HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 03_02/04/2008W
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1. Appointment of Consultant. The Trustees appoint the Consultant as an
independent consultant with respect to assisting the Trustees in monitoring the investment
performance of those Fund assets being managed as equity or fixed income investments
and for which the Trustees pay a fee for investment.
2. Duties of the Consultant. Services under this Agreement shall include, but
are not limited to, the following:
2.1 Assist the Trustees in determining and outlining specific investment
objectives and help draft and execute a Statement of Investment Policy to be adhered to
by the Investment Manager(s).
2.2 Assist the Trustees in evaluating the investment performance of the
Investment Manager(s) of the Plan.
2.3 Assist the Trustees in determining the desirability of continuing orterminating
the employment of the Investment Manager(s). If necessary, and only at the direction of
the Trustees, the Consultant will conduct an Investment Manager Search;
2.4 The Consultant shall provide in report form on a quarterly basis, the annual
rates of return for the total Pension Fund, as well as equity and fixed income portions of
the Pension Fund, calculated according to the American Banking Institute method. The
Consultant shall also provide an annual database ranking for the above returns, and
comparisons to appropriate indices. This information shall be provided for each
Investment Manager. All rates of return shall be reported both as a gross rate of returns
and a rate that is net of fees.
2.5 The Consultant shall make an oral presentation of the above report at a time
and place designated by the Trustees on a quarterly basis.
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2.6 The Consultant shall assist the Trustees in monitoring compliance by the
Investment Managers with the investment objectives and guidelines set forth in the
Trustees' Statement of Investment Policy and Guidelines and Village of Tequesta Public
Safety Officers' Pension Plan.
2.7 Assist the Trustees in determining asset allocation;
2.8 Other special projects requested by the Board.
3. Qualifications. The Consultant certifies that it is professionally qualified as
an independent consultant to evaluate the performance of professional money/investment
managers, and that it has at least five (5) years of experience as an investment Consultant
in the public sector, Furthermore, Consultant is an investment advisor registered with the
Securities and Exchange Commission under the Investment Advisors Act of 1940.
4. Independent Status. The Consultant certifies that it is not associated in any
manner with the present Investment Manager(s) of the Fund. Further, the Consultant
certifies that it shall not be associated in any manner with any future Investment
Manager(s) of Fund assets for whose performance the Consultant is engaged to evaluate.
5. Fees and Costs.
5.1 For service rendered under this Agreement, the Trustees shall pay the
Monitor an annual cash fee as set forth in Exhibit A attached hereto which is payable
quarterly in arrears upon delivery of the quarterly report.
5.2 No other fees or costs shall be payable without the express written consent
of the Trustees.
5.3 This fee will be guaranteed for a period of three years from the date of the
agreement above.
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