One of the fiduciary activities specifically assigned to relief association trustees is the expenditure of plan assets. The relief association is a separate entity from the affiliated fire department, and the relief association board of trustees is charged with maintaining relief association accounts. Relief associations should make sure that meetings are scheduled regularly so that expenditures can be approved and disbursed on a timely basis.
Fire department officers have no authority to approve expenditures from relief association accounts unless they are Relief Association officers, and then only in their capacity as members of the relief association board of trustees.
Date this Avoiding Pitfall was most recently published: 07/24/2015