§ 2-3 Board functions.
Current through 2026-07-17. Source: City of Balt., Md., Ord. 26-129. Published by the Baltimore City Department of Legislative Reference.
Balt., Md., Code art. 22A, § 2-3 (2026)
§ 2-3 Board functions.LinkCopy Citation
(a)In general.
The Board of Trustees serves both:
(1)
in an administrative capacity, as described in subsection (b) of this section; and
(2)
as trustee of Plan assets, as described in subsection (c) of this section.
(b)Administrative capacity.
Subject to <cite data-path="|22A|§2-8">§ 2-8 {“Retention of services; Right of reliance”} of this subtitle</cite>, the Board is responsible for:
(1)
the general administration and proper operation of the Plan; and
(2)
effectuating the provisions of <cite data-path="|22A">this article</cite>.
(c)Trustee of Plan assets.
(1)
The Board is the trustee of the Plan assets.
(2)
Subject to <cite data-path="|22A|§2-8">§ 2-8 {“Retention of services; Right of reliance”} of this subtitle</cite>, the Board is responsible for:
(i)
selecting investment funds (including a default investment fund) under <cite data-path="|22A|§6-2">§ 6-2 {“Accounts: Investments”} of this article</cite>;
(ii)
monitoring these investment funds on an ongoing basis; and
(iii)
adding or replacing these investment funds as the Board considers prudent.
(d)Other assets.
Subject to <cite data-path="|22A|§2-8">§ 2-8 {“Retention of services; Right of reliance”} of this subtitle</cite>, the Board is responsible for any other assets assigned to the Board by the City. The scope of the Board’s responsibility is determined by the terms of the assignment.
History: Ord. 14-216
History: Ord. 15-329
History: Ord. 20-458