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RESOLUTION NO. 121268
3 A RESOLUTION TO AUTHORIZE THE TRANSFER OF FUNDS
4 BELONGING TO THE CITY'S NON - UNIFORM EMPLOYEES
5 PENSION PLAN FUND FROM STATE STREET BANK TO THE
6 ARKANSAS LOCAL GOVERNMENT PENSION MANAGEMENT
7 TRUST; AND FOR OTHER PURPOSES.
8 WHEREAS, Ark. Code Ann. 24 -12 -202 permits the board of trustees of local
9 paid nonuniformed employees pension plans to employ an investment advisor as its
10 agent to make investment recommendations and to invest the assets pursuant to a
11 written board investment policy; and
12 WHEREAS, the City issued a Request for Qualifications for Financial Advisor
13 services for the Non - Uniform Employees' Pension Fund (formal Bid No. 5274); and
14 WHEREAS, the Board of Trustees of the Pension Fund met on February 2, 2006
15 to review the qualifications submitted, rank them, and ultimately selected Stephens, Inc.
16 as the most qualified; and
17 WHEREAS, as part of its proposal, Stephens suggests that the funds be
18 administered by the Arkansas Local Government Pension Management Trust, a
19 collective fund administered by the Arkansas Municipal League, with Metropolitan
20 Bank serving as its custodial bank; and
21 WHEREAS, The Board of Directors of the City of Little Rock endorses the
22 proposed change made by the Board of Trustees of the Pension Fund to the Arkansas
23 Local Government Pension Management Trust as part of their financial advisor
24 selection.
25 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
26 THE CITY OF LITTLE ROCK, ARKANSAS:
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Resolution
Authorize transfer of funds of Non - Uniform Employees Pension Plan
I Section 1. The Board of Trustees of the City of Little Rock Non - uniform
2 Employees' Pension Fund is authorized to join the Arkansas Local Government Pension
3 Management Trust.
4 Section 2. The transfer of funds from the Defined Benefit Plan and from the
5 Defined Contribution Plan, now held by State Street Bank, to the Arkansas Local
6 Government Pension Management Trust and Metropolitan Bank, serving as its
7 custodial bank, is hereby authorized. The combined fund amount was $42,490,492 as of
8 December 31, 2005.
9 Section 3. The City Manager and Human Resources Department are authorized
10 to execute the necessary documents to accomplish this transfer, upon approval of the
11 documents by the City Attorney.
12 Section 4. Severability. In the event any portion of this resolution is declared or
13 adjudged to be invalid or unconstitutional, such declaration or adjudication shall not
14 affect the remaining portions of this resolution, which shall remain in full force and
15 effect as if the portion so declared or adjudged invalid or unconstitutional was not
16 originally a part of this resolution.
17 Section 5. Repealer. All resolutions, and parts thereof, which are in conflict with
18 any provision of this resolution, are hereby repealed to the extent of such conflict.
19 ADOPTED: May 2, 2006
20 ATTEST: APPROVED:
21
22...
23 Narfcy Woo/d, City Clerk Ji Dailey, Mayor
24 APPROVED AS TO LEGAL FORM:
25
26�
27 Thomas M. Carpenter, City Vittomey
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Resolution
Authorize transfer of funds of Non - Uniform Employees Pension Plan