Sec. 2-1603. Board; appointment; terms.
A. The Board is established to administer the Trust Fund.
B. The Board shall consist of five members who are joint members and appointed as follows:
1. One employee or retiree of the City appointed by City Manager based on recommendations from the City of Phoenix Coalition of Unions.
2. One employee of the City who shall have public sector finance and investment experience, appointed by the City Manager.
3. Three citizens, appointed from the general public by the City Manager, who have not been employed as an employee or an officer of the City of Phoenix, and who have expertise in the field of finance, insurance, employment benefits or health care.
C. Except as provided in Subsection D. of this Section, Board members shall serve three year staggered terms.
D. To ensure continuity of experience on the Board, the members shall serve the following initial terms:
1. One citizen member with experience in the field of finance, insurance, employment benefits or health care shall serve an initial term of one year.
2. Two citizen members with experience in the field of finance, insurance, employment benefits or health care shall serve an initial term of two years.
3. One member with experience in the field of finance, insurance, employment benefits or health care shall serve an initial term of three years.
4. The member who is an employee or retiree of the City shall serve an initial term of three years.
E. The term of any member automatically ends:
1. Upon death of the member.
2. Upon submittal of written resignation to the Board Chair or the City Manager.
3. Upon removal from office under Phoenix City Code Section 2-51
4. Upon failure to attend two consecutive regular meetings of the Board.
5. For the City employee member, upon termination of City employment.
F. Three members shall constitute a quorum for the exercise of the powers and duties conferred upon the Board pursuant to this article.
G. Members are subject to the State laws regarding conflicts of interest. Any member having a conflict in a decision before the Board must identify that conflict in the official minutes of the Board. Members shall file with the City Clerk a written disclosure statement identifying the interests or a copy of the Board’s official minutes that identify the interests.
H. Members shall serve on the Board without salary or compensation.
I. Members shall be bonded in an amount satisfactory to the City Manager. (Ord. No. G-4721, § 1, 2005; Ord. No. G-4744, § 1, 2005; Ord. No. G-5016, § 3, 2007; Ord. No. G-6242, 2016)