HomeMy WebLinkAboutInvestment Policy Memo 10-1-13
MEMORANDUM
TO: Members of the Florida Municipal Pension Trust Fund (FMPTF)
FROM: The Administrator, Florida League of Cities, Inc.
RE: Amendment to the FMPTF Investment Policy
DATE: October 1, 2013
The FMPTF Board of Trustees adopted an amendment to the FMPTF Investment Policy at the
September 26, 2013 meeting. These changes are effective October 1, 2013.
The Administrator has implemented new offerings through the FMPTF programs. These include an
additional DROP distribution option under the Defined Benefit Program and participant directed
investments (outside of the standard mutual fund offering) for the Defined Contribution and Deferred
Compensation Programs.
The FMPTF Defined Benefit Program has many retirement plans with a Deferred Retirement Option
Plan (DROP). Currently, DROP participants leave their balances commingled in the DB plan assets
until the DROP balance is paid to the participant. With the addition of a self-directed option to DROP,
participants may now utilize the same platform and investment options as the FMPTF Defined
Contribution and Deferred Compensation programs.
Additionally, the Administrator has added a stable value investment option (asset class) for the FMPTF
Defined Contribution and Deferred Compensation programs.
The following revisions have been made to the FMPTF Investment Policy:
Updated section XII. Defined Benefit Plan Specifications to add the Defined Benefit Deferred
Retirement Option Plan (DROP)
Updated section XIII. Defined Contribution and Deferred Compensation Plan Specifications to
add the Self Directed Investment Option and Stable Value option
Updated section XIII. Asset Classes and Performance Measurement for DC Plan options
Clarify effective date of amendments
We are developing administrative guidelines to incorporate these new services and will distribute the
information when it becomes available.
Should you have any questions about the plan documents or new offerings, please contact Jeff
Blomeley, Investment and Retirement Services Manager at 850-701-3614 or jblomeley@flcities.com.
301 S. Bronough St., P.O. Box 1757,
Tallahassee, FL 32302-1757
(850) 222-9684 – Fax (850) 222-3806