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(A) Payment of advisory services. The payment of all advisory services expenses, as set forth in the forecast, shall be paid from the Retirement System Trust Fund.
(B) Selection of advisory services.
(1) The selection of individuals or entities to provide any of the advisory services to the Retirement Board for the retirement system shall be governed by the standards of care exercised by fiduciaries acting with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in like capacity and familiar with such matters would use. Without limiting the generality of the foregoing statement, the Retirement Board shall act solely in the interest of and for the purposes of providing benefits to the participants and beneficiaries of the Retirement System and not in their own self-interests.
(2) With respect to the hiring of counsel the Retirement Board shall consult with and obtain the consent of the Corporation Counsel, which consent shall not be unreasonably withheld. In the event the Corporation Counsel fails to consent to the choice of counsel, the Retirement Board shall be notified in writing by the Corporation Counsel who shall set forth the reasons and cause for not consenting. Thereafter, the Retirement Board shall then submit another name to the Corporation Counsel until both parties are satisfied with the hiring decision.
(C) Conflict of interest. No member of the Retirement Board shall have a personal or financial interest in any provider of advisory services as the interests may be governed by this Code or by regulation of the Board of Ethics.
(Ord. passed 4-7-2003)