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POLICY PROPOSAL
DATE FILE NUMBER SUBJECT Proposed Amendment to Ordinance PAGE-1—OF--Z
3/28/77 CP3 2 3 5226 "The Em loyees Retirement Fund"
PROPOSAL PROPOSED BY: Councilman CITY MANAGER' r1 EW�y
Henr A. Meadows ////��// .__J
Section 16, of City Ordinance No. 5226 designates and prescribes that a Board of
Trustees shall administer the affairs of the Employees Retirement Fund. Para-
graph d, of Section 16, states that, "The City Secretary of the City of Fort Worth
shall serve in Place 5".
When the Retirement Fund was established the City Secretary and City Treasurer
were positions that were functionally staffed by one person. Section 13, of the
Retirement Ordinance prescribes that, "The Treasurer of the City of Fort Worth shall
be ex-officio, the Treasurer of the Fund and shall:
a. Act as official custodian of the cash and securities belonging to the
Fund and provide adequate safe deposit facilities for the preservation
of such securities subject to the order of the Board;
b. Receive all items of cash belonging to the Fund, including contribu-
tions of members, collect the interest on and the principal of all
securities belonging to the Fund as such interest and principal become
due -and payable, deposit all such amounts in a special trust fund for
the account of the Fund, and submit a monthly report to the Fund of all
such transactions; and
c. Make payments for purposes specified in this ordinance in accordance
with vouchers submitted pursuant to authorization of the Administrator.
The Treasurer shall have the same responsibility for assets of the Fund
in his possession as for funds of the City under his control, and all
assets of the Fund shall be completely segregated and earmarked as
belonging to the Fund.
On December 29, 1975, the City Council adopted Ordinance Number 7280 which separated
the functional duties of the City Treasurer and City Secretary in conformance with
the general provision of the City Charter and appointed a City Treasurer. This
ordinance did, not speak to the matter of position on the Retirement Fund Board.
LEGALITY JKI
FISCAL NOTE ]
CITY MANAGER'S COMMENTS IM
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PAGE_OF
• POLICY PROPOSAL (cont'd)
Based on the responsibilities assigned to the City Treasurer regarding the Employees
Retirement Fund, it is my recommendation that the City Treasurer should be a member
of the Employees Retirement Fund Board.
The City Treasurer is appointed by the City Council and cannot be removed from
office without action by the Council; therefore I also recommend that the City
Treasurer be directed to submit a monthly report directly to the City Council advis-
ing them of the status of the fund, any trends that may be developing, and parti-
cularly appropriate information regarding the unfunded liability position of the fund.
Proposal
It is proposed that the City Council adopt the attached amendment to the Retire-
ment Ordinance No. 5226 by substituting the City Treasurer for the City Secretary
on the Retirement Board in Place 5.
P" City Manager's Comment
The functions of the City Treasurer are believed to be more closely aligned with
the responsibilities of the Retirement Board than those of the City Secretary.
Fiscal Note
No fiscal impact.
Legality
Attached Ordinance.
Henry A. Meadows, Councilman
CITY OF FORT WORTH„ T��`.S.
THE SUBJECT UTTER OF THIP D�. &C. C.
WAS PRESENTED TO THE CI a- COUNCIL
'3 - y8' - '7-1
AND WAS ❑ APPRO'
City Secretary
CITY OF FORT WORTH