City of Coral Gables

File #: 14-3186    Version: Name: Retirement System for City Employees
Type: Ordinance Status: Adopted
File created: 7/10/2014 In control: City Commission
On agenda: 9/11/2014 Final action: 9/11/2014
Enactment date: 9/11/2014 Enactment #: 2014-23
Title: An Ordinance Amending Chapter 50, Article II of the Code of the City of Coral Gables, entitled “Retirement System for City Employees”; amending Section 50-89, Quorum; amending Section 50-121, Establishment, Members and Chairman; repealing all ordinances inconsistent herewith; and providing an effective date (Passed on first reading on August 26, 2014)
Attachments: 1. Signed Ordinance 2014-23, 2. E-3 Signed Cover Memo 9-11-14, 3. E-10 Signed Cover Memo 8-26-14, 4. CG Ordinance - Pension Board Quorum and Investment Committee Expansion 8-26-14, 5. Verbatim Transcript - CCMtg August 26 2014 - Agenda Items E-10
Title
An Ordinance Amending Chapter 50, Article II of the Code of the City of Coral Gables, entitled "Retirement System for City Employees"; amending Section 50-89, Quorum; amending Section 50-121, Establishment, Members and Chairman; repealing all ordinances inconsistent herewith; and providing an effective date (Passed on first reading on August 26, 2014)
Body
This ordinance makes three changes to the City of Coral Gables Retirement System:
·      Increases the quorum requirement to seven retirement board members from six, ensuring that a majority of the board (which now consists of 13 members) must be present to transact board business.
·      Adds two (2) additional retirement board members to the investment committee.  
·      Increases the quorum requirement to four investment committee members from three, ensuring that a majority of the committee (which would consist of 7 members if the ordinance is adopted) must be present to transact board business.