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 Fresno
 Code of Ordinances
 Chapter 3. CITY PERSONNEL
 Article 3. FIRE AND POLICE RETIREMENT SYSTEM

  § 3-313. CREATION AND CONTROL OF RETIREMENT FUND; INVESTMENTS.  

Latest version.

  • (a)

    A trust fund is hereby created, to be known as the Fresno Fire and Police Retirement Fund and to consist of all the moneys paid into it as herein provided, whether such moneys shall take the form of cash, securities or other assets, plus the assets in the Fund created by Ordinance No. 3116, as amended, said Fund being hereby discontinued. The assets so transferred shall be applied on the city's obligation under Section 3-318. The Retirement Board shall have exclusive control of the administration and investment of the said fund herein created.

    (b)

    Except as provided in this article or in article 4, no member or employee of the Board shall have any interest, direct or indirect, in the making of any investment, or in the gains or profits accruing therefrom. No member of the Retirement System and no member or employee of the said Board, directly or indirectly, for himself or as an agent or partner of others, shall borrow any of its funds or in any manner use the same except to make such current and necessary payments as are authorized by said Board; nor shall any member or employee of the Board become an indorser or surety or become in any manner an obligor for moneys invested by the Board. Effective as of July 1, 1989, a member or employee of the Retirement Board shall not engage in a transaction prohibited by Section 503(b) of the Internal Revenue Code.

    (c)

    In the exercise of its control of the administration and investment of the Retirement Fund, the Retirement Board may by resolution specify certain classes or kinds of securities in which the moneys in the Retirement Fund may be invested and may authorize the Retirement Administrator to:

    (1)

    Invest moneys in the Retirement Fund, from time to time as such moneys become available, in securities of any of the classes or kinds so specified, and

    (2)

    Surrender matured securities in the Retirement Fund upon their maturity and reinvest the proceeds in securities of any such specified classes or kinds.

    (d)

    The City of Fresno Fire and Police Retirement Fund may participate under Section 401(a)(24) of the Internal Revenue Code in a qualified group trust that meets the requirements of Section 401(a) of the Internal Revenue Code in accordance with Revenue Ruling 81-100, as amended by Revenue Ruling 2004-67.

(Rep. and Added Ord. 5313, 1958, based on former Sec. 2-710; Am. Ord. 6394, 1964; Am. Ord. 70-30, 1970; Am. Ord. 96-54, §§ 11—16, eff. 9-20-96; Am. Ord. 98-35, § 6, eff. 6-27-98; Am. Ord. 2011-1, §§ 5, 6, eff. 3-7-11).