§ 3.12.110. Selection of Investment Managers.

The Advisor shall prudently select appropriate Managers to invest the assets of the Plan. Managers must meet the following criteria:

A.

The Manager must provide historical quarterly performance data compliant with Global Investment Performance Standards (GIPS ^® ), Securities & Exchange Commission ("SEC"), and Financial Industry Regulatory Agency ("FINRA") rules, as appropriate.

B.

The Manager must provide detailed information on the history of the firm, key personnel, support personnel, key clients, and fee schedule (including most favored nation clauses). This information can be a copy of a recent Request for Proposal ("RFP") completed by the Manager or regulatory disclosure.

C.

The Manager must clearly articulate the investment strategy that will be followed and document that the strategy has been successfully adhered to over time.

D.

The investment professionals making the investment decisions must have a minimum of three years of experience managing similar strategies either at their current firm or at previous firms.

E.

Where other than common funds such as mutual funds or commingled trusts are utilized, the Manager must confirm receipt, understanding and adherence to this Policy Statement and any investment specific policies by signing a consent form provided to the Manager prior to investment of Fund assets.

( Res. No. 2015-8-4, § 1(Policy No. 8.6), 8-25-2015 ; Res. No. 2018-9-2 , § 1, 9-25-2018)