06/17/1982
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TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
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June 17, 1982
The City Commission, meeting as the Board of Trustees of the
Employees' Pension Fund, met in special session at the City Hall,
Thursday, June 17, 1982 at 5 :02 p.m., with the following members
present:
Charles F. LeCher
Paul A. Hatchett
Rita Garvey
James Calderbank
James Berfield
Mayor/Commissioner
Vice-Mayor/Commissioner
Commissioner
Commissioner
Commissioner
Also present were:
Anthony L. Shoemaker
Thomas A. Bustin
Max Battle
David P. Healey
Sidney Klein
Lucille Williams
City Manager
City Attorney
Director of Public Works
Planning Director
Police Chief
City Clerk
ITEM 12 - Common Stock Investment Managers continued from 6/14/82.
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IV
Jeff Butler, Assistant City Manager, reported the City has used
Aetna Capital Management for the past two and a half years on common
stock investments. He also related he had spoken to two private
enterprises and the Water Board of Denver Colorado who are most
complimentary and highly recommended the First National Bank of Denver
Investment Management Group. He reported the Denver Investment
Management Group had been dismissed by only one client in the past
five and one half years due to a change in their investment strategy
from common stocks to fixed income investments. He reported the
City's rate of return at 12.77~ as of 12/31/81.
Commissioner Calderbank moved to retain Aetna Capital Management
and the First National Bank of Denver Investment Management Group for
a fee of i of 1% to provide discretionary common stock management for
the Employees'Pension Plan and to allocate 22.5% of the plan assets to
each manager and that the appropriate officials be authorized to
execute same. Motion was duly seconded and carried unanimously.
Meeting adjourned at 5:10
Attest:
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City Clerk
1.
June 17, , 982
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