[Amended 5-19-2020 by Referendum]
A. There shall be created by said Board a fund to be known as the “Officers and Employees Pension Fund.”
B. It shall be the exclusive duty of the Board to serve as fund trustees and to receive, disburse, retain, invest and reinvest the fund created by virtue of this part 2 and to pay over by warrant or check the amount due under this plan to members or their widows or widowers or their estates or children. The Board, with the approval of the Finance Director of the City, may enter into agreements with reputable institutions to perform any of the aforesaid duties, including, but not limited to, advising the Board with respect to any and all of its duties, but in the event the Board does so, any such agreement shall require the institutions involved to provide the Board with written reports concerning its activities at least once every six months. The compensation of such institutions shall be paid by the fund or such source of pay as is designated by applicable law. The fund shall be used for the exclusive purpose of funding and paying benefits provided hereunder, and a reversion of fund assets or a return of City contributions is prohibited, except as otherwise provided by applicable law or IRS Revenue Ruling 91-4.