Sec. 120.506A. - Investment of Member Accounts; New Employee Orientation; Member Education.

(a) All members of the GEDC plan shall have individual member accounts. Member accounts shall be invested in one or more commingled or mutual funds selected from a list chosen by the City. At least one such fund shall be a diversified model portfolio, with automatic rebalancing and limited volatility, and designed to minimize risk of loss. The City shall have continuing due diligence responsibility in the selection, monitoring and replacement of investment options, but not for the individual investment decisions of GEDC plan participants. (b) As part of New Employee Orientation, the City shall provide formal, intensive training, on such terms as the City deems most efficient, on the rights, benefits, and obligations of membership in a DB and GEDC plan to enable members to make a knowing and meaningful election as to the retirement program which best serves the needs of the individual employee. The City shall also provide ongoing training as part of the NEO program to reinforce the needed employee education. In addition, the City shall provide, on an ongoing basis, educational programs for members on investments and financial planning. Any failure by the City to provide training shall not result in any liability on the part of the City to any employee. (c) The System and the City shall not incur any liability arising from the investment decisions of GEDC plan participants or from the above education and training programs. (d) The City shall, at its own expense, arrange for all Members of the GEDC to meet with a financial advisor to provide financial counseling three times during each Member's career. These meetings will occur: (1) when the Member is in the initial 90 days of employment; (2) upon the Member's completion of ten years of employment; and (3) upon the Member's completion of 20 years of employment. (Ord. 2017-258-E , § 1)