(A) Bylaws and regulations. The Retirement Board shall adopt, after a public hearing thereon, bylaws and regulations not inconsistent with the law and the provisions of this Charter; and shall do all things necessary toward carrying out the purposes for which the Retirement System is created.
(B) Designation of Corporate Trustees and the like. The Retirement Board may designate and appoint a corporate trustee or trustees and/or an insurance company licensed by the State of Connecticut to manage the Retirement System and the corporate trustee or trustees and/or an insurance company licensed by the State of Connecticut shall have the right and power to invest and reinvest Retirement Fund assets in accordance with the laws of the state governing the investments of trust funds. The Retirement Board may deposit the whole or any part of the funds of the Retirement System with any corporate trustee or trustees and/or an insurance company licensed by the State of Connecticut for management notwithstanding the fact that the Retirement System funds or part thereof may at any time exceed in whole or in part the capital, surplus and undivided profits of the corporate trustee or trustees and/or insurance company licensed by the State of Connecticut.
(1) The Retirement Board shall not be liable for any negligence, misfeasance or malfeasance on the part of the corporate trustee or trustees and/or an insurance company licensed by the State of Connecticut in managing the Retirement System, but shall be liable only in the event that the Retirement Board has been found negligent in the selection and appointment of the corporate trustee or trustees and/or an insurance company licensed by the State of Connecticut.
(2) The corporate trustee or trustees and/or an insurance company licensed by the State of Connecticut shall be paid from the funds of the Retirement System reasonable compensation for their services rendered, for managing, investing and reinvesting the assets of the Retirement System.
(C) Review of pertinent legislation. Under its own authority or upon the request of either the Mayor, the Board of Aldermen, or the Director of the Budget, the Retirement Board may examine any legislation proposed for adoption either by the General Assembly of the State of Connecticut or by the Board of Aldermen of the city affecting the Retirement System or the retirement of persons under the provisions of this Charter and shall report to the Board of Aldermen its conclusions as to the probable cost of the proposals contained in such legislation and its recommendations as to the adoption thereof.
(D) Annual report.
(1) Requirements. The Retirement Board shall within 90 days of the close of the city's fiscal year, file with the Mayor and Board of Aldermen an annual report showing the financial condition of the Retirement System as of the end of the last-completed fiscal year, setting forth the facts, recommendations and data as may be of value to the members of the Retirement System and the city; including, but not limited to a detail of expenses comparing the same to the prior two fiscal years.
(2) Actuarial valuation. The Retirement Board shall have an actuarial valuation made of the assets and liabilities of said Retirement System at least once during each two-year period commencing on July 1, 2003 and, at other times, in accordance with the time-frame set forth under state law or GASB standards for when the valuation is advisable. However during the period commencing on July 1, 2003 and ending on June 30, 2008 the actual valuation shall be completed annually.
(Ord. passed 4-7-2003)