[Adopted 4-20-2006 by Ord. No. 522]
The Borough of Colwyn has two separate pension plans: the Police Pension Fund ("Police Fund") and the Civil Employees Pension Fund ("Civil Fund"). The investment of the two Borough-administered pension plans ("plans") are monitored by the Borough Pension Committee ("Pension Board") members, under the direction of Borough Council ("Council"). Members of the Pension Board are appointed by Council. The plans are separately governed by the Pension Board as set forth by various Acts of the Commonwealth of Pennsylvania, including, but not limited to, Act 205 (known as the "Municipal Pension Plan Funding Standard and Recovery Act"[1]); Chapter 73, relating to fiduciary investments, of the Act of June 30, 1972, P.L. 508, No. 164, (known as the "Probate, Estates and Fiduciaries Code"[2]); and other laws as may be amended from time to time.
[1]
Editor's Note: See 53 P.S. § 895.101 et seq.
[2]
Editor's Note: Now known as the "Decedents, Estates and Fiduciaries Code." For Ch. 73, see 20 Pa.C.S.A. § 7301 et seq.
A. 
The Pension Board has responsibility for the following with respect to investment policy:
(1) 
Establishing overall financial objectives and an investment policy.
(2) 
Selecting one or more qualified investment managers [as defined by Employee Retirement Income Security Act (ERISA)], or mutual funds ("investment managers").
(3) 
Monitoring performance of fund managers to assure that objectives are met and that policy and guidelines are followed.
(4) 
Taking appropriate action if objectives are not met or if policy and guidelines are not followed.
B. 
The investment manager(s) will be responsible for asset management, including the investment strategy and security section.