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HomeMy WebLinkAboutOrdinance 14641e r'~ ..;; n ..'.-.~=- ORDINANCE NO AN ORDINANCE AMENDING ORDINANCES NOS 13543, AS PREVIOUSLY AMENDED BY ORDINANCE NOS 13672, 13673, 13674 AND 13842, CODIFIED AS CHAPTER 2, ARTICLE VI, DIVISION 1, ENTITLED "EMPLOYEES RETIREMENT FUND," OF THE CODE OF THE CITY OF FORT WORTH (1986), AS AMENDED, WHICH ORDINANCES ESTABLISH AND PROVIDE FOR A RETIREMENT SYSTEM, RETIREMENT PLAN AND BENEFITS THEREUNDER FOR EMPLOYEES OF THE CITY OF FORT WORTH, PROVIDING AN INCREASE IN THE NUMBER OF DIRECTORS SERVING AS THE BOARD OF DIRECTORS OF THE FUND OF THE CITY OF FORT WORTH, MODIFYING THE EMPLOYEE GROUPS FROM WHICH DIRECTORS ARE ELECTED, MODIFYING THE ELECTION PROCEDURES FOR EMPLOYEE AND RETIREE BOARD MEMBERS, PROVIDING AN ETHICS CODE TO BE FOLLOWED BY ALL BOARD MEMBERS, AND PROVIDING AN EFFECTIVE DATE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS That Ordinance No 13543, as previously amended by Ordinance Nos 13672, 13673, 13674 and 13842, codified as Chapter 2, Article VI, Division 1 of the Code of the City of Fort Worth (collectively the "Retirement Ordinance"), is hereby amended as follows SECTION 1 Chapter 2, Article VI, Division 1, Section 2-214, (" Administration") of the Retirement Ordinance is amended by deleting Section A, "Board of Directors" and substituting the following language in lieu thereof Sec.2-214 ADMINISTRATION A. Board of Directors The Fund shall be administered by a Board to be known as the "Board of Directors of the Employees' Retirement Fund of the City of Fort Worth "The Board shall consist of eleven -1- vc. ~'J y M .~~ ?~~ (11) voting directors designated as Place 1, Place 2, Place 3, Place 4, Place 5, Place 6, Place 7, Place 8, Place 9, Place 10, and Place 11, respectively A voting director's term shall be for two (2) years, subject to Sections 2-214A(1)(a) and (b) Directors shall be selected as follows (1) Directors Elected By Emplo r~ees Seven (7) directors who are Members of the Fund shall be elected by the employees of the City who are also Members of the Fund, said seven (7) directors shall serve in Places 1, 2, 3, 4, 5, 6, and 7, respectively Each of the directors shall be elected by one of the six (6) employee groups of the City as follows Place 1 The director for Place 1 shall be elected by Employee Group A, which shall consist of those Members of the Fund who are assigned to work in the Police Department of the City Only Members of the Fund who qualify for Employee Group A shall be eligible to vote for a nominee for Place 1 Only Members of the Fund who qualify for Employee Group A shall be eligible to serve. on Place 1 of the Board Place 2 The director for Place 2 shall be elected by Employee Group A, which shall consist of those Members of the Fund who are assigned to work in the Police Department of the City Only Members of the Fund who qualify for Employee Group A shall be eligible to vote for a nominee for Place 2 Only Members of the Fund who qualify for Employee Group A shall be eligible to serve on Place 2 of the Board Place 3 The director for Place 3 shall be elected by Employee Group B, which shall consist of those Members of the Fund who are assigned to work in the Water and Sewer Department of the City Only Members of the Fund who qualify for Employee Group B shall be eligible to vote for a nominee for Place 3 Only -2- rt ~>.~ `~: Members of the Fund who qualify for Employee Group B shall be eligible to serve on Place 3 of the Board ` '~~ Place 4 The director for Place 4 shall be elected by Employee Group C, which shall consist of those Members of the Fund who are assigned to work in the Fire, Department of the City Only Members of the Fund who qualify for Employee Group C shall be eligible to vote for a nominee for Place 4 Only Members of the Fund who qualify for Employee Group C shall be eligible to serve on Place 4 of the Board Place 5 The director for Place 5 shall be elected by Employee Group D, which shall consist of those Members of the Fund who are assigned to work in the Library, Parks and Community Services, Golf, Culture and Tourism, Public Events and Public Health Departments of the City Only Members of the Fund who qualify for Employee Group D shall be eligible to vote for a nominee for Place 5 Only Members of the Fund who qualify for Employee Group D shall be eligible to serve on Place 5 of the Board Place 6 The director for Place 6 shall be elected from Employee Group E, which shall consist of those Members of the Fund who are assigned to work in the City Services, Solid Waste, Equipment Services, Aviation, Environmental Management and Transportation/Public Works Departments of the City Only Members of the Fund who qualify for Employee Group E shall be eligible to vote for a nominee for Place 6 Only Members of the Fund who qualify for Employee Group E shall be eligible to serve on Place 6 of the Board Place 7 The director for Place 7 shall be elected by Employee Group F, which shall consist of those Members of the Fund who are assigned to work in all other -3- ~Y ~~ ,c Departments of the City not specified in Employee Groups A, B, C, D, and E Only Members of the Fund who qualify for Employee Group F shall be eligible to vote for a nominee for Place 7 Only Members of the Fund who qualify for Employee Group F shall be eligible to serve on Place 7 of the Board a Term In accordance with the nomination and election procedures prescribed in this Section, directors shall be elected to Places 1, 2, 3, 4, 5, 6, and 7, and shall serve for a two (2) year term Directors 1, 3, 5, and 7 shall be elected every odd numbered year beginning in 2001, and shall serve from October 1 of such odd numbered year through September 30 of the next odd numbered year Places 2, 4, and 6 shall be elected in 2001, and thereafter, every even numbered year and shall serve from October 1 of such even numbered year through September 30 of the next even numbered year Should the employment status of any employee elected director change so that said director is no longer a member of the employee group from which the director was elected, then said director shall automatically forfeit the office of director Should a vacancy occur, for whatever reason, in Place 1, 2, 3, 4, 5, 6, and 7, during the term thereof, then a majority of all directors remaining on the Board shall appoint to the Board a qualified employee from the employee group whose place has been vacated, which qualified employee shall serve the remainder of the unexpired term, provided, however, that if, at the time the vacancy arises, more than one year remains in the unexpired term, then in lieu of the Board appointing a replacement director, there shall be an election pursuant to the nomination and election provisions set forth below, with the Board making reasonable modifications in the dates and time frames for the nomination and election in light of the time of the vacancy Beginning with Board terms commencing October 1, 2003 and after, a director may not -4- serve on the Board for more than three (3) consecutive terms, regardless of whether that director wishes to serve on the Board in the same Place or a different Place, including Places 8 or 9 In addition, notwithstanding anything interpreted to the contrary herein, a director whose term expires on September 30, 2003 or September 30, 2004 will be ineligible to run for reelection if that director has previously served for six or more consecutive years For purposes of this subsection, the term "reelection" shall only apply to a director who is running for another term, whether for the same Place or a different Place, immediately following the expiration of that director's then-current term and shall not apply to an individual seeking election to the Board who did not serve on the Board during the immediately preceding term, even if that individual at one time served six (6) or more consecutive terms on the Board " b Method of Nominating Active Members For Election Nominations of active Members for election to the Board of Directors shall be by petition only Before July 1 of each election year, the Executive Director shall make available to employees of each employee group eligible to vote in the scheduled election, petition forms with written instructions Petitions containing the names of nominees shall be returned to the Executive Director prior to July 15 of said election year Nominees may use copies of the petition form or may create their own petition forms, provided each page of each returned petition shall identify the name of the nominee, the Department in which the nominee is employed, the employee group of which the nominee is a member, and place on the Board of directors for which the employee is being nominated No person's name shall be placed upon the official ballot as a nominee unless that person is nominated by petition Said nominating petition must contain the signature and employee number of at least one hundred (100) members of the employee group who are -5- ~, qualified to vote for said place on the date said petition is submitted to the Executive Director Only those employees who are Members of the Fund shall be entitled to be listed upon the official ballot as a nominee No person's name shall be placed upon the official ballot as a nominee for Place 1 unless that person is a member of Employee Group A. No person's name shall be placed upon the official ballot as a nominee for Place 2 unless that person is a member of Employee Group A. No person's name shall be placed upon the official ballot as a nominee for Place 3 unless that person is a member of Employee Group B No person's name shall be placed upon the official ballot as a nominee for Place 4 unless that person is a member of Employee Group C No person's name shall be placed upon the official ballot as a nominee for Place 5 unless that person is a member of Employee Group D No person's name shall be placed upon the official ballot as a nominee for Place 6 unless that person is a member of Employee Group E No person's name shall be placed upon the official ballot as a nominee for Place 7 unless that person is a member of Employee Group F c Method of Electing Employee Directors The Executive Director shall prepare an official ballot for each place, listing in alphabetical order according to surname the nominees for election to that place If, however, there is only one nominee for any place, there shall be no election for that place, and such nominee shall automatically be elected to the Board of Directors Only the names of those persons who are nominated by petition as prescribed herein shall be placed upon the official ballot. No person shall be elected as a director whose name does not appear upon the official ballot as a nominee Ballots shall be made available to the Members no later than the first payday in August in such manner as to allow each member an opportunity to vote by secret ballot. Each employee qualified to vote in said election shall vote for one nominee only in each Place that the employee is qualified to vote Employees in Employee Group A shall vote for nominees to Place 1 and Place 2 Any -6- ballot containing votes of two (2) or more persons, or for persons who are not nominees as prescribed herein, shall be declared invalid, and shall not be counted All ballots must be returned to the Executive Director no later than ten (10) days after the first payday in August, at which time the Executive Director shall tabulate all votes for all nominees The nominee for each place who receives a majority of the votes cast for that place shall be declared elected to the Board of Directors Following the tabulation of votes, the Executive Director shall submit the result of same to the Board of Directors at a meeting to be held before September 1 of said election year, at which time the Board shall canvass the results of said election and certify which nominees are elected to the Board of Directors If at the time of canvassing said results, the nominee receiving the majority of votes for said place is no longer eligible to serve on the place to which that nominee was elected, then the nominee finishing second in the election shall be certified by the Board as elected to the Board of Directors If there is more than one nominee and no nominee receives a majority of the votes cast for any one place, or if there is a tie for any one place, then arun-off election shall be held on the first payday in September, at which time ballots shall be made available to the Members qualified to vote for that place in the same manner as prescribed for the first election Only the names of candidates who tied for the highest number of votes cast for that place in the first election, or the two (2) candidates who received the highest number of votes with neither having a majority of votes cast for that place, shall be printed on the ballot for the run- off election All ballots for the second election must be returned to the Executive Director no later than ten (10) days after the first payday in September, at which time the Executive Director shall tabulate the votes for the candidates in the run-off election The candidate receiving the highest number of votes cast for that place in the run-off election shall be declared elected to the Board of Directors -7- In the event of a tie vote at the second election, the candidates who tie shall cast lots in the presence of the Board of Directors to determine which one shall be declared elected Following the tabulation of votes in the run-off election, and the casting of lots in case of ties, the Executive Director shall submit the results of same to the Board of Directors at a meeting to be held before October 1 of said election year, at which time the Board shall canvass the results of the run-off election and certify which nominees are elected to the Board of Directors If at the time of canvassing the results of the run-off election, the nominee elected to serve on said Board is no longer eligible to serve on the place to which he or she was elected, then the nominee finishing second in the election shall be certified by the Board as elected to the Board of Directors (2) Directors Elected b Retired Members Place 8_ The director for Place 8 shall be elected by Retiree Group A, which shall consist of those retired Members of the Fund from Employee Groups A and C Only Members of the Fund who qualify for Retiree Group A shall be eligible to vote for a nominee for Place 8 Only Members of the Fund who qualify for Retiree Group A shall be eligible to serve on Place 8 of the Board Place 9 The director for Place 9 shall be elected by Retiree Group B, which shall consist of those retired Members of the Fund from Employee Groups B, D, E, and F Only Members of the Fund who qualify for Retiree Group B shall be eligible to vote for a nominee for Place 9 Only Members of the Fund who qualify for Retiree Group B shall be eligible to serve on Place 9 of the Board a Term In accordance with the nomination and election procedures prescribed in this section, a director shall be elected to Places 8 and 9, and shall serve for atwo-year term A director for -8- Place 8 shall be elected every even numbered year and shall serve from October 1 of such even numbered year through September 30 of the next even numbered year Beginning in 2001, a director for Place 9 shall be elected every odd numbered year and shall serve from October 1 of such odd numbered year through September 30 of the next odd numbered year Should a director return to City employment and again become an Employee Member of the Fund, the director shall automatically forfeit the office of director Should a vacancy occur in Place 8 or 9, during the term thereof, then a majority of all directors remaining on the Board shall appoint to the Board a retired Member of Retiree Group A if the vacancy occurs in Place 8 or a retired member of Retiree Group B if the vacancy occurs in Place 9 to serve the remainder of the unexpired term Beginning with Board terms commencing October 1, 2003 and after, a director may not serve on the Board for more than three (3) consecutive terms, regardless of whether that director wishes to serve on the Board in the same Place or a different Place In addition, notwithstanding anything interpreted to the contrary herein, a director whose term expires on September 30, 2003 or September 30, 2004 will be ineligible to run for reelection if that director has previously served for six or more consecutive years For purposes of this subsection, the term "reelection" shall only apply to a director who is running for another term, whether for the same Place or a different Place, immediately following the expiration of that director's then-current term and shall not apply to an individual seeking election to the Board who did not serve on the Board during the immediately preceding term, even if that individual at one time served six (6) or more consecutive terms on the Board " b Nomination of Retiree Members for Election Nomination of the retired Members for election to the Board shall be by letter of nomination only Before July 1 of each election year, the Executive Director shall make available to retired Members official letter of nomination -9- forms with written instructions Copies of the letter of nomination may be used Completed letters of nomination shall be returned to the Executive Director prior to July 15 of each election year Each returned letter of nomination shall identify the retired member being nominated for the Place for which the retired Member is being nominated and must contain the signature and retired employee's Social Security Number of the retired member making the nomination Any Member of Retiree Group A receiving at least twenty-five (25) letters of nomination from Retiree Group A shall be considered a nominee for election to Place 8 on the Board Any retired Member of Retiree Group B receiving at least twenty-five (25) letters of nomination from Retiree Group B shall be considered a nominee for election to Place 9 on the Board No person shall be placed on the ballot as a nominee unless the person is a retired Member who is nominated by letter of nomination Only retired Members may complete letters of nomination c. Election of Retiree Board Members The Executive Director shall prepare official ballots for the election of the retiree Board Members, listing the nominees in alphabetical order by surname Ballots for election of the retiree Board Members shall be mailed to all retired Members in Retiree Group A or Retiree Group B no later than August 1 of each election year If there is only one nominee for Place 8, there shall be no election for Place 8, and the one nominee shall automatically be elected to the Board of Directors If there is only one nominee for Place 9, there shall be no election for Place 9, and the one nominee shall automatically be elected to the Board of Directors Only the names of those persons who are nominated by letters of nomination shall be placed on the official ballots No person shall be elected as director whose name does not appear on the official ballots as a nominee To be considered valid, a cast ballot must be returned to the Executive Director by mail and postmarked no later than August 15 of the election year .Each retired Member qualified to vote in the election shall -10- vote for one nominee only Any ballot containing votes for two (2) or more persons, or for persons who are not nominees as provided herein, shall be declared invalid and shall not be counted The Executive Director shall tabulate all votes for all nominees The nominees for each Place receiving a majority of votes cast shall be declared elected to the Board of Directors Following the tabulation of votes, the Executive Director shall submit the results of same to the Board of Directors meeting to be held before September 1 of the election year, at which time the Board shall canvass the results of the election and certify which nominees are elected to the Board of Directors If at the time of canvassing the results, a nominee receiving the majority of votes is no longer eligible to serve, then a majority of the directors remaining on the Board shall appoint to the Board a retired Member from the appropriate Retiree Group to fill Place 8 or 9 on the Board The appointed Member shall serve from October 1 of such even-numbered year through September 30 of the next even-numbered year If there is more than one nominee for a Place and no nominee receives a majority of the votes cast, or if there is a tie, then arun-off election shall be held and ballots shall be mailed to the retired Members for that Place no later than September 7 Only the names of candidates who tied for the highest number of votes cast for that place in the first election, or the two (2) candidates who received the highest number of votes with neither having a majority of votes cast, shall be printed on the ballot for the run-off election All ballots for the second election must be returned to the Executive Director no later than September 21, at which time the Executive Director shall tabulate the votes for the candidates in the run- off election The candidate receiving the highest number of votes cast in the run-off election shall be declared elected to the Board of Directors In the event of a tie vote at the second election, the candidates who tie shall cast lots in the presence of the Board of Directors to -11- determine which one shall be declared elected Following the tabulation of votes in the run-off election, and the casting of lots in case of ties, the Executive Director shall submit the results of same to the Board of Directors at a meeting to be held before October 1 of said election year, at which time the Board shall canvass the results of the run-off election and certify which nominees are elected to the Board of Directors If at the time of canvassing the results of the run-off election, the nominee elected to serve on said Board is no longer eligible to serve, then a majority of the directors remaining on said Board shall appoint to the Board a retired member from the appropriate retiree Group to fill Place 8 or Place 9 on the Board The appointed member shall serve from October 1 of such even-numbered year through September 30 of the next even-numbered year (3) Board Members Appointed By The City Council Place 10 The director for Place 10 shall be a member of the City Council or a resident of the City of Fort Worth with experience in pension, investments, or human resources matters and shall be appointed by the City Council to serve a term of two (2) years (unless removed sooner by a majority of the City Council) commencing on October 1 of every even numbered year Beginning in 2003, no director shall be appointed for Place 10 if, as of the commencement date of the respective term, that individual would have served on the Board for six (6) or more consecutive years, whether in Place 10 or in a different Place Should a vacancy occur in Place 10, then a majority of the City Council shall appoint another member of City Council to serve the remainder of the unexpired term Place 11 The director for Place 11 shall be the Finance Director of the City of Fort Worth or a vested member of the Fund and shall be appointed by the City Council to serve a term of two (2) years (unless removed sooner by a majority of the City Council), commencing on October 1 of -12- .~~ .o""~~ .Fa~a c;.. every even numbered year Beginning in 2003, no director shall be appointed for Place 11, if as of the commencement date of the respective term, that individual would have served on the Board for six (6) or more consecutive years, whether in Place 11 or in a different Place Should this appointed director cease to be a resident of the City of Fort Worth or should a vacancy occur in Place 11, then a majority of the City Council shall appoint a qualified person to serve the remainder of the unexpired term SECTION 2 Chapter 2, Article VI, Division 1, Section 2-214, "Administration," of the of the Retirement Ordinance is amended by adding Section C, "Code of Ethics," to wit: B CODE OF ETHICS Scope The Board of Directors ("Board") of the Employees' Retirement Fund of the City of Fort Worth ("Fund") is obligated to administer the Fund as a trust fund solely in the best interest of all participants and beneficiaries In the performance of this obligation, the Board is required to administer the Fund in accordance with the provisions of the Retirement Ordinance and other federal, state and local laws, ordinances, rules and regulations In furtherance of the Board's obligation to administer the Fund solely in the best interests of all Members, pensioners and qualified survivors, this Code of Ethics shall provide assistance in clarifying certain obligations of the Board and certain other affected persons in the carrying out of their duties Under applicable federal and state laws and regulations, the Fund is a trust fund to be administered solely in the interests of and for the exclusive purpose of providing benefits to the participants and beneficiaries thereof and -13- to defray reasonable administrative expenses of the Fund In the performance of these duties, all directors, officers, employees and other fiduciaries of the Fund are subject to the "prudent person rule", which requires that they exercise their duties "with the care, skill, prudence and diligence under the prevailing circumstances that a prudent person acting in alike capacity and familiar with matters of the type would use in the conduct of an enterprise with a like character and like aims " Further, all fiduciaries of the Fund shall maintain high ethical and moral character, both professionally and personally, such that the conduct of all fiduciaries shall not reflect negatively upon the Board or the Fund Prohibited Transactions 1 No fiduciary of the Fund shall receive compensation from any person or entity in connection with any action involving assets of the Funds 2 No fiduciary of the Fund shall participate in a decision or action involving any asset or benefit for his or her own interest. 3 No fiduciary of the Fund shall engage in the purchase, sale exchange or lease of property with the Fund if that fiduciary holds an interest in the property 4 No fiduciary of the Fund shall knowingly cause or permit the Fund to engage in any transactions described in the Prohibited Transactions Section with any relative, business associate of the fiduciary, any other fiduciary, employee or official of the City of Fort worth It is expressly understood that affiliates of certain investment managers may, with the Board's approval, provide certain ancillary services with regard to property recommended by such manager and acquired by the Fund 5 The provisions of the Prohibited Transactions Section are cumulative of any other actions prohibited elsewhere in this Code of Ethics Fiduciary Duties -14- 1 In making or participating in decisions relating to the Fund, a fiduciary shall give appropriate consideration to those facts and circumstances reasonably available to the fiduciary which are relevant to the particular decision 2 In making decisions relating to the Fund, a fiduciary shall make a determination that the particular investment or course of action is reasonably designed to further the purposes of the Fund, taking into consideration the risk of loss and the opportunity for gain or other return 3 Fiduciaries of the Fund shall keep adequate records of all investment and benefit decisions sufficient to provide documentation of those decisions for future reference 4 If a fiduciary is present at any time a decision is being made concerning any investment, benefit or other action in which the fiduciary has a personal interest, the fiduciary shall disclose the interest and refrain from participation in the decision or discussion concerning the action, including abstention from voting in regard to such action 5 Conflict of interest affidavits shall be completed annually and a record of voting abstentions shall be maintained outlining the basis for such abstentions 6 In the conduct of all decision-making regarding the Fund, it is understood that persons may contact a fiduciary of the Fund to provide information believed to be pertinent to a respective matter As a result, Board Members shall endeavor to keep an open mind on all matters that are subject to Board deliberation Pending such deliberation, no remark of any Board member shall be construed as any commitment to any person or entity regarding his or her vote or the Board's ultimate decision Gifts, Trips And Other Benefits 1 Acceptance and Disclosure of Benefits Received by Fiduciaries -15- All fiduciaries shall be careful about their acceptance of any gifts, including food and entertainment, trips and other benefits (collectively "Benefits") paid for or provided by persons or entities that receive or prospectively may receive compensation from the Fund in return for services provided (collectively "Service Providers") To this end, in accordance with this Gode of Ethics, a fiduciary shall report any Benefit he or she receives from a current or prospective Service Provider, either directly or indirectly, if the Benefit reasonably has more than a nominal or minimal fair market value, and shall not accept a Benefit from a current or prospective Service Provider, either directly or indirectly, if the Benefit reasonably has a fair market value in excess of $250 unless (i) a majority of the Board approves receipt of the Benefit in an open meeting and in advance of receipt or (ii) this Code of Ethics directly permits receipt of such benefit. 2 Disclosure and Voting A fiduciary shall not participate in any action or decision relating to the Fund that could affect the financial interest of the source of the Benefit or Benefits if the fiduciary has in the preceding twelve (12) months received from such source Benefits with an aggregate value in excess of $250, excluding Benefits received as provided in "Benefits Received In Conjunction with Approved Conferences or Seminars" Section 3 Benefits Received in Conjunction with Approved Conferences or Seminars. Attendance by fiduciaries at events sponsored or paid for by service providers that involve some entertainment or recreation may be in the best interests of the Fund Therefore, notwithstanding anything to the contrary in this Code of Ethics, fiduciaries who attend a conference, seminar or similar meeting in accordance with the Board's Travel Policies and Procedures are not required to report meals, entertainment, trophies, plaques, and other awards of nominal or minimal value, or other Benefits, even if paid for or sponsored by a Service Provider, provided that these Benefits are provided as part of the regular agenda of the conference, seminar or meeting However, dinners, entertainment and other Benefits that are not part of the regular agenda of the -16- ~~ ,i.. conference, seminar or meeting and that are paid for, either wholly or in part, by Service Providers must be reported or refused in accordance with this Code of Ethics REPORTS Fiduciaries shall file with the Executive Director, reports, which reflect the following 1 Any finder's fee, commission or similar payment to any person or entity as consideration for the placement of business with independent service providers, and 2 Any Benefit, aside from Benefits received in accordance with the "Benefits Received in Conjunction with Approved Conferences or Seminars" Section, with more than a nominal or minimal fair market value, including, but not limited to, permitted food, entertainment or other gifts, and stating the date, place, nature and reasonably estimated value of the food, entertainment or other gifts, the name of the provider, donor or sponsor and the company represented These reports shall be filed within thirty (30) days following the date that the fiduciary paid such finder's fee, commission or similar payment or received such benefit. All reports shall be maintained by the Executive Director for a period of not Tess than one (1) year from the date they were filed COMPLIANCE AND ENFORCEMENT Within sixty (60) days of their appointment, election or employment, and annually thereafter, fiduciaries shall sign and date a compliance statement that they have received a copy of, and read, this Code of Ethics, that they will comply with all provisions of this Code of Ethics, and that they will not participate in the concealing of a violation of this Code of Ethics or knowingly or negligently permit such a violation to occur Compliance -17- statements shall be maintained by the Executive Director 2 Each fiduciary shall be responsible to ensure that he or she is in compliance with this Code of Ethics 3 The Board shall be responsible for the full enforcement of this Code of Ethics Any complaint alleging a violation of this Code of Ethics shall be presented in writing to the Fund's Executive Director, who shall notify the Chair of the Board of Directors as soon as practicable thereafter The Chair shall call a meeting of the Board to consider whether a violation may have occurred If the Board determines that there are reasonable grounds for the complaint, the Chair shall call a .meeting of the Board to hear the complaint formally and to allow the person against whom the complaint is filed to explain and/or clarify his or her actions 4 After fully investigating the complaint and hearing from the person against whom the complaint is filed, the Board, excluding the fiduciary or fiduciaries allegedly in violation of this Code of Ethics, shall determine if a violation has occurred and shall issue any notifications, admonitions, reprimands or requests for resignation deemed appropriate 5 Nothing in this Code of Ethics shall excuse any fiduciary from full compliance with other applicable state or federal laws, rules or regulations concerning conflicts of interest and fiduciary duties SECTION 3 The provisions of this ordinance shat! be cumulative of and in addition to all other ordinances of the City of Fort Worth relating to pensions, which ordinance are hereby preserved and continued in force and effect, provided however, that in the event of any conflict, the provisions of this ordinance shall control SECTION 4 -18- w 4..w.~ _r ~;~~.y,S,,;. 4 If any provision, section, paragraph, sentence, clause or phrase of this ordinance be declared invalid or unconstitutional, the same shall not affect any other portion or provision hereof, and all other provisions shall remain valid and unaffected by any invalid portion if any, and the City Council now says that if it had known at the time of the passage of this ordinance that any portion of said ordinance was invalid, it would not have adopted such invalid ordinance SECTION 5 The City Council finds that all acts, conditions and things required by provisions of the Constitution of Texas and Charter and Ordinances of the City of Fort Worth precedent to and in the adoption of this Ordinance have been done, have happened and have been performed in proper and lawful time SECTION 6 This ordinance shall be in full force and effect from and after -its adoption, provided however, that the provisions of the ordinance concerning the expansion and restructuring of the Board membership shall be implemented in the regular 2001 Board election process Provided further, the current Board Members shall continue to serve until their successors are elected and qualified in accordance with this ordinance APPROVED AS TO FORM AND LEGALITY stant City,Att~rney DATE ~ CQ~~ Ibt ADOPTED ~T ~OI -19- City of Fort Worth, Texas M,'Ayo~ and Council CammunicArion DATE REFERENCE NUMBER LOG NAME PAGE 5/29/01 G-13254 12RESTRUCTURE 1 of 1 SUBJECT ADOPT ORDINANCE TO RESTRUCTURE REPRESENTATION ON THE BOARD OF DIRECTORS OF THE CITY'S EMPLOYEES' RETIREMENT FUND RECOMMENDATION It is recommended that the City Council adopt the attached ordinance amending Retirement Ordinance No 13543, as amended by Ordinance Nos 13672, 13673, 13674 and 13842 DISCUSSION On March 27, 2001, the City Council approved Council Proposal (CP) No 220 (copy attached) restructuring representation on the Board of Directors (Board) of the City's Employees' Retirement Fund To implement the provisions of CP No 220, the attached ordinance would a) Add a retiree slot to ensure that a public safety retiree and a general retiree are always represented on the Board, and b) Add a second slot for the Police Department and another slot for general employees to keep the representation by each active Board member in the 800 employees range, and c) Increase the number of elected board members from 6 to 9 The ordinance also addresses City Council concerns regarding citizen input by continuing the City Council's appointment of a City Council member and a citizen to the Board As anon-voting member, the Finance Director will serve as a "neutral" chairperson to facilitate discussion and ensure that everyone is heard All voting Board members, including both elected and appointed board members, will be limited to serving three, two-year terms An ethics code, which is presently a Board policy, will be strengthened by incorporating it into the Retirement Ordinance CB k Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by• (t0) APPRDYED Charles Boswell 8511 CITY COUNCIL Originating Department Head: f~5 f~~D~ JUN 5 2001 David Yett 7606 (from) ~~ ~~ )) ~"" lRi...•~/ Additional Information Contact: r Cit Sec t f y ra nry o tl~e City of Fat Worth, ?ezrt David Yett 7606 Adapted Ordlnance No.