§ 16-66. Power and authority of board.

The board shall be the administrator of the retirement system and, as such, it shall be solely responsible for administering the pension fund. The board shall have the power and authority:

(a)

To invest and reinvest the assets of the pension in annuity and life insurance contracts to life insurance companies in amounts sufficient to provide, in whole or in part, the benefits to which all of the participants in the pension fund shall be entitled under the provisions of division 1 and pay the initial and subsequent premiums thereon.

(b)

To invest and reinvest the assets of the pension fund in:

(1)

Time or savings accounts of a national bank, a state bank insured by the Federal Deposit Insurance Corporation, or a savings, building and loan association insured by the Federal Savings and Loan Insurance Corporation.

(2)

Obligations of the United States or obligations guaranteed as to principal and interest by the government of the United States.

(3)

Bonds issued by the State of Israel.

(4)

Bonds, stocks, or other evidences of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state or organized territory of the United States, or the District of Columbia, provided:

(i)

The corporation is listed on any one (1) or more of the recognized national stock exchanges and, in the case of bonds only, holds a rating in one (1) of the three (3) highest classifications by a major rating service, provided that investment grade bonds shall be permitted as long as no more than ten (10) percent of the fixed income portfolio shall hold an investment rating of Baa; and

(ii)

The board of trustees shall not invest more than five (5) percent of its assets in the common stock or capital stock of any one (1) issuing company, nor shall the aggregate investment in any one (1) issuing company exceed five (5) percent of the outstanding capital stock of that company, nor shall the aggregate of its investments in equities at cost exceed seventy (70) percent of the pension fund's assets.

(c)

To issue drafts upon the pension fund pursuant to this article and rules and regulations prescribed by the board. All such drafts shall be consecutively numbered, be signed by the chairman and secretary, and state upon their faces the purpose for which the drafts are drawn. The city finance director or other depository of the city shall retain such drafts when paid, as permanent vouchers for disbursements made, and no money shall be otherwise drawn from the pension fund.

(d)

To finally decide all claims to relief under this article and under the board's rules and regulations.

(e)

To convert into cash any securities of the pension fund.

(f)

To keep a complete record of all receipts and disbursements and of the board's acts and proceedings.

(g)

To recommend an increase or decrease in the benefits payable hereunder, through the adoption of an amendment to this article, but provided such action is based on an actuarial review by an enrolled actuary who is a member of the Society of Actuaries.

(h)

To retain, at least once every three (3) years, an independent consultant professionally qualified to evaluate the performance of professional money managers. The independent consultant shall make recommendations to the board of trustees regarding the selection of money managers for the next investment term. These recommendations shall be considered by the board of trustees at its next regularly scheduled meeting. The date, time, place and subject of this meeting shall be advertised in a newspaper of general circulation in the municipality at least ten (10) days prior to the date of the hearing.

(Ord. No. 88-25, § 1, 10-17-88; Ord. No. 92-8, § 1, 4-6-92; Ord. No. 94-25, § 1, 11-15-94; Ord. No. 2006-14, § 1, 5-2-06)