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Olivette City pension board agrees to recommend advisor's fee increase to city council
Summary
The board agreed to recommend that the city council consider the advisor's proposed multi‑year fee increase (from $36,000 to staged increases up to $42,000). Members debated flat versus asset‑based fees and possible counteroffers before approving a recommendation to council.
The Olivette City Pension Board voted to recommend to the city council a proposed increase to its investment advisor’s contract fee after a lengthy discussion about fee structure and potential alternatives.
The advisor asked the board to consider raising the annual flat fee from $36,000 to $38,000 next year and then progressively to $40,000 and $42,000 in subsequent years; the presenter characterized this as roughly $500 a quarter. Board members…
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