§ 54-167. Administration: General fiduciary responsibilities.

The members of the retirement committee, the trustee, any investment advisor appointed by the retirement committee, and any other person who exercises discretionary authority or control respecting management or administration of the plan or trust fund, or who exercises any authority or control respecting management or disposition of the assets of the trust fund, shall be deemed to be a fiduciary for the purposes of the plan and trust fund.

In implementing the procedures and purposes of the plan, each fiduciary shall act in the interest of the participants and their beneficiaries, and in so doing shall endeavor to exercise the judgment and care in the circumstances then prevailing which men of prudence, discretion, and intelligence exercise in the management of their own affairs.

Each fiduciary shall assume no obligation or responsibility with respect to any act or action required under the provisions of the plan on the part of any other fiduciary unless such fiduciary knowingly participates in or undertakes to conceal a breach of duty committed by any such other fiduciary, it must take reasonable steps under the circumstances prevailing to remedy such breach.

(Ord. No. 2003-27, § 1, 7-15-03)