48-226. Retirement or advisory committee; qualifications; terms; powers

A. The governing body may appoint a retirement or advisory committee of either three or five persons, as shall be determined by the governing body of the district, and a majority of the members of such committee shall constitute a quorum. Any determination or action of a majority of the members shall be conclusive with respect to all persons affected thereby. The committee shall have the responsibility for the general administration of the plan, and may adopt rules, mortality tables, interest rates and other factors to be used for all actuarial calculations, any or all of which may from time to time be amended or changed. The committee shall have such other powers as may be embodied in the adopted plan and as shall be necessary properly to carry out its duties.

B. If the committee consists of three members, it shall be comprised of one member of the governing body of the district, a participant, and a qualified elector of the district. If the committee consists of five members, it shall be comprised of one member of the governing body, two participants and two qualified electors of the district. Members shall be appointed for such terms, not exceeding three years, as the governing body of the district shall determine. The terms of the members need not expire concurrently. Any member may be removed by the governing body for cause, including, but not limited to, neglect of duty. Vacancies may be filled for the unexpired term by the governing body. Members of the committee shall serve without compensation but shall be paid by the district for their actual reasonable expenses.

48-226. Retirement or advisory committee; qualifications; terms; powers

A. The governing body may appoint a retirement or advisory committee of either three or five persons, as shall be determined by the governing body of the district, and a majority of the members of such committee shall constitute a quorum. Any determination or action of a majority of the members shall be conclusive with respect to all persons affected thereby. The committee shall have the responsibility for the general administration of the plan, and may adopt rules, mortality tables, interest rates and other factors to be used for all actuarial calculations, any or all of which may from time to time be amended or changed. The committee shall have such other powers as may be embodied in the adopted plan and as shall be necessary properly to carry out its duties.

B. If the committee consists of three members, it shall be comprised of one member of the governing body of the district, a participant, and a qualified elector of the district. If the committee consists of five members, it shall be comprised of one member of the governing body, two participants and two qualified electors of the district. Members shall be appointed for such terms, not exceeding three years, as the governing body of the district shall determine. The terms of the members need not expire concurrently. Any member may be removed by the governing body for cause, including, but not limited to, neglect of duty. Vacancies may be filled for the unexpired term by the governing body. Members of the committee shall serve without compensation but shall be paid by the district for their actual reasonable expenses.