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Sheriff merit board recommends switching pension custody to Baird Trust amid Comerica sale
Summary
The sheriff merit board recommended moving pension custody from Comerica (being sold to Fifth Third Bank) to Baird Trust; Ron Dickey said the fund balance is about $9.77 million and the board approved starting paperwork for the switch.
Ron Dickey, speaking for the sheriff's merit board, recommended the board begin paperwork to move pension custody from Comerica to Baird Trust after learning Comerica would be sold to Fifth Third Bank on Jan. 1. Dickey said the merit board has monitored Comerica and the bill-paying arm (CoAmerica) and raised concerns about overpayments in other counties; he asked the council to authorize starting the paperwork to effect a change in trust custody.
Dickey summarized current plan costs and payables and said the merit board had asked Baird for a quote to assume trust services; he said Baird Trust proposed a flat fee structure (0.114% quoted in transcript with no per-check charges) that he expects could reduce check charges paid today. He also provided an overview of the pension fund’s funding level — stating an approximate balance of $9,774,000 and a funding level of roughly 78.4% — and said the board wants to be proactive given the impending sale of Comerica.
Council voted to authorize Ron and the merit board to begin the process of switching to Baird Trust and directed staff to obtain counsel approval for the change of custodian and related paperwork.
