This Deferred Compensation Plan shall be administered by the Retirement Board, which shall prescribe such forms, and adopt such rules and regulations as are necessary to carry out the purposes of the plan. The Retirement Board may employ investment counsel to advise the Board concerning categories of investment, investment guidelines and investment policy, provided, however, that the advice or recommendations of any such investment counsel shall not be binding on the Retirement Board, which shall make the final determination concerning investment categories, investment guidelines and policies. The Retirement Board may contract with a financially responsible independent contractor to administer and coordinate the plan under the direction of the Retirement Board.
The Retirement Board shall enact regulations, applicable to any plan administrator which is not a corporate fiduciary authorized by federal or state law to exercise trust powers or to conduct an insurance business, establishing such bonding requirement as the Retirement Board in its discretion deems appropriate, for such plan administrator, and for every other person who handles funds or other property of the investment fund. The amount of such bond shall be at least $1,000, but shall never be less than 10 percent of the amount of funds handled. The Retirement Board may, in its discretion, establish guidelines or regulations for the bonding of the plan administrator and of every fiduciary or other person who handles funds or other property of the investment fund. Notwithstanding any other provisions to the contrary, the administrator agrees that it shall be solely responsible to the employer for any and all services performed by a subcontractor, assignee, or designee under this agreement.
(Amended by Ord. 306-80, App. 6/27/80)