TITLE VII. PENSIONS
284 Maintenance of retirement fund; retiring board; sources of retirement fund.
(a) The retirement fund heretofore established shall hold the assets of the retirement system. From the same there shall be available pensions to employees, appointive officers and the mayor of the city, upon the terms and conditions prescribed in the Ordinance. The city council is hereby given authority and power to provide in the annual budget an appropriation to the fund, as may be necessary to meet the required demands thereunder. The retirement board shall consist of two (2) members appointed by the city council, one (1) class A member of the system elected by the class A membership, one (1) class B member of the system elected by the class B membership and the chief administrative officer as an ex officio member.
(b) This fund shall be created from the following sources:
(1) The accumulated contributions deducted from the compensation of class A members as well as those contributions deducted from the compensation of class B members when class B membership contributions were required.
(2) The contributions of the city for benefits under the retirement system shall consist of a percentage of the earned compensation of members to be known as the "normal contribution" and an additional dollar amount to be known as the "accrued liability contribution."
(3) All interest and dividends earned on the fund.
285 Trustees of fund designated; powers; officers.
(a) The members of the retirement board shall be the trustees of the fund, and may invest and reinvest the same in such securities and upon such terms and conditions as said board shall determine.
(b) The retirement board shall annually elect a chair from its members. All warrants on said fund shall be approved by said board, or a majority thereof, and signed by the chair and secretary of the retirement board.
286 Board of medical examiners-created; duties; composition; terms; compensation.
(a) There shall be maintained in said city a board of medical examiners of three members who shall perform such duties as may be required of them by the city council and retirement board.
(b) The city council shall appoint the members of the board of medical examiners. The services and expenses of said medical examiners shall be paid as directed by the city council.
287 Retirement generally.
(a) The retirement board may permanently retire any employee, appointive officer and the mayor who has reached age fifty-five with at least three years of service or who has become disabled. In the police and fire departments, the requisite age for retirement shall be forty-five with at least three years of service.
(b) Upon the retirement of any person, he or she shall be entitled to receive from the retirement fund an amount based upon the provisions found in the Retirement Ordinance. Any such pension may be increased by cost of living increases as provided for by the Ordinance.
288 Reexamination of person on retired list; reappointment, etc.
(a) Once each year during the first seven (7) years following disability retirement the retirement board may require any disability beneficiary who has not yet attained normal retirement age to undergo a medical examination by the board of medical examiners. Based upon the health status, training, education, background and job availability, the retirement board may reduce the disability benefit or stop it entirely.
(b) No disability pension shall be granted hereunder, in any case, without a report from the board of medical examiners.
289 Record of proceedings to be kept; report to city council required.
The secretary to the retirement board shall record the minutes of all retirement board meetings and furnish copies of these minutes to the city council. The financial information on the fund shall be published in the annual city report.