Section 45-8A-22.64 Trustee; exclusive management and control of fund; pensions and benefits.
Section 45-8A-22.64
Trustee; exclusive management and control of fund; pensions and benefits.
(a) The retirement board shall be the trustee of the fund and shall have exclusive management and control of the fund. It may adopt and enforce necessary rules and regulations to carry out the purposes of this subpart and enable it to properly manage and administer the fund, including employing investment counselors and agents to invest and manage portions of the fund as the retirement board may direct. The retirement board may adopt plan changes by passing a written resolution, when the actuary advises, in writing, that the changes will not affect the actuarial soundness of the plan. The actuary's opinion shall be binding and the retirement board shall forthwith modify the plan in accordance with this subpart.
(b) When the actuary certifies that the necessary funds are available, the board may increase the benefits provided for retirees by passing a resolution which declares that the monthly benefit paid to each retiree, surviving spouse, or other beneficiary of the retiree shall be increased by a flat dollar amount per month, increased by a flat dollar amount per year of active service per month, or be increased to a minimum monthly amount. Additionally, the board may pass a resolution to issue 13th checks.
(c) The retirement board shall hear and decide all applications for pensions and benefits under this subpart and its decisions shall be final except as hereinafter provided. The retirement board shall meet upon the call of the chair, but in no event, less than once in each calendar quarter.
(d) The retirement board may employ the services of an actuary to advise the retirement board on all actuarial matters pertaining to the fund. The actuary shall possess the following as minimum qualifications:
(1) He or she shall be an enrolled actuary under the provisions of the Employee Retirement Income Society Act of 1974.
(2) The actuary shall be a Fellow of the Society of Actuaries or employed by an actuarial firm that employs a Fellow of the Society of Actuaries.
(Act 2002-298, p. 815, §6; Act 2002-304, p. 841, §6.)