Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Board narrows language on delegation, agrees staff can use investment legal budget and directs tax and actuarial hires
Summary
Trustees directed staff to clarify delegation language so routine administration is expressly delegated to the executive director, signaled consent to treat one‑time investment legal counsel fees as investment expense under delegated authority, and authorized negotiation with Ice Miller for tax counsel and transition to Khiron as consulting actuary.
Trustees discussed whether one‑time investment legal expenses for reviewing side letters and contracts should be brought to the board as formal budget amendments or handled under existing delegated budget authority. Staff explained that earlier board direction had delegated routine investment manager fee authority to staff and that the new legal work—two discrete outside counsel reviews—had produced charges of about $10,000 and an expected additional $20,000.
Executive Director Doris Rentschler explained there is existing…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
