Finance and Audit Committee
Substitute
February 2, 2004
IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
A RESOLUTION appointing Marshall & Ilsley Trust Co., N. A., as Trustee of the Jackson County, Missouri Employees' Pension Plan and UMB Bank as investment manager of the Plan's assets.
Intro
RESOLUTION # 14834, December 8, 2003
INTRODUCED BY Ronald E. Finley, County Legislator
Body
WHEREAS, § 1562., Jackson County Code, 1984, authorizes the Legislature to designate and appoint a banking corporation chartered by the federal or any state government and authorized to exercise corporate trust powers, to serve as Trustee of the Jackson County, Missouri Employees' Pension Plan; and,
WHEREAS, under §1563. of the Code, the Trustee has the powers to hold, invest, reinvest, control, and disburse funds, as are more fully set out in a trust agreement; and,
WHEREAS, since at least November 1977, UMB Bank has served as Trustee, having been appointed pursuant to Resolution 2792, dated November 14, 1977; and,
WHEREAS, UMB Bank has advised the County that it is leaving the employee benefits industry and has recommended that the County appoint Marshall & Ilsley Trust Co., N.A., a federally-chartered trust company, as trustee and custodian of the Plan's assets; and,
WHEREAS, at its meeting of November 21, 2003, the Pension Administration Committee recommended that Marshall & Ilsley be appointed Trustee and Custodian of the Plan's assets; and,
WHEREAS, under this arrangement, UMB Bank will retain its role as investment manager of the Plan's assets, and will direct all investments; now therefore,
BE IT RESOLVED by the County Legislature of Jackson County, Missouri, that the Legislature hereby designates Marshall & Ilsley Trust Co., N.A., as Trustee and Custodian of the Jackson County, Missouri Employees' Pension Plan; and,
BE IT FURTHER RESOLVED that the Legislature appoints and designates UMB Bank as investment ...
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