Sec. 2-1504. Board powers and duties.
A. The Board shall:
1. Establish and maintain one or more eligible deferred compensation plans or qualified defined contribution retirement plans for employees in a manner permitted by and consistent with section 401(a) and section 457 of the Internal Revenue Code of 1986, as amended.
2. Upon consultation with an independent investment advisor and in accordance with any investment policy adopted by the Board, investigate and approve eligible deferred compensation plans, qualified defined contribution retirement plans and annuity plans and the investment options within those plans which give participants income tax benefits authorized by title 26, United States Code, and from which participants shall direct and control the investment of their contributions and accumulated earnings.
3. Comply with all requirements of the Internal Revenue Code applicable to governmental plans.
4. Ensure program benefits and benefits-related taxes are paid from the assets of the program.
5. Select providers for all the services necessary or appropriate to administer plans within the program or the program, including, but not limited to, actuarial, auditing, custodial, investment, financial literacy education, participant-level investment advisory, and record keeping services. The City Manager shall negotiate and execute all contracts with selected providers.
6. Review and comment on the budget prepared by the City Manager to the Council. The budget shall be sufficient to perform the duties under the program and may utilize funds received through revenue sharing arrangements with investment providers.
7. Elect annually, from its members, a Vice-Chair who shall act as Chair in the absence of the Chair and who shall serve at the discretion of the Board.
8. Meet monthly or more frequently as the Chair of the Board deems necessary.
B. The Board may:
1. Adopt rules or policies for the operation of the Board, which are not inconsistent with the laws of the State, the City Charter or the ordinances of the City.
2. Appoint committees.
3. Request the Human Resources Department staff to perform assignments necessary for the administration of the program.
4. Delegate the duties and responsibilities established under the program in a manner consistent with its fiduciary responsibilities.
5. Recommend to the City Manager such contract provisions as it determines necessary or appropriate; provided, the City Manager shall negotiate and execute all amendments to program contracts.
6. Arrange for an annual financial audit of the plans.
C. The Board shall also have such powers and duties with respect to the Post Employment Health Plan as set forth in Article XXXIX. (Ord. No. G-4634, § 3, 2004; Ord. No. G-5049, § 1, 2007; Ord. No. G-5444, § 3, 2009; Ord. No. G-5918, 2014)