Adopt and amend a declaration of trust describing in detail its duties, obligations and operations. Make a report to the city council, school committee, city manager and superintendent of schools as to the balances and investment transactions of the OPEB Fund over the past year. Employ reputable and knowledgeable investment consultants, adopt rules and regulations in accordance with law for the conduct of its affairs and perform such other duties as may be prescribed by law.
Active participation in meetings; perform and exercise the powers, duties and obligations as specified in section 20 of chapter 32B of the General Laws; have general supervision of the management, investment and reinvestment of the OPEB Fund.
Nine Member Board, the CFO of the City of Worcester and the Worcester Public Schools as well as the Human Resources Director and City Auditor shall serve as ex officio members. Members also include, a retiree of the City selected by the current retirees, a City employee selected by the current employees of the City and three trustees shall be appointed by the City Manager.