§ 35.022  PROFESSIONAL STANDARDS FOR STAFF AND ADVISORS.
   (A)   Standards for discharging responsibilities.  The Director of Finance, plan administrator, advisors and the Retirement Board shall be fiduciaries of the retirement system and, in that capacity, shall fulfill their duties hereunder with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would then use in the conduct of an enterprise of like character and purpose. Without limiting the generality of the foregoing, the Director of Finance, plan administrator, advisers and the Retirement Board shall discharge their duties:
      (1)   In the interests of, and for the purpose of providing benefits to, participants and beneficiaries of the applicable fund or plan consistent with the other provisions of this chapter and applicable law;
      (2)   Impartially, taking into consideration any differing interests of various participants and beneficiaries within each fund and plan;
      (3)   By diversifying the investments of the assets of the funds so as to minimize the risk of large losses unless under the circumstances it is clearly prudent not to do so;
      (4)   Except to the extent they may be paid by the city as contemplated by divisions (B)(7) and (9) below, incurring and paying all reasonable and appropriate expenses of administering the funds and plans; and
      (5)   In accordance with a good faith interpretation of the terms of this Code and other applicable law.
   (B)   Consideration of investment circumstances.  Circumstances which shall be considered by the Director of Finance, Retirement Board and any other fiduciaries when investing and managing any funds' assets also shall include, but not be limited to the following, to the extent relevant thereto:
      (1)   General economic conditions;
      (2)   The possible effect of inflation or deflation;
      (3)   The expected tax consequences, if any, of investment decisions, strategies and distributions;
      (4)   The role that each investment or course of action plays within a fund's overall portfolio, which, except as otherwise provided in this section, may include financial assets, interests in closely held enterprises, tangible and intangible personal property and real property;
      (5)   The expected total return from income and the appreciation of capital;
      (6)   Related trusts and other income and resources of the participants and beneficiaries;
      (7)   Needs for liquidity, regularity of income and preservation or appreciation of capital;
      (8)   An asset's special relationship or special value, if any, to the purposes of the fund;
      (9)   The size and actuarial funding status of the fund; and
      (10)   The nature and estimated duration of the fund.
(Ord. passed 4-7-2003)