HomeMy WebLinkAboutPension establishment info Board of Trustees established September 1991
Plan was to use funds accumulated in the pension plan established in the
mid-to-late eighties which was funded entirely by the City's contribution for
each employee. This new pension plan was designed for each employee to
contribute 5% of his/her salary and the City would contribute 7% of that
salary for the employee's benefit - plus whatever was needed to fund the
plan.
In February 1992 RFP's were advertised for Money Manager and
Custodian, with Investment Counsel and Key Trust being chosen from
those who responded.
The trustees attended classes conducted by the Florida Pension Plan
Trustees Association in order to learn their responsibilities. Were advised
not to increase or change benefits until the fund was greater than $2M.
August 1993 Key Trust position was in a state of flux and the Board
advertised for custodians again.
Advertised for money managers June 1994 because performance was poor.