HomeMy Public PortalAboutR3415 SEC TRSR Employees' Pension Plan Asset AllocationRESOLUTION NO. 3415
WHEREAS, the adoption of Resolution No. 3415 will authorize the Secretary-
Treasurer of The Metropolitan St. Louis Sewer District to liquidate all assets held in the Entrust
Capital Diversified Fund and the Lighthouse Global Long/Short Fund within the Defined Benefit
Plan and to allocate those assets to the Large Cap Equity, Small Cap Equity, International
Equity, Emerging Market Equity, and Real Estate strategies as recommended by the District’s
pension investment consultant, Pavilion Advisory Group, Inc.
WHEREAS, Resolution No. 3221, adopted June 16, 2015, appointed Entrust
Capital and Lighthouse Global as a 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 remove, or change the
assets subject to the control of, any Investment Manager previously appointed hereunder, 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, remove, or change the assets subject to the
control of any 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 all assets held in the
Entrust Capital Diversified Fund and Lighthouse Global Long/Short Fund, within the Defined
Benefit Plan, and to allocate those assets to the Large Cap Equity, Small Cap Equity,
International Equity, Emerging Market Equity, and Real Estate strategies as recommended by the
District’s pension investment consultant, Pavilion Advisory Group, Inc.
The foregoing resolution was adopted on April 12, 2018.