HomeMy Public PortalAboutR3320 ST - Employees Pension Plan Large Cap Allocation ResolutionRESOLUTION NO. 3320
WHEREAS, the adoption of Resolution No. 3320 will authorize the Secretary-
Treasurer of The Metropolitan St. Louis Sewer District to liquidate assets held in the Vanguard
Institutional Index Fund, Vanguard Windsor II Fund, T. Rowe Price Inst. Large-Cap Core
Growth Fund, and the Holland Large Cap Growth Fund within the Defined Benefit Plan and to
allocate those assets to the Black Rock Russell 1000 Index Asset Fund as recommended by the
District’s pension investment consultant, Pavilion Advisory Group, Inc.
WHEREAS, Resolution No. 3068, adopted January 10, 2013, appointed
Vanguard 500 Index Fund the District Pension fund manager, and
WHEREAS, Resolution No. 3068, adopted January 10, 2013, appointed
Vanguard Windsor II Fund the District Pension fund manager, and
WHEREAS, Resolution No. 3068, adopted January 10, 2013, appointed T. Rowe
Price Inst. Large-Cap Core Growth Fund the District Pension fund manager, and
WHEREAS, Resolution No. 3068, adopted January 10, 2013, appointed Holland
Large Cap Growth 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
Vanguard Institutional Index Fund, Vanguard Windsor II Fund, T. Rowe Price Inst. Large-Cap
Core Growth Fund, and the Holland Large Cap Growth Fund, within the Defined Benefit Plan,
and to allocate those assets to the Black Rock Russell 100 Index Asset Fund as recommended by
the District’s pension investment consultant, Pavilion Advisory Group, Inc.
The foregoing resolution was adopted on November 10, 2016.