Section 45-49A-63.120 Appointment of board. (a) The board is responsible for the general administration of the plan and for carrying out the plan. The board shall consist of (i) three members to be elected from the uniformed officers in the city’s police department by the uniformed officers in that department, (ii) three members to be […]
Section 45-49A-63.121 Elections. All elections of uniformed officers to the board shall be by secret ballot and shall be administered by the city clerk. Elections shall be held no more than six weeks and no less than two weeks prior to the expiration date for the term of any elected member of the board, as […]
Section 45-49A-63.122 Vacancies. Vacancies among the elected members of the board shall be filled by special election to be called by the city clerk not later than 30 days after the vacancy occurs. Vacancies among the appointed members of the board shall be filled by appointment as soon as practicable after such vacancy occurs. (Act […]
Section 45-49A-63.123 Duties of board. (a) The members of the board shall elect a chair from their number; may appoint from their number such subcommittees with such powers as they shall determine; may authorize one or more of their number or any agent to execute or deliver any instrument or make any payment on their […]
Section 45-49A-63.124 Establishment of rules. Subject to the limitations of the plan, the board from time to time shall establish rules for the administration of the plan and the transaction of its business. The board shall have discretionary authority to interpret the plan and to make factual determinations including, but not limited to, determination of […]
Section 45-49A-63.125 Meetings. (a) The board shall meet not less than once each month and at such other times as may be considered necessary by the chair of the board. All meetings shall be upon such notice, at such place or places, and at such time or times as the board may from time to […]
Section 45-49A-63.126 Compensation and bonding. No board member shall receive any compensation from the plan for his or her services as such; however, board members may be reimbursed for any actual expenses they incur on board business. No bond or other security shall be required of any board member in that capacity. (Act 97-689, p. […]
Section 45-49A-63.127 Prudent conduct. The members of the board shall use that degree of care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would use in a similar situation. (Act 97-689, p. 1379, § 8(7.08).)
Section 45-49A-63.128 Maintenance of accounts. The board shall maintain accounts showing the fiscal transactions of the plan and shall keep in convenient form such data as may be necessary for actuarial valuations of the plan. (Act 97-689, p. 1379, § 8(7.09).)
Section 45-49A-63.129 Service in more than one fiduciary capacity. Any individual, entity, or group of persons may serve in more than one fiduciary capacity with respect to the plan and/or the fund. (Act 97-689, p. 1379, § 8(7.10).)
Section 45-49A-63.130 Limitation of liability. The city, the board, the members of the board, and any officer, employee, or agent of the city shall not incur any liability individually or on behalf of any other individuals or on behalf of the city for any act, or failure to act, made in good faith in relation […]
Section 45-49A-63.131 Indemnification. The members of the board and the officers, employees, and agents of the city shall be indemnified against any and all liabilities arising by reason of any act, or failure to act, in relation to the plan or the fund including, without limitation, expenses reasonably incurred in the defense of any claim […]
Section 45-49A-63.132 City attorney to represent board. It shall be the duty of the city attorney to give advice to the board in all matters pertaining to the duties of the board whenever requested to do so; to represent and defend the board and its individual members in all suits and actions at law or […]
Section 45-49A-63.133 Expenses of administration. Except as may be otherwise specified in this plan, all expenses that arise in connection with the administration of the plan including, but not limited to, the compensation and other expenses and charges of any counsel, accountant, specialist, or other person who has been retained by the board in connection […]
Section 45-49A-63.134 Deferred retirement option plan. The board may create and administer a deferred retirement option plan (DROP Plan) on such terms and conditions as the board may prescribe; however, any DROP Plan created by the board shall be at no cost and with no liability to the city. The plan’s actuary shall certify to […]
