Page 452 - FortWorthFY22AdoptedBudget

1. AUTHORITY AND OVERSIGHT PROCEDURES

A. By law, the City Council retains ultimate fiduciary responsibility for
the OPEB Trust Fund regardless of management assignment. The Council
shall receive quarterly reports and annually review and adopt this Policy.
The Investment Committee designated by the City Council is responsible
for reviewing and authorizing all broker/dealers. The City Council has
delegated the responsibility for conducting investment transactions with
the Trustee and its Sub Advisors. The Trustee and its Sub Advisors will
provide investment information to the Council concerning investment
decisions, including rebalancing asset allocation, and portfolio
performance on a quarterly basis.

B. The Chief Financial Officer/Director of Financial Management
Services is responsible for monitoring the portfolio and reports submitted
by the Trustee and its Sub Advisor.

C. The Trustee and its Sub Advisor shall maintain responsibility for
investing the assets in the Trust. All assets will be held by the Trustee. The
advisor will provide performance analysis that will include, but not be
limited to, a strategic analysis including a report on asset allocation, risk
analysis, and appropriate, if any, changes to the percentages therein. This
study will be used to assist the Chief Financial Officer/Director of Financial
Management Services and Investment Committee in the determination of
the appropriate investment Policy.

D. Any business organization offering to engage in an investment
transaction with the Trust must be provided with a copy of this Investment
Policy and Strategy, with “business organization” defined as “an
investment pool or investment management firm under contract with an
investing entity to invest or manage the entity’s investment portfolio that
has accepted authority granted by the entity under the contract to exercise
investment discretion in regard to the investing entity’s funds.” The
business organization must provide the City with a written instrument (in
a form acceptable to both parties) executed by a representative of the
business organization that substantially acknowledges that the business
organization has: (a) received and reviewed this Investment Policy and
Strategy; and (b) implemented reasonable procedures and controls in an
effort to preclude investment transactions with the Trust that are not
authorized by this Investment Policy and Strategy. Any material changes

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