Title 04 Administrative Agencies and Procedures
Chapter 04.14 Retirement and Pension Boards
Article II. Spokane Employees' Retirement System Board
Section 04.14.070 Powers and Duties
- The board administers the retirement system and the retirement fund under the provisions of ordinance and the direction of the city council.
- The board keeps such data in such form as necessary for actuarial valuation of the fund. At least every five (5) years the board causes to be made an actuarial investigation into the mortality and service and compensation experience of retirement system members and beneficiaries, and an actuarial valuation of the assets and liabilities of the fund.
- The board transmits to the city council a report of the actuarial investigation and valuation and an annual report on the financial condition of the fund.
- With the approval of the city council, the board may:
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- change the rate of interest on contributions made to the retirement fund;
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- adopt mortality, service and other tables used by the retirement system for the purposes of retirement benefit calculations; and
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- change the rates of contribution to the retirement fund by retirement system members based on such tables.
- Subject to state law, the board provides for the proper investment of the moneys in the retirement fund.
- The board adopts rules and regulations as necessary for the administration of the retirement system and retirement fund.
- The board may authorize the retirement system director to execute contracts approved by the board. The board does not require city council action to let contracts within the scope of its substantive powers, where such contracts do not impact municipal general fund monies.
Date Passed: Monday, July 28, 2014
Effective Date: Sunday, August 31, 2014
ORD C35129 Section 6
