HomeMy WebLinkAbout2013 12 05 Other, Transmittal Letter discussed under '600' The following transmittal letter was
discussed at the Board of Trustees
Meeting on December 5, 2013, under
Regular Agenda Item ` 602 ' .
November 21, 2012
Kimberly Kutlenios
5th 3rd Bank
RE: City of Winter Springs General Employees' Retirement System
Amended Rebalancing of R&D Account
Dear Kimberly:
Please use this letter as direction for the management of the R&D account. On a monthly
basis, please perform a reallocation on the Plan's R&D Account (#440006395214) by
distributing any excess/net available cash above the target baseline amount of$175,000
to the Plan's investment accounts according to the following percentages. Conversely, if
the balance falls below the target amount, you are authorized to raise cash from these
accounts pro-rata based upon these same percentages. In the event that the R&D account
receives an extraordinary contribution(in excess of$300,000) please notify The Bogdahn
Group so a determination can be made to reallocate the funds in some other manner
consistent with the overall allocation and Investment Policy Statement.
Contributions: All contributions are to be posted to the receipts and disbursements
account and then transferred to the following manager's based on the percentages
outlined below. Such transfers shall occur at the end of every month_upon determination
of net available monies.
Distributions: All distributions will be processed out of the receipts and disbursements
account with funds transferred out of each manager's account into the receipts and
disbursements account based on the percentages highlighted below. Money will only be
raised for distributions if the balance of the R&D account falls below $175,000. Note
that for distribution amounts above the regularly scheduled flows, please notify the The
Bogdahn Group in sufficient time for wire arrangements to be made at the month end
liquidity window from program investments not custodied by 5th 3rd.
Fees: Invoices for payment to the money manager are to be paid directly from the
manager's account, except the Galliard fixed income fund, and the RBC International
Equity Fund, which shall be paid from the R&D. All other service providers will be paid
out of the R&D account.
Target percentages for 5th 3rd custodied assets only as follows:
40% 5/3 t4
If you have any additional questions regarding this matter, please do not hesitate to
contact the Plan Consultant, Dave West, at 386-566-9346.