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Boards authorize legal review of Investment Policy Statement with Mariner
Summary
The boards authorized David, the plan's legal counsel, to work with Mariner to review the Investment Policy Statement and address checklist/compliance items; members estimated 3–4 hours of consultant/attorney time and set the item for next meeting follow-up.
The Cocoa Beach pension boards authorized legal counsel to review the boards' Investment Policy Statement (IPS) and to work with Mariner to address checklist and compliance items.
Board members agreed a review of the IPS and related checklist was appropriate; David, the board's legal counsel, said the review could take roughly three to four hours. A motion to authorize David to work with Mariner on the IPS review was made, seconded and approved by voice vote on both police and fire sides. The boards asked for a proposed update to be presented at the next meeting.
Members discussed potential costs and confirmed Mariner remains under contract; the board noted any attorney or consultant costs would be budgeted to the board's administrative expenses. The authorization is intended to ensure alignment between the IPS, the compliance checklist and currently applicable statutory considerations.
