The County may establish and maintain one or more additional deferred compensation plans for employees covered by a collective bargaining agreement. In the case of any collectively bargained plan:
(a) The certified representative must assume the duties and responsibilities of the Board, except for the requirements of Section 33-61(a), and the certified representative must assume the duties and responsibilities of the Chief Administrative Officer and the County under this Article.
(b) The Board, Chief Administrative Officer, and County have no fiduciary or other responsibility for a collectively bargained plan except as required by federal law, including any regulation, ruling, or other guidance issued under that law.
(c) The certified representative must indemnify the County and provide fiduciary liability insurance protecting itself and the County in an amount agreed to by the County and certified representative through collective bargaining.
(d) The officers of the certified representative who have direct responsibility for plan administration, and the trustees of any trust established under this Section, must:
(1) provide financial disclosure to the participants of the plan in a form and manner at least as stringent as that required of the Board; and
(2) establish and conform to a code of ethical conduct, approved by participants in the plan, at least as stringent as that required of the Board.
(e) The collectively bargained plan, and its separate trust, custodial account or annuity contract, must meet, in form and operation, all applicable requirements of the Internal Revenue Code and any regulation, ruling, or other guidance issued under that law.
(f) Any trustee or fiduciary of a collectively bargained plan must not accept any direct or indirect compensation from any person who does business with that plan. (2004 L.M.C., ch. 30, § 1.)