§ 13-33. Management of funds.

(a)

Deposit. All contributions to the Plan by Participants, the Village and the State shall be committed and deposited in trust to the Retirement Board within the time limits specified in section 13-32.

(b)

Investment policy. The Retirement Board shall establish the investment policy of the pension plan and trust and shall direct the specific investments to be made as regards all assets of the trust.

(c)

Investment managers. The Retirement Board is solely responsible for the administration of the trust fund. The Retirement Board, in its discretion, and to the extent permitted by law, may appoint separate investment managers to direct the investments of all or part of the assets of the trust fund. The Retirement Board or other entity selected by the Retirement Board may serve as custodian and shall carry out the investment directions of the duly appointed investment managers based on guidelines established by the Retirement Board. Neither the Retirement Board nor the custodian shall be responsible for investment performance of the Fund in carrying out and implementing the instructions of the investment managers.

(Code 1974, § 13-23; Ord. No. 337, § 1(13-23), 9-19-89; Ord. No. 363, § 1, 7-16-91; Ord. No. 447, § 1, 11-16-99)