NUMB:
980247
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITLE:
A substitute charter ordinance relating to investment management services for the policemen's annuity and benefit fund.
SECS:
35-01-7-e-6 cr
ANLS:
- Analysis -
Under current law the retirement board of the policemen's annuity and benefit fund is directly responsible for making fund investments. The retirement board may retain an investment counsel but the investment counsel's authority is limited to making recommendations to the retirement board. Since the retirement board meets quarterly, the current arrangement is deemed impractical in view of changing market conditions. This charter ordinance would enable the retirement board to retain the services of an investment manager with full authority to buy and sell investments. The retirement board and the investment manager would operate under constraints similar to those established for the annuity and pension board of the employes' retirement system.
BODY:
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 35-01-7-e-6 of the charter is created to read:
35-01. Policemen's Annuity and Benefit Fund.
7. BOARD POWERS.
e-6. As an alternative to any other procedures specified in this paragraph the retirement board may contract for investment management services. No one shall be selected as investment manager who does not have 5 years continuous experience acting as an investment manager or investment advisor in recognized fields of investments for retirement systems of comparable stature. The board shall exercise prudence in selecting the investment manager, but the exercise of prudence by the board shall not relieve the board from all liability and responsibility with respect to the investment of the funds of the system. The board shall reserve the right to terminate any contract for investment management services upon reasonable notice. The board and any investment manager under contract with ...
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