Retirement System Board of Administration
Seattle Mun. Code § 4.36.500
in effect4.36.500 - Retirement System Board of Administration
A. There is created and established a Retirement System Board of Administration that shall administer the retirement system and the retirement fund created by this Chapter 4.36 for retirement and death benefits. The Board as trustee shall provide for the proper investment of the moneys in the retirement fund. The Board of Administration shall consist of seven members as follows:
1. The Chair of the Finance Committee of the City Council, or the Committee's successor;
2. The City Director of Finance;
3. The Seattle Human Resources Director;
4. Two persons who are members of the retirement system and one person who is a retired member, all of whom shall be elected by the members of the retirement system including retired members; provided, that persons who have elected upon termination of their employment to leave all their contributions in the retirement fund pursuant to the provisions of subsection 4.36.665.A shall not be eligible to vote for or be elected to such positions; and provided, further, that at the time of such member's election to the Board, no more than one elected member may be employed in any single City department or other employment unit. In the event that a Board member who was elected as a retirement system member retires during the term as a Board member, that member shall remain a Board member until the expiration of the term; and
5. One member who shall be appointed by the other six members; provided that such appointed member shall not be a City employee or a retired City employee and shall not have membership in the retirement system.
B. Elected members and the appointed member shall serve for a three year term ending July 1 of the third year of such term.
C. Elections for the members of the Board who are elected as provided in this Section 4.36.500 shall be administered by the Board. Ballots shall be accepted only if received by the Board's designated ballot counter on or before its close of business on the first Monday in June of each calendar year.
D. Any vacancy occurring in an elected position shall be filled by the City Council by appointment to such position of a member eligible to be elected thereto, and provided the member so appointed shall be retired or shall come from the same employing unit as the vacating member. The member so appointed shall serve until such vacancy is filled by the election for the unexpired term of a member eligible to be elected for a full term to such position at the next succeeding first Monday in June, unless the vacancy occurred less than one year before the expiration of the term of such elected member, in which case the member so appointed shall serve for the remainder of the unexpired term. Any vacancy occurring in the appointed member position shall be filled by appointment by the City Council for the unexpired term.
E. The Chair of the Finance Committee of the City Council, or the chair of the Committee's successor, shall be ex officio Chair, the Seattle Human Resources Director ex officio Secretary, and the Director of Finance ex officio Treasurer of the Board.
F. The investment of all or any part of the retirement fund shall be in accordance with RCW 35.39.060.
G. 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 banks in this state, or in any bank, banks, or corporations authorized or licensed to do a banking business and organized under the laws of this state, and a clearing account may be maintained with a depository which holds securities as a nominee for funds received pending transmission to the retirement system as contemplated by RCW 35.39.070.
H. The Director of Finance shall be the custodian of the retirement fund. All payments from said fund shall be made upon warrant duly issued by the Director of Finance or, if the fund is solvent at the time payment is ordered, by check. As custodian, the Director of Finance with the approval of the Board of Administration, may cause securities of the retirement system to be registered in the name of a nominee and authorize the safekeeping of retirement system securities in the physical custody of the Federal Reserve System, a depository trust company, or a bank as contemplated by RCW 35.39.070.
I. Except as herein provided, no member and no employee of the Board shall have any interest, direct or indirect, in making of any investments from the retirement fund, or in the gains or profits accruing therefrom. And no member or employee of the Board, directly or indirectly, on the member's or employee's own behalf 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 the Board; nor shall any member or employee of the Board become an endorser or surety or become in any manner an obligor for moneys invested by the Board.
J. No City employee who is elected to the Board shall suffer a monetary loss or other penalty on account of absence from the employee's regular position during regular hours while attending meetings of the Board or its sub-committees.
(Ord. 125109, § 11, 2016; Ord. 124574, § 13, 2014; Ord. 124567, § 69, 2014; Ord. 123361, § 96, 2010; Ord. 121595 § 1, 2004; Ord. 120794 § 63, 2002; Ord. 120114 § 10, 2000; Ord. 116368, § 9, 1992; Ord. 113309 § 1, 1987; Ord. 111493 §§ 1-3, 1983; Ord. 111136 § 1, 1983; Ord. 111135 § 1, 1983; Ord. 107312 § 1, 1978: Ord. 101794 § 1, 1973: Ord. 101738 § 1, 1973: Ord. 100877 § 1, 1972: Ord. 98861 § 1, 1970; Ord. 98163, § 1, 1969; Ord. 83534, § 2, 1954; Ord. 78444 § 9, 1949.)
Source: City of Seattle, Seattle Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/wa/seattle/codes/municipal_code?nodeId=TIT4PE_CH4.36CIEMRESY_4.36.500RESYBOADFetched: 11/1/2026