§ 121.504. Financial Investment and Advisory Committee; Relationship with Police and Fire Pension Fund Board of Trustees.

(a)

With regard to general strategy matters such as actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptions, the Financial Investment Advisory Committee may at any time provide advice and recommendations to the Board, which shall receive and act upon such advice and recommendations as the Board, in its fiduciary capacity, shall determine.

(b)

With regard to the selection (or deselection) of individual investment managers, the Board of Trustees shall not select any investment manager without first obtaining the advice and recommendation of the Financial Investment and Advisory Committee which, with the assistance of the professional staff of the Board, shall review any and all potential asset/investment managers. In selecting (or deselecting) the Board will then make its decision(s) taking into account Financial Investment and Advisory Committee recommendations as well as other information available to the Board.

(c)

With regard to the selection (or deselection) of other professionals or professional services, including, but not limited to, actuaries, the Financial Investment and Advisory Committee shall furnish advice and recommendations to the Board as requested by the Board, following such processes as may be determined with respect to the particular selection (or deselection).

(d)

Notwithstanding any provision of this section, nothing shall prohibit the Board from immediately removing a financial advisor, manager, consultant or custodian, when in the opinion of the Board, with the advice of the Investment Consultant, such action is necessary to safeguard the Fund from loss. The assets held by any such deselected manager shall be placed in a pre-selected index fund for the same class of investment until a replacement manager can be selected as provided for in this section.

(Ord. 2015-304-E , § 3)