HomeMy Public PortalAboutR3226RESOLUTION NO. 3226
WHEREAS, Resolution No. 3226 will revise the Employees' Pension Plan
actuarial return target, and will supersede Resolution No. 3030 that was adopted May 10, 2012
and revised the Employees' Pension Plan actuarial return target.
WHEREAS, Resolution No. 3030 superseded Resolution No. 2749 that was
adopted on November 8, 2007 and revised the Employees’ Pension plan actuarial return target
and asset allocation mix. Resolution No. 2749 superseded Resolution No. 2563 that was adopted
on June 10, 2004 and established the Employees’ Pension Plan asset allocation mix. Resolution
2563 superseded Resolution No. 2193 that was adopted on August 10, 1995 and documented the
Proxy Voting Policy for the investment managers serving the Employees’ Pension Plan, and
Resolution No. 2193 superseded Resolution No. 2177 that was adopted on April 20, 1995 and
documented the brokerage guidelines for the investment managers serving the Employees’
Pension Plan, and
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 of Trustees of The Metropolitan St. Louis Sewer District
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,
Pension 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, and
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 Pavilion Advisory Group, per Ordinance No. 13719, adopted
September 12, 2013, to generally advise the District on the evaluation as to how the plan assets
have been invested for the benefit of the current and prospective retirees and their beneficiaries,
and
WHEREAS, Pavilion Advisory Group has conducted a review and evaluation of
the Employee Pension Fund investment activities, and has assisted the District in developing a
statement of investment policy, objectives and guideline, and
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT that the accompanying codified
document entitled “Metropolitan St. Louis Sewer District, Statement of Investment Policy,
Objectives and Operating Guidelines” including all appendices represent the Investment Policy,
Objectives and Operating Guidelines of the Employees’ Pension Plan, and will serve to
supersede Resolution No. 3030 that was adopted May 10, 2012 and revised the Employees'
Pension Plan actuarial return target, and
BE IT FURTHER RESOLVED, that any and all current and future managers will
acknowledge in writing that they have read, understand and will comply with the terms set forth
in this document.
The foregoing Ordinance was adopted on July 9, 2015.