Pension board to seek consultant presentations

Sept. 29--Board members of the Joplin Police and Firemen's Pension Fund will offer to interview representatives of three firms that submitted proposals to provide investment consulting for the fund.

The proposals were reviewed Friday at a special meeting of the board.

Proposals for the service were submitted by the board's current consultant, AndCo Consulting of Tulsa, Oklahoma, for $45,000.

Segal Marco Advisors of Atlanta, Georgia, submitted a proposal to provide the services for $58,000 the first year, with a 2.5 percent increase for each successive year.

A third firm, CB12 Retirement Plan Services of Overland Park, Kansas, proposed a fee of $70,000 for the services.

The offers were sought by the pension board because the current five-year contract with AndCo will expire soon.

After looking at the bids, board member Larry Swinehart asked if the board members wanted to do reference checks on the companies or ask them to come and make presentations on why they should be selected and answer questions.

Members discussed differences in the proposals on the types of fees charged on mutual funds and the number of visits representatives of the firms would make to Joplin.

Board member John Alford asked if Segal Marco is the same firm that provides insurance consulting to the city of Joplin.

Leslie Haase, the finance director, said that the company is related to the Segal firm that does the insurance consulting, but that they are located in separate offices.

She suggested that one way board members might want to evaluate the different companies is by how they select their fund managers and how they benchmark their investments performance.

Board member Marshall Hogue, a financial adviser, said company representatives could explain their investment policies better in a presentation than by the written information that was submitted.

Board members agreed to ask the bidding firms to make presentations at a board meeting Oct. 17.

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