§ 2-3. Board functions.

(a) In general.

The Board of Trustees serves both:

(1) in an administrative capacity, as described in subsection (b) of this section; and

(2) as trustee of Plan assets, as described in subsection (c) of this section.

(b) Administrative capacity.

Subject to § 2-8 {"Retention of services; Right of reliance"} of this subtitle, the Board is responsible for:

(1) the general administration and proper operation of the Plan; and

(2) effectuating the provisions of this article.

(c) Trustee of Plan assets.

(1) The Board is the trustee of the Plan assets.

(2) Subject to § 2-8 {"Retention of services; Right of reliance"} of this subtitle, the Board is responsible for:

(i) selecting investment funds (including a default investment fund) under § 6-2 {"Accounts: Investments"} of this article;

(ii) monitoring these investment funds on an ongoing basis; and

(iii) adding or replacing these investment funds as the Board considers prudent.

(d) Other assets.

Subject to § 2-8 {"Retention of services; Right of reliance"} of this subtitle, the Board is responsible for any other assets assigned to the Board by the City. The scope of the Board's responsibility is determined by the terms of the assignment.