Los Angeles County Municipal Code Part 9 Fiduciary Responsibility

Except as otherwise provided by the Trust Agreement:

A.

No fiduciary shall be liable for any action taken or not taken with respect to the Plan or the Trust Agreement except for his own gross negligence or willful misconduct;

B.

No fiduciary shall be personally liable upon any contract, agreement or other instrument made or executed by him or on his behalf in the administration of the Plan or the Trust Agreement;

C.

No fiduciary shall be liable for the neglect, omission or wrongdoing of another fiduciary nor shall any fiduciary be required to make inquiry into the propriety of any action by another fiduciary;

D.

The County and each officer and Employee thereof, the Administrative Committee and each member thereof, and any other person to whom the County or Administrative Committee delegates (or the Plan or Trust Agreement assigns) any duty with respect to the Plan or the Trust Agreement, may rely and shall be fully protected in acting in good faith upon the advice of counsel, who may be counsel for the County, upon the records of the County, upon the opinion, certificate, valuation, report, recommendation, or determination of the TPA, Trustee, Investment Manager, the County Treasurer or of the County Auditor- Controller, or upon any certificate, statement or other representation made by or any information furnished by an Employee, a Participant, a Beneficiary or the Trustee concerning any fact required to be determined under any of the provisions of the Plan;

E.

If any responsibility of a fiduciary is allocated to another person, then such fiduciary shall not be responsible for any act or omission of such person in carrying out such responsibility; and

F.

No fiduciary shall have the duty to discharge any duty, function or responsibility which is assigned by the terms of the Plan or Trust Agreement or delegated pursuant to the provisions of Section 5.26.450 to another person.

(Ord. 2004-0064 §§ 1, 2 (part), 2004.)

The fiduciaries shall have only such powers, duties, responsibilities and authorities as are specified in the Plan or the Trust Agreement. The Board of Supervisors of the County shall have the authority to appoint, employ and remove the Trustee, any Investment Manager, or any other person that is employed for purposes of the Plan and to approve certain expenses charged to the Plan in accordance with Section 5.26.420. The Administrative Committee shall be the Plan Administrator and shall have the responsibility and authority to appoint or remove any Investment Manager or Broker and to interpret and administer the Plan, subject to the provisions hereof. The Trustee shall have the responsibility and authority for the administration of the Trust Agreement.

(Ord. 2009-0040 § 14, 2009: Ord. 2004-0064 §§ 1, 2 (part), 2004.)