§ 78-91. Creation; initial assets; separation of systems.

(a)

There is hereby created a City of Starke Police Officer's Retirement System.

(b)

There is hereby created a City of Starke Firefighters' Retirement System.

(c)

There is hereby created a City of Starke General Employees' Retirement System.

(d)

The board of trustees of the City of Starke Employees' Retirement System shall take whatever action is necessary to determine the amount of assets which is attributable to police officers, firefighters and general employees. The funds attributable to police officers shall be transferred to the City of Starke Police Officers' Retirement System, the funds attributable to firefighters shall be transferred to the City of Starke Firefighters' Retirement System and the funds attributable to the general employees shall be transferred to the City of Starke General Employees' Retirement System. Such assets shall include all employer, employee and state contributions made by or on behalf of police officers, and any such investment income derived from such contributions. There shall be, as there was previously in the City of Starke Employees' Retirement System, a deposit fund, city reserve fund and pension reserve fund. The amount of assets in the members' deposit fund, city reserve fund and pension reserve fund attributable to police officers will be transferred to the members' deposit fund, city reserve fund and pension reserve fund of the City of Starke Police Officers' Retirement System. The amount of assets in the members' deposit fund, city reserve fund and pension reserve fund attributable to firefighters will be transferred to the members' deposit fund, city reserve fund and pension reserve fund of the City of Starke Firefighters' Retirement System. The amount of assets in the members' deposit fund, city reserve fund and pension reserve fund attributable to general employees will be transferred to the members' deposit fund, city reserve fund and pension reserve fund of the City of Starke General Employees' Retirement System.

(e)

All the funds created in this section are allowed to pool their assets for investment purposes. There shall always be separate accountings, however. If any or all the boards of trustees decide to have joint meetings to hear a report from any of its agents, servants or employees, they may do so. However, each board of trustees is charged with making its own, independent decisions and taking its own independent actions.

(Ord. No. 410, §§ 1—5, 6-20-2000)