Common use of Functions and Duties Clause in Contracts

Functions and Duties. The Board must carry out the following functions and duties: (a) adopt an annual budget for Pension Plan administration, investment management of the Pension Fund and the activities of the Board, and communicate information on the approved budget to Plan Members and Employers; (b) prepare an annual report, including audited financial statements, on the Pension Plan and Pension Fund; (c) obtain an actuarial valuation and report on the Pension Plan and the Pension Fund at least every three years; (d) retain professional, technical and other advisors that it considers necessary and determine the remuneration and reimbursement for expenses to which they are entitled; (e) provide for the financial administration of the Pension Plan by: (i) having an accounting system established for the proper reporting and accountability to the Board in a timely manner and at a reasonable cost, (ii) having annual financial statements of the Pension Plan prepared in accordance with generally accepted accounting principles, (iii) having a financial reporting audit performed on the financial statements referred to in subparagraph (ii), and (iv) providing to the Partners and Plan Members at an annual general meeting held for Plan Members and Employers an annual report on the Pension Plan, including the audited financial statements; (f) assess the administration of the Pension Plan at the times and in the manner required by the PBSA, including without limitation: (i) the Pension Plan’s compliance with the PBSA, (ii) the Pension Plan’s governance, (iii) the funding of the Pension Plan, (iv) the investment of the Pension Fund, (v) the performance of the Trustees, and (vi) the performance of the administrative staff and any agents of the Board; (g) establish a written governance policy in accordance with the PBSA; (h) establish a written funding policy in accordance with the PBSA.