Section 18-22 Assets of plans; investment; administration.


    (a)     The director of finance  shall serve as administrator for the police retirement fund and firefighters' retirement fund and of all assets, payments and deposits made or received from prior plans. The director of finance  shall keep the books and records of the plans and cause them to be audited annually by an independent auditor as part of the city's annual audit.   The director of finance shall annually prepare and have available as public information for each plan, a comprehensive annual financial report showing the financial condition of the plan as of the end of the plan’s fiscal year in accordance with section 105.661 RSMo.

The director of finance  shall have all  powers necessary to discharge the duties of plan administrator , including, but not by way of limitation, authority to make the initial determination of  the right of any person to any interest in or eligibility for any benefit under the plans. The director of finance  may adopt rules to implement the police retirement plan and the firefighters’ retirement plan . All rules and decisions of the director of finance  shall be uniformly and consistently applied to all covered employees in similar circumstances. When making a determination or calculation, the director of finance  shall be entitled to rely upon information furnished by a covered employee or beneficiary, the city, the legal counsel of the city, or the actuary. The director of finance  shall issue directions concerning all benefits which are to be paid from the trust fund pursuant to the provisions of the plans. The director of finance  may require a covered employee to complete and file with the director of finance  an application for pension and all other forms approved by the director of finance , and to furnish all pertinent information requested by the director of finance .

    (b)      T he director of finance  shall account for, separately:

     (1)    Those assets necessary to maintain the actuarial and financial soundness of the police retirement fund,

    (2)    Those assets necessary to maintain the actuarial and financial soundness of the firefighters' retirement fund.

T hese funds shall at all times be invested in a manner consistent with the  laws of the United States and the state of Missouri and the  ordinances and charter of the city .

    (c)     Nothing in this article  require s  segregation of assets nor permit s  or authorize s  the partition of fund assets by the boards of the respective funds.

    (d)     All assets of the funds created by this article, and all assets necessary to maintain the obligations of past funds, may be jointly invested with profits, losses, income and charges with respect thereto being received, borne, or shared by the funds in proportion to the amount of the assets invested by the fund or past fund.

    (e)     Whenever, in the director of finance's opinion, a person entitled to receive any payment of a fund  benefit is under a legal disability or is incapacitated in any way so as to be unable to manage personal  financial affairs, the director of finance may make payments to such person or to the person’s  legal representative or relative. Any payment of a benefit or installment thereof in accordance with the provisions of this section shall be a complete discharge of any liability for the making of such payment under the provisions of the plans.

(Code 1964, § 9.1690; Ord. No. 12868, § 1, 2-4-91; Ord. No. 018160, § 1, 7-6-04)


(Ord. 018160, Amended, 07/06/2004, Prior Text)