ARTICLE IX. - RETIREMENT BOARD (FOR SYSTEM EFFECTIVE PRIOR TO JULY 1, 1992)
Part of the Code of Ordinances of Warwick, RI.
The text
Footnotes:
--- (9) --- Cross reference— Retirement system, ch. 60.
DIVISION 1. - GENERALLY#
Sec. 6-241. - Administration and general responsibility for retirement system.#
The general administration and the responsibility for the proper operation of the retirement system and for making effective the provisions of article II of chapter 60 are hereby vested in a retirement board.
(Code 1971, § 16-114)
Sec. 6-242. - Membership.#
The membership of the retirement board shall consist of: (1)
The director of finance, ex officio.
(2)
The chief of personnel, ex officio.
(3)
The chairperson of the city council finance committee, ex officio.
(4)
The president of the municipal employees bargaining unit, ex officio.
(5)
Three members to be elected within 60 days following the effective date of Ordinance No. O-70-9 for a term expiring June 30, 1973, providing:
a.
One of the three members shall be elected from and by the membership of the retirement system who also hold membership within an appropriate bargaining unit as designated by the state labor relations board for collective bargaining purposes with a participating employer. Such member shall hold office only while a member of both the retirement system and appropriate bargaining unit.
b.
One of the three members shall be elected from and by the membership of the retirement system who are also retirants of the system. Such member shall hold office only while a member of the retirement system as a retirement.
c.
One of the three members shall be elected from and by the membership of the retirement system who does not hold membership within an appropriate bargaining unit as described above and who is not a retirant. Such member shall hold office only while a member of the retirement system.
Subsequent elections shall be for terms of three years beginning July 1, 1970, and each three years thereafter.
(6)
Four members who shall not be officers or employees of the city. When this article becomes effective, the mayor shall appoint two members for a term of one year, one for a term of two years and one for a term of three years. Thereafter, each member shall be appointed for a term of three years from the date of expiration of the term for which his/her predecessor was appointed.
(Code 1971, § 16-115)
Sec. 6-243. - Filling of vacancies.#
If a vacancy occurs in the office of a retirement board member, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.
(Code 1971, § 16-116)
Sec. 6-244. - Voting.#
Each board member shall be entitled to one vote on the board. An affirmative vote of a majority of the board members present shall be necessary for a decision by the members at any meeting of the board. The presence of six members of the retirement board shall be required to constitute a quorum for conducting business at any meeting.
(Code 1971, § 16-118; Ord. No. O-09-24, § I, 9-15-09)
Sec. 6-245. - Jurisdiction.#
The retirement board shall have exclusive original jurisdiction in all matters relating to or affecting the funds provided for in this article and article II of chapter 60, including, in addition to all other matters, all claims for benefits and refunds under article II of chapter 60, and its action, decisions or determinations in any matter shall be reviewable according to law.
(Code 1971, § 16-119)
Sec. 6-246. - Establishment of regulations for administration of retirement system; other functions of board.#
Subject to the limitations of this article and article II of chapter 60, the retirement board shall, from time to time, establish rules and regulations for the administration of funds created by this law, for the transaction of its business and for the limitation of the time within which claims may be filed and for the administration and transaction of the business of the retirement system, and shall perform such other functions as are required for the execution of this article and article II of chapter 60.
(Code 1971, § 16-120)
Sec. 6-247. - Officers.#
The retirement board shall elect a chairperson from its membership by majority vote. The chief of personnel shall be the secretary of the retirement board, but he/she may appoint an employee of the retirement system to perform necessary duties of the position.
(Code 1971, § 16-121)
Sec. 6-248. - Payment of expenses.#
All necessary expenses of the retirement board and the staff of the retirement system shall be paid at such rates and in such amounts as the retirement board shall approve.
(Code 1971, § 16-122)
Sec. 6-249. - Employees of retirement system.#
The mayor shall appoint all employees of the retirement system of the city and direct their work in accordance with the policy and rules established by the retirement board. The compensation of all persons so appointed shall be paid in accordance with the comprehensive compensation plan of the city. Appointment to positions created as a result of this article shall be made in accordance with the merit system ordinance.
(Code 1971, § 16-123)
Sec. 6-250. - Authority to engage actuarial, investment and other services.#
The retirement board may engage such actuarial, investment, administrative and other services as may be required or deemed advisable to transact the business of the retirement system.
(Code 1971, § 16-124)
Sec. 6-251. - Collection of data for evaluation.#
The staff of the employee retirement system under the direction of the chief of personnel shall keep in convenient form such data as shall be necessary for actuarial evaluation of the liabilities of the retirement system and for checking the experience of the system.
(Code 1971, § 16-125)
Sec. 6-252. - Records; annual report.#
The secretary of the retirement board shall be responsible for keeping a record of all its proceedings, which shall be open to public inspection. He/she shall publish annually a report approved by the retirement board showing, for the fiscal year, the amount of the accumulated cash financial conditions of the system by means of an actuarial evaluation of the assets and liabilities of the retirement system.
(Code 1971, § 16-126)
Sec. 6-253. - Duties of city solicitor.#
The city solicitor shall be the legal adviser and counsel of the retirement board.
(Code 1971, § 16-127)
Sec. 6-254. - Medical board.#
The retirement board shall designate a medical board to be composed of three physicians who shall arrange for and pass upon all medical examinations required under the provisions of article II of chapter 60, shall investigate all essential statements and certificates made by or on behalf of a member in connection with an application for disability retirement and shall report in writing to the retirement board its conclusions and recommendations upon all the matters referred to it.
(Code 1971, § 16-128)
Sec. 6-255. - Recommendation of changes in retirement system due to changes in Social Security Act.#
Whenever the maximum earnings base for taxes and benefits under the federal Social Security Act is changed in the future, the retirement board shall study the effect on total contributions and total benefits provided by the federal Social Security Act and by this retirement system and shall make recommendations as to the desirability of changes in the retirement system to the city council.
(Code 1971, § 16-129)
Sec. 6-256. - Limitation on administrative powers and duties.#
Except as provided in this article and article II of chapter 60, the retirement board shall have no administrative powers or duties.
(Code 1971, § 16-130)
Secs. 6-257—6-270. - Reserved.#
DIVISION 2. - ACTUARIAL SERVICES#
Sec. 6-271. - Actuary to be technical adviser; qualifications.#
The actuary shall be the technical adviser of the retirement board on matters regarding the operation of the funds created by this article and article II of chapter 60, and shall perform such other duties as are required in connection therewith. He/she shall be a qualified member as a Fellow of the Society of Actuaries.
(Code 1971, § 16-141)
Sec. 6-272. - Actuarial investigation to be performed every three years.#
The retirement board shall have made at least every three years an actuarial investigation into the mortality, service and compensation experiences of the members, retirants, and beneficiaries of the retirement system and, taking into account the results of such investigation and valuation, the retirement board shall establish for the retirement system such mortality, service and other tables as shall be deemed necessary.
(Code 1971, § 16-142)
Sec. 6-273. - Annual evaluation of assets and liabilities.#
On the basis of tables arrived at pursuant to the actuarial investigation as the retirement board shall adopt, it shall make an annual evaluation of the assets and liabilities of the fund of the retirement system. The assets used for such evaluation shall equal the lesser of the asset value before adjustment and the market value of assets, including any accrued contributions.
(Code 1971, § 16-143)
Sec. 6-274. - Certification of rates of contribution payable by employer.#
On the basis of the annual evaluation performed pursuant to this division, the retirement board shall certify the rates of contribution payable by the employers.
(Code 1971, § 16-144)
Sec. 6-275. - Determination of asset value before adjustment and market value of assets; establishment of adjustment ratio.#
On each January 31 from 1985 through 1988, on June 30, 1988, and on each subsequent June 30, the asset value before adjustment and the market value of assets shall be determined. If the market value of assets exceeds the asset value before adjustment by an amount equal to six percent or more of the actuarial accrued liability of the benefits of all retired employees and beneficiaries, then an adjustment to the monthly benefit is warranted. An increase in monthly benefits may be granted, such that the increase in actuarial accrued liability does not exceed one-third of the amount by which the market value of assets exceeded the asset value before adjustment and such that the average increase in monthly benefits does not exceed the sum of the negotiated increases in base wages covered under the collective bargaining agreement effective during the 12-month period beginning on the July 1 immediately prior to the effective date of increase in monthly benefits. If an increase in the monthly benefits is granted, then the adjustment referred to in "asset value after adjustment" shall equal two times the actuarial accrued liability of the increase in monthly benefits.
(Code 1971, § 16-145)
Secs. 6-276—6-290. - Reserved.#
DIVISION 3. - INVESTMENT OF TRUST FUNDS#
Sec. 6-291. - Board designated trustee of funds; powers and duties.#
The retirement board shall be the trustees of the funds created by this article and article II of chapter 60 and shall have full power to invest and reinvest such funds, subject to all the terms, conditions, limitations and restrictions imposed by law upon a corporate trustee in the state in making and disposing of its investments, and subject to like terms, conditions, limitations and restrictions said retirement board shall have full power to hold, purchase, sell, assign, transfer or dispose of any of the securities and investments in which any of the funds created in this article and article II of chapter 60 shall have been invested, as well as of the proceeds of said investments and any moneys belonging to said funds.
(Code 1971, § 16-156)
Sec. 6-292. - Fiduciary role of members and employees of retirement system with regard to funds.#
Except as provided in this article and article II of chapter 60, no member of and no employee of the retirement system shall have any direct interest in the gains or profits of any investment made by the retirement board, nor as such receive any pay or emolument for his/her services. No member of the board or employee of the retirement system shall directly or indirectly for himself/herself or as an agent in any manner use the assets of the retirement system except to make such current and necessary payments as are authorized by the retirement board, nor shall any member or employee of the retirement system become an endorser or surety or become in any manner an obligor for moneys loaned by or borrowed from the retirement board.
(Code 1971, § 16-157)
Sec. 6-293. - Group annuity contract purchase authorized.#
The retirement board is hereby authorized and empowered to apply for and purchase from an insurance company, authorized to transact business in the state, a group annuity contract, in form approved by said retirement board, for the purpose of providing benefits to members of the retirement system, as defined by article II of chapter 60. Such group annuity contract may contain a provision for establishing separate accounts funding for the purpose of allocating thereto amounts paid to the insurer by the retirement board in connection with the retirement system for the future payment of retirement benefits in guaranteed fixed amounts.
(Code 1971, § 16-158)