Section 18-22 Assets of plans; investment; administration.
Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-22 read as follows.
(a) The finance director 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 finance director 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 finance director director of finance shall have such duties and all
powers as may be
necessary to discharge the duties of plan administrator hereunder,
including, but not by way of limitation, full and complete discretionary authority
to construe
and interpret the provisions of the plans and to determine make the initial determination
of the
right of any person to any interest in or eligibility for any benefit under the plans. The finance
director director of finance may adopt such rules as deemed
necessary, desirable or appropriate
to implement the police retirement plan and the firefighters’ retirement plan.
All rules and
decisions of the finance director director of finance shall be uniformly and
consistently applied to
all covered employees in similar circumstances. When making a determination or calculation, the
finance director 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
finance director 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 finance director director
of
finance may require a covered employee to complete and file with the finance director
director of finance an application for pension and all other forms approved by the finance
director director of finance, and to furnish all pertinent information requested by
the finance
director director of finance.
(b) As of December 7, 1981, t The finance
director 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.
As t These funds are subject to the laws of the state and the ordinances
and charter of the city,
they shall at all times be invested in a manner consistent with those the
laws, of the United States
and the state of Missouri and the ordinances and charter of the city provisions.
(c) Nothing herein shall be deemed to in
this article requires segregation of assets nor to
permits or authorizes 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 or installment thereof hereunder is under a legal disability
or is incapacitated in
any way so as to be unable to manage his personal financial affairs, the director
of finance may
make payments to such person or to the person’s his legal representative
or to a 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)