§ 6-141. Board of trustees; constituted, membership, duties.

(a)

There is hereby established one board of trustees whose duty it shall be to implement the provisions of this act [Act] with respect to the City of Atlanta's General Employees' Pension Fund, Police Officers' Pension Fund and Firefighters' Pension Fund and to ensure that the funds of each pension fund are maintained and accounted for separately, except as provided in Section 6-37(r), Section 6-222(q) and Section 6-367(q). The board of trustees shall be authorized to adopt such rules, procedures and policies that it deems necessary to perform its duties; provided, however, that any such rules, procedures and policies are consistent with the provisions of this act [Act] and with all other applicable laws.

(b)

The board of trustees shall be known as the City of Atlanta Defined Benefit Pension Plan Investment Board (the "Investment Board") and shall be comprised as follows:

(1)

Chair . The Investment Board shall have an independent chair, who shall be appointed by the Mayor of the City of Atlanta to one term of five years, with relevant financial services industry experience, preferably in the area of investments. The Investment Board chair shall have no familial or business ties to the City of Atlanta or the Atlanta Public Schools

(2)

Vice Chair. The vice chair of the Investment Board shall be the Mayor of the City of Atlanta or her/his designee.

(3)

Three members of the Atlanta City Council, who shall be appointed annually by the Mayor of the City of Atlanta.

(4)

Two members of the Atlanta City Council, who shall be appointed annually by the President of the Atlanta City Council.

(5)

One member who shall be appointed annually by the Atlanta Board of Education.

(6)

One member who shall be appointed annually by the Mayor and who shall be a participant in one of the three City of Atlanta Defined Benefit Pension plans.

(7)

The Chief Financial Officer of the City of Atlanta.

(8)

The Commissioner of the Department of Human Resources of the City of Atlanta.

(9)

One member elected every three years by active and retired City of Atlanta participants in the City of Atlanta General Employees' Pension Fund (the "General Employee Trustee")

(10)

One member elected every three years by active and retired participants in the Atlanta Public Schools portion of the City of Atlanta General Employees' Pension Fund (the "Atlanta Public Schools Trustee")

(11)

One member elected every three years by the active and retired participants in the City of Atlanta Firefighters' Pension Fund (the "Fire Department Trustee").

(12)

One member elected every three years by the active and retired participants in the City of Atlanta Police Officers' Pension Fund (the "Police Department Trustee").

(c)

Trustee qualifications . To qualify as a Trustee, a candidate must demonstrate no less than 24 hours of training, education, experience, or a combination of the three, regarding the following core competencies:

(1)

Understanding of governance and administration of a public pension fund, including benefits administration and disability.

(2)

Basic knowledge of fiduciary responsibility and liability.

(3)

Basic understanding of investment structures and strategies.

(4)

Basic understanding of financial controls and audits.

(5)

Understanding of ethical standards of behavior, including conflicts of interest and disclosures.

(6)

Basic knowledge of applicable Georgia Law, including the Open Records Act and Open Meetings Act.

(d)

Committees . The Board shall create the following committees:

(1)

Administration Committee . There shall be three separate Administration Committees to manage the administrative duties, including the selection of a third party administrator, and make all pension award decisions for each of the three separate pension plans. The three committees shall be as follows:

A.

The City of Atlanta and Atlanta Public Schools General Employees' Administration Committee shall be comprised of:

i.

The General Employees' Pension Plan elected representative to the Investment Board.

ii.

The Atlanta Public Schools' Pension Plan elected representative to the Investment Board.

iii.

One member elected every three years by active City of Atlanta participants in the City of Atlanta General Employees' Pension Fund.

iv.

One member elected every three years by retired City of Atlanta participants in the City of Atlanta General Employees' Pension Fund.

v.

One member elected every three years by active participants in the Atlanta Public Schools portion of the City of Atlanta General Employees' Pension Fund.

vi.

One member elected every three years by retired participants in the Atlanta Public Schools portion of the City of Atlanta General Employees' Pension Fund.

vii.

The Chief Financial Officer or her/his designee.

viii.

The Commissioner of the Department of Human Resources or her/his designee.

B.

The Police Officers' Administration Committee shall be comprised of:

i.

The Police Officers' Pension Plan elected representative to the Investment Board.

ii.

One member elected every three years by active participants in the City of Atlanta Police Officers' Pension Fund.

iii.

One member elected every three years by retired participants in the City of Atlanta Police Officers' Pension Fund.

iv.

The Chief Financial Officer or her/his designee.

v.

The Commissioner of the Department of Human Resources or her/his designee.

C.

The Firefighters' Administration Committee shall be comprised of:

i.

The Firefighters' Pension Plan elected representative to the Investment Board.

ii.

One member elected every three years by active participants in the City of Atlanta Firefighters' Pension Fund.

iii.

One member elected every three years by retired participants in the City of Atlanta Firefighters' Pension Fund.

iv.

The Chief Financial Officer or her/his designee.

v.

The Commissioner of the Department of Human Resources or her/his designee.

(2)

Governance Committee . The Governance Committee shall be responsible for implementation of the qualification requirements listed in paragraph (b) above. The Governance Committee shall also review and address conflicts of interest and compliance issues related to trustees and investment managers. The Governance Committee shall be comprised of:

A.

The Chair of the Investment Board.

B.

Three Administration Committee members, each appointed from one of the three Administration Committees. Such appointees may be a member of the respective Administration Committee or an individual selected by the members of that Administration Committee.

C.

The Commissioner of the Department of Human Resources or her/his designee.

(3)

Audit Committee. The Audit Committee shall oversee audits of the three pension plans and review the financial statements for each pension plan. The Audit Committee shall be comprised as follows:

A.

The Chair of the Investment Board.

B.

Three members elected by the combined membership of the three Administration Committees. Such members shall be elected from the active and retired participants of all three pension plans.

C.

The Chief Financial Officer or her/his designee.

(1927 Ga. Laws, page 265, § 4; 1952 Ga. Laws, page 2765, § 2; 1953 Ga. Laws, Nov.-Dec. Sess., page 2770, § 3; 1963 Ga. Laws, page 3061, §§ 1, 2; 1964 Ga. Laws, page 2407, §§ 1, 2; 1974 Ga. Laws, page 3546, § 1; 1982 Ga. Laws, page 4385, § 1A; Ord. No. 1985-49, § 1, 8-9-85; Ord. No. 1992-45, § 1, 7-28-92; Ord. No. 1992-58, § 1, 9-21-92; Ord. No. 1994-13, § 1, 3-24-94; Ord. No. 1999-76, § 1, 10-26-99; Ord. No. 2017-95(17-O-1589), § 1, 12-15-17 )

Editor's note— The ordinances listed in the left-hand column below are found in the state session laws at the location listed opposite them in the right-hand column below:

	Georgia Laws
Ord. No.	Year	Page
1985-49	—	—
1992-45	—	—
1992-58	—	—
1994-13	—	—