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HomeMy WebLinkAboutR-84-0426J-84-226 3/1/84 rr/0-6 RESOLUTION NO. 84--9*26 A RESOLUTION APPROVING AND CONFIRMING THE ATTACHED AGREEMENT BETWEEN THE BOARD OF TRUSTEES OF THE MIAMI GENERAL EMPLOYEES' RETIREMENT PLAN AND BANKERS TRUST COMPANY PROVIDING FOR THE FURNISHING OF PENSION FUND ADVISOR SERVICES TO SAID PLAN. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The attached Agreement between the Board of Trustees of the Miami City General Employees' Retirement Plan and Bankers Trust Company providing for the furnishing of pension fund advisory services to said Plan is hereby approved and confirmed. PASSED AND ADOPTED this 5th day of April , 1984. Maurice A. Ferre ATTEST: � � L , PREPARED AND APPROVED BY: DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: DRO GARCIA-PE �n;S A 7CY ATTORNEY CITY COMMISSI ME'ETI11M OF APR .lit REtA;t;r;s- 71. CITY OF MIAM1, FLORIDA INTER -OFFICE MEMORANDUM TO: Howard Gary City Manager FROM' Elena Rodriguez ' Pension Administrator Recommendation: DATE: March 6, 1984 FILE. SUBJECT: Ratification of Contract REFERENCES: Bankers Trust Company ENCLOSURES: 1 It is recommended by the Miami City General Employees' Retirement Plan Board of Trustees that the enclosed contract be ratified. Background: Currently, Bankers Trust Company is one of three money managers employed by the Miami. City General Employees' Retirement Plan Board of Trustees. They oversee investments of approximately $23 Million. No review of their fee has been made since they were employed by the board on December 31, 1973. Their present: fee falls Zany below market rates. The enclosed contract raises their fee to an amount comparable to the remuneration received by the other money managers employed by the board. The above contract was foreseen in the preparation of the 1984-85 budget, and monies have been allocated to cover its cost. ER: js cc Bob Clark, Deputy City Attorney 84-4Z i i s ADDENDW ! I NY1F:8MNT ADV I SAY A%VErTI' This Addendum, bj mid between 'M ITS (r 71tUSTEES i hereinafter refered to as T Ui` ES, end -DiEft, MILST Gt14II'ANY, ca New York Cmporation, hereinafter refered to as ADVISCR, crated this day of 198 3: I llilmeS.7E l7: P i ' WMCAS, the TRUSTEES and ADVISOR have entered into C agreements dated Decamber 28, 1973 and June 1, 1975; and C j l" i REAS, the Tilt STEEES and ADVISM desire to amend said agrcnts; NUN 711DiI :I l�-d; , the 7131.bTMS and ADVISOR agree as follows: 1. That the fees for services as Pension Fund Advisors shall be amended effective as of January 1, 1983 and shall apply to all transactions subsequent to said date as follows: .e On the first $5,000.000 .250 of 1% • On the next $20,000,000 .200 of 1% On the next $25,000,000 .150 of 1% On the balance .100 of 1% . 84-426 Z. nat the mining provisions of the subject agreements of Doccober 29. 1973 Land June 1. 1975 remin in full force end effect Pnd no Kovisions thereof shall be considered to have tMen chmged, altered or removed unless e=pressly time so herein. .--- z, -,-, 84-42C a It11JESTTIMIE 1T ADVISORY AGREEMENT r ACRE,:,MENT, made as of ������� �,� , 1973, to become effective January , 1 7 by and bnto..�en The Board of Trustees of The 1.14 a:Ii City Employees' Retirement 5vstem, hareinaf ter referred to as the "Trustees," and Bankers Trust Company, a New York Corporation, hereinafter referred to as the "Advisor." ` WITN7SSETH: -' WHEREAS, The Miami City Employees' Retirement System Trust is an irrevocable Trust established by Ordinance, effective Sanuary 1, 10-40; and WHEREAS, the City Commission of the City or Miami having retained that right, did appoint a Successor Trustee to administer the Trust previously created by Ordinance. The Successor Trustee, known as the Board of Trutitec , of The Miami City Employees' Retirement 3a,stem, having been appointed by Ordinance No. 6207, dated November 21, 1973 ; ,and WI-EREAS, Section 7 of the Ordinance appointing the Successor Board of Trustees reserves to the Trustees the right to appoint Investment Advisors to manage portions of the Trust Fund; NOW, TIMREFORE, the Trustees and the Advisor agree as follows: 1. The Trustees hereby appoint the advisor as an Investment - Advisor, pursuant to the appointing Ordinance with respect to that portion of the assets of the Trust Fund set ford: on the schedule attached hereto as Exhibit A, which assets collective v shall be identified as The Miami City E-, plo•:ees Retirement System -- Fixed Account (hereinafter referred to as the "Account") upon the records of the Trustees and the Advisor. The trustees shall have the right to to or •.;itydtaw assets from the acco n—: upon vzitten notice to the Advisor. 54-42C 2. D=ing the term of this Agreement, the Advisor shall manage the investment of the Account consistent with the provisions of the authorit-v delegat-nd to the Trustees, pursuant to the "Invest-- n:ent Authority" contained in Section (7) , of the appointing ord- inance, a copy of which is attached hereto as Exhibit "D-" The Advisor is authorized to invest, sell and reinvest the assets of the Account, including all income, proceeds and additions accruing thereto in any and all bonds, debentures, notes, equipment trust certificates, investment trust certificates, certificates of indebtedness, accep- tances, bills of exchange, treasury bills, savings bank deposits and cor.=ercial paper. The Board retains the right to specify additional objectives and restrictions, from time to time, which shall be co<< Muni catCC to the 11d i nor in writing. 3. `II)c !�,dv-isor is not zai,itharizcd to take physical possession of the a S:-=CI.; i of tlho 7,C'COI.ITi'1: amd a ci]:;tC5C5ian (the "Ciis--'.odian") designated by the Trustcas, subject to the approval of the City Ccrnission of the City of Miami, shell have sole responsibility for holding and safekeeping such assets. The Trustees shall authorize the Custodian to make settlement of purchases and sales of such assets upon orders placed by the Advisor, pursuant to the Custodian's established operating procedures. The Advisor shall have the right to select the broker for any purchase or sale of assets of the account. 4. Upon receipt of timely notice from the'Trustees, the Advisor shall exercise all rights, powers, and nrivi feces incidzntai to ownership of the assets in the Account, such as subscription, conversion and proxy rights. Doc,,Lments required in connection with the c::arcise of such rights, powers and pri-Jileges shall be executed in blank by the Trustees and mailed with such notice to the ,:dvisor and the Advisor shall take such action with respect thereto as it may deem appropriate. - 2 - 84-426 5. All of the Advisor's notices and directions under this Agreement to the Trustees shall be in writing. An officer of the Advisor shall from tame to time certify to the Trustees the name or names of the person or persons authorized to act for the Advisor, and shall furnish to the Trustees a specimen of their signatures. Any individual so certified shall be deemed to be the Advisor's authorized representative. When any individual so certified shall caase to have such authority, the Advisor shall promptly notify the Trustees, but until such notice is received by the Trustees, such individual shall continue to be an authorized representative. 6. All of the Trustees' notices and directions to the Advisor shall be in writing signed by the Chairman or the Vice Chairman, and ittc!:tcd 11-,)y the Sccrelt-ary. The- 11dvi:7,cr !7-h;i1.1 be entitled to rcly I.IP011. vyn, :"uch vrittcn ant received by it-, -lnd sh;.-JI act ,',1)6 shall he fuAly protc-cted in acting in accordance therc-with. rrom timc, to t__ime the Trl)�tacn- will furnish the Advisor with evidence of the appointment and itarmination of: office of the Trustees and of successors to such Trustees. The Trustees agree to notify the Advisor of any amendments to the appointing ordinance. 7. The Trustees shall arrange to provide the Advisor with such periodic reports concerning the status of the Account as the Advisor may reasonably request from time to time. The Advisor sha-11 provide the Trustees with such periodic re-ocrts concern- in- t1-4a status of the Account as the Trustees may reasonably request from time to time, but in no event shall reports be provided less The Advisor shall keep accurate and detailed all investments, receipts, disbursements, and at -her transactions involving the trust property and all accounts, books - 3 � 84-42C and records relating thereto shall be open to inspection and audit at all reasonable times by the City, the Trustee, the Retirement Board or their designee. G. The advisor shall not be liable for the making, retention or sale of any investment or reinvestment made by it as herein provided nor for the making of recommendations as to investments as herein provided norfor any loss to or diminution of the property in the Account, except such as is due to its own negligence, willful misconduct, -or lack of good faith. The Advisor shall not be responsible for any loss incurred by reason of any act or omission of any broker, the Custodian or the Trustees. The Advisor may from time to time consult with counsel, who may be counsel to the Tru4tcon and shall be fully protected in acting upon the advice of c:ot-rn-sel. 9. The Advisor shall be compensated for its services hereunder in amounts calculated in keeping with the schedule attached hereto as Exhibit "C." The Trustees shall cause to be paid to the Advisor from funds provided and appropriated by the City of Miami for operation of the Retirement System and Plan such amounts as may be due in payment of such compensation or for reasonable expenses incurred by the Advisor in the performance of its duties. 10. This Agreement shall continue until modified or terminated. It may be modified at any time upon mutual written agree- ment of the Trustees and the Advisor and may be terminated unilaterally at any time by the Trustees or the Advisor upon thirty days written +R 4 A 84-426 I notice or upon such lesser period of notice as may be mutually satis- factory. Expenses incurred by the Advisor for services rendered subsequent to the tern, ination of this Agreement- will be com-p--nsated for at the rate and in the manner specified in Paragraph 9 above. 11. This Agreement is executed and delivered in the State of Florida and shall he governed by the laws of the State of Florida as f to validity and construction. All terms and provisions of this I Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors of the parties hereto. No agreement or provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. This Agreement may be executed simultaneously in two or more counter parts each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. ATTESTED BY: f 'M PASSER - SECRETARY I or 5 - BY P. 11. ANDREWS ts"VIN UUUPER V FRED HARDER BY GABRIELA LANDAU BY , / p�, ,��� BY PRINTZ BY—, N B j. L. PLMI-LM�ER' ja a 84-426 all, 07 r DANKMS TRUST MANY BY p/ CE FRESH ATTESTED BY: ASSISTANT VICg/pRESIDENT Ar ADDENDIM I NVES'I1WM ADVISM ACIVO ITT This Addendum, by and between 7M MW CF 11 USrEES CF ME MANE CITY C 1dEM MffMTES Irp-I'1il NT F%AN hereinafter refered to as 73i — .5, and PMERS 'RUST COMPANY, a New York Corporation, hereinafter refered to as ADVISM, dated this day of 198_ WITNESSETH: WHEREAS, the 7RUSITFS and ADVISCR have entered into agreements dated Decanber 28, 1973 and June 1, 1975; and WHEREAS, the 'I`RUSIMES and ADVISCR desire to mend said agreean-r-nts; FOB 71`R=U-M, the 71UWEES and ADVISCt agree as follows: 1. That the fees for services as Pension Fund Advisors shall be ended effective as of January 1, 1983 and shall apply to all transactions subsequent to said date as follows: On the first $5,000,000 .250 of 1% On the next $20,000,000 .200 of 1% On the next $25,000.000 .150 of 1% On the balance .100 of 1% 2. 7%t the reining provisions of the subject agreewnts of December 25, 1973 mnd itme t, 1975 resin in full force and effect € d no provisimns thereof shall b considered to have becn changed, altered or rived Mess expressly done so herein. M1t5 M tF WAMI CITY GER AL M PLOYEES wripjmwr PLAN Bi BANKERS musT c>TAxy VICE 1541 m"