Role of the Board

Section 3-3-11 of County Code states that:

The general administration and the responsibility for the proper operation of the System and for making effective the provisions of this Article are hereby vested in the Board

Section 3-3-16 further states that:

(a) Subject to the limitations of this Article, the Board shall, from time to time, establish rules and regulations for the administration of the System and for the transaction of its business, copies of which shall be made available to interested parties.
(b) The Board may employ and pay out of the System funds for all services as shall be required.
(c) The Board shall keep in convenient form such data as shall be necessary for an actuarial valuation of the System and for checking the experience of the System.
(d) The Board shall keep minutes of all its proceedings, which shall be open to public inspection unless applicable law provides otherwise.
(e) The Board shall submit to the Board of Supervisors annually an independent audit showing the fiscal transactions of the System for the preceding fiscal year, the amount of accumulated cash and securities of the System, and the last balance sheet indicating the financial condition of the System.
(f) At least once in each two-year period, beginning July 1, 1969, the Board shall cause an actuarial evaluation to be made of the System.
(g) The Board shall review adverse decisions as provided by Section 3-3-49.

In practical terms, the Board of Trustees oversees the retirement system in its entirety, including 

1. Act solely in the interest of plan participants and their beneficiaries,
2. Act for the exclusive purpose of providing benefits to plan participants and their beneficiaries and defraying reasonable expenses of administering the plan,
3. Exercise the same care, skill, prudence, and diligence that a prudent person acting in a like capacity and familiar with such matters would exercise in the conduct of an enterprise of a like character and with like aims,
4. As fiduciaries investing plan assets, diversify plan investments so as to minimize the risk of large losses (unless it is clearly not prudent to do so under the circumstances),
5. Act in accordance with the documents and instruments governing the plan,
6. As a primary objective, to make such decisions as may facilitate making sure sufficient assets are available to provide the benefits for System's members or beneficiaries at the time they are payable,
7. As a secondary objective, to achieve an optimum level of return within risk tolerances established by the Board,
8. To do so effectively and prudently, in full compliance with any applicable laws and regulations as presently stated or as they may be amended in the future, and the Professional and Ethical Standards Policy.
9. setting strategic and tactical asset allocation parameters,
10. hiring and firing of the System’s investment professionals, 
11. monitoring and evaluating results to ensure that policy guidelines are being adhered
    to and that policy objectives are being met;, 
12. adapting the investment program to the changing needs of the System, 
13. developing a sound and consistent investment policy including strategic asset
    allocation, diversification, quality guidelines, and tactical asset allocation parameters
14. causing its Staff to communicate clearly the major duties and responsibilities of those
    accountable for achieving investment results and to whom specific responsibilities
    have been delegated,
15. ensuring the selection of qualified investment managers and consultants,
16. reviewing and approving or disapprovinng applications for ordinary or service-connected disability,
17. reviewing and directing staff on how to act on member appeals to staff or Board decisions, and
18. Delegating to Staff such work and studies as may be necessary to keep the Board adequately informed as to the status of the System's assets

Delegation

Role of the Executive Director

The Executive Director is responsible for:

1. assisting the Board in fulfilling their fiduciary obligations toward the System's assets;
2. administering the day-to-day functions of the System and ensuring timely delivery of member services and benefits;
3. serving as the primary interface between the Board and the System's qualified agents and ensuring adherence to contracts with the aforementioned agents;
4. ensuring that the System complies with all relevant County administrative policies and procedures, 
5. submitting an annual budget for the System to the Board;
6. serving as Secretary to the Board;
7. preparing and making recommendations regarding disability applications for ordinary and service-connected disability;
8. maintain custody of minutes, contracts, opinions, financial and investment data, reports, records of disbursements for expenses and any other records of the Board in accordance with the state law on public records, and;
9. attest to actions of the Board and may sign documents consistent with those actions.

Role of the Chief Investment Officer

The Custodian has been delegated the following responsibilities:

• Serve as a fiduciary to the System, acting as an agent in the members’ best interests;
• On behalf of the System, perform, participate in and exercise such rights, privileges, duties and responsibilities possessed by any other owner or holder of bonds or other evidence of indebtedness and common and preferred stock or other assets;
• Perform such duties as may be required as a result of class action lawsuits or other legal proceedings related to any securities held on behalf of the System;
• Safe keep all assets including securities, cash and cash equivalents;
• , and;
• as Chief Investment Officer he/she shall attest to the actions of the Board and may sign documents consistent with those actions, and;
• Serve as the primary interface between the Board and the System's investment managers and agents to ensure adherence to contracts with the aforementioned.

Role of the System's Custodian

Each investment manager is retained by the Trustees for their specific area of expertise.  As such, each manager has been given investment discretion, within certain guidelines, to manage a portion of the System’s assets. The investment managers are expected to regularly communicate their investment strategies to the Staff and to achieve investment results that meet the System’s expectations.  The designated investment managers are charged with the following responsibilities:

1. Serve as a fiduciary to the System, acting as an agent in the members’ best interests;
2. On behalf of the System, perform, participate in and exercise such rights, privileges, duties and responsibilities possessed by any other owner or holder of bonds or other evidence of indebtedness and common and preferred stock or other assets;
3. Perform such duties as may be required as a result of class action lawsuits or other legal proceedings related to any securities held on behalf of the System;
4. Safe keep all assets including securities, cash and cash equivalents;
5. 
   

Role of the System's Investment Managers

Each investment manager is retained by the Trustees for their specific area of expertise.  As such, each manager has been given investment discretion, within certain guidelines, to manage a portion of the System’s assets. The investment managers are expected to regularly communicate their investment strategies to the Staff and to achieve investment results that meet the System’s expectations.  The designated investment managers are charged with the following responsibilities:

1. Be registered as an investment advisor under the Investment Advisor Act of 1940, unless not required to be registered;
2. Adhere to the investment guidelines contained in their respective investment management agreements or fund documents;
3. Exercise complete investment discretion within the boundaries of the restrictions outlined in their respective investment management agreements;
4. Strictly comply with all of the provisions of appropriate law as they pertain to the firm's dealings, functions and responsibilities as fiduciaries;
5. Diversify the portfolio so as to minimize the risk of large losses unless, under the circumstances, it is clearly prudent to not so diversify;
6. Select brokers on a competitive, best execution basis;
7. Invest the assets of the System with the care, skill, prudence and diligence under 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 such aims; and
8. Vote the proxies for securities held in the accounts over which they have accepted responsibility, at all times in such manner as they deem to be solely in the best interest of plan participants, beneficiaries, and the System unless otherwise designated.