The director of finance and the two members of the employee benefit board selected
by the mayor shall be and constitute the investments committee of the board. Said
committee shall regulate and determine all matters dealing with investment of funds
committed to the board and shall have full and complete control over all investments,
subject to the provisions of this Charter and of other applicable law. No other member
of the board shall have authority to vote or participate in decisions dealing with
investment of funds committed to the board. The investments committee shall be and
constitute an administrative board of commission for the purpose of regulations and
duties prescribed by chapter 1 of article 11 of this Charter. All actions taken by the investments committee shall have the approval
of at least two members thereof.
Full minutes shall be kept of all actions of the investments committee, which shall
be public records as defined by state law. Said investments committee shall at least
annually make a detailed accounting of its investments, income and expenditures, and
file the same with the board, the mayor and the council. This report shall be a public
record, and shall show the time, place, company, firm, person or individual in each
instance dealt with, the nature and type of transaction involved, the nature and type
of investment; the nature and type of income derived from such investment and any
other information reasonably required to determine the exact financial status of all
transactions. Any affected employee, upon request and at his or her expense, shall
be furnished copies of such report or of designated portions thereof.
Said investments committee shall manage, invest and distribute the fund or funds maintained
in connection with the system of employee benefits plans for officers and employees
of the metropolitan government, as well as the retirement plans listed in section 13.09 (a)—(c) of this article; provided, however, that no investment shall be made except
in securities and properties which at the time of making the investment are permitted
by statute for the investment of funds by fiduciaries in the State of Tennessee.
(Amended by referendum election of November 6, 2018, Amdt. 6)
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