HomeMy WebLinkAbout2006 06 12 Regular 301 Pension Advisory
COMMISSION AGENDA
ITEM 301
Consent
Informational
Public Hearin
Re ular
x
June 12, 2006
Regular Meeting
REQUEST:
City Manager requesting the City Commission consider the Board of
Trustee's recommendation of a firm to provide on-going 3rd party pension
advisory services to the City of Winter Springs Defined Benefit Pension Plan
and make an award if deemed appropriate.
PURPOSE:
This agenda item is necessary for the City Commission to review and consider the
Board of Trustee's recommendation of a firm to provide on-going 3rd party
pension advisory services to the City of Winter Springs Defined Benefit Pension
Plan and make an award if deemed appropriate.
CONSIDERATIONS:
On January 31, 2006 the Board of Trustees voted to recommend the City Commission approve
the issuance of an RFP for the procurement of on-going 3rd party pension advisory services. This
pension advisor would be charged with task-specific duties including evaluation of and
recommendations regarding investment objectives, asset allocation and investment policies as
well as evaluation of asset managers and total fund performance.
On February 27,2006, the City Commission approved the issuance of this RFP.
The RFP was advertised and issued on March 12,2006 with a due date of April 12, 2006.
The City received two (2) responses to the RFP as follows:
Bogdahn Consulting, LLC
340 West Central Ave., Suite 300
Winter Haven, FL 33880
Burgess, Chambers & Assoc., Inc.
601 N New York Ave., Suite 200
Winter Park, FL 32789
On May 24, 2006 the Board of Trustees held a special meeting to hear presentations from the
two above firms. The Board also heard a presentation and recommendation from the City's
Financial Advisor (Steven Alexander with Public Financial Management). The Board voted 4-1
to select Bogdahn Consulting, LLC for recommendation to the City Commission for
consideration of award. This selection was consistent with the recommendation of the City's
Financial Advisor.
FUNDING:
Funding for the annual fee of $18,000 for the 3rd Party Pension Advisor would come from the
Pension Fund.
RECOMMENDATION:
The City Manager recommends the Commission choose from one of the following actions:
1. Approve the Board of Trustees' recommendation and authorize the City Manager to enter
into a contract with Bogdahn Consulting, LLC for 3rd Party Pension Advisory services to
the City of Winter Springs Defined Benefit Pension Plan.
or
2. Reject the Board of Trustee's recommendation and take other action as deemed
appropriate.
ATTACHMENTS:
1. Excerpt from Minutes from the May 24, 2006 Board of Trustees Special Meeting.
COMMISSION ACTION:
ATTACHMENT 1
EXCERPT FROM MINUTES OF BOARD OF TRUSTEES MAY 24, 2006 SPECIAL
MEETING:
"I WOULD MAKE A MOTION THAT THE INDIVIDUALS FROM WINTER HAVEN (BOGDAHN
CONSULTING) ARE RECOMMENDED - TO TAKE TO THE CITY COMMISSION ON JUNE 12TH
[2006]. - AS OUR RECOMMENDATION." MOTION BY BOARD VICE CHAIRMAN SARDO.
SECONDED BY BOARD MEMBER ROZELLE.
VOTE:
CHAIRMAN NIPPES: AYE
BOARD MEMBER DEMAIO: AYE
BOARD MEMBER GIL TZ: NAY
BOARD MEMBER ROZELLE: AYE
VICE CHAIRMAN SARDO: AYE
MOTION CARRIED.