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Legislation #: 080896 Introduction Date: 9/4/2008
Type: Ordinance Effective Date: 9/21/2008
Sponsor: COUNCILMEMBER GOTTSTEIN
Title: Amending Section 2-1365, Code of Ordinances, which establishes the board of trustees of the employee deferred compensation plan, by adding a member from the membership of Local 3808, International Association of Firefighters and adding an additional trustee from the employee general population to increase the number of trustees to nine

Legislation History
DateMinutesDescription
9/4/2008 Filed by the Clerk's office
9/4/2008 Referred to Finance and Audit Committee
9/10/2008 Advance and Do Pass as a Committee Substitute, Consent
9/11/2008 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 080896

 

Amending Section 2-1365, Code of Ordinances, which establishes the board of trustees of the employee deferred compensation plan, by adding a member from the membership of Local 3808, International Association of Firefighters and adding an additional trustee from the employee general population to increase the number of trustees to nine

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Section 2-1365, Code of Ordinances, is amended to read as follows:

 

Sec. 2-1365. Establishment of trust and board of trustees.

 

(a) Trustee. The board shall be the trustee of all funds created pursuant to the program and shall, subject to the provisions of section 2-1364(a)(1) set forth above, have full power to invest and reinvest them. Investments may include, but are not limited to, bonds of the United States Government, State of Missouri, municipal corporations including school districts, corporate bonds, real estate mortgages and common and preferred stocks.

 

(b) Membership. The board of trustees shall consist of nine members, including the director of human resources of the city or his or her authorized representative and the director of finance of the city or his or her authorized representative. The city manager shall appoint, for one year terms each, two trustees recommended by Local 42, International Association of Fire Fighters, two trustees recommended by Local 500, American Federation of State and Municipal Employees, one trustee recommended by Local 3808, International Association of Fire Fighters, and two trustees from the general employee population. Each trustee other than the director of human resources of the city and the director of finance of the city must be a participant.

 

(c) Compensation. The board members shall not receive compensation for their services but shall be reimbursed by the general funds of the trust for all necessary expenses incurred on behalf of the program and the trust.

 

(d) Organization. The board shall prescribe such rules, regulations, forms and procedures as are necessary to administer the trust. Each member shall be entitled to one vote. A majority of four trustees shall constitute a quorum and a majority of a quorum shall be required for any decision. The board shall elect a chairman and such other officers as it deems necessary from its membership by majority vote.

 


(e) Asset transfer. On or before December 31, 1998, the city shall cause to be transferred to the trust all assets held by the city which fund all plans.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Lana Torczon

Assistant City Attorney