HomeMy Public PortalAboutR2166 R E S O L U T I O N NO. 2166
WHEREAS, The Metropolitan St. Louis Sewer District has
established an Employee Pension Plan in accordance with provision
of the District's Plan, Section 3.020, paragraph 22, and through
the enactment of Ordinance No. 4641 as amended which provides for
the pensioning and other retirement benefits of employees of the
Metropolitan St. Louis Sewer District and spouses and minor
children of deceased employees, and provides for the payment of
public funds for such purposes, in accordance with the Missouri
Constitution of 1945, as amended, and the Missouri Statutes enacted
authorizing said Pension Plan, and the Plan of The Metropolitan St.
Louis Sewer District, and
WHEREAS, the Board shall select the manner of funding the
Pension Plan, whether by insurance or annuity contracts, trust
agreement, or any other means, and shall have authority to select
or change any Carrier, Trustee or depository with which said
contracts or trust agreement shall be entered into and with which
monies of the Pension Fund shall be held, managed and invested.
WHEREAS, the Board of Trustees of The Metropolitan St.
Louis Sewer District in fulfilling its fiduciary responsibility for
the Pension Plan, periodically reviews the benefits, investments of
pension funds, and general administration of the pension plan, and
WHEREAS, the Board of Trustees of The Metropolitan St.
Louis Sewer District presently receives services from Kemper
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Securities, Inc., pension fund investment consultants, per
Ordinance No. 9114, adopted November 17, 1993, to generally advise
the Board of Trustees as they have evaluated how the plan assets
have been invested for the benefit of the current and prospective
retirees and their beneficiaries, and
WHEREAS, Kemper Securities, Inc., pension fund investment
consultant, has conducted a review and evaluation of the Employee
Pension Fund investment activities, and has made certain pension
fund investment recommendations to the Board of Trustees,
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT that the assets of the
Employee Pension Plan be invested with the approval of the Board in
the manners indicated below:
(1) A range of sixty-five percent (65%) to seventy
percent (70%) of the total Pension Plan assets be
invested in equity instruments. The current
equities portion of the Pension Plan investments
shall be set at a level of sixty-seven percent
(67%) and shall be divided into general investment
component categories as follows:
(1) Value Equity - thirty-seven percent (37%)
(2) Growth and Income - thirty percent (30%)
(3) Large Capitalization Growth - twenty-five
percent (25%)
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(4) Small Capitalization Growth - eight percent
(8%)
(2) A range of thirty percent (30%) to thirty-five
percent (35%) of the total Pension Plan assets
shall be invested in fixed income instruments. The
current fixed income portion of the Pension Plan
investments shall be set at a level of thirty-three
percent (33%) and shall be divided into general
investment component categories as follows:
(1) Fixed income instruments - eighty-five percent
(85%)
(2) Short Term Investment Fund (STIF) - fifteen
percent (15%)
The Board of Trustees may from time to time alter the
asset mix, the various investment instruments, and portfolio
managers of the pension investment plan in response to changing
investment market conditions.
BE IT FURTHER RESOLVED that the staff prepare the
necessary resolutions and ordinances to carry out the
recommendations of Kemper Securities, Inc. for the District's
investment policy, and asset allocations for investment purposes,
said resolutions and ordinances to be submitted to the Board for
consideration the first meeting in January, 1995.
BE IT FURTHER RESOLVED that as a part of the pension fund
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investment policy, that Kemper Securites, Inc. provide a quarterly
report to the Board of Trustees concerning the performance of each
pension fund investment portfolio manager and a recommendation on
the pension fund asset investment mix for the coming quarter.
The foregoing Resolution was adopted January 12, 1995.