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A. The existing managing boards of the pension funds aggregated hereunder, following the effective date of this Part, continue to have the responsibility for determining the eligibility for pension of any applicant under their respective pension plan and for certifying of such determinations of eligibility to the Board of Trustees created hereunder; such Boards, however, shall, after May 1, 2017, no longer have any authority, right or responsibility for the investment, accounting, auditing or administration of any of the funds aggregated hereunder.
B. The Aggregated Pension Fund Board of Trustees shall not permit any pension payment to any potential retiree without having first secured from the appropriate pension board a certification as to the retiree's eligibility for pension and calculation as to pensionable amount. Such documentation shall be delivered to the Secretary of the aggregated board, accompanied by minutes of the appropriate pension board, as to the board's vote regarding each individual pension.
C. The Aggregated Pension Fund Board of Trustees shall, no later than March 1 of each year, present to City Council:
(1) A report on the performance of the investments and of the investment manager(s) for the prior calendar year; and
(2) A report summarizing by pension fund the name of each new pensioner, the date on which retirement benefits began and the date on which the appropriate board certified the pensioner's eligibility for pension.
D. The Aggregated Pension Fund Board of Trustees shall submit to City Council with the administration's annual submission of the Budget a Board-approved operating budget for the forthcoming calendar year.