(a)Retirement Board.
(1)The retirement board shall be composed of five members:
a. One member shall be elected by the retirees and surviving spouses of retirees of the plan.
b. One member shall be a member of the City of Anniston Fire Department (“fire department”) elected by the members of the fire department.
c. One member shall be a member of the City of Anniston Police Department (“police department”) elected by the members of the police department.
d. One member shall be the City of Anniston Finance Director.
e. One member shall be appointed by the City Council of the City of Anniston and such member shall be a qualified elector in the City of Anniston and shall not be an individual who is a member or the spouse, child, parent, sibling, or in-law of a member currently represented on
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(a) Retirement Board.
(1) The retirement board shall be composed of five members:
a. One member shall be elected by the retirees and surviving spouses of retirees of the plan.
b. One member shall be a member of the City of Anniston Fire Department (“fire department”) elected by the members of the fire department.
c. One member shall be a member of the City of Anniston Police Department (“police department”) elected by the members of the police department.
d. One member shall be the City of Anniston Finance Director.
e. One member shall be appointed by the City Council of the City of Anniston and such member shall be a qualified elector in the City of Anniston and shall not be an individual who is a member or the spouse, child, parent, sibling, or in-law of a member currently represented on the retirement board.
(2) The member elected by the retirees and surviving spouses of retirees of the plan, the member elected by the members of the fire department, and the member elected by the members of the police department each shall serve for a term of three years, and such terms shall be staggered such that the terms of the members do not expire simultaneously. Any vacancy on the retirement board shall be filled for the unexpired term in the same manner that the position was previously filled. A member of the retirement board may resign by delivering a written resignation to the retirement board.
(3) The members of the retirement board shall elect one of their members as chair (the “chair”).
(4) Three members of the retirement board shall constitute a quorum for the transaction of all business.
(5) Three votes shall be necessary for a decision by the retirement board; provided, however, four votes shall be necessary for:
a. a decision by the retirement board that materially affects the terms of the plan or materially affects the benefits offered hereunder, or
b. a decision by the retirement board made pursuant to Section 45-8A-22.109(b), Section 45-8A-22.113(d), Section 45-8A-22.116(a)(2)b., or Section 45-8A-22.119(a)(2)c.
(6) The members of the retirement board shall serve without compensation.
(7) The actual and reasonable cost incurred by members of the retirement board for travel, meals, gratuities, lodging, and registration fees for any seminars or programs attended by the members provided, however, that the retirement board shall approve in advance the retirement board member’s participation in any seminar or program as being related to the retirement board member’s performance of his or her duties under the plan in the management of the plan. Within 30 days of the retirement board member attending such seminar or program, receipts for such authorized expenses shall be submitted to the secretary-treasurer and must be approved by the retirement board. If the expenditures, or any portion thereof, are not approved by the retirement board, the member shall not be reimbursed for the expenditures, or if he or she has been advanced such funds, he or she shall immediately repay the funds to the secretary-treasurer. Such expenses described herein shall be limited to three thousand dollars ($3,000) per retirement board member each calendar year.
(b) Secretary-Treasurer. The City of Anniston clerk shall serve as the secretary and the treasurer (the “secretary-treasurer”) to the retirement board. The secretary-treasurer shall receive as compensation for his or her services an amount to be fixed from time to time by the retirement board which is to be paid on the first day of each month by a warrant drawn upon the trust as other warrants are drawn upon the trust. The secretary-treasurer shall be responsible for maintaining the records of all monies belonging to the trust and evidence of all securities and other things of value belonging to the trust. He or she, before taking office as secretary-treasurer, shall make bond, in an amount to be fixed from time to time by the retirement board and approved by the chair, with a surety company authorized to do business in the State of Alabama for the faithful performance of his or her official duties and for the faithful accounting for all monies, securities, and other things of value which may come into his or her possession relating to the trust. The premiums on the bond shall be paid out of the trust. He or she shall keep the monies of the trust in a separate account or accounts that shall show at all times the true condition of the trust. Upon his or her resignation or removal from office, the secretary-treasurer shall surrender and deliver to his or her successor all bonds, securities, unexpended monies, properties, and assets which are in his or her hands relating to the trust. The secretary-treasurer shall keep a full and complete record of all proceedings of the retirement board and perform such other duties as may be imposed upon him or her by the retirement board. He or she shall keep a record of the terms of office of each member of the retirement board and shall notify the electing body or bodies not less than 30 days nor more than 60 days prior to the date that an election of a member or members should be held.