07/13/2009
TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING
MINUTES
CITY OF CLEARWATER
July 13, 2009
Unapproved
Present: Trustee/Chair Frank Hibbard, Trustee Paul Gibson, Trustee George N.
Cretekos, Trustee John Doran, and Trustee Carlen Petersen.
Also City Manager William B. Horne II, City Attorney Pamela K. Akin, City Clerk
present: Cynthia E. Goudeau, and Management Analyst Rosemarie Call.
To provide continuity for research, items are in agenda order although not
necessarily discussed in that order.
1. Call to Order
The meeting was called to order at 1:12 p.m. at City Hall.
2. Approval of Minutes
2.1 Approve the minutes of the June 15, 2009 Pension Trustees Meeting as
submitted in written summation by the City Clerk.
Trustee Carlen Petersen moved to approve the minutes of the June 15, 2009 Pension
Trustees Meeting as submitted in written summation by the City Clerk. The motion was
duly seconded and carried unanimously.
3. Pension Trustee Items
3.1 Approve a contract with Cap Trust Advisors, LLC as pension investment
consultant to the Employees’ Pension Plan and authorize the appropriate officials
to execute same.
At the Trustees’ direction, staff issued a RFP for investment consultant services
for the Employees Pension Plan. Responses were received from the following
nine firms:
Ameriprise Financial
Asset Strategy Consultants
Callan
Pension Trustees 2009-07-13 1
Cap Trust
Dahab Associates
Mark D. Lencke
Milliman
Segal Advisors
The Bogdan Group Members of the Pension Investment Committee reviewed the
responses using the following criteria: organization background, professional staff,
sample quarterly reports, asset allocation strategy and fees. Based on the reviews
the following four firms were selected for oral presentations:
Firm Annual Fee
Cap Trust $90,000
Asset Strategy Consultants $39,000
Callan $81,000
Dahab Associates $82,500
Based on the RFP, oral presentations, and reference checks, the Committee
determined Cap Trust was the best qualified firm to recommend to the Trustees.
Cap Trust charges an annual fee of $6,000 per money manager and currently the
pension plan has 15 money managers. Cap Trust has a minimum annual fee of
$72,000.
For the above fee, Cap Trust will provide the following services:
Investment Policy Statement Review
Asset Allocation Review
Investment Manager Search Report(s) and Comparisons
Past Performance Review
Quarterly Performance Monitoring Reports
Overlap Analysis
In response to questions, Cap Trust representative Eric Bailey said the company also
represents the City of Largo, Tampa General and Alaska Railroad. The per manager
charge is similar to a fixed cost. Mr. Bailey said pricing matches work performed.
Trustee John Doran moved to approve a contract with Cap Trust Advisors, LLC as
pension investment consultant to the Employees’ Pension Plan and authorize the
appropriate officials to execute same. The motion was duly seconded and carried
unanimously.
4. Other Business - None.
5. Adjourn
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The meeting adjourned at 1 :18 p.m.
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Chair
Employee's Pension Plan Trustees
Attest
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Pension Trustees 2009-07-13
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