4.4. SR 12-07-2015 - Laserfiche WebLink

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BYLAWS Elk River Fire Department Relief Association replacement shall be elected at the same meeting, and such replacement shall serve out the unexpired term of the removed general trustee or officer. 2.4* It shall be the duty of the Board of Trustees to; 1. Prepare modes and plans for the safe and profitable investment of the unappropriated funds of the Association, and whenever investments are made, to investigate and pass upon the securities offered and to attend to the drawing up and execution of the necessary papers. 2. Order an audit of the books and accounts of the Secretary and the Treasurer annually, according to law, 3. Complete required state reports and file with the Office of the State Auditor annually, And 4. Submit a written report of the condition of the Association to the members at the annual meeting. 2.5 The investment of the funds of the Association shall be in the exclusive control of the Board of Trustees, in conformance with Minn. Stat. §§69.775 and 356A.06. 2.5.1 The Board shall have on file a copy of the investment policy of the Association and file a copy of the investment policy, and all changes to the policy, with the Office of the State Auditor. 2.5.2 The Association shall provide annually to its broker a written statement of investment restrictions from the applicable state laws and the Association's investment policy. The broker must annually submit the Broker Certification form to the Association before the Association enters or continues business with said broker. 2.6* The members of the Board of Trustees shall act as Trustees with a fiduciary obligation to the members of the Association, to the City of Elk River and to the State of Minnesota. In the discharge of their respective duties, each Trustee of the Board of Trustees is a fiduciary and shall be held to the standard of care enumerated in Minn. Stat. §11A.09. In addition, the Trustees must act in accordance with Minn. Stat. Chapter 356A. No Trustee of the Association shall cause the relief association to engage in a transaction if the fiduciary knows or should know that a transaction constitutes one of the following direct or indirect transactions: (1) sale, exchange, or leasing of any real property between the relief association and a board member; (2) lending of money or other extension of credit between the relief association and a board member or member of the relief association; (3) furnishing of goods, services, or facilities between the relief association and a board member; or (4) transfer to a board member, or use by or for the benefit of a board member, of any assets of the relief association. Transfer of assets does not mean the payment of relief association benefits or administrative expenses permitted by law. 2.6.1 Prudent Person Standard. A fiduciary with this Association shall act in good faith and shall exercise that degree of judgment and care, under circumstances then prevailing, that persons of prudence, discretion, and intelligence would exercise in the management of their own affairs, not for speculation, considering the probable safety of the plan capital as well as the probable investment return to be derived from the assets. 2.6.2 Continuing Fiduciary Education. A fiduciary of a covered pension plan shall make reasonable effort to obtain knowledge and skills sufficient to enable the fiduciary to perform fiduciary activities adequately. At a minimum, in accordance with Minn. Stat. §356A .13 the Board of Trustees shall develop and periodically revise a program for the continuing education of any of the board members and any of the chief administrative officers who are not reasonably considered to be experts with respect to their activities as fiduciaries. 2.7 Board Meetings The Board of Trustees shall hold at least four regular meetings during each year. 2.7.1 Place. A meeting of the Board of Trustees may be held at any place within this state designated by the Board. 2.7.2* Notice. Subject to waiver, notice of every meeting shall be sent by electronic communication by the Secretary to each Trustee entitled to vote at the meeting at least 5 but not more than 30 days before the meeting, excluding the date of the meeting, which sets forth the time, place, and in the case of a special meeting, purpose. A notice of meetings, including the date, time and location, shall be posted at city hall in accordance with the MN Open Meeting Law Q§ 13D.01, 13D.015, and 13D.04 through 13D.06). 2.7.3 Quorum. The presence of a majority of the members of the Board then serving shall constitute a quorum of the Board. (1) Subject to 2.7.3 (3), a quorum is necessary for the transaction of business at a meeting. (2) When a quorum is not present, any meeting may be adjourned from time to time for that reason. (3) When a quorum has been present at a meeting and members have withdrawn from the meeting so that less than a quorum remains, the members still present may continue to transact business until * Refer to Policies of the Board Page 3