The Board of Pensions and Retirement shall consist of the Director of Finance, who shall be its chairman, the Managing Director, the City Controller, the City Solicitor, the Personnel Director and four other persons who shall be elected to serve on the Board by the employees in the civil service in such manner as shall be determined by the Board.

Until the elected members shall have been chosen, a majority of the Board at the time being shall constitute a quorum. Thereafter five members shall be a quorum.

ANNOTATION

Sources: No specific source.

Purposes: The composition of the Board of Pensions and Retirement consists of the Director of Finance because the creation and management of pension and retirement funds will present important financial problems; the Managing Director because, next to the Mayor, he will supervise the greatest number of City employees who will be affected by any pension and retirement system; the City Controller because he is the City's auditor; the City Solicitor because of the intricate legal questions which will arise in connection with pensions and retirement benefits; and the Personnel Director because of his concern with personnel welfare. Four other members are to be elected by City employees who will thus have a voice in the administration of the pension and retirement system. A majority of the permanent members is constituted a quorum upon the creation of the Board to permit it to begin to function as soon as possible pending the election of employee representatives.