Sec. 11-247. - Administration by secretary generally.

Subject to the orders and resolutions of the board, the secretary, as the administrative head of the system, shall: (1)

Employ such clerical and professional services as may be required for the proper operation of the system, whose compensation shall be fixed by the board of trustees;

(2)

Establish and maintain records, files and accounts in such form and scope as will give full effect to the requirements of the system in accordance with the provisions hereof;

(3)

Accumulate actuarial data concerning the operating experience of the system in such form as is necessary for the annual actuarial valuations and periodic actuarial studies in accordance with recommendations of the actuary;

(4)

Prepare periodic reports as may be required for the efficient administration of the system;

(5)

Prepare the annual report of the board to be submitted to the city council each year showing among other things a statement of assets, liabilities and reserves certified by the actuary, an accountant's balance sheet together with a statement of income and expenditures, a listing of investments owned by the system, a detailed statement of investments acquired and disposed of during the year covered by the report and such other financial and statistical data as may be deemed necessary for a proper interpretation of the condition of the system and the results of its operation. The board shall cause to be distributed among the members of the system a synopsis of such annual report.

(Rev. Ords. 1987, § 11-248)