HomeMy Public PortalAbout09553 O R D I N A N C E NO. 9553
AN ORDINANCE, authorizing the Executive Director and
Secretary-Treasurer on behalf of The Metropolitan St. Louis Sewer
District to enter into a contract with American Express
Institutional Services whereby said American Express Institutional
Services will act as the Stable Value Investment Manager for the
District's Deferred Compensation Plan.
WHEREAS, The Metropolitan St. Louis Sewer District,
pursuant to Ordinance No. 9438, adopted January 12, 1995, provides
for the benefit of its employees a Deferred Compensation Plan in
compliance with Section 457 of the United States Internal Revenue
Code, and
WHEREAS, said Deferred Compensation Plan is strictly
voluntary in nature, and participation therein is at the option of
each District employee, and
WHEREAS, pursuant to Ordinance No. 9114, adopted November
17 1993, and Ordinance No. 9115, adopted November 17, 1993, the
Board of Trustees of The Metropolitan St. Louis Sewer District, as
fiduciary of the Deferred Compensation Plan, retained Kemper
Securities, Inc. and William Mercer Asset Planning, Inc.,
respectively, to provide consulting services for said Plan, and
WHEREAS, based on the advice of the aforesaid
consultants, the Board, as fiduciary, desires to add a Stable Value
Investment Manager for a portion of the funds of the Deferred
Compensation Plan, and
WHEREAS, based on a competitive search process, the Board
has determined that American Express Institutional Services is best
suited to act as said Stable Value Investment Manager,
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. The Executive Director and Secretary-
Treasurer are hereby authorized on behalf of The Metropolitan St.
Louis Sewer District to enter into a contract with American Express
Institutional Services whereby they will act as the Stable Value
Investment Manager for the District's Deferred Compensation Plan.
Section Two. The contract authorized in Section One of
this Ordinance shall be comprised of such terms and conditions as
are approved by the office of the General Counsel of the District.
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The foregoing Ordinance was adopted May 11, 1995.