Ordinance 3023 - Laserfiche WebLink

(a ) the JDoard shell keep in convenient form such data as shall be necessary for the periodic actuarial valuation of the Retirement Fund created by this ordinance and , subject to the approval o . the City Council , shall in January 1945 end annually in each January thereafter , fix the amount of interest to be credited in the current year at a rate which shall take into account the net annual interest earnings of the Fund for the year immediately preceding. At the end of the five ( 5) year period beginning with the year 1945, and at the end of every Five year period thereafter, the Board shell cause to be made an actuarial investigation into the mortality, service end compensation experience of the members and beneficiaries es defined by this ordinance; and shall further cause to be made an actuarial valuation of the assets and liabilities of the Retirement Fund, arid upon the basis of such investigation and calculation and subject to the approval of the City Council, shall : 1. Make any necessary changes in the rate of interest, subject to annual changes as hereinbefore provided; 2 . Adopt for the Eetirement System such mortality, service end other tables as shell a :pear to be desirable in the interests of solvency End equity; 3. Revise or change the rates of contributions by members on the basis of such mortality, service end other tables. (b) The Board shall promptly transmit to the City Council a report covering the actuarial investigation and actuarial valuation provided for in Subdivision (a ) in this section. (c ) In addition to other records and accounts, the Board shall keep such detailed records and accounts a s shell be necessary to show the financial condition of the Retirement Fund at all times. (d) The Board shell annually transmit to the City Council a report showing the financial condition of the fund established by this ordinance , es of December 31st of the preceding year. Section 8. CRE` TION OF FUND: fund is hereby created end established to be known as the "Employes' Retirement Fund" end shall consist of all the moneys paid into it in accordance with the provisions of this ordinance , whether such moneys shall take the form of cash, securities or other assets. Section 9. CREATION OF BOIRD OF ADT NISTRATION: (a ) There is hereby created and established a Board of Ad- ministration which shall, under the provisions of this ordinance and the direction of the City '-ouncil, administer the Retirement System and the Retirement Fund created by this ordinance . Subjec to the approval of the city Council, the Board shall provide for the proper investment of the moneys in the said Retirement Fund. The Board of tdministration shall consist of seven members as follows: the Mayor, and the Two (2 ) other City Commissioners, an* Three (3) City employes who are eligible to membership in the Retirement System, such employes to be elected by their fellow -6-