The Trustee shall have general responsibility under the Employees' Pension Plan for the management and control of the assets of the Plan. The Pension Committee shall periodically review the investment performance and methods of the Trustee and any other funding agencies, including any insurance company or insurance companies, under the Plan and, with the approval of the Borough Council, may appoint and remove or change the Trustee and any such funding agency. The Committee shall have the power to appoint or remove one or more investment advisers and to delegate to such adviser authority and discretion to manage, including the power to acquire and dispose of, the assets of the Plan, provided that each adviser with such authority and discretion shall be either a bank, an insurance company or a registered investment adviser under the Investment Advisers Act of 1940 and shall acknowledge in writing that it is a fiduciary with respect to the Plan. The Committee shall periodically review the investment performance and methods of each adviser with such authority and discretion. The Committee shall establish investment standards and policies, incorporating any pertinent requirements and objectives of the Plan, including any interest rate or other actuarial assumptions, in its minutes and communicate the same to the Trustee, insurance company or companies or other funding agencies under the Plan, and any investment advisers. If annuities are to be purchased under the Plan, the Committee shall determine what contracts should be made available to terminated members or purchased by the Trust.
(Ord. 826. Passed 10-9-84.)