The Pension Fund shall be aggregated with other pension funds maintained by the employer to create a single pension trust fund, which shall thereafter serve as the funding mechanism for all pension plans connected with the aggregation. Each pension plan subject to the aggregation shall have an undivided participation in the assets of the combined pension trust fund. For accounting purposes, the value of the participation by each plan shall be calculated annually, in accordance with Section 607 of the Act.
The aggregate pension trust fund shall be managed by a Board of Trustees, which shall include at least one representative of the active membership of each plan included in the fund. All members of such Board shall be appointed by the Council, by majority vote.
The employer may direct the Board of Trustees to pay expenses from the Pension Fund which are attributable to the preparation of any actuarial valuation report or experience investigation required by the Act, or any other expense which is permissible under the Act and which is directly associated with administering the Plan. Such permissible expenses shall include, but are not limited to, investment costs associated with obtaining authorized investments and investment management fees, accounting expenses, premiums for insurance coverage on Fund assets, reasonable and customary counsel fees incurred for advice or to defend the Pension Fund, and legitimate travel and education expenses incurred by Plan officials, which expenses are necessary and reasonable and benefit the Pension Fund.
It shall be the duty of the Board of Trustees to receive, retain and distribute Pension Fund contributions and pension payments to members who are entitled to receive such contributions and payments. No contributions or pension payments to a member shall be made from any other fund maintained or controlled by the City, except the pension trust fund.
The Board of Trustees may take, by gift, grant, devise or bequest, any money or property, real, personal or mixed, in trust for the benefit of such Pension Fund. Legal title to assets in the aggregated pension trust fund shall be in the Municipality as trustee, or its nominees as trustees, for any person having a beneficial interest in a particular pension plan that is associated with the pension trust fund.
(Ord. 4442. Passed 10-28-87; Ord. 4654. Passed 10-27-93.)