Duties of the board.
Memphis Code of Ordinances § 4-32-32
in effectSec. 4-32-32. - Duties of the board.
A. The board will meet at least once each year to consider granting increases in retirement pay to retirees in accordance with the increases in the cost-of-living. This is not to be construed to mean automatic retirement pay increases. A one-time adjustment, effective December 1, 1977, shall be granted as follows:
1. Retired employees with 17½ years or more of credited service and receiving a benefit of less than $275.00 per month, shall each receive $40.00 added to the monthly retirement benefit.
2. Retired employees with less than 17½ years of service and receiving a benefit of less than $275.00 per month shall each receive $30.00 added to the monthly retirement benefit.
3. All other employees who retired before January 1, 1977, shall receive whatever percentage increase the board of administration determines, provided that the total increase of all retired employees shall not exceed an amount equal to ten percent or $13,204.70, the total of all the February 1978 library monthly benefits; provided, further, that no annual increase hereafter to any individual retired employee shall exceed ten percent of that retired employee's benefit.
B. The board will meet whenever a participant becomes eligible for retirement, or when it is deemed necessary:
1. To consider changes in the retirement system should the social security system change from a direct payroll tax to include the use of general revenue funds or make other desirable changes;
2. To consider legislation and legislative action, state, local or federal, that might affect the provisions, operation or administration of the retirement system;
3. To consider increased benefits or changes the city may make in the city's pension plan;
4. To consider grievances, appeals or challenges to an individual's retirement;
5. To make determinations as to line-of-duty disablements;
6. To investigate insuring the fund;
7. To supervise preparation by the personnel officer of a retirement plan brochure, annual reports, etc.;
8. To study the performance of the investment counsel for the retirement fund;
9. To make determinations in cases of broken service;
10. To determine the amount of interest to be applied to withdrawal of mandatory contributions, based on the prevailing rate of interest and with actuarial advice;
11. To determine time limits on selection of retirement options by participants;
12. To determine provisions of retirement benefit options;
13. To hear a member's request for changes;
14. To determine eligibility for disability benefits.
C. The chairperson shall have the power to call a meeting at any time that it is necessary in order to carry out the business of the board.
(Code 1985, § 18-71; Ord. No. 4173, § 1, 4-16-1993)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/code_of_ordinances?nodeId=TIT4PERESY_CH4-32RESYLIEM_ART7ADSY_S4-32-32DUBOFetched: 10/28/2026