§ 7.04. Powers and duties.

A.

The intent of this Charter is to continue the existing retirement and benefit plans established and administered under the provisions of Chapter 246 of the Private Acts of 1967-68 with minimal change as deemed appropriate and to transfer to a Charter-based authority.

B.

The Retirement Board is empowered and shall have all necessary power and authority to design, adopt and administer a financially sound retirement system.

C.

The Retirement Board is empowered to employ the services of legal counsel, investment consultants, actuarial consultants, and the services of others which it may deem necessary to maintain a soundly designed, administered and financed system.

D.

The Retirement Board shall have complete control over the administration of the system and the rights of the participants to benefits thereunder and shall make any and all determinations, rulings and interpretations of the system in open meetings. The Retirement Board shall maintain records in accordance with generally accepted accounting principles applicable to governmental entities, and, for audit purposes, shall be considered as accounts of the County.

E.

The Retirement Board shall not have the power or authority to adopt or approve any plan or plan amendment, or take any other action, which thereby would increase the funding or financial obligations of the County either at the time of the action or in the future without notification to and express consent and funding from the Commission by resolution. The intent of this provision is to restrict the power of the Retirement Board so that all plans, benefits, annuities or pensions are actuarially sound and actuarially funded from the date of their creation.

F.

The Retirement Board shall annually file a financial report with the County Clerk showing all receipts, disbursements, liabilities and actuarial status of the system. The annual report and records of the Retirement Board shall be audited and reviewed by the County Auditor as any other fund of the County. All records of the Retirement Board shall be open for public inspection.

G.

The provisions of the system designed by the former Retirement and Pension Commission under the provisions of Chapter 246 of the Private Acts of 1967-68 shall be the plan and system to be administered subject to amendment under the provisions thereof by the Retirement Board hereby created. The Retirement Board shall have full power to modify and amend such plan subject to the provision of Section 6.04.E[7.04.E] of this Charter.

H.

All benefits payable to participants, retired participants, survivors, beneficiaries or otherwise, as lawfully adopted in the provisions of the system, shall continue unimpaired as provided therein and such benefits shall be an obligation of the Retirement Board and of Knox County.

I.

Any person who shall knowingly make any false statements or shall falsify or permit to be falsified any record or records of the system in any attempt to defraud the system shall be guilty of a misdemeanor and upon conviction shall be punished accordingly and shall further forfeit any benefits under the provisions of the system. Any County elected official or employee who is convicted of a felony in the discharge of his/her county governmental duties shall forfeit any benefits under the provisions of the system.