HomeMy WebLinkAboutBack-Up from Law DeptSec. 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 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. 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) 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)