§ 154-182. The board of trustees.

(a)

Scope of responsibility. The board of trustees shall be responsible for the management, investment, and control of the trust fund and disbursements from the trust fund in accordance with O.C.G.A. § 47-1-12 and free from the control of any Fulton County authority. The board of trustees shall elect a chairman and vice-chairman and shall hold at least one public meeting during each month at the Fulton County Courthouse or the Fulton County Administration Building. Minutes of all proceedings of the board of trustees shall be kept, and a certified copy, duly authenticated by the executive secretary of the board, shall be admissible in evidence in any court in Georgia. Each member of the board of trustees shall take an oath to execute faithfully all duties as a member of the board, which oath shall be in writing and recorded in the minutes of the board. A majority of the members of the board of trustees shall constitute a quorum, which shall be necessary for the transaction of any business; provided, however, that committees of the board may transact such business as may be authorized by the board, including, without limitation, granting benefits and approving investments. Rules and regulations established by the Board of Commissioners of Fulton County for the administration and enforcement of retirement systems, consistent with the plan, shall remain in force and effect and shall govern applications to and any procedure before the board. However, the board shall have the authority to establish new rules and regulations consistent with the plan governing matters within its jurisdiction. The board of trustees shall have the specific authority to receive all funds previously held and administered in the prior plans. The board of trustees shall adopt a policy regarding minority business enterprises, women's business enterprises, and disadvantaged business enterprises participation in the financial matters of the plan, consistent with the goals of the employer.

(b)

Appointment, removal, and resignation. There shall be 11 members of the board of trustees as follows:

(1)

The Chairman of the Board of Commissioners of Fulton County or an individual designated by the chairman to serve in his stead (trustee position 1).

(2)

Two members of the board of commissioners, other than the chairman or his designee, who shall be elected by the members of the board of commissioners (trustee positions 2 and 3).

(3)

The County Manager of Fulton County or an individual designated by the county manager to serve in his stead (trustee position 4).

(4)

The Director of Finance of Fulton County (trustee position 5) who shall also serve as ex-officio executive secretary and treasurer of the board of trustees, dispensing all funds in the trust, and as custodian of the plan.

(5)

Two persons receiving a retirement benefit from the employer (trustee position 6 and trustee position 12).

(6)

Four active employees of the employer who are participants in the plan or participants in a prior plan (trustee positions 7, 8, 9 and 10). The individual holding trustee position 7 shall be a peace officer. At such time as one of the trustee positions 8, 9, or 10 becomes vacant due to the resignation, failure to run for re-election, recall, incapacity or death of the Trustee serving in the position, such trustee position shall be automatically abolished. At such time, all remaining trustee positions shall be consecutively renumbered.

(7)

A member of the public who shall be a resident and taxpayer of Fulton County and not an active or retired public employee or the holder of any public office (trustee position 11).

(c)

Terms. Except as provided below, members of the board of trustees shall hold office for a term of four years or until their successors have been duly elected and qualified:

(1)

Trustee positions 2 and 3 shall be filled at a regular January meeting of the board of commissioners. Such members of the board of trustees shall hold office for a term of one year or until their successors have been elected and qualified. Notwithstanding the foregoing, the initial trustee positions 2 and 3 shall be filled at the September 11, 1991, meeting of the board of commissioners, and those individuals shall serve until the January 1992 meeting of the board of commissioners, or until their successors are elected and qualified.

(2)

The members of the board of trustees holding trustee positions 4 and 5 shall continue to serve on the board of trustees so long as they hold the applicable office.

(3)

Trustee position 6 and trustee position 12 shall be filled by election by all persons receiving a pension benefit from the employer. The initial holder of trustee position 12 shall be elected on or before November 1, 2008 for an initial term to expire on June 30, 2010, and thereafter upon election each term shall be four years.

(4)

The initial holder of trustee position 7 shall be elected in June 1992, for a term ending June 30, 1996.

(5)

The initial holder of trustee position 8 shall be elected in June 1992, for a term ending June 30, 1995. The initial holder of trustee position 9 shall be elected in June 1992, for a term ending June 30, 1994. The initial holder of trustee position 10 shall be elected in June 1992, for a term ending June 30, 1993.

(6)

Until the initial elections authorized by subsections (c)(4) and (c)(5) of this section take place, the elected employee representatives formerly serving on the Fulton County Employees Pension Board, the Fulton County General Employees Pension Board, and the Fulton County Public Safety Employees Pension Board shall serve on the board of trustees, together with the individuals holding trustee positions 1, 2, 3, 4, 5, 6, and 11.

(7)

Trustee position 11 shall be filled by election by the other trustees. The individual holding the citizen member position of the Fulton County General Employees Pension Board and the Fulton County Employees Pension Board shall initially hold such position and shall serve for a term ending June 30, 1996. A successor shall be appointed by the remaining trustees at the July 1996, meeting.

(8)

All elections for trustee positions 6, 7, 8, 9, and 10 shall be conducted under such rules and regulations as may be adopted by the board of trustees. Individuals to serve in trustee positions 7, 8, 9, and 10 shall be elected by all active participants in the plan and the prior plans.

(9)

Any person designated by the chairman of the board of commissioners or by the county manager to serve in their stead (trustee position 1 or trustee position 4) shall continue to serve as trustee until such designation is revoked in writing, either directly or by the designation of a new individual. All regular elections for trustee positions 6, 7, 8, 9, and 10 shall be held in May of each year preceding the expiration of the term of such trustee.

(10)

No person holding the office of trustee positions 6, 7, 8, 9, or 10 shall be disqualified from holding said office by reason of not being an active participant in the plan until such time as such individual's employment with Fulton County shall be finally terminated and all legal appeals from such termination shall have been exhausted or the time for making such appeals shall have expired.

(11)

If any vacancy shall occur in the office of trustee positions 6, 7, 8, 9, or 10 by reason of the death, resignation, or disqualification of any individual holding any such position and the time remaining in the term of such individual shall be six months or more, then the board of trustees shall call a special election for the purpose of filling the balance of the unexpired term of such individual. In the event that the balance of the unexpired term of such individual shall be less than six months, then the remaining members of the board of trustees, after receiving input from the represented group, shall appoint an individual to serve the balance of the unexpired term.

(91-RC-669, § 7.2, 12-18-91; 92-RC-339, 7-15-92; 92-RM-493, § 10, 9-2-92; 93-RC-357(#2), § 1, 9-15-93; 94-RC-177, § 1, 4-20-94; Res. No. 08-0507, § 1, 6-4-08)

Cross reference

Boards, commissions, etc., § 102-601 et seq.; pension board for county employees pension plan of 1982, § 154-296.