(A) The trustees shall hold all powers that are necessary to carry out the purposes of the fund and that are generally available to trustees under the laws of the State of Michigan, except as limited by the fund and by federal law and regulations. The trustees shall take no action nor make any determination inconsistent with any qualification or ruling of the Internal Revenue Service, an arbitrator or the courts with respect to the fund. In the case of amendments to the Internal Revenue Code or changes to regulations of the Internal Revenue Service or the Labor Department, the trustees are empowered to take all necessary action authorized by this chapter, federal and state law and regulations.
(B) In carrying out the purposes of the fund, the trustees shall have the following powers and duties:
(1) The trustees shall, in order to effectuate the purposes of the fund, be bound by the terms of this chapter and any applicable collective bargaining agreements between the city and the collective bargaining associations and shall comply with all applicable laws.
(2) The trustees shall establish a uniform system for the timely transmission of required reports and contributions from the city on behalf of the participants to the fund.
(3) The trustees, in accordance with the requirements of law, may direct an impartial firm of independent certified public accountants to act as agent of the trustees, to examine the payroll records and reports as may be necessary to determine the monies due on behalf of a participant covered by this fund and to make a written report to the trustees, with an identical copy to the city.
(4) The trustees shall maintain or cause to be maintained proper books of accounts and records of and for the administration of the fund, including the minutes of all meetings, make them available for inspection at the permanent office of the fund during reasonable business hours by the city, by any collective bargaining association or any participant covered by this chapter and fund.
(5) The financial records of the fund shall be subject to the annual audit of the city. The trustees shall fully comply with all applicable statutory and municipal budgetary and accounting procedures and shall provide access to and/or documentation of all assets and liabilities of the fund. The trustees shall also provide a report of the operations of the fund for the preceding year together with such other data as may be required by law and/or as part of the city's annual financial report to the State Treasurer.
(6) The trustees shall be authorized, pursuant to Public Act 149 of 1999, as amended, to invest the assets of the fund in accordance with the provisions of Public Act 314 of 1965, as amended.
(Ord. 886, passed 11-11-02)