City Council

Member of Retirement Board

Position Description for Member of Retirement Board

The Retirement Board is created by Burlington City Ordinance §§ 24-47 to 24-56 with the following duties and authority:

  • to carry out the “general administration and responsibility for the proper operation of the retirement system;”
  • to establish rules and regulations for the administration of the retirement system and the transaction of business;
  • to engage and approve payment for medical, actuarial, or other services necessary for the operation of the system;
  • to designate an actuary and prescribe his/her duties;
  • to adopt actuarial assumptions for valuation of the system by the actuary;
  • to adopt necessary mortality and service tables;
  • to establish the annual interest rate to be used in all actuarial calculations for the system;
  • to designate a depository for the funds and securities held;
  • to hire money managers and set investment goals and guidelines;
  • to keep data for actuarial valuation and experience studies;
  • to maintain records of its proceedings and furnish a financial report for the city’s annual report;
  • to consider and make determinations concerning disability retirement (§24-23).

Members of this board must meet the following criteria:  None specifically identified

This board consists of three members appointed by the city council, two class A members elected by the class A membership, two class B members elected by the class B membership, and the City’s treasurer.   The three members appointed by the city council serve for three (3) year terms beginning July 1. 

Recently, this board has regularly been meeting on the third Thursday of each month from about 8:30 to 11 am.

In addition, members of this board will be expected to:

  • Attend all scheduled meetings, or if a meeting must be missed, let the chairperson know ahead of the meeting if they will not be able to attend;
  • Review any materials provided to the board ahead of time;
  • Notify the chairperson and/or the city staffperson assigned to the board of any accommodation for a disability that may be required in order for the person to serve;
  • Act from a spirit of cooperation and with respect towards other board members, staff members, and members of the public appearing before the board;
  • Avoid actual or apparent conflicts of interest or bias;
  • Comply with all aspects of the Vermont Open Meeting and Access to Public Records laws;
  • When deciding a controversy or responding to a request, conduct themselves in a fair and impartial manner;
  • Consider fairly the interests of all individuals and organizations whose interests may be affected by their actions as a city official.