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Reese, Chairman ~ ~~ DATE: May 1, 1973 In a meeting with the actuary's representative today, it was agreed to establish the dates for the Committee to hold interviews with the different banks, investment firms and insurance companies. , Interviews will be held on the following days in the City Manager's Conference Room, .starting at 9:00 a. m. , allowing time for lunch, 1 and concluding at 5:30 p. m. Wednesday, Thursday and Friday -,. May 16, 1 7 and 18 Monday, Tuesday and Wednesday - May 21, 22 and 23 Itifonday, 'iuesday and Wednesday - June 4, 5 and 6 ~Ve will allow each one of the representatives atime of 45 minutes to make his oxal presentation. If we follow this schedule we should con- clude the interviews on June 6th, It is hoped these dates are agreeable to all. Past experience has proven the impossibility of trying to have the Committee determine a nurrtber of days which would be acceptable to everyone. • :~~ ~ Ap;-roximate Approximate Proposal ~ F~:e Fora 'Fee For a tZeceived 5?5 MM X25 MM Fixed • INSURANCE COMPANIES After Deadline Equity Fund Income Fund . 1..~ Prudential / X85,625 y20,000 plus / 'commissions ~ r 2. ~ Equitable X 72,325 31,075 ~ . ~ ,~ 3. i Aetna * .~ ~ ~ .. ~ 31, 650 :; 4. ~ John Hancock / . :74,000 - , 74,000 ~~~ / I t . 5. ~ Travelers J 85,000 38,125 ~ * Aetna did not submit o proposal for the equity portion of the fund. Nctes: 1. All of above companies have in depth research facilities, exta;~siva a,d ' ' q~~alified investment staffs .and good investment performance records as regards in particular fixed income assets. . 2. Insurance companies require possession or custody of fixed income assets r~ so separate custodian would not be required if one of above should be selected for such assets. i. f l .., 3- I~iVEST`~'-~.:`iT COii,t~,[IT'Y'~r OF TI•i r'`'~Tf O ~~.~Ilei-~tt E: ~:' C I r~ E A,4 C i\; T S ~'S T t~ y1 Ati' D ' P I:-',.~~i '1':c~ fullc-:~~in~; corporations have subcnittzd proposals to render spE:ciiied i;«•~•~tme-:t services to the City of tilia:ni Retirement System and Plan Ine•estmen~ Committee. Each corporzton is scheluled to present their proposal oralty'to the Investment Committee on the dates and times noted b~~lo~v. Fach presentation will be• limited to ~5 minutes. . •, Data • : • 'rime Como:r.~~ • . 3•iiay lb 9:00 A. M. Lionel D. Ec}ie & Co:npaay ' 10 :00 A. M. ~ ~ C & S Invest eat Cot~seliao, Incorpora.tadz TI :00 A, M, ~ ~ Invescap of Florida, IacorporatPck~; / 2:00 P. M. Palmer Investment Corporation '~ • ~ .3:00 P. M. Boston Company of the Southeast ~ • 4:00 Y. NI. Scudder, Steveas.& Claris • .. ••~ . '• Niay I? 9:00 A. M. Stein. Roe & Farnham ,• . 10:0 A. M. Marine Bank and Trust Company ' • 11:00 A. M. ,First National Bask of Tampa ~• . • • • • • 2:00 P. M. Atlantic National Baak of Jacksonville / 3:00 P, M. Union Trust National Baak of St. Petersbury_ 4:00 P. M. First State Bank of Itiliami r May 13 9:00 A. M. ~ Barnett Bank of Jacksonville / 10:00 A. M. Security Trust l I:00 A. M. ~ G=1ty National Bank of Miami 1~ 2:00 P. i~I, Palm Beach Trust Company • 3:00 P, Ali'. Pan Arnericaa Baak of ~r;.izmi l• 4:00 P. M. Trust Company o: Florida -' 1~Iay 21 9:00 A. M. First National Bank oz V.iarrLi 10:00 t~. i\:. 1~tiami Beach First N'atioaal Baak • 11:OQ .4. M. Equitable Life Assurance Society of tbt U.: X2:00 P. IV.. Aetna Life & Casualty ~ ' 3:00 P. M. - ~ Channino Manaoament Co r2o r ztioa ' : .. . - 4:00 P, M. Keystone Investment `~iaaagec.zeat Coazpaay May 22 9:00 A, M. IU:00 A. M. 11:00 A. M. 7.: 0 ~l P, 1tiI. 3:00 P. rii~ ~~:00 P. ~,i. t:,.:y 2 ; I ~:UO A. art .. t l :pQ A. ~:. Cardinal l~iaaasenent Company Lennox Capitzl viacs,^,.ement Corporation T. t2owa Price 8; 1~ssoci:tt~~s, Incorporated, Bernstein Macaulay. Incorporated ;. Pione r 1Veste r.n ~ Colo.-~ial Advisory Ser~-ices, Lnc. ., IBS ~'tid~~i:,orr Cnrp:~rnLiur. Dreyfus \~iarin~~ Z;iciland, incor;~~:ated Miae:4:ci'-Shir~ld5 E'ire~-:ne:i._i C~rp,~ratian I'uf nzcrt ltdvi: c~ ry- C:o~zlp•~:1±~ SuP~:•rvised InvatitCu_:: S~~r:•ir.~•:.;. T,ccorp-.; . 3:0(1 p, ?,i. ;! t~.~ ~~;ltu ~ ,; ~~. n c 5 June b Tiros _ .'n?.'-zY 9:00 ~'.. ~~t. ~ ~ r Ctizse Marihaltan F;Zn?c ~~ 10:00 n.. Ai. Constellation V[anag~mar.t Company 11:00 A. M. Loomis-Saytey &: Cvmaany 2:00 N. V[. Gardner 8; Presto i~~toss, Incoporated •~ 3:00 ~~. !~~[. Post & Astrop 4:00 P, t'f. Iviontan Ac Cald~~etl, Incorporated 9:00 A. 1Lt. Fleming, Burger, Kent 8; Company," i 10:00 .A. Ut. ~• Irving Trust Company 11:00 A, M. '' Equitable Trust Comoaay • . " 2:00 P. M. First Natioaal Baalc of Atlaata '• ' • 3:00 P. 1l[. Bankers Tnsst Co~paay o£ New York ~ 4:00 P. M. PrudeatiaL Insuraacer Cos~paay ef. America.. 9:G0 A. M. ~ John Haacock Muh:al Life Insuraace Comp~~ 10:00 A. M. Travelers Iasuraace Compaay •~ •. 11:00 A. M. ~ ~~ Thorndike, Doraa, Paiae & Lewiag, Inc:' .' " • t .. _ ,, . r ' r 1 -- -- _-- - --- ~t,:+T:~Zr.Z,tr.i+i i ~": ~ ~..•.;.I A:v O .c'i,.~i~ - . .. • -• INVESTMEN.~ COMNIZT7'EE AGENDA ' ~, July 1 b. 1973 g:00 Ai•li T. Rowe Price Associates, Inc. /+ One Charles Center ~,,/ Baltimore, ME 2I 201 ~• ' • . 10:00 Ali Thorndike, Lloran, Paine & Lewis, Inc. - 225 Peachtree Street, N. E. , Suite 1000 • Atlanta, GA 30303 2:00 PM Supervised Ia/estors Services, Inc. 1 ZO South LaSalle Street, Room 1718 Chicago, IL 60603 . .- 3:00 PM Loomis-Saylea and Company, Inc:~ 888 1? Street, N. W. • Washington, D. C. 20006 ,. . July 18, 1973 g:00 AM The Bostoa Company of the Southeast • 332 Magnolia Orlando, Florida 32801 ~ ` 1 a:00 ANS Montag & Cauldwell, Inc. First National Bank Tower Atlanta, GA 30303 2.:00 PM P~aakers Trust Company • 280 Park Avenue New York, NY 10015 July Z0, 1973 9;00 AM John Han:ock Mutual Life Insurance Co. Suite 100, 2200 Park Lake Drfve, N. E. Atlanta, GA 30345 ' ! • 10;00 AM The Travelel•s Insurance Company •_ One Tower Square Hartford, CT 06115 3 1:00 AM The First National Bank of Miami 100 South Biscayne Boulevard Miami, Florida 33131 11.:45 AM City National Bank of Miami •. Box 32.80 Miami, Florida 33101 i 1 t L ' .^" to ~ a N a N --t .+ a c~•. ~ ~ o .a °C cmi -•• ., u a a c~ q a! b -•a C na^. ~e H > Ii p ~! b O t~ m ,1 r ~ ~ • N t` +n d .•+ n i/'1 ~ M A ~ ~ ~ a r~-1 ~ y, W .oi ~o O 0 ~ ! y 0 N 00 N r1 C a II! 'C n ,~' ~ W ~ ~ u a i pp u CO u LJ • N ~ ~ ~ ~ ' ~ M . tD ~ • v A ~ ~ a a ev ~ ~ C b r i . ..~ •• „ ~ ~ d O c tlH O ~ C d • ~ !~! 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O ~ O W a tD + R t~ qJ tD < ~ wb ~ n ate. o 0o v m ~+ w ~~ ~ MG o -~• r o r w •o , o ~'` ~ c o owe Sa v r r o r G e w e o ~,,o . cr w • M R f9 Q' fD O !r }"~ ~ Q' ' O N R fp f9 N oa w R t ~G v N o O~ N ( N ( W t0 la ~ a. m g ~+ w_ vi t~ ~ ~, • o a ~ n ' w m o •3 0 7 O 'O N ~' ~ ' ~ Q a w R N ~O W 0 o w r co --+ w cD C ~D rt 00 R f9 a O r+ G -i n o a oo ~ r ~ O O f9 O t+ Q~ W N ~ ~ n < O ' N N ~ H ~ ~ .7 `D a v • V a a~ ~ O ~ v+ a • ~ ~' Tharadike, Dorea, Paine & Lewi~g, Inc. 1 ____- . , c r1t the meeting of the Investrnent Committee of the City of Miami Retirement System <:,~d Plan on June 20, 1973, a motion was wade, seconded and approved 7 yes, 0 noes, ::~ZSC the following information be submitted by the City Manager to the City Com- ntssion at the meeting of July 12, 1973 for its edification and as to the progress '~^.Ing made regarding the selection of new Money Managers and Custodian. riaring the period Hay 16 through June 6, 1973, this Committee received presents- tons from 51 corporatio:s which had submitted prcposale for Investment Counsel erd/or Custodian to the Retirement System and Plan. (See attached F.;:chibit A.) t;sing the criteria presented to and approved by the City Commission at its meet- ing of April 19, 1973 (See attached Exhibit S) and knowledge gained after actually listening to and questioning these 51 corporations, this Committee at the morning session of its meeting on June 20, 1973, by elimination and with complete agree-• • meat, resolved the following list of Investment Firms, Insurance Companies and Banks that more nearly met the criteria than any of the others. It;VESTMENT FIRMS BANKS ~ TRUST CO's. INSURANCE COMPANIES Scudder, Stevens ~ Clark Bankers Trust Co. Travelers Ins. Co. Lionel D. Ellie ~ Co. Cardinal tianagement Co. Montag b Caldwell, Inc. Boston Company of the Southeast Loomis-Ssyles b Co. T. Rowe Price Asso., Inc. Putnam Advisory Co., Inc. Bernstein and Macaulay Palm Beach Trust Co. Barnett Bank of Jacksonville City National Bank of Miami First National Bank of Miami i Citizens and Southern I~1v. Coun~el- ing IDS Advisory Corp. Supervised Investors Services, Inc. Thorndi4ce, Doren, Paine b Lewipg, Inc. l . ---- John Hancock Mutual ~;, ' ;1t the afternoon seas. ~ ~ through further discussion, , ~~3ti;; :tion and comaari:.un or performance with accepted indices (Dow Jones and ~ta.:.;:~rd & Poor'•s S00) to;:: C:~;zmittee aided by the professional help of Kruse, O'Connor and Lind, Inc. (Ci.ty'3 hctuaries) eliminated all but the following and requested that the Chair, wiC~~ proper i,otificatio j arrange further interviews on the dates of July 16, I8 anJ 20, 1973 :iith these corporations so that they might present to the Cofr~nittce aided informs- ~ tion and be questioned further as to the specific portion of the assets thuy aYe y being considered to ba awarded the handling of.• • . uiJIT'f FIXED xNCO:~[E CUS'CnnYAN • r Banke:a Trust Hankers Trust Cankers Trust ' ~ f Montag b Caldwell Travellers Insurance First National ~ ~.i~iiac Boston Company of the S. $. John Hancock Insurance ~ City National - Miami Loomis-Sayler b Co. T.' Ro~:e Price to Assoc. Supervised Investors Svc. Thornlike, Doran, Paine b ~• Leaving, Inc. 5' ~ This Co~snittee feels that there should be no reason why it will not be able to presenC to the Corr.aission at the Commission meeting of July 26, 1973 its final recommendations fox apaxovai by the Cotaaieaion. r ;~ ... - .. - s ~~ 'al, AGG PT r1C R~,GO~tMENDATIONS 'OF _~NVE~TMENT ~; RE1'tREMEP~l' .~,YST~M ANp PLAN '~ir. Plun~ner: Mr. Mayor, the City Manager has placed in front of all of you, all of the material which we as the investment committee want through. Wha"t we are asking the Commission to do, is to approve the criteria which we have set forth in outlined here by Mr. Reese so t}ie Investment Committee can get on with the business of inter- viewing those individuals who would qualify under this criteria. That is the reason it is before us today. I speak with one hat that way and af~er that is taken care of, I wish' to speak with another hat. ;•t7•. Reese: Attached to this, .is the di selected under this criteria that would ;~irs. Gordon: For information, the list the ozily ones to be interviewed and the Dtr. Reese: This is' what the Investment Commission warts to modify or change it the investment committee is, they still Commission to get it adopted. iferent firms that have been be interviewed. you supplied us, are these others are going to be- committee. Now if the City - whatever the findings of have to come back to the ;•trs. Gordon: Is this all they are going to doY Just this and no more? Mr. Reese: This is what they have voted on, yes Mam.. '~ Dir. Plummer: That`s why I said I had to speak with a different hat. If that portion is~understood., now I wish to speak as an individual. member of the investment committee. Are there any questions to that point as far as that goes? , ?drs, Gordon: You mean accepting the report? Dtr. Plummer: No, I was only giti•ing a report as to why it is before the Commission. -_ Nov; I wi~h to speak as an individual member of the corunittee. Two points T would like to make. If you would look on this sheet here so you will know, that is the investment firms. I~E you will look in the 1st column, the proposal to receive after deadline. - It was within the purview of the City Clerk and City Manager to accept all proposals. The Investment Committee, the: vote was that these firms NOT be acceptable since they did NOT MEET THE DEADLINE. It is :ny personal opinion, that this City should strive to get the best Investment firms that are available. In questioning Mr. Kruse, who is the City's Actuary, he tells ma that one of the firms was it T. Rowe, Price and Associates? 1•Sr. Reesf:: Yes. ?-!z•. Plummc-r: He is suprised that a firm of this magnitu~~ and a ii7•m of this capability, even bid, on the City's Pension fund. ;ti•. Kruse didn't even think they would even bid. He said this happens to be one of the finest firms in the world if I am corr- ectly stating what he stated, I personally think and this is only for the: p~irposes of interview. I feel that we should avail the services of the Investment Committee to try to seek out those individuals who will do the best job for this city pension fund acid I would hate to see, anyone, excluded from an interview. P+c7w t~-e argument against that was that you must set a deadline, t}~e re ;Host he a date, and I am sure that it is true but I must also brin; ~o your attention that this City has operated under .~ daadliri~ at all braes. I feel that is why they receive proposals ;;f'ter t11E' deadline. 1't-a other p~irix I wish to :Hake and it was a point I think, Fzther ~~ihs{~n b;ouoht out last week as to the second column, no C.F.A. 'I't~is is .n orgznization of individn~s who are licensed. I think that it would only be proper that under the criteria sLt forth •r er~~ =are d firms that :,could be eliminated. If theso firms were ~.~~ilir.g to agree that at ail times if Lhey were to be given a portion ai this investment, that they ~rould have at all times on their ~.~yroll, s C.F.A., I t:~ink the Citj should also interview these ~eoole. ~~~'•; ~;~~`~ I ~~~u~X ~~ ovo,~ ,~~-' APR 2fi 193 ' ~ Mr. Kruse set forth certain criteria but~I don't think it was the intention of Mr. Kruse or anyone to deny as he stated, one of the finest companies in the world, from applying their services to this pension fund. . Now that is speaking as an individual and here again I go along with the majority- ,, bars. Gordon: In reading the minutes of the Investment Committee, I see only a portion of it, I was in and out and didn't hear it all. The motion says in the minutes" Motion was made, seconded and approved 6 to Z that no application from Insurance Companies or Banks be considered if received after deadline date. .. However, it did not specify brgkerage houses and I have circled that to inquixe why you eliminated borkera_ge houses from that motion? bir. Reese: They were handled as sgparate items. Mrs. Gordon: I see, I didn't notice that. Let me speak to this item you are talking about. ~ • Mr. Plummer: Let me for clarification, Mr. Parks, Mr. Bailey, Mr. Reese, are also members of that committee and I think should be afforded if they wish to speak against what I have just said, they should be afforded that opportunity, or if I have stated anything incorrectly. Mrs. Gordon go ahead, they don't seem to want to respond. bir. Bai:~.ey, Director of Finance : ~ Mr. Mayor, I most disagree with Commissioner Plummer in the sense that he believes we should acee~t bids which were received after the deadline. This was done far a purpose. We must have a stopping point somewhere, The date was established, everybody was cen*_acted and the reason that one of the things was not received in time was due to the fact that they waited 2 days before the deadline and the postal service being what it is, therefore it was nit received and that is not the fault o£ anyone except the proposer. In view of the fact that we did establish a deadline for all of these, we think, I do, I'm sorry, I think we should abide by the specifications and not make any exceptions on these things. We also have other outstanding firms available here. Mrs. Gordon: I agree, because if we don't, we Leave ourselves open to other firms coming in and saying look, I haven't had an opportunityto to this and thus, I don't think since we have a committee and they have voted in the affirmative to not consider proposals received after deadline that we should, at this time, change t'nat recommendation. If we fs.il to receive a Manager from the list they have recommended, and they have recommended a pretty long list, we could then turn to some others but I think .t this time, it would be wrong. Rev. Gibson: I heard something there that disturbed me. If a company puts a document in the mail Z days prior. Now, I don't know how big business does but since I have to wait until the last minute to make my monthly notes on a house that I have in Richmond ` Heights, as long as I have that postmark, on their prior to 12 o'clock that night or thereabouts, they take that date. Now I could see a company so big not respond but what troubles me is if you have to deal with the nail and some things .addressed from this city hall to come to me in Coconut Grove in the same zone, that 2-3-4-5 days before I get them. In the complaints about the mail, I would think that 2 d4ys prior to mailing, normally you would get them there. I am not speaking for the persons wha didn't respond at aI1. Thats another category but I just wonder about that particular person. Mrs. Gordon: Father, when we call for bids to come in at a specific hour, we call for them to come in at that hour. If a firm is so efficient, that they are bidding for something of this size, Lhey should be efficient enough to get it out in good time and it shouldbe delivered in time to be under the eadlna and 13on't rhia'.c w9r,:ZO~I?d .;`,3-t Z3:::Z~ ~:~~• •~x~~~-: ~~ ; ' :v. Gibson: Let me ask you Rose. If you were to mail a package .o me 5 days prior to the time and if the postmark is there, how would I know the sender,.that you did not v~:;t it7 Suppose the person in the mailing process, it is mis-sent? A11 I am saying is if, I would hope that we would not be so. ; Let me ask Counsel. Counsel, if a man mails a package to you 2 days prior and he can prove, what is the interpretation? Afr. Lloyd, Asst.Dir.of Law: The legal interpretation is that ' proof of mailing is presu.~nption of receipt. Rev. Gibson: There you are. Airs. Gordon: Okay, who said it was proof of mailing? Where is the proof? Rev. Gibson: ?dr. Bailey said,~and I don't know anybody in the , company and I am not aware of the company; I just picked this, up, Air. Bailey said 2 days prior? Mr. Bailey: I got this information from Mr. Kruse himself. He told me he talked with this firm and that he was told it was mailed 2 days before but it was not received. The specifications call for bids to be received, not mailed. .i Rev. Gibson: Who opened the Mail? Where is the envelope? Mr. Bailey: The mail was received by the City Clerk. +', Rev. Gibson: Did the envelope.. show? Mr. Southern, City Clerk: I am not familiar with that. I received = them and turned them over to Kruse, O'Connor and Ling un-opehed and all I did was keep a record of the names of the various firms. . Mrs. Gordon: And I think since there is no proof that's available, t::at ;;c s .ould co;.tinue along tiie recommendations of the investment committee and I so move- ' ' Thereupon the following resolution was introduced by Mrs. Gordon who moved its adoption: RESOLUTION N0. 73-343 A RESOLUTION ACCEPTING THE RECONL~fENDATION OF THE INVESTMENT COMMITTEE OF THE CITY OF AfI:~,~iI EMPLOYEES RETIREMENT SYSTEM AND PLAN THAT PROPOSALS TO ACT AS INVESTMENT COUNSELOR TO THE 30ARD OF TRUSTEES OF SAID RETIREMENT SYSTEM RECEIVED AFTER FEBRUARY 16, 1973, THE DEADLINE OUTLINED IN THE SPECIFICATIONS FOR SAID SERVICES, BE EXCLUDED AND NOT CONSIDERED FOR INTERVIEW (Here follows body of resolution, omitted here and on file in the City Clerks Office) Upon being seconded by Air. Reboso, the resolution was passed and adopted by the following vote - AYES: Messrs. Reboso, Pluruner, Mrs. Gordon. NOES: Mayor Ferre. Mr. Reese: Tha next question is, the criteria that is before the City Commission, is this adequate to pros©ed to int©rview these different corporations? 9~~ ,4 P ~ 2 ~ 197 _ ~_ . `-. The following resolution ~1as intraduced by Mr. Flu~amer who moved its adoption: RESOLUTION N0. 7~-34~ A FESOLUTION DECLARING THE POLICY OF THE COMMISSION ,• TH~.T THOSE INVESTMENT COUNSELING FIRMS WHICH SUB- MITTED PROPOSALS TO ACT AS INVESTMENT COUNSEL FOR TNS CITY OF MIAMI EMPLOYEES RETIREMENT SYSTEM AND ' . PLAY AND 13-HO DID NOT SPE(:IFY THAT THEY HAD AVAILABLE A CHARTERED FINANCIAL ANALYST BE CONSIDERED FOR THE PERFORMANCE OF SAID SERVICES, PROVIDED ASSURANCE CAN ' $E GIVEN THE CITY THAT SAID FIRM WOULD MAKE AVAILABLE SUCH AN ANALYST Ar1D.ASSIGN SAME TO THE CITY OF MIAMI RETIREMENT SYSTEM! AND PLAN ACCOUNT DURING THE PERIOD • SAID FIRM MAY BE EMPLOYED BY THE'CITY OF MIAMI ' RFTIREMIEMIT SYSTEM! TO PERFORM! SAID SERVICES (Here follo~rs body of resolution, omitted•here and on file in the City Clerks Office) Upon being seconded by Reverend Gibson, the resolution was passed and adopted by the following vote - AYES: Messrs. Reboso, Plummer, Mrs. Gordon, Reverend~Gibson and Mayor Ferre. NOES: None Mrs. Gordon: In connection with and prior to the roll call on' the preceding resolution asked the following questions: "With regard to ~6, 7 and a which specify on this report, Florida Office. I want to knox if in the Florida Office, only in the Florida Uftice which is tne'ones bidding on this contract, is, are, the certified financial analyst (CFAs), are these 3 firsas of the Florida Firms on our list? Boston Company S.E., Scudder, Stevens and Clark, S Row and Farnham. Mr. Reese: I dan't think I can answer that question Mrs. Gordon nor a member of the cobm-ittee be ause the first action that was taken was to determined xas'if ~5~~ going to be considered and as long as they Mere not being considered, then they were not , looked under tree CFAs . Mrs. Gordon: But they are for interviewing. Mr. Reese: Oh I understood Mrs. Gordon: No Sir, I am the recommendations of the recommendations of the eom~ answering. considered. They are the ones selected you to say the first 6 on the list. referring to Item i6, ~7 anci k8 on committee. If we are voting on the, sittoe, I have questions that need Mr. Plummer: You are talking about the criteria? Mrs. Gordon: Yes, I want to know if these firms are, the Bo's ton Company of S.E. Florida Office, Scudder Stevens and Clark, Florida Office, Siaon ete,~ Florida Office. Do these Florida Offices hate the CFAsY ~ ~ 'Ir. Bailey: ?he bids were submitted by these offices therefor9 if trier do have CFAs, they are in the Florida Office. These were not submitted by an office like the Boston Company, for instance, their hone office is in Boston but they do have an offics in Orlando Y believe so that is whore these po~pla are. 9~ ~P~ ~ ~ 3973 i ~ Ctrs, Gordon: Were they considering CFAs in t'neir home offices as tlia CFAs they were utilizing? ?•ir. Bailey: I can't say positively, only that thats where the proposal was submitted and I am assuming that. It can be determined" if they are interviewed. After further discussion, The following resolution was introduced by Mr. Plummer ~;ho moved its adoption: RESOLUTION N0. 73- 34 5 A RESOLUTION ACCEPTING THE CRITERIA SET F~JRTH BY ; THE INVESTMENT COA~A~IITTEE OF THE CITY OF MIAMI EMPLOYEES RETIREMENT SYSTEM AND PLAN FOR THE QUALIFICATION AND SELECTION OF AN INVESTMENT COUNSEL POR SAID RETIREMENT SYSTEM WITH THE EXC- EPTION OF THE PROVISIONS SET FORTH IN RESOLUTION N0. 73-344 PASSED AND ADOPTED THIS DATE (Here follows body of resolution, omitted here and won file in the City Clerks Office) Upon being seconded by Mr. Reboso, the resolution was passed and adopted by the following vote - AYES: Messrs. Plummer, Reboso, Airs. Gordon, Reverend Gibson and Mayor Ferre. NOES: None y2~; e~,NSiON NI CREASES FtJR RETIRED EMPLOYEES Captain H. P. Young(Retired)~M.P.D., Vice President of City of Tdiami Retirement Association appeared to address the City Commission: t-ir. Young: tie are before you in behalf of 1295 retired City employee;, the majority of them, old people. Perhaps you don't know that there are 264 of these old people that draw under $100 per month pension. 136 draw under $150 etc on down the line. on December 28, 1972, we presented F, you passed a Resolution, :ia. 7Z-831 titled "Cost of Living Increase for Retired Employees". can ,1pri1 26, the Commission adopted the resolution, the retired employees are having an increasingly difficult time to maintain ,gin adequate standard of living in these days of high meat prices, food staples and other costs and I might mention that these other costs include medical expenses for these old people which continue to go up and up and up. Unfortunately adequate consideration has never been given to the hardships resulting to retired employees nn fixed incomes. Tts been almost 4 months. The present conditions :tttc~ng the retired call for prompt action as many are in need of adclitivnal financial assistance. Retired employees recognize that the City wants to assist us if at all possible to cooperate and the retired employees prefer this be a straight $25.00 per month before, we went on a percentage and those that needed it the most gat the least and those that needed it the least, got the most, which is rrenerally the case on a percentage so we are asking for :i st:aight X25.00 per month increase in the pension benefits. The equity in this is obvious and will assist those in the lower brackets which would not be possible under the present basis. 1'h~~ increase for equitable reasons apply only to those who retired prior to October 1, 1972. This mayy seem a small matter to you and in Light of the figures ~~soted here today but to these retired .employees, its an important -~:otter .end a big thing and very urgent and we respectfully request ~, t you act on this master now if possible because i~ we -r::iit 2 :-:~~*e weeks or another month. 6 months to some of these highQr t~;. ;cket peopls ~~ APR 2~ 19%