§ 2-8. Retention of services; Right of reliance.

(a) Services.

(1) From time to time, as the Board of Trustees determines necessary for the efficient administration of the Retirement Savings Plan, the Board may:

(i) retain the services of a third-party administrator to provide administrative and recordkeeping services for the Plan;

(ii) retain the services of 1 or more investment advisors to provide investment assistance and advice;

(iii) retain the services or secure the advice of any other person or entity; and

(iv) appoint an Executive Director for the Plan and delegate to the Executive Director and the Executive Director's staff any of the Board's duties or responsibilities under this subtitle.

(2) The retention of these services is subject to the approval of the Board of Estimates if the fees for the services exceed the dollar threshold that generally requires Board of Estimates approval.

(b) Reliance.

(1) The Board of Trustees is entitled to rely conclusively on, and is fully protected in any action or omission taken by it in good faith reliance on, the advice of any person or entity.

(2) The Board is not liable for any act or omission of any person to whom the Board has delegated any of its duties or responsibilities.