§ 23-256. Board of trustees.

(a)

The general administration and responsibility for the proper operation of the retirement system and for making effective the provisions of this division are hereby vested in a board of trustees which shall be organized immediately after a majority of the trustees provided for in this section shall have qualified and taken the oath of office.

(b)

The board shall consist of seven (7) trustees as follows:

• Finance director;

• Personnel director;

• Parish clerk;

• One (1) member appointed by the Jefferson Parish Council that is not an employee, elected or appointed official with the government, its districts, its agencies or any board/retirement system with a direct relationship with the government or this retirement system and who is familiar with investments and related matters and who shall serve at the pleasure of the council;

• Three (3) members, who may be active members who participate in this system or retirees from this system, each elected by popular vote of all active members and retirees of the system; provided that an elected trustee may not be an elected or appointed official with the government, its districts or its agencies, nor be an elected or appointed member of any board or retirement system with a direct relationship with the government, its districts, its agencies or this retirement system.

A member of the board of trustees may be a retiree and retain his membership until the expiration of his term.

The term of each elected members shall be four (4) years and shall begin and be effective as of the first Wednesday after the first Tuesday in January following the election.

(c)

If a vacancy occurs in the office of a trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled. In such case, if the unexpired term of an elected trustee is for a period of less than one (1) year, the remaining members of the board shall appoint his successor within thirty (30) days, for the unexpired term.

(d)

The trustees shall serve without compensation but they shall be reimbursed from the expense fund for all necessary expenses that they may incur through service on the board.

(e)

Each trustee shall, within ten (10) days after his appointment or election, take an oath of office that, so far as it devolves upon him he will diligently and honestly administer the affairs of the said board, and that he will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the retirement system. Such oath shall be subscribed to by the member making it, and certified by the officer before whom it is taken, and immediately filed in the offices of the Secretary of State, and Clerk of Court of Jefferson Parish, Louisiana.

(f)

Each trustee shall be entitled to one (1) vote in the board. Four (4) votes shall be necessary for a decision by the trustees at any meeting of said board.

(g)

Subject to the limitations of this division the board of trustees shall, from time to time, establish rules and regulations for the administration of the funds created by this division and for the transaction of its business.

(h)

The board of trustees shall elect from its membership a chairman and shall by a majority vote of all its members appoint a secretary manager who shall not be one (1) of its members. The board of trustees shall engage such actuarial and other service as shall be required to transact the business of the retirement system. The compensation of all persons engaged by the board of trustees, and all other expenses of the board necessary for the operation of the retirement system shall be paid at such rates and in such amounts as the board of trustees shall approve.

(i)

The board of trustees shall keep in convenient form such data as shall be necessary for actuarial valuation of the various funds of the retirement system, and for checking the experience of the system.

(j)

The board of trustees shall meet at least once each quarter, but may meet more often if necessary and shall keep a record of all of its proceedings which shall be open to public inspection. It shall publish annually a report showing the fiscal transactions of the retirement system, for the preceding fiscal year, the amount of the accumulated cash and securities of the system, and the last balance sheet showing the financial condition of the system by means of an actuarial valuation of the assets and liabilities of the retirement system.

(Ord. No. 11027, § 6(1)—(10), 1-18-73; Ord. No. 22916, § 1, 11-15-06; Ord. No. 24107, § 1, 8-31-11)