(A) The general administration, management and responsibility for the proper operation of the trust and for making effective and construing the provisions of the trust shall be vested in the Board of Trustees established by this section, consistent with applicable state and federal laws and regulations. A trustee or other fiduciary under the trust shall discharge his or her duties with respect to the trust solely in the interest of the participants for the exclusive purpose of providing benefits to participants and paying reasonable expenses of administering the plan and trust. A trustee shall discharge his or her duties with the care, skill, and caution under the circumstances then prevailing, which a prudent person, acting in a like capacity and familiar with those matters, would use in the conduct of an activity of like character and purpose.
(B) The Board of Trustees shall consist of same trustees appointed/elected to the retirement system Board of Trustees.
(C) Each trustee shall be a fiduciary and have fiduciary responsibilities under applicable law and shall act prudently and in the best interests of the trust. Each trustee will receive and hold the trust as trustees by virtue of the terms, conditions and provisions of the trust and for the purposes, uses and trusts and with the powers and duties herein set forth.
(Ord. 08-03, passed 9-4-2008)