§ 2-1274. Administration and control of pension fund.

(a)

Generally. The board of trustees shall be the trustees of the pension fund created by this division. Such fund shall be considered as a trust fund of the city and accounted for as other trust funds of the city. The city treasurer, commissioner of accounts, director of finance and other employees of the finance department of the city shall be responsible for the safekeeping and disposition of such funds to the same extent and with the same care as other funds of the city. All accounting of the pension system shall be kept and maintained by the division of accounts without charge to the pension fund. All payments from such pension fund shall be made by the director of finance or custodian of the fund on orders of the board of trustees signed by the secretary and one trustee.

(b)

Investments. The board of trustees shall have full power to invest and reinvest the pension fund in investments, including but not limited to, securities of the United States government, federal agency issues guaranteed for payment by the United States government, state and municipal bonds, corporate bonds, equipment trust securities, preferred or guaranteed stock, real estate mortgages and common stocks.

(c)

Depositories. All bonds or securities acquired and held by the board of trustees shall be kept in a safe depository, as any other bonds or securities held by the city; provided, however, when authorized by contract, custody of the securities may be surrendered for safekeeping to a bank or trust company, which shall give its receipt therefor to the authorized officers of the board. All securities owned by the board shall be subject to withdrawal and sale or exchange by order of the board of trustees as such board may deem proper and desirable.

(d)

Trust. The assets of the pension system shall be held in trust by the board of trustees. The trust is intended to be tax-exempt under section 501(a) of the Internal Revenue Code and the pension system plan is intended to be qualified under section 401(a) of the Internal Revenue Code.

All payments made by employers to the pension system fund and such other payments that are made to the fund on behalf of employers and members, and all other money or property that lawfully becomes part of the trust, together with the income, gains and all other increments shall be held, managed and administered in trust. The trust shall be known as the Firefighters' Pension System of the City of Kansas City, Missouri Trust. The trustees shall perform the duties, responsibilities and obligations and in accordance with section 2-1256.

It shall be impossible by operation of the trust or by its natural termination, by power of revocation or amendment, by the happening of any contingency, by collateral arrangement or by any other means, for any part of the corpus or income of the trust or any funds contributed to the trust to be used for, or diverted to purposes other than the exclusive benefit of members, for members, their beneficiaries or dependents prior to all obligations having been satisfied or provided for. No part of net earnings of the trust shall inure (other than benefit payments) to the benefit of any employer or individual; provided, however, a contribution made by an employer under a mistake of fact may be returned to the employer if the trustees so direct provided the repayment is not prohibited under applicable law and will not adversely affect the tax-exempt status of the trust.

(Ord. No. 991491, § 1, 11-23-99)