Washington Code 41.44.080 – Powers and duties of board — Compensation — Liability
Current as of: 2023 | Check for updates
|
Other versions
The administration of the system is hereby vested in the board of trustees created in RCW 41.44.070 of this chapter and the board shall:
Terms Used In Washington Code 41.44.080
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the "board of trustees" provided for herein. See Washington Code 41.44.030
- Compensation: means the compensation payable in cash, plus the monetary value, as determined by the board of trustees, of any allowance in lieu thereof (but for the purposes of this chapter such "compensation" shall not exceed three hundred dollars per month, except as to those employees of any member city the legislative body of which shall not later than July 1, 1953, have irrevocably elected by resolution or ordinance to increase the limitation herein contained, effective as to all of its employees, from three hundred dollars to four hundred dollars, commencing on said date, or which shall so elect prior to January 1st of any succeeding year, effective as of January 1st of any such succeeding year, and as to such employees shall, commencing on the specified date, not exceed four hundred dollars or an amount equal to such increased limitation established by such ordinance or resolution per month): PROVIDED HOWEVER, That the foregoing limitation shall not apply to uniformed personnel. See Washington Code 41.44.030
- Current service: means service after the employee has become a member of the system. See Washington Code 41.44.030
- Employee: means any appointive officer or employee and shall include elective officials to the extent specified herein. See Washington Code 41.44.030
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Excess interest income: means that interest income earned and received from investments in excess of the interest income on investments required to meet actuarial funding requirements. See Washington Code 41.44.030
- Member: means any person included in the membership of the retirement system as provided herein. See Washington Code 41.44.030
- Retirement allowance: means the pension plus annuity. See Washington Code 41.44.030
- Retirement fund: means "statewide city employees retirement fund" provided for herein. See Washington Code 41.44.030
- Retirement system: means the statewide city employees retirement system provided for herein. See Washington Code 41.44.030
- Service: means service rendered to a city for compensation; and for the purpose of this chapter a member shall be considered as being in service only while he or she is receiving compensation from the city for such service or is on leave granted for service in the armed forces of the United States as contemplated in RCW 41. See Washington Code 41.44.030
(1) Keep in convenient form such data as shall be deemed necessary for actuarial valuation purposes;
(2) From time to time, through its actuary, make an actuarial investigation into the mortality and service experience of the beneficiaries under this chapter and the various accounts created for the purpose of showing the financial status of the retirement fund;
(3) Adopt for the retirement system the mortality tables and such other tables as shall be deemed necessary;
(4) Certify annually the amount of appropriation which each city shall pay into the retirement fund in the next fiscal year, at such a time that the local authorities shall have ample opportunity for including such expense in the budget;
(5) Keep a record of all its proceedings, which shall be open to inspection by the public;
(6) From time to time adopt such rules and regulations not inconsistent with this chapter, for the administration of the provisions of this chapter, for the administration of the fund created by this chapter and the several accounts thereof, and for the transaction of the business of the board;
(7) Provide for investment, reinvestment, deposit, and withdrawal of funds;
(8) Prepare and publish annually a financial statement showing the condition of the fund and the various accounts thereof, and setting forth such other facts, recommendations, and data as may be of use in the advancement of knowledge concerning the statewide city employees retirement system, and furnish a copy thereof to each city which has joined the retirement system, and to such members as may request copies thereof;
(9) Serve without compensation but shall be reimbursed for expense incident to service as individual members thereof;
(10) Determine equitable amount of administrative expense and death-in-line-of-duty benefit expense to be borne by each city;
(11) Make available to any city considering participation in the system, the services of the actuary employed by the board for the purpose of ascertaining the probable cost of such participation. The cost of any such calculation or valuation shall be paid by the city requesting same to the retirement system;
(12) Perform such other functions as are required for the execution of the provisions of this chapter;
(13) No member of the board shall be liable for the negligence, default, or failure of any employee or of any other member of the board to perform the duties of his or her office and no member of the board shall be considered or held to be an insurer of the funds or assets of the retirement system but shall be liable only for his or her own personal default or individual failure to perform his or her duties as such member and to exercise reasonable diligence to provide for the safeguarding of the funds and assets of the system;
(14) Fix the amount of interest to be credited at a rate which shall be based upon the net annual earnings of the fund for the preceding twelve-month period and from time to time make any necessary changes in such rate;
(15) Distribute excess interest income to retired members on a cost of living index basis, as published by the United States department of health, education, and welfare, applied only to the annuity and current service portion of the retired members’ retirement allowance: PROVIDED, That such distribution shall not exceed the income earned and received on open end investments.
[ 2012 c 117 § 63; 1961 c 227 § 2; 1951 c 275 § 4; 1949 c 171 § 1; 1947 c 71 § 8; Rem. Supp. 1949 § 9592-137.]