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Legislation #: 030876 Introduction Date: 7/31/2003
Type: Ordinance Effective Date: 8/31/2003
Sponsor: COUNCILMEMBER XBARNES
Title: Amending Chapter 2, Code of Ordinances, repealing Section 2-1189, Board of trustees, and enacting in lieu thereof a new section of like number and subject matter.

Legislation History
DateMinutesDescription
7/31/2003

Prepare to Introduce

7/31/2003

Referred Finance Committee

8/13/2003

Do Pass

8/14/2003

Assigned to Third Read Calendar

8/21/2003

Passed


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ORDINANCE NO. 030876

 

Amending Chapter 2, Code of Ordinances, repealing Section 2-1189, Board of trustees, and enacting in lieu thereof a new section of like number and subject matter.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Chapter 2, Code of Ordinances of the City of Kansas City, Missouri, is hereby amended by repealing Section 2-1189, Board of trustees, by enacting in lieu thereof one new section of like number and subject matter, to read as follows:

 

Sec. 2-1189. Board of trustees.

 

(a) Function. The board of trustees shall manage and direct the affairs of this division. It shall have the exclusive right to interpret this division and its provisions including but not limited to any benefit or claim for benefit hereunder, determination of creditable service, final average compensation, eligibility and termination of membership.

 

(b) Investments.

 

(1) The board of trustees shall be trustee of all funds created by this division and shall 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, common and preferred stocks.

 

(2) No trustee nor any member of the system shall have any direct interest in the gains or profits of any investment made by the board of trustees.

 

(c) Membership. The board of trustees shall consist of nine members, including the director of human resources and director of finance. Seven shall be appointed by the mayor as follows:

 

(1) One shall be a retired member of the system.

 

(2) Four, other than the foregoing, shall be recognized business and/or civic leaders with financial backgrounds, such as investments, management of employees benefit plans, who are not employees of the city. At the mayors option, one of this group may be a city council person with a financial background who shall serve as an ex-officio member of the board with a right to vote.

 

(3) Two shall be active employees and members of the retirement system as recommended by the union.

 

The appointed members shall serve for a term of one to five years each for each initial appointment, at the expiration of which their appointed successors shall each serve a term of four


years.

 

(d) Compensation. The trustees shall be reimbursed by the retirement system for all necessary expenses incurred for service on the board.

 

(e) Organization. The board of trustees shall adopt rules and regulations for administration. Each member shall be entitled to one vote. A majority of five trustees shall constitute a quorum and a majority of the quorum shall be required for any decision. The board of trustees shall elect a chairman and such other officers as it deems necessary from its membership by majority vote.

 

(f) Professional services.

 

(1) The board may engage in investment, safekeeping and other services as deemed necessary. The city counselor of Kansas City, or his designated assistant, shall be the legal advisor.

 

(2) At least every five years an actuarial investigation of the system shall be conducted. Results shall be reported to the city council, together with recommendations to maintain the system on a sound actuarial basis.

 

(g) Records and reports. The retirement systems administrator shall maintain records of all proceedings open to public inspection. He shall annually publish a report approved by the board showing the financial transactions for the preceding year, and the financial condition of the system.

(h) Regulations. The board of trustees shall prescribe such rules, regulations, forms and procedures as are necessary to administer the system.

 

(i) Portability agreements. The board of trustees may enter into cooperative agreements as set forth in RSMo 105.985, providing for the transfer of funds to other public entity retirement plans and to receive transfer of funds into this plan.

 

(j) Administration. The retirement systems administrator shall be appointed by the director of human resources. The administrator shall attend all meetings of the board of trustees, but shall not have a vote. The administrator shall conduct the operations of the system in accordance with this division and the rules and regulations, directives and resolutions of the board of trustees.

 

_____________________________________________

 

Approved as to form and legality:

 

 

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Assistant City Attorney