1. Cause all monies received from the City for the purpose of funding the future liability and expenses associated with the PEHP to be deposited with the trustee of the Trust or Trusts as directed by the City Manager and otherwise administer or oversee the Trust Fund pursuant to this Article and the Trust Agreement.

2. Review the Trust’s financial records to ensure that funds have been deposited as required under the PEHP and ensure that any Trust continues to satisfy the requirements of Section 501(c)(9) of the Code.

3. Make recommendations to the City Manager on financial issues relating to the PEHP.

4. Not take any action or permit any action to be taken that would result in a loss of the Trust’s tax-exempt status under Section 501(c)(9) of the Code.

5. Meet at least twice a year to address PEHP matters, or more frequently as the Chairperson of the Board deems necessary, or upon the request of the City Manager.

6. Provide participants with financial literacy education about PEHP, including but not limited to engaging participant-level investment advisory services.

1. Adopt such rules or policies for the oversight and administration of the Trust or Trusts as appropriate, provided that such rules and policies are not inconsistent with the laws of the State, the City Charter, the City Code, the PEHP, any other applicable City ordinances and the terms of the Trust’s or Trusts’ governing agreements.

2. Appoint committees.

3. Request City staff to perform assignments necessary to carry out the purposes of this Article.

4. Approve the hiring of consultants and other professional service providers to perform assignments necessary for the oversight or administration of the Trust or Trusts, provided that, the City Manager shall negotiate and execute all contracts with selected providers.

5. Delegate the Board’s powers, duties and responsibilities established in a manner consistent with its fiduciary responsibilities.

6. Arrange for financial audits of the PEHP. (Ord. No. G-5049, § 2, 2007; Ord. No. G-5918, 2014)