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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:
___________________________________
Assistant
City Attorney