City of Coral Gables

File #: 17-6011    Version: 1 Name: Retirement Board Ordinance amendment
Type: Ordinance Status: Adopted
File created: 4/25/2017 In control: City Commission
On agenda: 5/30/2017 Final action: 5/30/2017
Enactment date: 5/30/2017 Enactment #: 2017-24
Title: An Ordinance of the City Commission of Coral Gables, Florida, amending existing Ordinance No. 50-121, to provide for the election of the Chairperson of the Coral Gables Retirement Board's Investment Committee; providing for a repealer provision, severability clause, codification, and providing for an effective date.
Attachments: 1. Signed Ordinance 2017-24, 2. Draft Ordinance - Pensions - Section 50-21, 3. Memorandum from Retirement Board Chairperson, 4. Resolution for Section 50-21 amendment, 5. Minutes 03-02-2017 excerpt, 6. CCMtg May 9 2017 - Agenda Item E-3 - Ordinance amending existing Ord No. 50-121 election of chairperson of Retirement Board Investment Com, 7. CCMtg May 30 2017 - Agenda Item F-12 - Ordinance amending existing ordinance 50-121 election of chairperson

Title

An Ordinance of the City Commission of Coral Gables, Florida, amending existing Ordinance No. 50-121, to provide for the election of the Chairperson of the Coral Gables Retirement Board's Investment Committee; providing for a repealer provision, severability clause,  codification, and providing for an effective date.

Body

The purpose of the Ordinance is to amend Section 50-121 of the Code which currently mandates that the Administrative Manager of the Retirement Board be the Chairman of the Board’s Investment Committee.  There may have been circumstances that occurred where the Board's Administrative Manager was or will be placed in the position of violating the Florida Sunshine Law, based on the dual positions of being the Administrative Manager of the Retirement System and being the Chairman of the Retirement Board's Investment Committee.  The Board of the Retirement System believes that it is important to the administration of the Retirement System that the position of Chairman of the Investment Committee be elected by a majority vote of the voting members of the Investment Committee.