[Adopted 5-5-2004 by Ord. No. 662-04]
The Municipality of Murrysville herein establishes the Municipality
of Murrysville Pension Plan Investment Management Committee for both the Municipality
of Murrysville Police Pension Plan and the Nonuniformed Pension Plan.
The Committee shall have the responsibility of providing oversight and
recommendations to the Council of the Municipality in carrying
out its responsibilities in the management of investment funds for both the
Municipality of Murrysville Police Pension Plan and the Nonuniformed Pension
Plan, in particular, the funds that are currently not under the control of
the Principal Financial Group. The Committee's duties shall include the
following:
A. To make recommendations to Council on the adoption of
an investment policy statement, and for any amendments thereof, from time
to time, as may be deemed reasonable and prudent in meeting the needs of said
pension plans.
B. To provide general oversight over the above-mentioned
two municipal employee pension plans.
C. To review the proposed allocation of investment funds
with the Municipality's Investment Manager and Pension Management Consultant.
D. To make recommendation to the Council for the allocation
of the pension plan funds consistent with the controlling investment policy
statement.
E. To review pension investment issues raised by the Investment
Manager, Pension Management Consultant, and Custodian.
F. To meet quarterly each year in the performance of the
Committee's duties.
G. To prepare an annual report to Council which addresses,
inter alia, the following:
(1) Performance of the plan, in general;
(2) Performance of the plans against specific standards to ascertain
comparative performance; and
(3) Any recommended change in the allocation of investment funds.
H. To submit the annual report to Council on the _____ day
of _____________ of each year for the preceding 12 months.
The Municipality of Murrysville Pension Plan Investment Management Committee
shall be composed of four members. The members of said Committee shall include
the Municipality of Murrysville Chief Administrator and Director of Finance,
who will be standing members of the Investment Management Committee. In addition,
the Investment Management Committee shall include two members of the Municipality
of Murrysville Finance Committee. The Finance Committee shall submit recommendations
to Council as to which of the Finance Committee's members would best
serve as members of the Investment Management Committee. The term of their
office shall be for a period of one year. Appointments to said office shall
be made by Council at its annual organization meeting. Interim appointments
shall be made as may be needed to fill vacancies on the Investment Management
Committee and in establishing the initial composition of said Committee.
[Legislation regarding employee and police pension funds is on file
in the Municipality of Murrysville offices and is available for inspection
during normal office hours.]