§ 1101. Investment and management of trust fund.

A.

By the Board of Trustees. All contributions made to the Fund pursuant to this Plan shall be paid to custodian and, except as herein otherwise provided, shall be held, invested and reinvested without distinction between principal and income, in such securities or in such other property, real or personal, wherever situated, as the Board of Trustees shall deem advisable, including but not limited to, real property, shares of stock, common or preferred, whether or not listed on any exchange, participations in mutual investment funds, bonds and mortgages, and other evidences of indebtedness or ownership. The custodian shall hold and retain all the property and assets of the Fund, including income from investments and from all other sources, for the exclusive benefit of the Participants and their beneficiaries, as provided herein, and for paying the costs and expenses of administering the Plan or Fund, to the extent that they are not paid by the Employer.

B.

By Investment Manager. The Board of Trustees, with approval of the Mayor, may enter into one (1) or more agreements for the appointment of one (1) or more Investment Managers to supervise and direct the investment and reinvestment of a portion or all of the Fund in accordance with the provisions of this Plan in the same manner and with the same powers, duties, obligations, responsibilities and limitations as apply to the Board of Trustees. As a condition to its appointment, an Investment Manager shall acknowledge in writing that it is a fiduciary with respect to the Fund. An Investment Manager so appointed shall be an Investment Advisor registered pursuant to the Investment Advisor's Act of 1940, a bank as defined in such Act or an insurance company which is qualified to manage the assets of employee benefit plans pursuant to the laws of more than one (1) state. The custodian shall be bound by the supervision and direction of the Investment Manager, unless and until the Board of Trustees amends or revokes the appointment or authority of the Investment Manager. An Investment Manager shall have sole investment responsibility for that portion of the Fund which it has been appointed to manage. Any Investment Manager shall receive such reasonable compensation chargeable against the Fund as shall be agreed upon by the Board of Trustees. The Board of Trustees may revoke any agreement with the Investment Manager at any time by thirty (30) days' written notice to the Investment Manager. Any Investment Manager may resign by thirty (30) days' written notice to the Board of Trustees.

C.

Amortization. Beginning January 1, 2016, the Plan shall adopt, and direct its actuary to use, a Closed Amortization Schedule with a thirty (30) year timeline for amortizing the unfunded accrued liability of the Plan.

D.

Plan Improvements. Beginning January 1, 2016, no Plan Improvements shall be made.

E.

Assumed Rate of Return. The Plan's Assumed Rate of Return shall be no greater than seven and three-quarters percent (7.75%).

(Ord. No. 17389; Ord. No. 23382, § 4, 10-1-2015 )