Meeting Date:           July 26, 2010


From:                          Jay M. Evans, City Manager               


Subject:                      Ordinance amending the City of Leesburg Retirement Plan for General Employees



Staff Recommendation:

Staff recommends adoption of the proposed ordinance amending the City of Leesburg Retirement Plan for General Employees.



The Board of Trustees for the Retirement Plan for General Employees have recommended the attached ordinance be adopted amending Section 4, Finances and Management, subsection 6.C., to eliminate the word “independent” in reference to the consultant that is hired to review the performance of the plan’s investment managers.  The Board recognizes that there are situations where a consultant could be precluded from assisting the Board in investment manager evaluation due to a de minimis and ancillary relationship with one of the managers.  The Board believes that some situations may represent a very remote potential for conflict of interest, and that a greater benefit is derived from engaging these consultants.


The proposed language would eliminate the word “independent”, and would add a requirement that “The Board and the consultant shall make reasonable efforts to eliminate or minimize any potential or actual conflicts of interest that any such consultant retained by this Board may have”.


The ordinance was drafted and is approved by the Plan Attorney.



1.  Approve the Ordinance amending the Retirement Plan for General Employees; or

2.  Such alternative action as the Commission may deem appropriate



Fiscal Impact

The plan’s actuarial firm, Foster and Foster, has reviewed the proposed change and indicate there is no financial impact to the plan.



Submission Date and Time:    8/5/2010 4:35 PM____


Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____



Revised 6/10/04


Reviewed by: Dept. Head ________


Finance  Dept. __________________                                     


Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________


Account No. _________________


Project No. ___________________


WF No. ______________________


Budget  ______________________


Available _____________________