<?xml version='1.0' encoding='utf-8'?>
<baltimore-city-law heading="§ 2-3 Board functions.">
  <section prefix="§" num="2-3" heading="Board functions.">
    <para num="(a)" heading="In general.">The Board of Trustees serves both:<para num="(1)">in an administrative capacity, as described in subsection (b) of this section; and</para>
      <para num="(2)">as trustee of Plan assets, as described in subsection (c) of this section.</para>
    </para>
    <para num="(b)" heading="Administrative capacity.">Subject to &lt;cite data-path="|22A|§2-8"&gt;§ 2-8 {“Retention of services; Right of reliance”} of this subtitle&lt;/cite&gt;, the Board is responsible for:<para num="(1)">the general administration and proper operation of the Plan; and</para>
      <para num="(2)">effectuating the provisions of &lt;cite data-path="|22A"&gt;this article&lt;/cite&gt;.</para>
    </para>
    <para num="(c)" heading="Trustee of Plan assets.">
      <para num="(1)">The Board is the trustee of the Plan assets.</para>
      <para num="(2)">Subject to &lt;cite data-path="|22A|§2-8"&gt;§ 2-8 {“Retention of services; Right of reliance”} of this subtitle&lt;/cite&gt;, the Board is responsible for:<para num="(i)">selecting investment funds (including a default investment fund) under &lt;cite data-path="|22A|§6-2"&gt;§ 6-2 {“Accounts: Investments”} of this article&lt;/cite&gt;;</para>
        <para num="(ii)">monitoring these investment funds on an ongoing basis; and</para>
        <para num="(iii)">adding or replacing these investment funds as the Board considers prudent.</para>
      </para>
    </para>
    <para num="(d)" heading="Other assets.">Subject to &lt;cite data-path="|22A|§2-8"&gt;§ 2-8 {“Retention of services; Right of reliance”} of this subtitle&lt;/cite&gt;, 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.</para>
    <annotation type="History">Ord. 14-216</annotation>
    <annotation type="History">Ord. 15-329</annotation>
    <annotation type="History">Ord. 20-458</annotation>
  </section>
</baltimore-city-law>
