Pension & Insurance Committee

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1. A pension and insurance committee consisting of five (5) members shall be appointed by the mayor and confirmed by the city council. Membership shall include the mayor, two (2) members of the city council and two (2) participating members of the pension plan. In the absence of the mayor, the city administrator may appear and act on behalf of the mayor. Committee members shall be appointed for three-year terms. City council members may serve consecutive terms. Participating members shall be elected by the employees through an employee's committee. The election of employee members and the appointment of all members shall occur prior to the final city council meeting in June of each year. Members shall continue to serve until their terms expire or successors are appointed, whichever event occurs last.

2. The chair of the committee shall be the mayor. The committee shall elect a vice chair who shall be one (1) of its members; and may appoint from its members such committees with such powers as it shall determine. The city auditor and human resource director shall serve as ex-officio nonvoting members. The city auditor shall also serve as secretary. Further, the committee may appoint such staff as it shall determine necessary or appropriate.

3. The committee shall hold meetings upon such notice, at such place or places, and at such times as it may from time to time determine. The recorded minutes of each meeting shall be posted and sent to each member of the employee committee.

4. Three (3) members of the committee, at least one (1) of which shall be a member of the city council, shall constitute a quorum for the transaction of business.

5. No member of the committee shall receive any compensation for services on the committee and no bond or other security shall be required of the member in such capacity.

6. The city council shall, upon recommendation of the committee, determine interest rates annually, may recommend amendments to this article and to the pension plan, shall review actuarial studies, shall disseminate information relative to the pension plan to the city employees and shall make determinations of all other questions and matters arising out of or in connection with the provisions of the plan not required to be determined by the city or the company, and such determinations shall be conclusive and binding upon all persons having an interest in or under the plan.