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3. <br /> MERS is funded by employer contributions from Louisiana municipalities that do not <br /> manage their own retirement systems and elect to participate, member contributions, ar_d <br /> investment of interest income from funds managed by MERS. All funds are maintained in <br /> a trust fund account, with a small percentage maintained in an Operating Fund to fur_d <br /> MERS' operations. <br /> 4. <br /> La. R.S. 11:1824 establishes the position of Administrative Director (referred to <br /> hereinafter as"Executive Director")providing that the Executive Director shall be in charge <br /> of the general administration of the system. He shall have such special powers and duties a s <br /> may be properly delegated or assigned by the board from time to time. The general <br /> administrative duties include the employment of the system's office staff;the correlation of <br /> the board's actions with the authorized agent of each employer; the supervision of periodic <br /> disclosure to the members and beneficiaries of information necessary for the full <br /> understanding of their rights and obligations under the system; the computation of the <br /> amounts of benefits, prior service credits, and contributions required for reinstatement of <br /> credits for board consideration; the processing of accrued benefit claims and expenses of <br /> administration for payment;the placing of any and all matters before the board which requi e <br /> action or are in the interest of the board or the system; the preparation and maintenance of <br /> necessary and proper records for administrative and actuarial purposes;the preparation of any • <br /> Ethics Board Docket No. 2015-520 Page 2 of 19 <br />