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R3308RESOLUTION NO. 3308 WHEREAS, the adoption of Resolution No. 3308 will authorize the Secretary- Treasurer of The Metropolitan St. Louis Sewer District to liquidate assets held in the Wellington Diversified Inflation Hedge Fund within the Defined Benefit Plan and to allocate those assets to the UBS Trumbull Property Fund as recommended by the District’s pension investment consultant, Pavilion Advisory Group, Inc. WHEREAS, Resolution No. 3068, adopted January 10, 2013, appointed Wellington Diversified Inflation Hedge Fund the District Pension fund manager, and WHEREAS, The Metropolitan St. Louis Sewer District has established an Employee Pension Plan in accordance with the Charter Plan, as amended June 5, 2012, Section 3.020(22). Article 9 of the Pension Plan allows the Board of Trustees to appoint investment managers and direct the Trustee of the Pension Plan to invest a specified portion of the Pension Fund in a particular asset or assets, and WHEREAS, in the form of a Pension Plan, Ordinance No. 4641, as amended, provides for the pensioning and other retirement benefits of employees of MSD and the spouses and minor children of deceased employees, and provides for the payment of public funds for such purposes, in accordance with the MO Constitution of 1945, as amended, and the MO Statutes enacted authorizing said Pension Plan, and WHEREAS, specifically, Article 9.2 of the Pension Plan provides that the Board of Trustees of the District, may from time to time, appoint one or more investment managers and direct any Trustee or Trustees of the Pension Plan with respect to all or a specified portion of the assets of the Pension Fund held by said Trustee. Such investment managers must meet the requirements of section 3(38) of the Employee Retirement Income Security Act of 1974, P.L. 93- 406, as amended, and WHEREAS, specifically, Section 9.3 of the Pension Plan provides that the Board of Trustees of the District may, from time to time, direct the Trustee of the Pension Plan to invest a specified portion of the Pension Fund in a particular asset or assets, and WHEREAS, the Board of Trustees of The Metropolitan St. Louis Sewer District presently receives services from Pavilion Advisory Group, Inc., per Ordinance No. 13719, adopted September 12, 2013, to act as the employee pension fund investment consultant and provide investment advisory services, and WHEREAS, Pavilion Advisory Group, Inc. 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, the Secretary-Treasurer of The Metropolitan St. Louis Sewer District is hereby authorized to liquidate assets held in the Wellington Diversified Inflation Hedge Fund, within the Defined Benefit Plan, and to allocate those assets to the UBS Trumbull Property Fund as recommended by the District’s pension investment consultant, Pavilion Advisory Group, Inc. The foregoing Resolution was adopted on October 13, 2016.