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(a) The retirement board shall be the trustees of the assets of the Firefighters' Pension Fund. The board shall have full and independent power to invest and reinvest the monies and assets of the fund and to hold, purchase, sell, assign, transfer and dispose of any securities and investments of the fund.
(b) The board shall establish a written investment policy, with the advice and counsel of the advisors as the board deems necessary, and the investment policy shall set forth the types of investments into which shall be placed the assets of the pension fund. The policy shall further set forth appropriate provisions with respect to those investments, including, but not limited to, the anticipated rate of return, quality of investment, class of investment, maturity and liquidity, cash reserves and acceptable risk. The investment policy shall be reviewed by the board periodically.
(c) The board shall have the authority to invest and reinvest the assets of the pension fund in the securities, investment vehicles or property, wherever situated and of whatever kinds, as shall be approved by the board and in accordance with the investment policy adopted by the board. The board may engage investment counsel or investment advisors in contract for investment advice when they deem it necessary.
(d) The board may select one or more funding agents or investment counsel for the management of the assets of the fund. The selection and the appointment of the funding agent or investment counsel shall be made by the board, and the board shall have the right to determine the form and substance of each and every agreement under which the funds are to be held and managed by the funding agents or investment counsel, provided that the agreement shall not be inconsistent with the provisions of this subchapter.
(1) The board shall require that any funding agent or investment counsel who has custody or control of any property of the plan to keep accurate and detailed accounts of all investments, receipts, disbursements and other transactions pertaining to trust property, and shall further require that all accounts, books and records pertaining thereto be open for inspection and audit at all reasonable times by the board or its designees and the city finance department or its designees. The board shall also be authorized to have conducted an independent audit at the expense of the fund.
(2) The board may retain the services of a qualified independent investment consultant who shall, at least on a semiannual basis, report on the relative performance of the fund's funding agent or investment counsel and recommend to the board the retention or replacement of the managers. A qualified independent investment consultant shall have the qualifications and experience as determined by the board from time to time.
(e) (1) The board shall, in selecting a funding agent or other investment counsel or advisor, exercise all judgment and care in the circumstances then prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs. Any funding agent or other investment counsel or advisor shall have a minimum of five years of experience.
(2) For the purposes of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning:
FUNDING AGENT. A corporate or individual trustee or trustees, insurance company or companies authorized to do business in the state, or combination thereof.
INVESTMENT ADVISOR. A corporation or individual who has registered with the United States Securities and Exchange Commission as an investment advisor and is authorized to do business in the state.
INVESTMENT COUNSEL. A corporation or individual authorized to do business under the Federal Investment Advisors Act of 1940, being 15 U.S.C. §§ 80b1 through 80-b-21, as amended from time to time, and authorized to do business in the state.
(f) The board of trustees may, unless restricted by law, transfer all or any portion of the assets of the pension fund to a collective or common group trust, as permitted under Revenue Ruling 81-100, Revenue Ruling 2011-1, Notice 2012-6, and Revenue Ruling 2014-24 (or subsequent guidance), that is operated or maintained exclusively for the commingling and collective investment of monies, provided that the funds in the group trust consist exclusively of trust assets held under plans qualified under § 401(a) of the Internal Revenue Code, individual retirement accounts that are exempt under § 408(e) of the Internal Revenue Code, eligible governmental plans that meet the requirements of § 457(b) of the Internal Revenue Code, and governmental plans under § 401(a)(24) of the Internal Revenue Code. For this purpose, a trust includes a custodial account or separate tax-favored account maintained by an insurance company that is treated as a trust under § 401(f) or under § 457(g)(3) of the Internal Revenue Code.
(g) Any collective or common group trust to which assets of the pension fund are transferred pursuant to the above shall be adopted by the board of trustees as part of the plan by executing appropriate participation, adoption agreements, and/or trust agreements with the group trust's trustee.
(h) The separate account maintained by the group trust for the plan shall not be used for, or diverted to, any purpose other than for the exclusive benefit of the members and beneficiaries of the plan.
(i) For purposes of valuation, the value of the separate account maintained by the group trust for the plan shall be the fair market value of the portion of the group trust held for the plan, determined in accordance with generally recognized valuation procedures.
(j) All assets of the pension fund shall be held for the sole purpose of meeting disbursements for annuities, pensions and other payments authorized by this subchapter and shall be used for no other purpose.
(1957 Rev. Ords., § 2.1133; 1992 Code, § 35-113) (Ord. 2649, passed 11-17-1969; Ord. 105-09, passed 12-7-2009; Ord. 118-16, passed 12-20-2016)
At the end of each fiscal year the board of the Firefighters' Pension Fund shall allow and credit regular interest on the balance standing to each member's credit in the accumulated contributions account at the beginning of each quarter.
(1957 Rev. Ords., § 2.1135; 1992 Code, § 35-115) (Ord. 2758, passed 6-8-1971; Ord. 118-16, passed 12-20-2016)
The right of a person to a pension, to the return of accumulated contributions, the pension itself, any optional benefit, any other right accrued or accruing under the provisions of this subchapter to any member, retirant or beneficiary and all monies belonging to the pension fund shall be unassignable and shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency law, or any other process of law whatsoever except as is specifically provided in this subchapter.
(1957 Rev. Ords., § 2.1136; 1992 Code, § 35-116; Ord. 118-16, passed 12-20-2016)
Should any change or error in the records result in any member, retirant or beneficiary receiving from the Firefighters' Pension Fund more or less than he or she would have been entitled to receive had the records been correct, the board shall correct the error and as far as is practicable shall adjust the payment of the benefit in a manner that the actuarial equivalent of the benefit to which the member, retirant or beneficiary was correctly entitled shall be paid.
(1957 Rev. Ords., § 2.1137; 1992 Code, § 35-117; Ord. 118-16, passed 12-20-2016)
(a) The board of trustees of the Firefighters' Pension Fund shall provide annual post-retirement redetermination of pensions. The redetermined amount shall not be less than the amount of pension otherwise payable. Any provision of this subchapter which limits the amount of pension shall not apply to the operation of this section in redetermining the amount of pension. The application of any provision redetermining pension amounts may be restricted to pensions having an effective date of payment either prior to or subsequent to a specified date. Any post-retirement redetermination of one or more pensions within a pension fund shall be prefunded and may not bring the pension fund into noncompliance with the provisions of § 39.339(c).
(b) Pursuant to division (a) above, the pension upon which redeterminations of pension are made shall be increased once on January 1, 1986, by 0.5% for each year of retirement based on the current pension for each person retiring on or before December 31, 1974, and 0.5% for each year of retirement based on the original pension for each person retiring after December 31, 1974.
(c) (1) Starting January 1, 1991, on the first of the month following the thirty- sixth full month of retirement, the board shall redetermine the pensions of those retirants and beneficiaries whose pensions were effective 36 full months prior to the date of redetermination, and the pensions shall be increased as provided in this section effective on the first of the month following the thirty- sixth full month of retirement. On January 1, 1991, and thereafter on each January 1, the board shall redetermine the pensions of all retirants and beneficiaries and the pensions shall be increased as provided in this section. The pension shall be increased by an amount equal to the current forecast base times the pension increase percentage. The pension increase percentage shall be equal to the percentage increase, to a maximum of 3%, in the Consumer Price Index for All Urban Consumers, as computed by the United States Department of Labor, for the year ending in the month of June preceding the January 1 redetermination date.
(2) Any transfer of funds and calculation of benefits required in this section shall be made effective as of the dates mentioned in this section, and the actual transfers and calculation of benefits may be made on a later date. Changes in amounts paid to retirants and beneficiaries shall be paid as soon as practicable after the end of the calendar year.
(1957 Rev. Ords., § 2.1141; 1992 Code, § 35-119) (Ord. 2696, passed 7-27-1970; 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. 118-16, passed 12-20-2016)
No change may be made in employee contribution levels of this Firefighters' Pension Fund or present or future benefits of this pension fund, by ordinance or otherwise, without an affirmative vote by both the council and the membership of the pension fund.
(1992 Code, § 35-120) (Ord. 108-85, passed 12-2-1985; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
(a) The administrative cost of the plan during the year;
(b) The actuarially determined cost of future benefits accruing to members during the year; and
(c) An amount sufficient to amortize any unfunded liability of the pension fund over a period not to exceed 40 years on the basis of reasonable and generally accepted actuarial assumptions.
(1992 Code, § 35-121) (Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)
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