§ 3-305. RETIREMENT BOARD CREATED. POWERS AND DUTIES. RETIREMENT ADMINISTRATOR TO BE SECRETARY. POWERS AND DUTIES OF RETIREMENT ADMINISTRATOR.
(a)
The management and control of this System shall be vested in the Board which is hereby created. The Board shall be the successor to, and have the powers and duties of, the Pension Board created by Ordinance No. 3116, as amended, in addition to the powers and duties conferred by this article. The Board shall consist of the following five members:
(1)
Two members who are city management employees appointed by the Mayor and approved by the council;
(2)
A member of the Fire and Police Retirement System who is a firefighter, elected by members who are firefighters in an election conducted by the Board;
(3)
A member of the Fire and Police Retirement System who is a police officer or a public safety officer/supervisor elected by members who are police officers and public safety officers/supervisors in an election conducted by the Board;
(4)
A qualified elector of the County of Fresno, not connected with the government of the City of Fresno, elected by the previously designated four members. If such person has been retired for service or disability, and is receiving or is entitled to receive a retirement allowance under the Fresno City Employees Retirement System, such person shall be elected by a unanimous vote of the previously designated four members. A person receiving or entitled to receive a retirement allowance under the Fire and Police Retirement System shall not be eligible to serve on the Board.
(5)
The four employee Board members shall serve without compensation. The four employee Board members shall determine whether, in what amount, and under what conditions a stipend for attending Board meetings and for participating in other activities directly related to the performance of Board duties is payable from the Retirement Fund to the Board member they elect.
(b)
The Board, in conjunction with the Employees Retirement Board, shall appoint and direct a Retirement Administrator who shall be a member of the City of Fresno unclassified service; shall serve at the Boards' pleasure; shall report to the Boards; shall administer the retirement office and its financial affairs; shall appoint, suspend, and remove subordinate employees subject to the Civil Service System provisions of the City of Fresno Charter and the Municipal Code; and shall perform such other administrative duties as the Boards require. The Retirement Administrator shall serve as the Secretary of the Board without additional compensation.
(c)
The Board shall, when necessary, employ a consulting actuary, who shall be a person skilled by training and experience, in both the technical and administrative features of retirement systems. The Board may employ or contract for professional or consulting services, including legal services, to carry out and effect the functions of the Board.
(d)
The Board shall have the sole power and authority to hear and determine all facts pertaining to applications for and awards of any benefits under the System, or any matters pertaining to the administration thereof.
(e)
As of June 30, 1958, and thereafter at intervals of not to exceed two years, the Board shall make an actuarial investigation into the mortality, service, and compensation experience of the members and beneficiaries, and further, shall make an actuarial valuation of the assets and liabilities of the System. From time to time the Board shall determine the rate of interest being earned on the Retirement Fund. Upon the basis of all or any of such investigation, valuation and determination, the Board shall:
(1)
Adopt for the System such interest rate and mortality, service and other tables, or any of such items, and any other actuarial assumptions, as shall be deemed necessary and shall set forth the actuarial assumptions as adopted in its rules.
(2)
Make such revision in the members' rates of contribution under the System as shall be deemed necessary to comply with this article and such revision in the city's rate of contribution under the System as shall be deemed necessary to comply with this article and article 4, provided that before such revised rates of contribution are adopted by the Board, a public hearing on the question of the proposed revision shall be held by the Board; and,
(3)
Transfer to or from, as the case may be, either or both of (i) the accumulated investment income in excess of interest credited to contributions, and (ii) the accumulated contributions of the city held for the benefit of members on account of service, amounts necessary to bring amounts available, in the accounts required herein to be kept, to meet the obligation of the System on account of benefits that have been granted, including the annuity portion of such benefits, to or on account of persons who have retired or died, on the basis of the mortality tables and interest rate adopted by the Board.
(f)
The Board shall determine the service rendered by and shall credit such service to members, and shall fix and may modify allowances for service and disability and fix other benefits. One year and proportionate parts thereof shall be credited on the basis of ten months or more of service rendered by monthly employees, but not more than one year shall be credited for all service in any fiscal year. Time during which a member was or shall be absent from duty without compensation shall not be allowed in computing service, except
(1)
Time of absence on military service shall count as service as provided in this article; and,
(2)
Time of absence from service by reason of disability retirement shall count as service and the member shall not be required to make contributions for the time of such retirement. Time during which a member is absent with compensation shall be credited as service in the same proportion that such compensation bears to the compensation earnable by the member in full-time service.
(g)
The Retirement Administrator shall credit contributions of members, of beneficiaries and of the city with interest, at the rate adopted by the Board. The Board, however, at the end of each fiscal year, may credit to all contributions held in the Retirement Fund at the end of such fiscal year such additional interest as it may deem proper in the light of the earnings on the Retirement Fund during such fiscal year; provided, that the total interest credited to contributions during any fiscal year shall not exceed the earnings on the Retirement Fund during that year; and provided further, that interest at the rate adopted by the Board pursuant to this section, compounded annually, shall be used in the calculation of benefits under any mortality table adopted by the Board, regardless of any additional interest allowed on contributions under this subsection (g).
(h)
The Retirement Administrator shall keep in convenient form such data as shall be necessary for the actuarial valuation of the System, and, in addition to such other records and accounts as the Board may require, shall keep such records and accounts as shall be necessary to show at any time:
(1)
The total accumulated contributions of members;
(2)
The total accumulated contributions of retired members less the annuity payments made to such members;
(3)
The accumulated contributions of the city held for the benefit of members on account of service credited to members;
(4)
All other accumulated contributions of the city, which shall include the amounts available to meet the obligation of the city on account of benefits that have been granted.
(i)
The Retirement Board shall control, administer, and manage the provisions set forth in article 4.
(Rep. and abated Ord. 5313, 1968, based on former Sec. 2-703; Am. Ord. 5667, 1969; Am. Ord. 6029, 1961; Am. Ord. 68-124, 1968; Am. Ord. 73-91, § 1, eff. 7-8-73; Am. Ord. 76-49, § 1, eff. 7-14-76; Am. Ord. 84-42, § 1, eff. 5-4-84; Am. Ord. 85-167, § 1, eff. 11-29-85; Rep. and Added Ord. 90-55, §§ 1, 2, 7-13-90; Am. Ord. 95-41, § 1, eff. 6-23-95; Am. Ord. 96-54, §§ 5—9, eff. 9-20-96; Am. Ord. 98-35, § 5, eff. 6-27-98; Am. Ord. 98-98, § 11, eff. 1-9-99; Am. Ord. 2001-13, § 2, eff. 3-26-01; Am. Ord. 2001-48, § 1, eff. 7-3-01; Am. Ord. 2005-84, § 1, eff. 9-25-05).