SPECIAL MEETING
MINUTES OF THE BOARD OF TRUSTEES
GENERAL EMPLOYEES RETIREMENT BOARD
TUESDAY, FEBRUARY 17, 2009
The Board of Trustees of the General Employees Retirement Fund convened in a regular session at 9:00 a.m. on this the 17th day of February, 2009, in the fifth floor Conference Room, Tampa Municipal Office Building, 306 East Jackson Street, Tampa, Florida, with John Tapley, Chairman, presiding. Members present upon roll call were Mark Carron, Ernest Carrera, Bonnie Wise, Randy Goers, Jerry Winters, and John Tapley.
Steve Kenny arrived at 9:05 a.m.
City Staff in attendance were Lee Huffstutler, Chief Accountant; Justin Vaske, Assistant City Attorney (ACA) and Board Attorney; Marlene Herrera, Payroll & Pension Supervisor; Deborah Hodo, Plan Investment Coordinator; Linda Johnson, Purchasing Specialist; Maria Rivera, Recording Secretary, and Paul Broughton, Plan Coordinator.
Others in attendance were: from The Bogdahn Group: Joe Bogdahn, Troy Brown, and Mike Welker; from Milliman Group: Bill Cottle and Carolyn Roberts; from Mercer Investment Consulting: Jay Love, Keith Reynolds, and John Nussbaumer; from Asset Consulting Group, Inc.: Jason Pulos and Haley Rives; from Citi Institutional Consulting: Charles Mulfinger, II and Michael DeGenova; and John Lessl, AON Consulting.
PRESENTATIONS
As an overview, Mr. Huffstutler stated that the Pension Board had directed the Administration to create a team to review the ten responses that the City of Tampa had received for the Consultant RFP it had issued. The team was comprised of: Sharon Fox, Mark Boghich, Paul Broughton, Linda Johnson, and Lee Huffstutler, who, after their review, made their recommendations to the Board. The Board had voted to interview the five top applicants, who were being interviewed at today’s Special Meeting.
The five companies selected, in order of presentation, were: The Bogdahn Group, The Milliman Group, Mercer Investment Consulting, Asset Consulting Group, Inc., and Citi Institutional Consulting.
Representatives of each company proceeded with their presentations to the Board.
A copy of each firm’s presentation is available in the Pension Office for review.
After all the presentations were completed, Ms. Linda Johnson, Purchasing Specialist, explained the scoring procedure that would be followed in selecting the consultant. Ms. Wise expressed concerned as to the mathematical accuracy of the scoring procedure. There was discussion amongst Board members after which it was decided to rank the applicants from 1 to 5 with number 5 being the least preferred.
Mr. Tapley indicated that he was impressed with Citi’s presentation and had taken into consideration some of the points they had brought up for the chosen consultant to implement. Other Board members expressed they had also been impressed by The Bogdahn Group’s presentation and enthusiasm. Mr. Carron commented he had also been impressed by Mercer Investment Consulting’s presentation. These three firms had gone into great lengths to review the Fund’s performance, needs, and areas where there could be improvement. Ms. Wise expressed that Mercer had performed very well for the Fund in all the years that it had been its Consultant.
The Board then proceeded to rank the presenters.
Motion: (Goers-Wise) Mr. Goers made a motion to use a scoring of 1 to 5 as the ranking criteria, with 5 being the least preferred. Motion carried.
The Board members, including Mr. Paul Broughton, the Plan Coordinator, proceeded to do their assessment. Ms. Johnson then collected all the voting sheets and proceeded to tally the votes. She then announced that the results were: Mercer Investment Consulting – 1; Citi Institutional Consulting – 2; The Bogdahn Group – 3; Asset Consulting Group, Inc. – 4; and Milliman Group – 5.
Motion: (Kenny-Carron) Mr. Kenny made a motion to choose Mercer Investment Consulting as the City of Tampa General Employees Retirement Fund Consultant based on the results of Ms. Johnson’s tally of the Board members and Mr. Broughton’s scores. Motion carried.
Ms. Johnson would send out a letter notifying all the applicants of the Board’s selection.
ADJOURNMENT
There being no further business to come before the General Employees Pension Board at this time, Chairman Tapley adjourned said meeting at 2:05 p.m. on this 17th day of February 2009.
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CHAIRMAN
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RECORDING SECRETARY
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PLAN COORDINATOR
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