(A) General. The Retirement Board shall consist of seven members appointed by the Mayor subject to rejection by the Board of Aldermen, in accordance with § 6A-2 of the Charter of the city. All members of the Retirement Board shall be voting members. The Retirement Board, by majority vote, shall choose a chair and a secretary for the keeping of records as well as such other officers as it shall determine and shall, establish procedures for assuring participation by the public and, at the last meeting of the calendar year, submit a schedule of meetings for the following calendar year. The requirements of §§ 6A-3, -5, -6, -7, 8 and -9 pertaining to vacancies, residency requirements, prohibition of dual appointments, conflict of interest, minority party representation and the prohibition of compensation shall apply to the Retirement Board.
(B) Membership requirements.
(1) The Mayor shall appoint members in accordance with the following requirements.
(a) No more than one member of the Retirement Board shall be a currently employed management employee of the Department of Finance of the city who shall serve for a two-year term.
(b) No more than one member shall be a representative of the employees of the city who is currently employed by the city in a non-management position and who shall be appointed for a four-year term.
(c) No more than one member shall be a member of the Board of Aldermen of the city who shall be appointed for a two-year term.
(d) The remaining four members of the Retirement Board shall have professional or business experience in the areas of investments, finance, actuarial principles or retirement plans administration or similar qualifications. Initially, two of the four members shall be appointed for a term of four years and two members for a term of two years. Thereafter, as such members' terms expire, the Mayor shall appoint each successor member for a four-year term.
(2) However, in the case of the public employees and Aldermen their terms shall expire upon their separation from employment with the city or resignation or completion of the term of office.
(Ord. passed 4-7-2003)