(1) The funds of a retirement system shall be invested under the general direction of the retirement committee for such retirement system. (2) A city or the retirement committee established by such city if delegated such function by the city shall select and contract with a funding agent or agents to hold or invest the assets of the retirement system established by such city and to provide for the benefits provided by the Cities of the First Class Police Officers Retirement Act. Such city or retirement committee may select and contract with investment managers registered under the federal Investment Advisers Act of 1940 to invest, reinvest, and otherwise manage such portion of the assets of the retirement system as may be assigned by such city or retirement committee. (3) All funds of a retirement system shall be invested pursuant to the policies established by the Nebraska Investment Council.
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