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.