Fort Walton Beach Council agenda — 02-08-11 regular — reading text

for the General Employees' Retirement Plan. 3. FINANCIAL INFORMATION 3. 1. Wells Capital Management will charge a quarterly fee of 80 basis points. 3. 2. The Plan will be transferring approximately $ 5M to Wells Capital Management and the estimated quarterly fee is $ 10K. As a point of comparison, the City' s current quarterly fee with Aletheia is approximately $ 9K.  City Council of Fort Walton Beach FINANCE MEMORANDUM To: Robert T. Mearns, City Manager From: Brandy Wunker, Finance Director Date: February 8, 2011 Subject: Investment Management Services for General Plan 4. RECOMMENDATION 4. 1. Staff respectfully requests City Council approval for the City Manager to execute the necessary contractual documents to engage Wells Capital Management to replace Aletheia for Investment Management services for the General Employees' Pension Trust Fund. ATTACHMENTS: 01 - 13 - 11 Minutes ( DOC) Bogdahn Report ( PDF) PDF) Wells Cap Proposal - 2011 SIGNATURE BLOCK: Completed 02/ 02/ 2011 8: 31 AM Brandy Wunker Carole Jones Completed 02/ 02/ 20118: 54 AM Completed 02/ 01/ 20113: 58 PM City Manager City Council Pending  87.a CITY OF FORT WALTON BEACH GENERAL EMPLOYEES RETIREMENT PLAN ADVISORY COMMITTEE JANUARY 13, 2011 INTRODUCTION A meeting of the General Employees Retirement Plan Advisory Committee was held on Thursday, January 13,, 2011 at 1: 00 pm in the City Hall Conference Room with the following members present: Brandy Wunker, Finance Director (Chairman); Bobby Carmichael, Recreation/ Cultural Services; Henry Hill, Fleet Supervisor; Helen Spencer, City Clerk; William Worlds, Purchasing Agent Also present: Carol Godwin, Sr. Accountant CALL TO ORDER The meeting was called to order. AGENDA Mr. Hill moved to approve the agenda as presented. Mr. Worlds seconded motion and it carried unanimously with Carmichael, Hill, Spencer, Worlds, and Wunker in favor. MINUTES Mr. Worlds moved to approve the minutes of November 29, 2010. Mr. Hill seconded motion and it carried unanimously with Carmichael, Hill, Spencer, Worlds, and Wunker in favor. PRESENTATION —OPTIONS TO REPLACE ALETHEIA Joe Bogdahn of the B,ogdahn Group advised that the management of Aletheia has undergone some changes affecting their performance and it is recommended they no longer provide investment services for the pension board. Since that is the case, Mr. Bogdahn advised the interviews that were scheduled for firms to work with Aletheia are no longer needed, and that a new investment firm needs to be considered. Mr. Bogdahn discussed various investment firms and recommended the firms of Anchor DSM, DGHM Brown, WellsCap and Manning be considered. A date for interviews for the firms will be announced. Mr. Worlds moved to interview the firm of WellsCap as the replacement for the firm of Aletheia as the Mr. Carmichael seconded motion and it carried money manager. unanimously with Carmichael, Hill, Spencer, Worlds, and Wunker in favor. General Employees Pension 1/ 13/ 11 APPLICATION FOR EARLY RETIREMENT —RICHARD J. THOMPSON 2010 with The Chairman advised that Richard J. Thompson retired effective December 1, 10. 0000 years of credited services. Mr. Thompson selected Option D, Entire Lifetime of Retired Employee with payments certain for 15 years, with a monthly retirement amount of 616. 69. Mr. Worlds moved to approve the application for early retirement for Richard J. Mr. Carmichael seconded Thompson with a monthly retirement amount of $ 616. 69. motion and it carried unanimously with Carmichael, Hill, Spencer, Worlds, and Wunker in favor. OTHER BUSINESS Further discussion ensued regarding issuing an RFP for a new pension plan attorney, as there may be a conflict with the current Pension Attorney, Jim Linn. It was noted that a motion could be made to issue the RFP, but the action must be approved by the City Council. Mrs. Spencer moved to recommend to City Council the issuing of an RFP for a new pension plan attorney. Mr. Hill seconded motion and it carried unanimously with Carmichael, Hill, Spencer, Worlds, and Wunker in favor. ADJOURNMENT Being no further business the meeting adjourned at 2: 15 pm. lve el C/) PLO r 14PI rte'' rrT T 3r, Q r L!] U Cn' W a a a w  J VJ ci. 3 t ciS i CN c y, c\ i L fI C13tl i O L t j T- i O EI A C" i h E r 1 i E i co Y) i 1 ci T- w X A {I CO d N OD N O L a Cl) P as N A QO s i o o V O L c 1 O Q ta c— D to o 1 E 7 j U L 0 N L cn U1 C I O fD ap co O In 7 r 0 cu i c6 N N CV CD