Title
Resolution to Order Election and to Determine Ballot Question for Charter Amendment to Alter the Number of Appointed Citizen Trustees and Elected General Member Trustees of the City Employee Retirement System Board of Trustees (7 Votes Required)
Memorandum
In 2004, City Council established a Blue Ribbon Committee of interested citizens, financial professionals, and City retirement system beneficiaries with the charge of reviewing the policies, administration, and management of the City of Ann Arbor Employees’ Retirement System (‘Retirement System”).
In reviewing best practices for administration and management of a retirement system the Blue Ribbon Committee analyzed based on available research the appropriate size and composition for a Board of Trustees for the Retirement System. On the basis of that due diligence a recommendation was included in the Final Report of the Blue Ribbon Committee to strength the independence and technical skills of the requirements of the Trustees to better address the complex issues presented in the administration of the Retirement System.
In order to do so it was recommended that
· the Trustees appointed by City Council be increased. It was recommended that Council adopt requirements for appointees that should include professional degrees/certifications and significant relevant experience to retirement systems (e.g. actuarial, investment management, finance).
· the City Administrator be removed from the Board
These changes to the Retirement System governance were recommended with the full knowledge that such changes were only possible with the concurrence of the voters of the City of Ann Arbor since the composition of the Board of Trustees is established by City Charter and if approved, the further concurrence under current Michigan law of the City bargaining units.
This Resolution adopts the recommendations of the Blue Ribbon Committee in part by proposing for voter approval the removal of the City Administrator ...
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