HomeMy Public PortalAboutr2897RESOLUTION NO. 2897
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.
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 New England Pension Consultants, per Ordinance No. 11515,
adopted June 12, 2003, to generally advise the Board of Trustees 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, New England Pension Consultants 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 BY THE BOARD OF TRUSTEES OF
THE METROPOLITAN ST. LOUIS SEWER DISTRICT that the assets of the Employee
Pension Plan be invested with the approval of the Board in the manners indicated below:
Asset Class Proposed Target Proposed Range
Total Equities 38% 29 – 47%
Domestic Large Cap 20% 16 – 24%
Domestic Small Cap 5% 3 – 7%
International (Developed) 10% 8 – 12%
Emerging Markets 3% 2 – 5%
Total Fixed Income 33% 25 – 41%
Domestic Core Bonds 15% 11 – 19%
High Yield Bonds 5% 3 – 7%
Global Bonds 8% 6 – 10%
Credit Opportunities 5% 3 – 7%
Real Estate 5% 3 – 7%
Real Assets 5% 3 – 7%
Global Tactical 10% 8 – 12%
Market Neutral 5% 3 - 7%
Absolute Return 4% 3 – 7%
The Board of Trustees may from time to time alter the asset mix, the various
investment instruments, and portfolio managers of the pension investment plan in response to
changing investment market conditions.
BE IT FURTHER RESOLVED that the District staff prepare the necessary
resolutions and ordinances to carry out the recommendations of New England Pension
Consultants for the District's investment policy, and asset allocations for investment purposes.
BE IT FURTHER RESOLVED that as a part of the pension fund investment
policy, New England Pension Consultants provide a quarterly report to the Board of Trustees
concerning the performance of each pension fund investment portfolio manager and a
recommendation on the pension fund asset investment mix for the coming quarter.
The foregoing Resolution was adopted February 11, 2010.