Investment Consulting Services for OPEB Trust Fund

Description

The City of Sarasota (referred to as the “City”) seeks investment management services (See section V. for services requested) related to its employee benefits trust which provides funding for health, prescription, dental, and life insurance benefits for retired employees of the City and their eligible dependents.  Collectively, these benefits are commonly referred to as “other post-employment benefits” (“OPEB”).  On 10/01/06, the City established an OPEB Trust Fund to begin advance funding the City’s liability for post-retirement benefits cost.  The current balance of the custody account is approximately $60 million, with anticipated annual outflows of approximately $1,000,000, subject to periodic assessment.  The City’s goal is to maximize returns within the City’s risk parameters.  Investment, performance and risk guidelines associated with this mandate are included in the Investment Policy attached and made a part of hereto as Exhibit A .