Agenda - Council - 05/24/2022 - Laserfiche WebLink

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Section 8. Voting at Board Meetings. The Board has a responsibility to vote on the investment and reinvestment of Association assets, the determination of benefits, the determination of eligibility for benefits, the determination of the amount or duration of benefits, the determination of funding requirements or the amounts of contributions, the maintenance of membership and financial records, the expenditure of Association assets, the selection of financial institutions and investment products, and on any other matter related to the business or affairs of the Association. An act of the majority of the Trustees present at a meeting at which a quorum is present is an act of the Board. Trustees are entitled to one vote and each has equal rights. Voting by proxy or absentee ballot is prohibited, unless specified prior to the vote. All votes, unless specified prior to the vote, will be conducted by a voice vote. If a majority cannot be determined by voice vote, the officer in charge of the vote will ask for a vote by roll call or by ballot. Section 9. Elections. Nominations of candidates may be made from the floor at the regular annual meeting, including self-nominations, or any special meeting called for the purpose of electing any officer or trustee. ARTICLE VII Investments Section 1. Standard of Fiduciary Conduct. Trustees owe a fiduciary duty to the active, deferred, and retired members of the Association, who are plan beneficiaries; to the taxpayers of the municipality, who help finance the plan; and to the State of Minnesota, which established the plan. The Trustees will act in good faith and exercise that degree of judgment and care, under circumstances then prevailing, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, considering the probable safety of plan capital as well as the probable investment return to be derived from the assets. Section 2. Duty to Invest. The Board will approve an Investment Policy Statement (IPS) and will investigate and prepare for the safe and profitable investment of the Association funds. The investment of the funds of the Association shall be in the exclusive control of the Board of Trustees, in conformance with state statutes, the bylaws, and the IPS. The Special Fund assets will be invested only in securities that are authorized by Minn. Stat. §§ 424A.095; 356A.06, subd. 6; and 356A.06, subd. 7 (if the Association qualifies to use the expanded list). The Board shall order an audit of the books and accounts of the Secretary and Treasurer annually, according to law, and shall submit a written report of the condition of the Association to the members at the regular annual meeting. The Board will have on file a copy of the IPS of the Association. The Board will file a copy of the Association's IPS, and all changes to the policy, with the Office of the State Auditor. Section 3. Financial Advisor. The Board of Trustees may solicit and contract with a financial advisor or company to make strategic investment decision on behalf of the Relief Association Funds. This engagement shall be made pursuant to the Investment Policy Statement. Any changes to this service shall be voted upon by the general membership pursuant to Article VI. It shall be the duty of the Board to regularly monitor the performance of the accounts and advise the membership if any change should be pursued. 9 Effective Date:{DATE}