(A) At its meeting in January of each year, the trustees shall elect a president and a secretary from the group of the then existing trustees and the president and secretary shall serve a term of one year or until a new president and secretary are elected.
(B) Consistent with applicable state and federal laws and regulations, the trustees shall have the power to promulgate rules and regulations for the day-to-day management of the fund, to invest monies held by the fund, to determine all questions regarding the interpretation of the fund, and to handle such other fund related subjects as shall be deemed necessary and proper by the trustees. If any rule or regulation of the fund or part thereof is found to be in conflict with any collective bargaining agreement, PACT Employee Benefits and Personnel Policies, law, statute, judicial decision, arbitration decision or any other competent body or tribunal, such rule or regulation or part thereof shall be deemed voided and all other rules and regulations of the fund shall remain in full force and effect.
(C) Whenever the signature of a trustee is required on any document, the signature of the president and secretary shall be required.
(D) In the event of any suit brought against the trustees arising out of the acts within the scope, powers and duties of the trustees or in the event of any lawsuit brought by the trustees as authorized by this chapter, the cost of defense or prosecution of such lawsuit shall be charged to the fund and shall be paid directly from the fund, provided such costs are not incurred by reason of bad faith, gross negligence or breach of a fiduciary obligation to the fund or to the beneficiaries thereof.
(E) The trustees may employ such clerical personnel or administrative personnel to perform whatever administrative activities are required in the proper performance of the fund. In addition thereto, the trustees may, if they desire, contract with an administrator to perform such clerical and administrative duties as they may in their sole discretion determine is reasonably and prudently necessary to carry out the fund's activities and purposes. Under no circumstances shall said administrator have control or authority with respect to the management of the fund or its assets. The said administrator shall not be clothed with any type of authority or power which will constitute the administrator as a fiduciary. Said administrator will not have the power or authority to act as an investment counselor or manager and will not be authorized to furnish investment advice.
(F) The Board may utilize city staff for such functions as personnel administration, accounting, banking and purchasing. In such utilization, the Board will comply with all established city control procedures and policies related to these services. The Board will annually reimburse the city for actual costs of these services as determined by a method jointly agreed upon by the Board and the city.
(G) City employees, upon the request of the Board, may also be assigned to the fund for the proper operation of the fund. Said employees shall be subject to the supervision of the Board. The Board shall have the authority to establish job descriptions and promulgate rules and regulations appropriate for the fund in addition to those adopted by City Commission. The supervision of city employees by the Board shall not serve to impair the authority and responsibility of the City Administrator under the City Charter for personnel services. The Board will annually reimburse the city for the actual costs of these employees as determined by a method jointly agreed upon by the Board and the city.
(H) The trustees may employ an investment manager to manage the assets of the fund. Such investment manager must be registered under the Investment Advisor's Act of 1940, as amended, and must meet any applicable state and federal requirements to act as an investment manager. The trustees may, if they deem proper in their discretion or if the circumstances require it, appoint such investment manager, banks or insurance companies as fiduciaries and enter into an agreement with such institutions, naming it a fiduciary and conveying to such fiduciary all or a portion of the assets of the fund, so that said fiduciary may handle, manage and hold those assets conveyed to it. All assets conveyed to said fiduciary shall be subject to the provision of the agreement or agreements between the trustees and the fiduciary.
(I) The trustees may employ legal counsel with whom they may seek advice, consult with, require attendance at meetings and to otherwise represent the trustees in matters relating to this chapter and fund.
(J) The trustees may authorize the purchase of insurance for the fund and for the trustees to cover liability or losses occurring for any reason, including but not limited to an act or omission (errors or omissions) of a fiduciary, including the trustees; provided however, that such insurance policy permits recourse by the insured against the fiduciary, including the trustee or trustees involved, in case of breach of fiduciary obligation by the fiduciary.
(K) The trustees shall appoint an actuary who shall advise the trustees on the actuarial operation of this chapter and fund. The trustees shall, from time to time, adopt such mortality and other tables of experience along with a rate or rates of regular interest as are necessary for the operation of the fund on an actuarial basis.
(Ord. 886, passed 11-11-02)