The finance director or his/her designee shall deposit the system’s assets in the trust fund held by the custodial financial institution selected by the board to maintain the assets in trust for the benefit of the members. The finance director shall be responsible for maintaining a system of accounts for the assets in accordance with generally accepted accounting principles for pension funds. The finance director also shall be responsible for oversight of the payroll procedures connected to the system administration, such as the collection of contributions pursuant to section 22-35(d). The finance director shall serve as the secretary of the board.
(Ord. No. 10657, § 4, 4-28-09, eff. 7-1-09; Ord. No. 11327, § 17, 12-8-15, eff. 1-1-16)