§ 17-3-4-354. Administration of retirement system—Pension commissioners.

A.

The general supervision of the administration of the retirement system shall be by seven (7) pension commissioners who are appointed by the mayor with confirmation by the city council and as from time to time are duly qualified and acting. The pension commissioners duly appointed and acting under the superseded retirement system as of October 31, 1975, shall continue to serve on and after November 1, 1975, under this retirement system until they resign or are dismissed. Upon the expiration of the term of any pension commissioner, a new pension commissioner will be selected by the mayor and city council to serve for a period of five (5) years to fill the expired term or until the pension commissioner resigns or is dismissed. A pension commissioner can be dismissed by a vote of a simple majority of the city council. In case of resignation or dismissal of a pension commissioner, the mayor with confirmation by the city council, shall appoint a new pension commissioner to fill any unexpired term. Should a pension commissioner miss three (3) consecutive meetings without a justified excuse, he shall be dismissed and replaced by the city council.

B.

Effective July 1, 2017, at least four (4) of the seven (7) pension commissioners serving at any given time shall be either current full-time employees of the city hired prior to July 1, 2017, who are participating in the retirement system, or retirees who are receiving a monthly pension benefit from the retirement system.

C.

The pension commissioners shall serve without compensation for their service.

D.

This retirement system and matters related hereto shall be considered and resolved at meetings of the pension commissioners, to be held as often as may be required for settlement of matters relating hereto. A majority of the pension commissioners shall constitute a quorum; and all decisions, acts and resolutions of the pension commissioners shall be by an affirmative vote of at least four pension commissioners. All of the pension commissioners shall receive written notice at least two days prior to a meeting date, and a written agenda shall be included therewith.

E.

The pension commissioners by resolution, with the advice and consent of the city manager, may promulgate written rules and regulations not in conflict with the expressed terms of this retirement system or the Charter to cover the operations of any phase or part of the retirement system as provided hereunder. Copies of such rules and regulations shall be furnished to any member of the retirement system upon request, and at least one copy thereof shall be kept available in the office of the city clerk for examination by an interested person at any time during ordinary business hours. Otherwise, a copy of this retirement system shall fully meet the provisions herein.

F.

The pension commissioners have the power to construe all terms, rules, conditions and limitations of the retirement system; and their construction made in good faith shall be final and conclusive upon all parties' interests.

G.

The pension commissioners shall have the power to select, employ and compensate, or cause to be compensated from time to time such consultants, actuaries, accountants, attorneys, investment counsel and other agents and employees as they may deem necessary and advisable in the proper and efficient administration of the retirement system.

H.

The powers and duties of the pension commissioners or other persons set out herein are not intended to be complete or exclusive, but each such body or persons shall have such powers and duties as are reasonably implied under the terms of this retirement system. Where not in conflict with this retirement system or the Charter, the trust agreement shall govern.

I.

The pension commissioners shall appoint a chairperson, vice-chairperson and secretary from among its members. They may appoint such agents or representatives, who need not be pension commissioners, as they deem necessary for the effective performance of this retirement system. They may delegate to such agents or representatives such powers and duties, whether ministerial or discretionary, for the investing, accounting, actuarial and legal responsibilities, as the pension commissioners may deem expedient or appropriate. Expenses of such agents and representatives shall be paid by this retirement system.

J.

Accurate minutes and records shall be kept of the acts of the pension commissioners under this retirement system. This provision is made for the express purpose of having all proceedings in connection with this retirement system in one set of books. They shall be available to the public, city officials and employees under this retirement system at all times.

K.

All notices, elections, designations and changes of beneficiaries and similar writings pertaining to the operation of the retirement system shall be made and preserved in writing on such forms as the city manager or pension commissioners may direct. All records shall be maintained in segregated files pertaining to the retirement system, and they shall not be intermingled with other files of the city.

L.

The pension commissioners shall have authority to direct that retirement system funds be deposited with banks or savings and loan associations or invested in securities, to negotiate appropriate contracts with a bank having trust power, or an insurance company or companies, under the terms of which trust agreements or contracts funds will be deposited with the bank, company or companies as determined by the pension commissioners; and annuities may be provided for members and their beneficiaries in accordance with the terms of this retirement system. The pension commissioners may terminate such trust agreements or contracts or negotiate amendments as they see fit.

M.

The trustee or insurance company or companies with which a trust agreement or contract or contracts are entered into for the administration of the retirement system shall submit a statement of the condition of the funds on deposit to the credit of the retirement system at least once yearly and may be required to supply copies of such statement to an actuarial consultant designated by the city council. The original shall be retained among the records of the pension commissioners. Annual reports, as provided by state law, shall be furnished to the proper state authorities.

N.

Each member or beneficiary or other interested member shall be responsible for advising the pension commissioners of his correct mailing address, and shall promptly advise the pension commissioners relating to any error, in whomsoever's favor, in connection with the payment of benefits or any other payment under or in connection with the retirement system.

O.

Pension payments, although not promptly paid for any reason, and any other payments to be made out of the fund, although not paid promptly for any reason, shall not bear interest unless so ordered by the pension commissioners, who shall have discretion to fix the rate and calculate any such interest; and in such event, the interest to be paid shall not exceed the then current rate of interest being returned on the funds on deposit with the trustee or the insurance company or other financial institution.

P.

Each member of the pension commission shall use ordinary care and diligence in the performance of his duties and shall not be liable for any loss unless same results from his own gross negligence, or his willful misconduct; nor shall such members be personally liable upon or with respect to any agreement, act, transaction or omission executed, committed or suffered to be committed himself as one member of said body or any other member, agent, representative or employee of any body; moreover, said bodies and members and agents thereof shall each be fully protected in relying on the advice of the city attorney or his assistants, or upon any other attorney employed by the city or said bodies, or either of them, insofar as legal matters are concerned, or any accountant similarly employed so far as actuarial matters are concerned. Any person having any claim under the retirement system shall look solely to the assets of the fund for the satisfaction of such claims.

Q.

Whenever any retirement annuities shall be less than ten dollars ($10.00) per month, the pension commissioners may elect to have payments made quarterly. If the annuity payable at quarterly intervals shall be less than ten dollars ($10.00), the pension commissioners may elect to pay the computed value of the same, calculated at regular interest, in a lump sum. Such election shall be made within six months after the member's retirement unless he consents in writing to a subsequent election by the pension commissioners under this section.

R.

When any notice, election or other instrument is required or permitted hereunder to be filed with the pension commissioners, the same may be filed with the city clerk.

S.

The pension commissioners shall periodically review the sufficiency of the pension benefits available to participants or retirees of the retirement system. Pension payments may be periodically increased or adjusted, provided the increase or adjustment must be approved and recommended by a qualified actuary employed by the retirement system. The pension commission's determination can only be implemented with the concurrence of the city council.

(97-26, Amended, 05/27/1997)

(Ord. 2007-41, Amended, 07/10/2007)

( Ord. No. 17-12 , § 11, 4-11-2017, eff. 7-1-2017)