(A) Powers and duties. The Trustees, in administering the Trust, shall have such power and authority, including discretion with respect to the exercise of that power and authority, as may be necessary, advisable, desirable, or convenient to the Trustees, in their sole discretion as Trustees and investment fiduciaries subject to the provisions of this subchapter:
(1) To make regulations with respect to the Trust not inconsistent with the Trust, GASB 45, the Internal Revenue Code or applicable law, and to amend or rescind such regulations;
(2) To determine, consistent with the applicable laws rules or regulations, all questions of law or fact that may arise as to any person or entity claiming rights under the Trust;
(3) Subject to and consistent with GASB 43 and 45 and applicable law, to construe and interpret the Trust and to correct any defect, supply any omission or reconcile any inconsistency in the Trust;
(4) To adopt and amend rules governing its operations and procedures;
(5) To make and enter into contracts with any agency of the city or any outside agency or company for the purpose of assisting in the general administration of the Trust or the investing or advising as to the investment of the Trust Fund;
(6) To provide for changes in trustees and transfer of assets to successor custodians as permitted by law;
(7) To provide investment management and administration of the Trust Fund, which has been established to provide funding for health and welfare benefits;
(8) To employ legal counsel;
(9) To employ and contract with actuaries, auditors, accountants, consultants, medical personnel and other agents and employees;
(10) To collect and disburse all funds due to and payable from the Trust;
(11) To maintain proper records and accountings consistent with GASB Statement 43 and 45 and IRS standards;
(12) To bring and defend actions, sue and be sued and plead and be impleaded;
(13) To expend funds for the reasonable expenses of the Trustees while engaged in the performance of their duties;
(14) To employ insurance companies, banks, trust companies, and investment brokers as agents for the keeping of records and the receipt and disbursement of funds held by or due the Trustees;
(15) To exercise generally any of the powers of an owner with respect to all or any part of the Trust Fund; and
(16) To take all actions consistent with this subchapter necessary or appropriate to administer or carry out the purposes of the Trust; provided, however, the Trustees need not take any action unless in their opinion there are sufficient Trust assets available for the expense thereof.
(B) Delegation by Trustees. In addition to the powers stated in this section, the Trustees may from time to time delegate to an individual, committee or organization certain of its fiduciary responsibilities under the Trust. Any such individual, committee or organization shall remain a fiduciary until such delegation is revoked by the Trustees, which revocation may be without cause and without advance notice. Such individual, committee or organization shall have such power and authority with respect to such delegated fiduciary responsibilities as the Trustees have under the Trust.
(Ord. 1598, passed 12-3-07)