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Sioux Falls Overview
Code of Ordinances of Sioux Falls, SD
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§ 39.359 COMPENSATION.
   The members of the retirement board shall serve without compensation for their services.
(1957 Rev. Ords., § 2.1105; 1992 Code, § 35-129)
§ 39.360 MEETINGS.
   The retirement board shall hold meetings regularly, at least one in each quarter year, and shall designate the time and place thereof. All meetings of the board shall be public.
(1957 Rev. Ords., § 2.1105; 1992 Code, § 35-130)
§ 39.361 RULES OF PROCEDURE.
   The retirement board shall adopt its own rules of procedure for the conduct of its business.
(1957 Rev. Ords., § 2.1105; 1992 Code, § 35-131)
§ 39.362 MANNER OF ACTION.
   Each member of the retirement board shall be entitled to one vote on each question coming before the board. At least three concurring votes shall be necessary for a decision by the board.
(1957 Rev. Ords., § 2.1105; 1992 Code, § 35-132)
§ 39.363 RECORD OF PROCEEDINGS.
   Records shall be kept of all proceedings before the retirement board.
(1957 Rev. Ords., § 2.1105; 1992 Code, § 35-133)
§ 39.364 ADMINISTRATIVE RECORDS.
   The administrative officer of the retirement board shall keep, or cause to be kept, the data as shall be necessary for an actuarial valuation of the assets and liabilities of the Firefighters' Pension Fund.
(1957 Rev. Ords., § 2.1107; 1992 Code, § 35-134) (Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
§ 39.365 ANNUAL REPORTS.
   (a)   The city human resources director or their designee shall present a report to the board of trustees at the time of the annual actuarial valuation report each year showing the fiscal transactions of the Firefighters' Pension Fund for the year ended the preceding December 31, and the last balance sheet showing the financial condition of the pension fund by means of an actuarial valuation of its assets and liabilities.
   (b)   The board of trustees shall publish an annual report containing financial statements and an actuarial valuation of the pension fund. The report shall be filed with the retirement laws committee created by SDCL 2-6-8 and shall be available to each member of the pension fund. The financial statements contained in the report shall be audited by an independent certified public accountant. The actuarial valuation required in the report shall include the information required under the provisions of SDCL 3-12-47(5) and shall be performed by an approved actuary as defined by SDCL 3-12-47(7).
(1957 Rev. Ords., § 2.1107; 1992 Code, § 35-135) (Ord. 108-85, passed 12-2-1985; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)
§ 39.366 MORTALITY AND OTHER TABLES.
   The retirement board shall adopt the mortality and other tables of experience, and regular interest, as are required in the operation of the Firefighters' Pension Fund on an actuarial basis.
(1957 Rev. Ords., § 2.1108; 1992 Code, § 35-136; Ord. 118-16, passed 12-20-2016)
§ 39.367 RESPONSIBILITIES OF FIDUCIARY.
   Every fiduciary shall discharge his or her duties solely in the interest of the participants and beneficiaries of the pension fund, 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 these 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 pension fund or its assets, any person or entity who renders investment advice to this pension fund for a fee or other compensation, or any person or entity who has any discretionary authority or discretionary responsibility in the administration of this pension fund.
(1992 Code, § 35-137) (Ord. 108-85, passed 12-2-1985; Ord. 118-16, passed 12-20-2016)