86.1370. Data to be maintained by board--annual statement required--actuarial study and calculation required--medical board to be appointed--seal to be adopted.
Data to be maintained by board--annual statement required--actuarialstudy and calculation required--medical board to be appointed--sealto be adopted.
86.1370. 1. The retirement board shall keep in convenient form suchdata as is necessary for administration of the retirement system. Theretirement board shall keep a record of all its proceedings which shall beopen to public inspection.
2. The retirement board shall publish annually a statement reportingthe operations of the retirement system for the year, including income anddisbursements during the year and the financial condition of the retirementsystem at the end of the year, including actuarial valuation and valuationsof its assets and liabilities as of April thirtieth of each year. Suchstatement shall be consistent with results reviewed and approved byindependent certified public accountants selected by the board. One copyof the annual report shall be delivered to each member of the retirementboard and each member of the board of police commissioners, and one copyshall be filed with the city clerk. Copies of the report shall be madeconveniently available to each member of the retirement system.
3. The retirement board shall cause an actuarial study andcalculation to be made annually based upon the experiences of theretirement system by an independent firm of pension actuaries.
4. The retirement board shall appoint a medical board of not morethan three physicians, each of whom shall serve at the pleasure of theretirement board, to arrange for and conduct medical examinations asrequested by the retirement board.
5. The retirement board shall adopt a common seal.
(L. 2005 H.B. 323)