Title
A RESOLUTION TO ACCEPT THE RECOMMENDATIONS OF THE FINANCE AND ADMINISTRATION COMMITTEE OF THE CITY COUNCIL REGARDING PROVIDERS OF SERVICES FOR THE NON-UNIFORM PENSION PLAN FOR THE EMPLOYEES OF THE CITY OF JONESBORO
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WHEREAS, it is the desire of the City Council to:
(a) provide a competitive benefits package for the employees of the City of Jonesboro;
(b) ensure that employees are provided with a retirement plan that is adequate for their future needs, while being viable and sustainable for the City;
(c) fulfill the fiduciary duty of the City with regard to employee benefits, and specifically the non-uniform defined benefit pension plan; and
WHEREAS, the Finance and Administration Committee of the Council has reviewed proposals from and interviewed candidates for providers of actuarial and investment advisory services, and has determined in the process that it is in the best interest of the City to obtain proposals for investment management services;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL FOR THE CITY OF JONESBORO, ARKANSAS THAT:
Section 1: Foster & Foster is selected to provide actuarial services for the non-uniform pension plan for the employees of the City of Jonesboro; and,
Section 2: Stephens, Inc. and/or its units and subsidiaries is selected to provide investment advisory services for the non-uniform pension plan for the employees of the City of Jonesboro; and,
Section 3: The Finance Department is directed to publish a request for proposals from providers of investment management services.
PASSED AND ADOPTED this 20th day of October, 2009.