HomeMy Public PortalAboutR3308RESOLUTION 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.