The Board of Trustees of the City of Laurel Retirement Plans was created and established by Ordinance Number 1190, passed by the Mayor and City Council on November 27, 1995. The Board is made up of five members of the general public appointed by the Mayor and confirmed by the City Council; one participant in the City's Employee Retirement Plan and one participant in the City's Police Retirement Plan (the two participant members are elected to serve on the Board by the employees of the City). The City Administrator and the Director of Finance serve as ex officio members. The members of the general public serve four-year terms, the participant members serve two-year terms.
The Board is charged with administering all funds invested in the retirement plans which shall include the responsibility for the investment of the Retirement Funds. The Board does not have the authority to modify or amend the retirement plans or the investment policy.