§ 13.03. Same—Composition and selection of board; terms and qualifications of members.

The board shall be composed of ten (10) members, as follows: The director of finance and the director of personnel shall be members by virtue of their official positions. Three (3) members shall be appointed by the mayor, subject to confirmation by the council, and shall possess an interest in benefit and retirement programs, and one (1) shall have at least ten (10) years business experience, and all three (3) shall be on the investment committee. They shall serve for terms of three (3) years each, except that the members first appointed shall serve for terms of one (1) year and two (2) years respectively. Five (5) members shall be selected by their own number, one (1) from the police department, one (1) from the fire department, two (2) from all other departments of metropolitan government and one (1) from among the retired employees. The employee members shall serve for terms of three (3) years each, except that the members first selected by the employee groups shall serve for terms of one (1) year, two (2) years, and three (3) years respectively. All members of the board, including the chairman, shall be entitled to vote on all issues.

The director of personnel, with the approval of the metropolitan civil service commission, shall announce a plan for the conduct of an election to be held by the employee members of the board. The election shall be conducted under the supervision of the director of personnel, who shall immediately report to the commission the name of the employee receiving the required votes in such election, which report shall be spread upon the minutes of the commission. Upon such certification by the director of personnel to the commission, the successful candidate shall thereupon enter his or her duties as a member of the board.

The members appointed by the mayor, and confirmed by the council, shall hold no public office and shall not be a member of any local, state of national committee. All vacancies on the board shall be filled for the unexpired portions of any term in the manner above prescribed for their respective positions.

In the performance of its staff functions, the board, its investments committee and the study and formulating committee hereinafter created may utilize the office and clerical staff of the director of personnel or there may be employed by the board a secretary who shall have had training and experience in pension and retirement administration.

(Res. No. 72-380, 10-3-72; Substitute Res. No. 78-1051, 9-19-78; amended by referendum election of November 6, 2018, Amdt. 6)