The Board of Trustees of the Comprehensive Municipal Pension Trust Fund, acting by a quorum of its members, shall have the following powers and duties:
(a) To establish a trust fund to be known as the Comprehensive Municipal Pension Trust Fund, which Trust Fund shall receive, and shall act as a repository for, assets amassed by the City's various pension plans, and from which Trust Fund the payment of pension benefits and pension administrative costs shall henceforth be made in accordance with the procedures provided for in subsection (c) hereof;
(b) To invest and manage the assets of the Comprehensive Municipal Pension Trust Fund and to account for the individual interests of the various pension plans in such Trust Fund;
(c) To establish procedures, in accordance with applicable law, to provide access by the various pension plans to their respective interests in the Trust Fund for the payment of benefits and administrative expenses associated with each plan and to facilitate the payment and/or deposit of contributions to the Trust Fund;
Board of Trustees of the Comprehensive
(d) To contract for investment and consulting services;
(e) To assess reasonable administrative expenses of the Board against the assets of the Trust Fund; and
(f) To exercise and perform any and all other powers granted and duties prescribed under Act 205 of 1984 (P.L. 1005), as amended.
(Ord. 4418. Passed 12-31-86.)