(a) Duty of Care. The Board must discharge its duties with respect to the Trust Fund:
(1) only in the interest of the participants in retiree benefit plans and eligible dependents;
(2) only to provide benefits to participants in retiree benefits plans and to defray reasonable expenses of administering and operating the Trust Fund;
(3) with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;
(4) by diversifying the investments of the Trust Fund to minimize the risk of large losses, unless it is clearly not prudent to diversity under the circumstances; and
(5) in accordance with the laws, policies, and instruments governing the Trust.
(b) Records. The Board must maintain accurate and detailed accounts of each investment, receipt, disbursement, and other transaction, including any specific record required by law, separate accounting for participating agencies and any additional record it finds necessary. All accounts, books and records are subject to applicable State laws governing maintenance and disclosure of public records.
(c) Annual Accounting. The Trust Fund fiscal year is the same as the County fiscal year. On or before January 1 of each year, the Board must file with the Chief Administrative Officer a written account, listing each investment, receipt, disbursement, and other transaction during the preceding fiscal year or during the period from the close of the last preceding fiscal year to any interim date that the Board selects. The account must include a list of the Trust Fund assets and the current fair market value of each asset at the end of that period. The account must include the separate accounts of the participating agencies. If a current fair market value is not available for or does not apply to a particular investment, the Board must assign a value to that investment. The Board must apply the investment valuation method on a consistent basis. If the Board changes the investment valuation method, the Board must notify the Executive and Council of the change.
(d) Ethics. The Board is subject to Chapter 19A. A Board member must not:
(1) be a party to any transaction engaged in by the Board or an investment manager involving the assets of the Trust Fund.
(2) use the gains or profits of the Trust Fund for any purpose except to make investments or payments authorized by the Board;
(3) deal with the assets of the Trust Fund for the member’s own interest or account;
(4) act in any transaction involving the Trust Fund on behalf of a party whose interests are adverse to the interests of the Trust Fund or the interests of participants or beneficiaries of the Trust Fund; or
(5) become an endorser or surety, or in any manner an obligor, for money loaned to or borrowed from the Board. (, § 1.)
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