(A) The Board of Trustees shall consist of the same five individual trustees who serve as members of the Board of Trustees of the City of Mt. Pleasant Police and Fire Retirement System, as follows:
(1) The Treasurer of the city;
(2) The same two elected uniformed employee representatives that serve on the Board of Trustees of the City of Mt. Pleasant Police and Fire Retirement System;
(3) The same two appointed representatives that serve on the Board of Trustees of the City of Mt. Pleasant Police and Fire Retirement System.
(B) The general administration, management and responsibility for the proper operation of the fund and for making effective and construing the provisions of the fund 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 fund shall discharge his or her duties with respect to the fund solely in the interest of the participants for the exclusive purpose of providing benefits to participants and paying reasonable expenses of administering the fund. 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.
(C) The election of the employee trustees provided in (A)(2) of this section shall be held under such rules and regulations as the collective bargaining units shall adopt.
(Ord. 886, passed 11-11-02)