(A)   Any person or entity which is contracted to invest, provide investment advice, or direct or manage the investment of any assets of the retirement system shall be and shall specifically acknowledge in writing that such advisor is:
      (1)   A fiduciary of the assets of the retirement system for which the advisor has agreed to provide such services;
      (2)   Registered as an investment company or investment advisor in good standing under the Investment Company and Advisor Acts of 1940, as amended, and thus exempt from the registration; and
      (3)   The advisor will comply with all applicable laws and regulations governing the investment of the assets of the retirement system.
   (B)   Any duty or responsibility which is imposed or otherwise pertains to the investment of assets of any retirement fund shall apply, without limitation, to the selection, acquisition, retention and disposition of each security or other investment vehicle which is, or is to be, held by the retirement system; provided, however, that any investment decision respecting individual assets shall be evaluated not in isolation, but in context of the entire portfolio of the fund of which they constitute a part and as a portion of an overall investment strategy for the fund which is consistent with the investment policy adopted by the Retirement Board. The Retirement Board shall not be liable for any specific investment which has been made by any investment advisor, custodian or other fiduciary as long as the person or entity is selected, appointed and retained, and the performance of the person or entity is periodically reviewed, and any assets of the fund for which the same is delegated investment responsibility are allocated in accordance with the investment policy adopted by the Retirement Board.
(Ord. passed 4-7-2003)