Pension Board

Board of Trustees
The Board consists of seven trustees: the Mayor of the City, the City Manager, the City Clerk, the City Finance Officer and three employee members elected by their constituents, all of whom serve under Act 314 of 1965, as amended, and are considered fiduciaries under the Act.

The Board administers the Plan and represents participants in all dealings with investment managers, banks, attorneys, consultants, actuaries and others providing services to the Plan. The Board members, as fiduciaries, discharge their duties solely in the interest of the Participants of the Plan and their beneficiaries in accordance with the provisions of the Plan insofar as they are consistent with applicable law and regulations.

Purpose of the Plan
The Plan was established for the purpose of providing regular retirement and disability retirement benefits to eligible employees and their beneficiaries. The Plan consists of both a governmental defined benefit and defined contribution plan which provide for the payment of retirement and disability benefits to employees based upon years of credited service. An investment portfolio is maintained to invest employer and employee contributions and to reinvest income. The Fund is closed to new hires.

Scheduled Meetings
All meetings are held at 3:00 PM on the second Wednesday of the month in March, June, September, and December.

Freedom of Information Act Policy
Pension Plan Document