§ 1001. Powers and duties of Board of Trustees.

The Board of Trustees shall have the following powers and duties:

A.

To establish by-laws, formulate policy and implement procedures, rules and regulations to accomplish the objectives of the Plan; all such by-laws, policies, procedures, rules and regulations shall be written in a By-Laws, Policies, Procedures, Rules and Regulations Manual by the Administrator, shall be kept in the Administrator's office and shall be open and available to any interested party for review thereof during normal business hours;

B.

To appoint such committees and subcommittees as the Board of Trustees may deem necessary or advisable to aid and assist the Board of Trustees to effectively manage and administer the Plan; such committees and subcommittees may be comprised of any persons desired by the Board, whether Employees, Participants, Board members, citizens of the City of Tulsa or any combination thereof; and all members of committees and subcommittees shall serve without compensation or remuneration of any kind;

C.

To appoint and employ administrators and advisors, with approval of the Mayor;

D.

To establish general investment policies and guidelines which shall be maintained in the manual described in Subsection 1001.A hereof;

E.

To exercise discretionary authority in determining eligibility for benefits from the Plan and to review, approve and authorize all payments and expenditures from the Fund;

F.

To implement improvement in the administrative procedures of the Plan and submit to the Mayor proposals for change in the benefits of the Plan, including cost-of-living increases to retired Participants, beneficiaries and contingent annuitants;

G.

To review grievances of Participants regarding the Plan;

H.

To adopt procedures for reporting the Plan's operations;

I.

To approve interest rates, mortality tables and other actuarial assumptions recommended by an Actuary for funding and administration of the Plan;

J.

To exercise discretionary authority in construing the terms of the Plan and to obtain interpretations when ordinances and laws are silent or unclear in specific situations; and

K.

To maintain or cause to be maintained minutes of all meetings which shall be signed by the Administrator and the Chairman or Vice Chairman of the Board.

(Ord. No. 17389)