Sec. 22-62(a). Plan Administrator and Named Fiduciary. The Board shall serve as the Plan Administrator and named fiduciary of the DC Plans. The Board shall be responsible for, and shall have the power and authority necessary to effectuate the administration, management and operation of the DC Plans. The Board shall construe, interpret and implement the provisions of this Article and the Plan Documents, in its discretion and pursuant to uniform and non-discriminatory rules, policies and procedures. In the event of a conflict between this Article and a Plan Document, the provisions of this Article shall control unless application of this Article would negatively impact the tax advantages associated with a DC Plan.
Sec. 22-62(b). Employment of Professionals. The Board may employ record-keepers, investment consultants, investment managers, retirement plan consultants, and other service providers as may be necessary for the proper administration of the DC Plans. Professionals employed by the Board shall discharge their duties in accordance with and be subject to the highest prevailing industry standard of care for their respective disciplines.
Sec. 22-62(c). Payment of Expenses. The Board shall facilitate and approve the payment of expenses that are reasonably necessary for the proper administration of the DC Plans. Expense payments authorized by the Board shall be funded from the appropriate Trust Fund, unless the City has agreed to pay a particular expenses and has budgeted for such expense.
Sec. 22-62(d). Correction of errors. The Board shall correct errors that occur in the administration of the DC Plans in accordance with the rules governing the correction of errors in tax-qualified and tax-deferred retirement programs.
Sec. 22-62(e). Additional Powers and Duties. In addition to all other powers and duties, the Board shall:
(1) Keep a record of all of its proceedings, and such record shall be open to inspection by Participants and the public;
(2) Review and resolve ambiguities arising in the administration of the DC Plans, including questions of eligibility, benefits, account distributions and interpretation of Plan Documents;
(3) Manage the investment of DC Plan assets with the advice and counsel of the Board's investment consultants and pursuant to the Plan Documents governing the Trust Funds;
(4) Adopt necessary rules and regulations governing the administration of the DC Plans;
(5) Hear and resolve employee, Participant and beneficiary claims relating to the DC Plans;
(6) Delegate fiduciary decision-making, administrative functions and ministerial duties to the City's Pension and Benefits Administrator, in its discretion;
(7) Contract with service providers to perform administration, investment, recordkeeping and custodial services with regard to the DC Plans; and
(8) Do all other things necessary for the proper administration of the provisions of the DC Plans.
Sec. 22-62(f). Prohibited Acts. No member of the Board shall have any interest, direct or indirect, in the gains or profits of an investment made by the Board or an investment option approved by the Board, except as a Participant or beneficiary of a DC Plan. No member of the Board shall, directly or indirectly, for himself or as an agent, in any manner use the moneys or other assets of any DC Plan, except to make such payments from the DC Plan Trust Funds as are authorized by the Board.
Sec. 22-62(g). Due Diligence. When managing the DC Plan investments, the Board shall exercise the judgment and care of a prudent retirement plan fiduciary. The Board shall structure an investment array for Participants that allows for appropriate diversification, minimizes the risk of large losses and avoids conflicts of interest.
(Ord. 11937, § 1, 7-12-22)