FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee (the “Financial Advisory and Investment Committee”) of five (5) persons who will be charged with advisory oversight to the JPFPF on financial matters, actuarial practices and assumptions, investment strategy and policy, and the selection of outside financial services providers, including investment managers and advisors. Financial Advisory and Investment Committee members will serve in a volunteer capacity and be financially sophisticated professionals who bring expertise to the JPFPF’s actuarial needs, fiscal operations and investment practices. Criteria for service will include knowledge of and experience and familiarity with portfolio and/or pension fund management, institutional investment and fiduciary responsibilities. Members of the Financial Advisory and Investment Committee must be residents of Xxxxx, Nassau, St. Xxxxx, Xxxxx or Clay County, Florida. Financial Advisory and Investment Committee members will be nominated for service by the JPFPF and confirmed by majority vote of the Jacksonville City Council. The term of office will be three years, with the possibility of two additional consecutive three-year terms. The initial terms will be staggered, with two persons to serve initial terms of two years and three persons to serve initial terms of three years. The Financial Advisory and Investment Committee shall annually elect a chair and secretary from its members. The JPFPF shall provide administrative support to the Financial Advisory and Investment Committee. Financial Advisory and Investment Committee members shall be deemed to be fiduciaries of the JPFPF and will be required to undergo periodic fiduciary training as required by the JPFPF and, together with members of the JPFPF, shall submit to the proper authority the “Form 1” annual public conflict disclosure statements as do members of other public agencies and boards. Any business organization or affiliate thereof that is owned by or employs a member or a spouse, child or sibling of a member of the Financial Advisory and Investment Committee shall not directly or indirectly contract with or provide services for the investment of JPFPF’s assets during the time of such member’s service on the Financial Advisory and Investment Committee or for two (2) years thereafter (unless such potential conflict is fully disc...
FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee
