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El Paso pension trustees approve $12 million rebalance, authorize RFP and form executive-selection committee
Summary
The board voted to sell $12,000,000 from a Mellon Acquiax U.S. index to increase fixed-income holdings, authorized an RFP to review investment policy, approved a temporary leadership resolution, and authorized a selection committee to assist in hiring the next executive director.
The El Paso City Pension Trust board approved a package of administrative and investment actions after consultant briefings.
Rebalancing plan (Item 8): The board approved a rebalancing plan to restore compliance with the investment policy statement by raising $12,000,000 from the Mellon Acquiax U.S. index to redeploy into fixed income. The motion to "approve the asset rebalancing plan as prepared by Cowen and recommended by the investment committee" was introduced by a trustee (motion maker recorded in the transcript as Mister Remkus) and seconded by Mister Pena. During roll call, trustees recorded the following votes: Mister Kerr — Aye; Miss Hammond — Aye; Mister Remkus — Aye; Mister Pena — Aye; Representative Cornelis — Aye. The chair declared the motion carried.
RFP for investment policy review (Item 9): The board authorized issuance of an RFP to review investment policy and practices as required under Texas reporting expectations. The motion to issue the RFP was moved by Caro and seconded by Miss Hamlin; the board voted in favor. The RFP evaluation criteria will be 50% price and 50% qualifications/experience as stated in the presentation.
Board leadership resolution (Item 10): Trustees approved a resolution establishing an order of succession for who will chair board meetings in the temporary absence of board leadership (vice chair, then investment-committee chair, then administrative-services-committee chair). The resolution was presented by the executive director (transcribed as Robert Ash and elsewhere as Robert Asch) and was approved by voice vote.
Selection committee (executive session outcome): After a closed executive session on the executive-director position, the board returned and authorized formation of a selection committee to assist in hiring the next executive director. The motion (recorded as made by "mister Rimpus" and seconded by Miss Hamlin) passed on roll call with recorded "Aye" votes from the trustees recorded in the transcript.
The motions carried by recorded or unanimous voice vote as transcribed; the board adjourned at 09:55 a.m.
