§ 4-1305. Board of Trustees of the Municipal Employees' Retirement System.

(1)

Retirement System and Board of Trustees. The system shall be under the management of a Board of Trustees consisting of the Director of Finance, the Director of Personnel, one person who is domiciled in and an elector of the City elected by the employee members of the System, one person who is domiciled in and an elector of the City elected by the retiree members of the System, and one person who is domiciled in and an elector of the City appointed by the Mayor with the approval of the Council. The terms of the elected and appointed members shall be three years.

(2)

Custody and Payment of Funds. The Director of Finance shall be the Treasurer of the Municipal Employees' Retirement Fund and shall administer the Fund subject to the provisions of this Charter, and the direction of the Board of Trustees.

(3)

Features of System. The Council may by ordinance, and from time to time, change the Municipal Employees' Retirement System subject to the following limitations:

(a)

An annual actuarial evaluation of the System shall be made in accordance with accepted standards for the actuarial valuation of the present and projected assets and liabilities of public employee retirement systems.

(b)

The System shall be maintained on a joint contributory basis by the City and the members of the System.

(c)

Members of the System who cease to be employees of the City prior to retirement shall have the right to withdraw the contributions which have been made by them, together with interest which shall have been earned by their contributions.

(d)

Should any amendment be made to the ordinance establishing the System which will have the effect of increasing the obligations of the City to the Fund, the City shall during the year in which the amendment is made and in each of the five years next ensuing, provide for payments by the City, in addition to its regular contributions, equal to the actuarial estimate of the City's share of the cost of benefits provided by such amendment, including one-twentieth of any accrued liability assumed by the City in such amendment.

(4)

The Council may provide by ordinance for a retirement policy based on age or other factors in accordance with applicable law.