City of Roanoke Pension Plan Board of Trustees
Meeting Frequency: As determined by the Board
Contact: Secretary-Treasurer, Director of Finance, (540) 853-2824
Members: Nine (9); *Denotes non-City resident
|Member||Term of Office||Eligible for Reappointment|
|Charles Hunter, III||06/30/22||Yes|
|Gregory W. Feldmann||06/30/21||Yes|
|Clarence Turpin (Fire Department)||06/30/22||(Alternates between Police and Fire Departments)|
The general administration and the responsibility for the proper operation of the city plan and for making effective the provisions of this chapter are hereby vested in the board of trustees. Each board member shall discharge his duties with the care, skill, prudence, and diligence of a prudent man acting in like capacity and familiar with such matters.
The board shall keep in convenient form such data as shall be necessary for actuarial valuation of the city plan and for checking the experience of each system. The board shall keep a record of all its proceedings, which shall be open to public inspection. It shall submit to the city council, annually, a report showing the fiscal transactions of the city plan for the preceding year, the amount of the accumulated cash and securities of the city plan, and the financial report indicating the financial condition of the city plan. Such report shall be made in the form and contain the information required by the current financial accounting standards applicable to public pension funds.
The board shall designate an actuary or actuarial consulting firm who shall be the technical advisor of the board on matters regarding the operation of the city plan and who shall perform such other duties as are required. Such actuary or actuarial firm must have at least one (1) actuary who is a fellow of the Society of Actuaries. The board shall certify, from time to time, the rates of contribution payable under the provisions of this chapter, and shall adopt for the systems, from time to time, such mortality, service and other actuarial tables as shall be deemed necessary; and on the basis of such tables, the actuary shall make annually an actuarial valuation of the assets and liabilities of the systems. At least once in each five-year period, the board shall cause an actuarial investigation to be made into the mortality, service and compensation experience of the members and beneficiaries of the systems. Such investigation shall be used as a basis for revisions to existing actuarial tables or the adoption of additional actuarial tables to be used to value the assets and liabilities of the systems.