Req.#9651
RESOLUTION NO. 35931
WHEREAS the Board of Administration of the Tacoma Employes'
2 Retirement System ("System") finds it necessary to employ consultants to provide
3 pension-consulting services for the Retirement Fund, and
4 WHEREAS the Board of Administration, at its meeting held on July 10,
5 2003, recommended that the investment counseling services agreement with
6
Wilshire Associates, Inc. ("Wilshire"), be renewed for the period of October 1,
7
2003, through September 30, 2004, for an estimated amount of $140,000, due
8
9 to the extensive knowledge and experience Wilshire has with the System as set
10 forth in Resolution No. 34504, and
I 1 WHEREAS it appears to be in the best interests of the City to enter into
12 such agreement; Now, Therefore,
13
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TACOMA:
14
That the proper officers of the City are hereby authorized to execute an
15
16 agreement with Wilshire Associates, Inc., in the amount of $140,000, for the
17 purposes hereinabove enumerated, said document to be substantially in the
18 form of the proposed agreement on file in the office of the City Clerk.
19 Adopted AUG 1,9 2003
20
21 Mayor
Attest:
22
23 City Clerk
24 Approved as to form and legality:
25 J)
aiit"_ Z&@
26 Assistant City Attorney
res9651.doc-CFC/1ad
LEG 004 (11/89)
CITY CLERK USE
a
REQUEST FOR O"INANCE Request #: 11 0 I
OR RESOLUTION Ordinance
bcoma Resolution
@E
1. DATE: July 21, 2003
2. REQUESTING DEPARTMENT/DIVISION/PROGRAM 3. CONTACT PERSON (for questions): PHONE/EXTENSION
Retirement Patricia Pabst 591-2035
4. PREPARATION OF A RESOLUTION IS REQUESTED FOR THE CITY COUNCIL MEETING OF TUESDAY, AUGUST 19, 2003.
5. SUMMARY TITLE/RECOMMENDATION: (A concise sentence, as it will appear on the Council Agenda)
Authorize the Board of Administration of the Tacoma Employes' Retirement System to renew an agreement with
Wilshire Associates, Inc., to provide pension consulting services for the period October 1, 2003, through September
30, 2004, for an estimated amount of $140,000.
6. BACKGROUND INFORMATION/GENERAL DISCUSSION: (Why is this request necessary? Are there legal requirements?
What are the viable alternatives? Who has been involved in the process?)
At the regular meeting held on July 10, 2003, the Board of Administration of the Tacoma Employes' Retirement
System approved the renewal of the agreement with Wilshire Associates, Inc., to provide pension consulting
services for the period of October 1, 2003, through September 30, 2004.
Wilshire Associates was initially hired for performance measurement on September 1, 1984. Then on October 1,
1986, Wilshire was hired to perform full consulting services. Wilshire will be responsible for the completion and
implementation of the asset allocation plan and investment manager searches, as well as investment performance
analysis. Wilshire will also provide miscellaneous research and white papers.
This resolution is requesting the renewal of their contract for a one-year period from October 1, 2003, through
September 30, 2004, for an estimated amount of $140,000.
7. FINANCIAL IMPACT: (Future impact on the budget.)
This amount is budgeted.
8. LIST ALL MATERIAL AVAILABLE AS BACKUP INFORMATION FOR THE REQUEST AND INDICATE WHERE FILED:
Source Documents/Backup Material Location of Document
July 10, 2003, Retirement Board Minutes Retirement Office/City Clerk
Agreement Retirement Office/City Clerk
Request for Proposal Policy Retirement Office/City Clerk
9. FUNDING SOURCE: (Enter amount of funding from each source)
Fund Number & Name: State $ City $ Other $140,000 Total Amount $140,000
61 00 Retirement
If an expenditure, is it budgeted? Yes No Where? Org# 8500 -Acct 53120
10. ATTORNEY CONTACT: (Enter Name of Attorney that you've been working with)
Cheryl Carlson
11. Departftt Director as to Aygilability of Funds ity Manager/Dir-eetoF Utilitp.
AppFoval / A
Q pproal
GALEG\C0NTAGMT\Req4ord
Resolution No. 35931
Adopted: AUG 1 S 20,03
Maker of Motion:
Seconded:
Roll Call Vote:
MEMBERS AYES NAYS ABSTAIN ABSENT
Mr.Evans
Ms. Ladenburg
Mr. Lonergan
Dr. McGavick
Mr. Miller
Ms. Moss
Mr. Phelps
Mr. Talbert L@@
Mayor Baarsma
MEMBERS AYES NAYS ABSTAIN ABSENT
Mr.Evans
Ms. Ladenburg
Mr. Lonergan
Dr. McGavick
Mr. Miller
Ms. Moss
Mr. Phelps
Mr. Talbert
Mayor Baarsma
g:@cityclkVorms@resol. doc