax return; and
B. Whether, and the extent to which, the child receives economic, social or other living assistance.
(2) The board shall decide in each individual case how often to require confirming medical proof of handicapped for continuation of benefits.
EMPLOYER. The city of Sioux Falls.
FINAL AVERAGE COMPENSATION.
(1) The average of the annual compensations received by a member for a period of three consecutive years of credited service immediately preceding retirement. If a member has less than three years of credited service, FINAL AVERAGE COMPENSATION shall be the average of the annual compensations received for the member's total years of credited service. For any year chosen, that year's annual compensation shall include sick leave payments and vacation payments, if received in that year, but shall not include payments for mileage reimbursement, car allowance, clothing allowance and other incidental payments.
(2) Notwithstanding any provision to the contrary, the annual compensation of each member taken into account in determining the final average pay used to determine benefit accruals in any calendar year beginning after December 31, 2003, shall not exceed $205,000. The $205,000 limit on annual compensation shall be adjusted for cost-of-living increases in accordance with § 401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar year applies to annual compensation for the determination period that begins with or within the calendar year.
FINAL COMPENSATION. A member's regular annual rate of compensation at the time employment is last terminated with the city as a firefighter. In determining regular, annual rate of compensation, persons receiving workers' compensation or payments in lieu of sick leave shall be treated as if they had not received workers' compensation payments or payments in lieu of sick leave but had been paid their regular salary or wages during the period of time under consideration.
FIREFIGHTER. A full-time officer or employee of the fire department of the city. The word FIREFIGHTER shall not include any civilian employee of the fire department, nor any person temporarily employed as a firefighter for an emergency, nor any person who is privately employed as a firefighter.
FIREFIGHTER'S SALARY. The annual rate of compensation of a firefighter at step 9 or equivalent step in the pay schedule.
INTERNAL REVENUE CODE.
(1) All references to the Internal Revenue Code mean the Internal Revenue Code of 1986, as amended.
(2) The plan year is the fiscal year commencing January 1 and ending December 31.
(3) For 415 testing purposes, the limitation year is the calendar year.
MEDICAL COMMITTEE. A committee of two physicians, one of whom is designated by the board, and one by or on behalf of a member, retirant or beneficiary who is claiming benefits under this subchapter. If the two physicians do not concur, the MEDICAL COMMITTEE means a committee of the two physicians and one additional member selected by them.
MEMBER. Any person included in the membership of the pension fund.
PENSION. An annual amount payable, from the pension fund, in equal monthly installments for life.
PENSION FUND. Consists of:
(1) All sums of money or property that are contributed by gifts, devises and bequests;
(2) All money received by the city from the state division of insurance as its proportionate share of the insurance fund collected from the various insurance companies;
(3) All income derived from the investments of monies in the pension fund;
(4) An amount as may be annually designated by the council pursuant to law;
(5) All contributions by members of the pension fund; and
(6) All contributions by the city.
REGULAR INTEREST. Interest at the rate or rate per annum as the board shall from time to time determine.
RETIRANT. A member who retires with a pension payable from the pension fund.
SERVICE. Service rendered to the city by a person in the employ of the city as a firefighter.
VOLUNTARY RETIREMENT AGE.
(1) Age 55 years for a member with 20 or more years of credited service. For a member with less than 20 years of credited service at age 55 years, VOLUNTARY RETIREMENT AGE means the age at the time 20 years of credited service are acquired; or
(2) A member whose age and years of service, when added, equal 80 as calculated in § 39.312(a)(2).
(1957 Rev. Ords., § 2.1102; 1992 Code, § 35-87) (Ord. 2196, passed 6-10-1963; Ord. 47-77, passed 6-20-1977; Ord. 108-85, passed 12-2-1985; Ord. 96-87, passed 11-16-1987; Ord. 110-89, passed 10-16-1989; Ord. 110-90, passed 12-3-1990; Ord. 83-93, passed 11-22-1993; Ord. 36-95, passed 3-6-1995; Ord. 127-99, passed 12-13-1999; Ord. 53-02, passed 7-8-2002; Ord. 5-05, passed 1-10-2005; Ord. 118-16, passed 12-20-2016)
Cross-reference:
Definitions and rules of construction generally, see § 10.002
The officers of the Firefighters' Pension Fund shall be as follows.
(a) The board shall elect from its members a chairperson and a chairperson pro tem.
(b) The director of human resources shall serve as the administrative officer to the board of trustees and shall transact all business of the pension fund except for the accounting and investment activities which shall be delegated to the city finance director.
(c) The city finance director shall be treasurer of the pension fund and shall administer the accounting and investment activities of the pension fund as well as be custodian of all the assets except those placed with a funding agent or investment counsel as provided in § 39.332.
(d) The city attorney shall be legal advisor to the board.
(e) The board shall appoint an actuary who shall be the technical advisor to the board on matters regarding the operation of the pension fund who shall perform those other duties as are required in connection therewith.
(f) The board shall have power to select and employ a funding agent or engage in contract for investment counsel and advice as provided in § 39.332.
(g) The board of trustees, by resolution, may appoint an administrator and may hire additional employees as may be required to transact the business of the pension fund. The board of trustees shall require bonding of the administrator in an amount set by the board of trustees, which may be included under any city employee's blanket bond. The bond premium may be paid by the pension fund.
(h) The administrator shall make available to any member of the pension fund and to any beneficiary of the pension fund a summary pension fund description. The summary pension fund description shall be written in a manner to be understood by the average member of the pension fund and shall be sufficiently accurate and comprehensive to apprise participants and beneficiaries of their rights and obligations under the pension fund. The summary pension fund description shall include:
(1) The name and address of the administrator;
(2) Names, titles and addresses of any trustees;
(3) A description of the relevant provisions of any applicable collective bargaining agreement;
(4) The pension fund's requirements respecting eligibility for participation and benefits;
(5) A description of provisions providing for nonforfeitable pension benefits;
(6) Circumstances which may result in disqualification, ineligibility or denial or loss of benefits;
(7) The source of financing of the pension fund and the identity of any organization through which benefits are provided;
(8) The date of the end of the pension fund year and whether the records of the pension fund are kept on a calendar, policy or fiscal year basis; and
(9) The procedures to be followed in presenting claims for benefits under the pension fund and the remedies available under the pension fund for the redress of claims which are denied in whole or in part.
(i) The administrator shall, upon written request of any participant or beneficiary, furnish a copy of the latest updated summary pension fund description, the latest annual report and any bargaining agreement, trust agreement, contract or other instrument under which the pension fund is established or operated. The administrator may make a reasonable charge to cover the cost of furnishing complete copies.
(j) The administrator shall annually furnish to each pension fund member or beneficiary a statement showing, on the basis of the latest available information, the member's or beneficiary's accumulated contributions, if any; total benefits accrued and nonforfeitable benefits, if any, which have accrued; or the earliest date on which his or her benefits will become nonforfeitable.
(1957 Rev. Ords., § 2.1106; 1992 Code, § 35-88) (Ord. 2002, passed 10-19-1959; Ord. 2649, passed 11-17-1969; Ord. 2696, passed 7-27-1970; Ord. 108-85, passed 12-2-1985; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
The membership of the Firefighters' Pension Fund shall include all firefighters hired by the city prior to July 1, 2013. In all cases of doubt, the human resources director shall decide who is a member of the Firefighters' Pension Fund within the meaning of the provisions of this subchapter and applicable federal law. All firefighters hired or appointed on or after July 1, 2013, shall participate in the South Dakota Retirement System and will not be eligible for any benefits within this chapter.
(1957 Rev. Ords., § 2.1109; 1992 Code, § 35-89) (Ord. 34-91, passed 4-8-1991; Ord. 36-95, passed 3-6-1995; Ord. 24-13, passed 5-7-2013; Ord. 118-16, passed 12-20-2016)
Except as otherwise provided in this subchapter, if any member leaves the employ of the city for any reason except death and retirement, membership in the pension fund shall cease and credited service at that time shall be forfeited. If the member is reemployed by the city prior to July 1, 2013, as a firefighter, membership in the pension fund shall be restored. If the member is reemployed in any other position in the city, credited service shall not be restored. If the reemployment occurs within a period of six years after the date of leaving the employ of the city, the member's credited service last forfeited shall be restored to the member's credit, provided the member returns to the accumulated contributions account any amount withdrawn, together with regular interest from the date of withdrawal to the date of repayment. A reemployed member must notify the pension fund of the member's intention to claim or reject forfeited credited service time within 30 days after reemployment by the city or the effective date of the ordinance from which this section derives, whichever is later. Upon death or retirement, membership in the pension fund shall cease and credited service shall be used in the calculation of final benefits.
(1957 Rev. Ords., § 2.1110; 1992 Code, § 35-90) (Ord. 108-85, passed 12-2-1985; Ord. 24-13, passed 5-7-2013; Ord. 118-16, passed 12-20-2016)
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