HomeMy WebLinkAboutbocc.res.274.1996 1
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RESOLUTION OF THE
BOARD OF COUN7Y COMMISSIONERS ,,
OF PITKIN COUNlY,COLORADO, 6• •
APPROVWG A CONTRACT WITH FtRS7 TRUST CORPORATION
FOR RETIREMENT PLAN CUSTODtAN AND ADMlNISTRATION SERVICES ''•
Resolution No.96-� '
RECITALS
1. Since 1994 the Bank of Cherry Creek and Berends-Moore&Company have served as
custodian and administrator,respectivety,for the Pitkin County Pubiic Employees Retirement Plan .
("PCPERP"). The firms were seiected in a competitive process pursuant to the Pitkin County
Procurement Code. The runner-up in that process, First Trust Corporation,was not selecl�ed
because its pricing was approximately one-third higher and it offered a higher level of services
" than was deemed necessary at the time{e.g.,daily instead of monthly account valuaGons and
custodian and administration services integrated in a single firm).
�
2. Since 1994 there have been several occasions in which communicatlons between Bank
� j of Cherry Creek and Berends-Moore&Company have been pro6lematic and the Bank of Cherry
Creek has failed to execute invesfinent instructions in a timely manner. Consequentty the
Retirement Board for PCPERP recommended replacement of both firms with a single firm that
could provide integrated custodian and administration services.
3. The Reprement Board reviewed proposals for such services fram First Trust Corpora6on
and two other firms and recommends the seiection oF First Trust Corpora8on,especialfy since its
pricing is now similar to what was previously being paid for inferior services.
� NOW,THEREFORE,BE!T RESOLVED by the Board of County Commissionets of Pitkin County,
Coiorado, that(1)it is in the bes[interest of the County to accept the proposal ftom First Trust
. GorporaGon for retirement plan cusrodian and administration services, and that(Z)the County
Administrafive Services Director is hereby authorized to execute a contract witfi First Trust
Corporation for such services, subject tn approvaf of the form of that contract by the County
Attorney.
APPROVED ANd ADOPTED ON THE 25TH DAY OF SEPTEMBER,1996.
, A ST: BOARD OF COUNN COMMISSIONERS
� � OF PiTKIN COUNTY,COLORADO
i�
' Sik� V ^"� By: .�G'�R"" �• v'"^"�__
Je tte Jones �James R.True,Chairman
MANAGER APPROVAL �Date: I� I-�� �
� � ��'" APPROVED AS TO FORM:
Suz nne Konch ,County Ma�ager
/�Z C7TC�iw �� }
Tom Oken,Admin.Services Director John Ely,Co orney
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