PB Minutes 08/14/1997 - Laserfiche WebLink

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Police Officers' and Firefighters Pension Board General Employees Pension Board August 14, 1997 Page 4 VIII. Approval of Proposal to Provide Investment Evaluation Services Mr. Ward Foster of, Foster and Foster, Actuary, gave a presentation to the Board regarding his proposal to provide Investment Evaluation Services for both Boards. He outlined what their services would entail regarding the Boards search for an Investment Manager. He indicated that they were not in the business of selling securities and they did not give investment advice. It was their job to evaluate and monitor the performance of the Investment Manager. He said in addition to assisting the Board in the search of a Manager, they assist the Board in developing investment policy guidelines and objectives. Mr. Foster outlined the procedures he would use in the search for the Manager. He said he would assist the Board by attending the proposals and advising each Board as to his recommendations. He said the proposals could be returned to the City within three months. This will be scheduled for the November 18, 1997 meeting. MOTION: Moved by Mr. Earl McMullen to engage the services of Foster and Foster, Actuary, to provide Investment Evaluation Services; Investment Manager Search and performance monitor services for both Boards. Seconded by Mr. John Fleischbein for the General Employees Board. Seconded by Officer .,McMullen for the Police Officers' and Firefighters' Board. Motion carried unanimously by voice vote. IX. Other Business Mr. Christiansen asked that the selection of Vice Chairman for both Boards and a Secretary for the General Employees' Board be placed on the November 18, 1997 Agenda. IX. Adjournment MOTION: Moved by Mr. Earl McMullen to adjourn the meeting to adjourn both boards. Seconded by Ms. Verdelle Scott for the General Employees' Board. Seconded by Officer McMullen for the Police Officers' and Firefighters' Board.