3.54.410 - Powers and duties.
In administering the trust, the trustees shall have such power and authority, including discretion with respect to the exercise of that power and authority, as may be necessary, advisable, desirable, or convenient to the trustees, in their sole discretion as fiduciaries subject to the provisions of this chapter, and consistent with Part 10 of Chapter 2.08, plus all powers and duties given to them by the provisions of Chapter 3.36, including the power and authority:
A. To enforce rules and regulations with respect to the trust not inconsistent with the trust, GASB 43 or GASB 45, IRC Section 115 or applicable law;
B. To determine, consistent with the applicable laws, rules or regulations, all questions of law or fact that may arise as to any person or entity claiming rights under the trust;
C. Subject to and consistent with GASB 43 and GASB 45, IRC Section 115 and applicable law, to construe and interpret the trust and to correct any defect, supply any omission, or reconcile any inconsistency in the trust;
D. To adopt and amend investment policies, guidelines, restrictions, and requirements;
E. To utilize trust assets for the provision of health and welfare benefits in accordance with this chapter, for retirees and dependents who are eligible for a benefit as determined under Parts 16 and 17 of Chapter 3.36 and any other health and welfare benefits as approved by the city council and the payment of reasonable expenses of the plan and the trust;
F. To implement termination of trusteeship and transfer of assets to successor trustees as permitted by law;
G. To employ and contract with actuaries, auditors, accountants, investment advisers, investment brokers, other consultants, medical personnel, and other agents and employees;
H. To collect and disburse all investment proceeds under the trust;
I. To provide for and promulgate all the regulations and forms that are deemed as necessary or desirable in fulfilling its purposes of assisting in funding health and welfare benefits and in maintaining proper records and accountings consistent with GASB 43 and GASB 45 and Internal Revenue Service requirements;
J. To bring and defend actions, sue and be sued, and plead and be impleaded;
K. To authorize the expenditure of funds for the reasonable expenses of the trustees while engaged in the performance of their duties, including entering into agreements and expending funds for investment related services selected by the trustees;
L. To employ insurance companies, banks, trust companies, and/or investment brokers as agents for the keeping of records and the receipt and disbursement of funds held by or due to the trustees;
M. To exercise generally any of the powers of an owner with respect to all or any part of the trust fund;
N. To administer or require oaths and affirmations, to issue subpoenas to compel the attendance of witnesses or the production of books, papers and documents, and to take and hear testimony concerning any matter pending before the trustees. If any person so subpoenaed neglects or refuses to appear or produce any book, paper or document as required by said subpoena, or shall refuse to testify before the trustees or answer any questions which a majority of the trustees decides to be proper and pertinent, the trustees shall have the power to initiate proceedings in the proper court to have such person declared guilty of contempt. The chief of police shall, on request of the trustees, have such subpoenas served by a police officer or officers; and
O. To take all actions consistent with this chapter necessary or appropriate to administer or carry out the purposes of the trust; provided, however, the trustees need not take any action unless in its opinion there are sufficient trust assets available for the expense thereof.
(Ord. 29065.)
