HomeMy WebLinkAboutResolution 02-08 02/04/2002
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RESOLUTION
NO. 02-8_
A RESOLUTION of the City of Springfield Amending the City of Springfield, Oregon Money
Purchase Pension Plan Trust, by removal of an Investment Manager under such trust, and directing
investment under such trust to assist with the Integration of the same to the Oregon Public
Employees Retirement System (PERS) in 2002.
WHEREAS, May 15, 1995 the Common Council of the City of Springfield by Resolution 95-42
aqopted the City of Springfield, Oregon Money Purchase Pension Plan Trust (the 'Trust'); and
WHEREAS, September 3, 1996 the Common Council of the City of Springfield by Resolution 96-
35 appointed Wells Fargo Bank, N.A. as an additionalInvestment Manager; and
WHEREAS, Section 4.4 of the Trust authorizes the Common Council of the City of Springfield to
appoint one or more Investment Managers to manage and direct the investment of all or any
specified portion of the Trust Fund;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Springfield as
follows:
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Section 1. Pursuant to Sections 4.1 and 4.4 ofthe Trust, Wells Fargo Bank, N.A. is removed as
Investment Manager of the Trust Fund. Wells Fargo Bank, N.A. specifically managed the
Lifestyle Fund for City Directed Investments. Portions of the Trust Fund will remain invested at
the direction of the Participants pursuant to Section 4.1 of the Trust.
Section 2. The Lifestyle Fund for City Directed Investments is now directed into Wells Fargo
Mutual Funds as selected by the Retirement Pension Committee pursuant to Section 4.1 of the
Trust to accommodate the pending Integration into PERS.
Section 3. The City Manager is directed to execute the 'ERISA Direction and Approval of Fee
Arrangements for Proprietary Funds (Directed)' for the investment of the Lifestyle Fund into the
Wells Fargo Mutual Fund(s) selected by the Retirement Pension Committee, and any other
required agreements to implement this change to directed investments.
ADOPTED by the Common Council by a vote of 6
4th day OHtlflt:tary,2002.
February
APPROVED by the Mayor of Springfield this 4th
for and
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against this
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ATTEST:
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;:;C:VIEWED & APPROVED
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OFFICE OF CITY ATTORNEY