§ 114-67. Authority of trustees.

A.

The responsibility for the proper operation and general administration of the system and for making effective the provisions of this article and the provisions of R.S. 11:3841 shall be vested in the board of trustees. The trustees shall administer the system in accordance with the terms of this article and shall possess the discretionary power and authority necessary to carry out the provisions hereof. In addition to the power and authority set forth elsewhere in this article, such discretionary power and authority shall include, but not be limited to:

1.

The power to interpret or resolve any conflict, ambiguity or omission contained in this article or in any form, procedure or other document ancillary to this article or the system.

2.

The power to employ such personnel as may be necessary to properly administer the system.

3.

The power to designate and employ one or more custodians, investment managers, advisors, actuaries or consultants as may be necessary to administer the system and invest the assets thereof.

4.

Subject to the provisions of this article, the power to adopt rules, regulations, procedures and forms necessary for the administration of the system.

5.

The power to adopt and maintain funding and investment policies.

6.

The power to correct administrative error, including the underpayment or overpayment of benefits and allowances hereunder in such manner as they deem equitable and advisable.

B.

The board of trustees shall take all necessary action to fully and effectively carry out the provisions of applicable law, including R.S. 11:3841, et seq. and R.S. 11:131 et seq. and the provisions of R.S. 9:1721 et seq., generally applicable to trustees and not inconsistent with the provisions hereof.

C.

Any discretionary act taken by the trustees hereunder shall be uniform in nature and applicable to all similarly situated members, annuitants and beneficiaries.

D.

Any action by the trustees shall be conclusive and binding on all persons, except as may be expressly provided herein.

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