Chapter 18 PENSIONS*
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)