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Municipality of Murrysville, PA
Westmoreland County
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[HISTORY: Adopted by the Council of the Municipality of Murrysville as indicated in article histories. Amendments noted where applicable.]
[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.]