(A) Limitations of responsibility. The Trustees' responsibilities and liabilities shall be subject to the following limitations:
(1) The Trustees shall have no duties other than those expressly set forth in this subchapter and those imposed on the Trustees by applicable laws;
(2) The Trustees and the Program Administrator shall not be responsible for any particular federal, state or local income, payroll or other tax consequence to the city or a retiree, spouse or dependent;
(3) The Trustees shall be responsible only for money and property actually received by the Trust, and then only to the extent described in this subchapter;
(4) The Trustees shall not be responsible for the correctness of any determination of payments or disbursements from the Trust Fund;
(5) No Trustee shall have any liability for the acts or omissions of any predecessor or successor in office; and
(6) The Trustees shall have no liability for the acts or omissions of any Investment Manager or Managers, the acts or omissions of any Investment Consultant, the acts or omissions of any insurance company, the acts or omissions of any Investment Fund, the acts or omissions of any Custodian, the acts or omissions of the Program Administrator, or the acts or omissions of any contractor.
(B) Indemnification. The Trust shall, and hereby does, to the extent permitted by law, indemnify the Trustees, including persons who have served as such in the past or who are heirs, executors, or administrators thereof, against expenses (including attorney's fees), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any actual or threatened proceeding of any kind, arising by reason of the fact that any such person is or was a Trustee, and shall advance to such person expenses reasonably incurred in defending any such proceedings as permitted by law. Such indemnity shall apply, however, only if, in connection with the matter at issue, the person claiming indemnity hereunder acted in good faith and in a manner he or she reasonably believed was in the best interests of the Trust. This indemnity does not extend to any acts of the person seeking indemnity which involve gross negligence or willful misconduct, or are materially in breach of this subchapter, or any rule, procedure or regulation of the Trust. The Trustees may obtain and may rely upon a written opinion of independent legal counsel on any issues of good faith, reasonable belief, or breach, or on any and all issues that may bear on the application of this indemnity.
(Ord. 1598, passed 12-3-07)