Pensions and Retirement, Board of[Record group 157]
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- The Board of Pensions and Retirement ensures that retirement benefits promised to the active and retired members of the City's Pension system are provided in a timely and professional manner. The Board manages the assets of the pension system in the most prudent and efficient manner possible.
The nine member Board is chaired by the Director of Finance and includes the City Solicitor, the Managing Director, the City Personnel Director, the City Controller, and four employees elected by the members of the four municipal unions. The pension benefits available to City employees are determined by City ordinances and by the City’s collective bargaining agreements.
- Agency History
- The Board of Municipal Pensions was created by an Act of May 20, 1915 and composed of the Mayor, the City Treasurer, the City Controller, and two City Council members. These Directors were charged with the administration of the municipal pension fund also ordained by that Act; the earlier-established Police and Firemen's Pension Funds continued under the control of their own boards of directors. At the adoption of the present City Charter in 1951 this Board was replaced by the Board of Pensions and Retirement composed of the Director of Finance, the Managing Director, the City Controller, the City Solicitor, the Personnel Director, and four members elected by City employees. In 1956, the Board was given overall supervision of the Police Pension Fund Association and the Firemen's Pension Fund although those funds' actual administration continued to be exercised by their own directors. The Firemans Pension Fund and Police Pension Fund Association were dissolved on 30 November, 1979 and 31 March 1981, respectively, and all responsibility for these funds rests with the Board of Pensions and Retirement.
- Archival Records
- 157.1 Annual Report (1952-1965, 1967-1981, 1983-1986, 1989-1995)
157.2 Rules and Regulations (1915, 1950)
157.3 Mandamuses Purchased (1918-1925)
- Current Records
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Last updated on November 8, 2000