HomeMy WebLinkAbout2006 05 22 Regular 303 RFP Investment
COMMISSION AGENDA
ITEM 303
Consent
Informational
Public Hearing
Regular x
May 22, 2006
Regular Meeting
MGR./DEPT.
Authorization
REQUEST:
City Manager requesting direction from the City Commission in regards to
the possible issuance of an RFP for Investment Manager Services for the
City's Defined Benefit Pension Plan.
PURPOSE:
This agenda item is needed to obtain direction from the City Commission
regarding its desire to issue (or not to issue) an RFP for Investment Manager
Services for the City's Defined Benefit Pension Plan.
CONSIDERA TIONS:
The City of Winter Springs currently contracts with Trusco Capital Management for Investment
Manager Services for the City's Defined Benefit Pension Plan. Trusco (formerly SunTrust
Capital Management, formerly Sun Bank) has provided this service to the City since 1993.
Also, staff, the City's Financial Advisor, and the Board of Trustees are currently evaluating
proposals from two firms responding to City RFP # 005/06/KS for Third Party Pension Advisory
Services (issuance of such previously approved by the City Commission). Part of the scope of
services to be included by responding firms in this RFP was "Investment Manager Search"
servIces.
The Board of Trustees is scheduled to receive presentations from these two firms at a Special
Meeting on May 24, 2006. If the Board of Trustees makes a decision on recommendation of a
firm at that meeting, an agenda item will be brought to the City Commission soon thereafter for
consideration of the Board of Trustees' recommended firm.
Accordingly, staff recommends three options regarding a potential Investment Manager search as
follows:
1. Direct the City Manager to proceed immediately with the issuance of an RFP for
Investment Manager Services for the City's Pension Plan.
2. Wait until selection and approval of a Third Party Pension Advisory Firm and then
include that firm in the issuance of the Investment Manager RFP and evaluation of the
results.
3. Do nothing at this time and continue with Trusco until further action is deemed
necessary.
FUNDING:
Funding for Investment Manager Services fees are currently provided by the Pension Fund.
Funding for a new Manager, if this option is selected, would come from the Pension fund,
accordingl y.
RECOMMENDATION:
The City Manger recommends the City Commission take the following action. Choose from one
of the following three options regarding a potential Investment Manager search:
1. Direct the City Manager to proceed immediately with the issuance of an RFP for
Investment Manager Services for the City's Pension Plan.
2. Wait until selection and approval of a Third Party Pension Advisory Firm and then
include that firm in the issuance of the Investment Manager RFP and evaluation of the
results.
3. Do nothing at this time and continue with Trusco until further action is deemed
necessary.
A TT ACHMENTS:
None.
COMMISSION ACTION: