§ 114-207. Management of funds.

A.

The trustees shall be and act as the trustees of the funds comprising the system, from time to time, including amounts credited to the accounts established hereunder. In such capacity, the trustees shall possess the discretionary authority to invest and reinvest such funds. When exercising such authority, the trustees shall (1) exercise judgment and care under the circumstances then prevailing, which a reasonable individual of ordinary prudence, discretion and intelligence would exercise in the management of like enterprises, and (2) act solely in the interests of members and their annuitants and beneficiaries for the purposes of providing benefits and paying administrative costs hereunder.

B.

The trustees shall possess all powers ancillary to or necessary for such purpose, including without limitation:

1.

The power to appoint one or more sub-custodians to hold all or a portion of the funds constituting the system, from time to time, including the apportionment of funds among such sub-custodians and the removal thereof;

2.

The power to adopt and modify, from time to time, an investment policy or determine other investment goals and objectives;

3.

The power to designate or remove investment managers and to monitor and evaluate the performance thereof;

4.

The power to employ one or more experts or other persons to assist in the performance of their duties and obligations hereunder; and

5.

The power to delegate to one or more officers or employees of the system the authority to authorize and direct routine disbursements and payments from the system, subject to such controls and limitations as the trustees deem necessary or advisable.

C.

The trustees may enter into agreements with one or more investment managers, in their discretion. The trustees shall determine the portion of the funds then comprising the system allocable to any such manager and shall possess the authority to increase or decrease the amount of such funds, in their discretion. Any investment manager appointed hereunder shall be charged with the management of the funds so allocated in accordance with the investment policy adopted by the trustees. An investment manager appointed hereunder shall not have physical custody of the funds of the system, including those funds allocated to such manager for investment purposes hereunder and shall have no responsibility for the administration and operation of the system, the safekeeping of the funds comprising the system or the management and investment of the portion of the system not otherwise allocated to such manager hereunder.

D.

Any financial consultant employed by the trustees hereunder may advise the trustees as to the selection and removal of investment managers, the terms and conditions of any investment policy adopted hereunder, and such other matters as the trustees deem necessary or appropriate.

E.

For the purpose of satisfying the cash requirements of the system, including the payment of allowances, benefits and other amounts hereunder, not more than ten percent of the assets comprising the system may be held uninvested in cash or cash equivalents. For this purpose, any amount allocated to an investment manager that is held in cash or cash equivalents pending investment shall not be taken into account.

(M.C.S., Ord. No. 26460, § 2, 6-18-15)