§ 16-56. Same—Powers and duties.

(a)

The retirement board shall have the duties expressly provided or implied under the provisions of this division, and in addition thereto, the following to:

(1)

Hold meetings upon notice, as may from time to time be required.

(2)

Maintain adequate age, service and salary records on all employees participating under the plan and any other related data that may be necessary in the administration of the plan and in the effective operation thereof, such data to be furnished to the board by the city.

(3)

Pass upon applications for benefits, verify the qualifications of the applicants for benefits, and authorize the payment of benefits by the trustee.

(4)

Keep a detailed record of all benefit payments and other expenditures made pursuant to the provisions of the plan to the persons qualifying for such payments, to the end that all financial transactions will be properly accounted for.

(5)

Make and enforce uniform nondiscriminatory rules and regulations for the efficient administration of the plan and resolve any questions or interpretations that may arise in connection with the plan.

(6)

Employ actuarial or other technical assistance necessary during the operation of the plan in connection with the determination of cost and liabilities.

(b)

The board shall pay the expenses for technical assistance as provided in subsection (a)(6), and for expenses from the fund established in section 16-51; but in no case may the funds be diverted from investments for any use other than the retirement plan.

(c)

The board shall establish any necessary rules and procedures for the administration of the plan and the conduct of their meetings as they deem advisable. The decisions and rules of a majority shall be final and binding on all parties and shall not be subject to appeal.

(d)

The board may make investments as it deems necessary to benefit the retirement system and shall hold title to the assets and have custody of all its cash, securities and other property belonging to the fund established in section 16-51.

(e)

The board shall annually or as often as requested transmit to the city and the members a report showing the financial condition of the plan.

(f)

The board, during the period of transition for older employees, may waive requirements, when in its opinion, justice and equity as between older employees and other participants may be deemed proper.

(Code 1976, § 2-3024)