§ 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 mayor's 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.

(4)

In the event that Local 42, IAFF, has 200 or more members, including retirees, participating in the Employees' Retirement System, Local 42 will have one designated member who will be vested with the same voting rights as the other trustees.

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 attorney of Kansas City, or the city attorney's designated assistant, may 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.

(Admin. Code 1967, § A9.12; Ord. No. 35794, 11-27-68; Ord. No. 941062, § A, 8-25-94; Ord. No. 961428, § 1, 11-21-96; Ord. No. 971285, § 5, 9-18-97; Ord. No. 030876, § 1, 8-21-03; Ord. No. 100607, § 1, 6-23-11; Ord. No. 140976 , § 1, 12-11-14)

Cross reference

Boards, commissions and committees, § 2-721 et seq.