Washington Code 41.28.080 – Board of administration — Members — Duties — Fiscal affairs
Current as of: 2023 | Check for updates
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(1) There is hereby created and established a board of administration in each city coming under this chapter, which shall, under the provisions of this chapter and the direction of the city council or city commission, administer the retirement system and the retirement fund created by this chapter. Under and pursuant to the direction of the city council or city commission, the board shall provide for the proper investment of the moneys in the said retirement fund.
Terms Used In Washington Code 41.28.080
- Board: shall mean "board of administration" as provided in RCW 41. See Washington Code 41.28.010
- City: shall mean any city of the first class as described in RCW 41. See Washington Code 41.28.010
- Employee: shall mean any regularly appointed officer or regularly appointed employee of a first-class city as described in RCW 41. See Washington Code 41.28.010
- Member: shall mean any person included in the membership of the retirement system as provided in RCW 41. See Washington Code 41.28.010
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Retirement fund: shall mean "employees' retirement fund" as created and established in RCW 41. See Washington Code 41.28.010
- Retirement system: shall mean "employees' retirement system" provided for in RCW 41. See Washington Code 41.28.010
(2) The board of administration shall consist of seven members, as follows: Three members appointed by the regular appointing authority of the city, and three employees who are eligible to membership in the retirement system, to be elected by the employees. The above six members shall appoint the seventh member.
(3) The investment of all or any part of the retirement fund shall be subject to chapter 35.39 RCW.
(4) Subject to such provisions as may be prescribed by law for the deposit of municipal funds in banks, cash belonging to the retirement fund may be deposited in any licensed national bank or in any bank, banks or corporations authorized or licensed to do a banking business and organized under the laws of the state of Washington.
(5) The city treasurer shall be the custodian of the retirement fund. All payments from said fund shall be made by the city treasurer but only upon warrant duly executed by the city comptroller.
(6) Except as herein provided, no member and no employee of the board of administration shall have any interest, direct or indirect, in the making of any investments from the retirement fund, or in the gains or profits accruing therefrom. And no member or employee of said board, directly or indirectly, for himself or herself or as an agent or partner of others, shall borrow any of its funds or deposits or in any manner use the same except to make such current and necessary payments as are authorized by said board; nor shall any member or employee of said board become an endorser or surety or become in any manner an obligor for moneys invested by the board.