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HomeMy WebLinkAboutBack-Up from Law Dept8/15/2016 Miami, FL Code of Ordinances Sec. 40-194. - Administration of retirement system. (a) Plan administrator. The board shall serve as plan administrator of the retirement system. (1) The general administrative duties of the board shall be: a. To maintain such records as are necessary for calculating and distributing retirement system benefits; b. To maintain such records as are necessary for financial accounting and reporting of retirement system funds; c. To maintain such records as are necessary for actuarial evaluation of the retirement system, including investigation into the mortality, service and compensation experience of its members and beneficiaries; d. To compile such other administrative or investment information as is necessary for the management of the retirement system; e. To process, certify and/or respond to all correspondence, bills and statements received by the retirement system, as well as all applications submitted to the board for retirement system benefits; f. To establish and maintain communication with city departments and other local, state and federal governmental units as is necessary for the management of the retirement system, including preparing, filing, and distributing such reports and information as are required by law to be prepared, filed or distributed on behalf of the retirement system; g. To establish and maintain such other functions as are necessary to administer, manage and operate the retirement system, or as otherwise required by law. (2) The board shall submit the following information annually to the commission no later than July 1 of each year: (a) a report showing the fiscal transactions of the retirement system for the year ending on the preceding September 30 as well as the amount of accumulated cash, securities, and other property of the retirement system on that date and (b) the current actuarial valuation of the assets and liabilities of the system. The actuarial value of assets held by the retirement system shall be designated as the lower of moving market value average (three years) or statement value. The board may approve other methods of determining the actuarial value of retirement system assets if such other methods are recommended by the actuary retained by the board and found by the Florida bureau of local retirement systems, division of retirement, department of administration, or its successor, to be in compliance with state law. Prior to the first meeting of the board to consider a change in the method of determining the actuarial value of retirement system assets, the board shall give timely, written notice to the city of the proposed change. (3) At least once in each three-year period, the board shall cause an actuarial investigation to be made into the mortality, service and compensation experience of the members and beneficiaries of the retirement system. Taking into account the result of this investigation, the board shall adopt for the retirement system such mortality, service and other tables as are necessary and proper. On the https://www.municode.com/library/fl/miami/codes/code_of ordi nances?nodeld= PT IIT H CO_C H 40PE ART IVPEREPL_DIV2CIMIFIPOOFRETR_S40-192RES... 1/4 8/15/2016 Miami, FL Code of Ordinances basis of these tables, an annual actuarial valuation of the assets and Liabilities of the funds of the retirement system shall be made. Actuarial assumptions based on three-year experience analyses may be modified by the board at such times as it deems appropriate. When a change in actuarial assumptions is considered by the board, 60 days' notice shall be given to the city prior to the first meeting of the board to consider any such change or any proposal or recommendation related thereto, Thereafter, reasonable notice shall be given to the city of any and all subsequent meetings at which the issue of a change in actuarial assumptions or a related proposal or recommendation is to be considered. (b) Pension administrator; board physician; advisors. (1) The board shall employ a pension administrator to assist the board in the performance of its administrative duties. The pension administrator may, subject to the approval of the board, employ such staff as is necessary for the proper administration of the retirement system. a. The pension administrator selected by the board shall have at least the following qualifications: 1. Have an accounting or pension administration background; 2. Have managerial experience including hiring, directing and motivating a small staff; 3. Have sufficient knowledge or experience to supervise data processing operations; 4. Have experience with filing government forms (including those related to federal and state compliance requirements) and have the initiative to obtain resource data when specific information is not readily available; 5. Be capable of using benefit formulas to calculate and pay benefits; 6. Be capable of prudent financial management and obeying guidelines established by the board; 7. Be capable of developing cash flow projections; 8, Be capable of preparing financial reports reflecting the activity of the trust and financial trends; 9. Be capable of maintaining an investment schedule; 10. Be capable of maintaining minutes of meetings of the board of trustees; 11. Be capable of preparing correspondence, issuing forms, receiving and processing benefit claims, and expressing ideas in writing; 12. Be able to insist upon, and actively pursue delivery of, all reports and other documents required for efficient operation of the retirement system; 13. Have effective oral communications skills; 14. Have a good employment attendance record; 15, Be efficient, practical and committed to responsible and effective operation of the retirement system, its finances and expenses; 16. https://www.municode.com/library/flfmiami/codes/code of_ordinances?nodeld=PTIITHCO CH4OPE ARTIVPEREPL_DIV2CIMIFIPOOFRETR_S40-192RES... 2/4 8/15/2016 Miami, FL Code of Ordinances Be able to remain neutral on decisions to be made by the board and serve all board members in an impartial and arms -length fashion, giving due recognition to the ultimate fiduciary obligation to members and beneficiaries of the retirement system. b. The board shall have a continuing duty to observe and evaluate the performance of any pension administrator employed by the board. The board shall, in selecting any such pension administrator, exercise all judgment and care under the circumstances then prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs. (2) The board shall retain a physician to assist the board in the performance of its administrative duties. The physician shall conduct or otherwise provide for any medical examination required under the provisions of this division and may refer any examinee to a specialist or specialists. Following any medical examination required by this division, and after taking into consideration the reports of specialists, if any, the physician shall submit written conclusions and recommendations regarding the examinee to the board. (3) The board shall have authority to retain its own legal counsel, accountants, actuaries, and other professional advisors to assist the board in the performance of its administrative duties. The board may act without independent investigation upon the professional advice of advisors so retained. (4) The board shall, consistent with its independence from the board of trustees of the City of Miami general employees' and sanitation enforcement retirement trust, endeavor to share personnel, services and facilities with the latter board. (c) Public records; board documents; written communication to and from city; commission agenda. (1) The board shall keep a record of all of its proceedings which shall be maintained and open to public inspection in accordance with F.S. ch. 286. Such records shall reflect a complete and comprehensive account of the discussions and actions taken by the board. (2) The board shall provide the city manager with copies of all documents relating to the retirement system contemporaneously with the making or receipt of such documents by the board or immediately thereafter. The city manager shall provide the pension administrator of the board with copies of all documents relating to the retirement system contemporaneously upon the making or receipt of such documents by the city or immediately thereafter. All written communications relating to the retirement system from the board to the city shall be made directly to the city manager. All written communications to the board from the city shall be made directly to the board, with copies to the pension administrator of the board. (3) When a hearing before or consideration by the commission is required for retirement system business, such business shall be placed on the agenda of the commission and heard at its next regularly scheduled meeting; provided, that any request for hearing or consideration of retirement system business complies with the city's requirements or guidelines as to timeliness and adequacy of information. (d) https://www.municode.com/library/fl/miami/codes/code_of ordinances?nodeld=PTIITHCO_CH40PE ART IVPEREPL DIV2CIMIFIPOOFRETR_S40-192RES... 3/4 8/15/2016 Miami, FL Code of Ordinances Rules and regulations. Subject to any limitation contained in this division, the board may from time to time establish such rules and regulations as are necessary for efficient administration and management of the retirement system. (Ord. No. 10002, § 1, 6-13-85; Code 1980, § 40-203) https://www.municode.com/library/fllmiami/codes/code_of_ordinances?nodeld=PTIITHCO_CH4OPE ART IVPEREPL_D IV2C IM IF IPOOFRETR_S40-192RES, .. 4/4