§ 32-32. Administration of the pension plan and the retirement plan.

(a)

The general administration of the pension plan and the retirement plan and the responsibility for carrying out their provisions shall be vested in a five-person Retirement Board composed of the Mayor of the City (or his or her nominee), the Director of Finance (or his or her nominee), one person appointed jointly by the Mayor and the Director of Finance, one person who is a representative of the Danbury Municipal Employees Association and one person who is a representative of the International Brotherhood of Teamsters, Local #677. A Board member may be replaced at any time by the person or persons or the union who appointed said member. A person appointed a member of such Board shall serve without compensation and shall signify his or her acceptance in writing. A Board member may resign by delivering a written resignation to the Board and such resignation shall become effective upon its delivery or at any later date specified therein. If at any time there shall be a vacancy in the membership of the Board, the remaining member or members shall continue to act until such vacancy is filled by action of the Mayor or the Director of Finance of the City, by the two (2) of them jointly or by the applicable union whose representative has resigned from the Board.

(b)

The Board shall appoint from among its members a chairperson, and shall appoint as secretary a person who may, but need not, be a member of the Board or eligible for benefits under the pension plan or the retirement plan.

(c)

The Board shall hold meetings upon such notice, at such place or places, and at such times as its members may from time to time determine. A simple majority of the members at the time in office shall constitute a quorum for the transaction of business. All action taken by the Board at any meeting shall be by vote of the simple majority of those present at such meeting, but the Board may act without a meeting by unanimous action of its members evidenced by a resolution or other writing signed by all of the members of the Board.

(d)

Subject to the terms of the pension plan and retirement plan, the Board may from time to time adopt bylaws, rules and regulations for the administration of each plan and the conduct and transaction of its business affairs.

(e)

The Board shall have such power as may be necessary to discharge its duties hereunder, including, but not limited to, the power to interpret and construe the pension plan and retirement plan, to determine all questions of eligibility, duration of credited service, dates of birth, membership and retirement, computation of benefits, value of benefits, and similarly related matters for the purposes of the each plan, and the Board's determination of all questions arising under the pension plan and the retirement plan shall be binding upon all employees, members, retired members, or any others concerned.

(f)

The Board shall employ an actuary at such times as are necessary and the Board may retain or consult counsel and may employ such clerical, medical, accounting, actuarial, administrative or consulting services as it deems expedient in carrying out the provisions of the pension plan or the retirement plan.

(g)

The Board shall require each member to submit to it, in such form as it shall deem reasonably adequate and acceptable, proof of age or date of birth and that of his or her contingent annuitant if such member shall elect Option A under the pension plan.

(h)

The Board shall keep such records and minutes of its proceedings and actions as it deems appropriate. It shall also maintain accounts showing the fiscal transactions of the pension plan and the retirement plan and shall keep in convenient form such data as may be necessary for the actuarial valuation of the assets and liabilities of the pension plan and for the records and reports relating to the retirement plan. The Board shall prepare annually a report for each plan to the City Council showing in reasonable detail the assets and liabilities and a brief account of the operation for the preceding year. It shall keep a copy of the pension plan and the retirement plan in the office of the Mayor and the Comptroller of the City available for inspection by members and retired members, and shall permit any member or retired member in the pension plan or any member or retired member in the retirement plan to examine such of its records as are material to his or her rights and benefits hereunder.

(i)

The Board, or its authorized agent, shall direct the trustee or vendor concerning all payments which are to be made out of the fund pursuant to the pension plan or the retirement plan, and all terminations of such payments.

(j)

The Board may authorize one or more of its members, officers or agents to sign on its behalf any instructions of the Board to the trustee or vendor and the trustee and/or vendor will be fully protected in action thereon.

(k)

The members of the Board shall use ordinary care and reasonable diligence in the performance of their duties, but no member shall be personally liable for any error of omission or commission unless such error results from gross negligence, willful misconduct or lack of good faith; nor shall any member be personally liable for any act of any other member or members.

(l)

Operation and administration expenses of the Board shall be paid by the employer. The employer shall reimburse members of the Board for all necessary expenses. The secretary of the Board shall be entitled to such compensation, if any, as the Board shall from time to time direct.

(m)

Neither the Board, nor the employer, shall be responsible for any reports furnished by the actuary or any other consultant or vendor employed by the Board, but shall be entitled to rely thereon as well as on all tables, valuations and certificates furnished by such actuary, consultant or vendor, and on all opinions of counsel. The Board, the employer and the trustees shall be fully protected with respect to any action taken or suffered by them in good faith and reliance upon any such actuary, accountant or counsel, and all actions taken and suffered in such reliance shall be binding between, and without liability to, each of them and to each and all members, contingent annuitants or beneficiaries under the pension plan or retirement plan or under a trust agreement made a part hereof. Neither the employer, nor the trustee of any trust established hereunder in connection with the funding of the pension plan or retirement plan, shall be liable hereunder, or under any trust agreement entered into hereunder, for any error of omission or commission unless such error results from its own gross negligence, willful misconduct or lack of good faith; and neither the employer nor any trustee shall be liable hereunder for any error of omission or commission of any attorney or agent unless in the selection of such attorney or agent it was guilty of gross negligence, willful misconduct, or lack of good faith.

(Code 1961, § 14-10; Ord. No. 19-1963, 12-5-1963; Ord. No. 102, 5-2-1967; Ord. No. 189, § 13, 7-3-1973; Ord. No. 312, 9-24-1984; Ord. No. 413, 3-5-1991; Ord. No. 31, § 14-10, 12-6-2016)