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Trustee reports Employee Pension Board approved change of investment advisor; trustees were informed
Summary
Trustee Marco T. Paz reported that Employee Pension Board members voted to approve Resolution P24-01 to change investment advisor and custodian from Mitchell, Vaught & Taylor and Charles Schwab to Equitable Advisors, LLC and LPL Financial; the Village Board meeting minutes record the report but no trustee vote on the resolution.
During the Dec. 10 Village of Stone Park Board meeting, Trustee Marco T. Paz told trustees that members of the Employee Pension Board had voted to approve Resolution P24-01, authorizing a change of the pension investment advisor and custodian.
According to Trustee Paz’s report, the change replaces Mitchell, Vaught & Taylor and Charles Schwab, Inc. with Equitable Advisors, LLC and LPL Financial. The minutes record the trustee communicating the Employee Pension Board’s action to the Board of Trustees but do not show the Board of Trustees taking a formal vote on Resolution P24-01 at this meeting.
The minutes do not list vote tallies from the Employee Pension Board vote, nor do they specify whether any additional approvals by the Board of Trustees, a municipal ordinance, or statutory filings are required to complete the change of advisor or custodian. Trustee Paz presented the information as an update; the Board did not adopt a motion relating to the resolution in the Dec. 10 minutes.
The minutes identify the resolution by number (P24-01) and name the firms involved; the record does not include contract documents, effective dates, or details of any transition plan.
