St Louis County Retirement Plan

Date:

St Louis County Retirement Terminates Emerging Markets Manager

St. Louis County Police Chief Jon Belmar announces retirement

St. Louis County Retirement Plan, Clayton, Mo., terminated LSV Asset Management from a $28 million active emerging markets equity portfolio.

The $870 million pension fund’s board approved the termination at its March 25 meeting, said Susan Daniels, retirement plan administrator, in an email.

Assets were relocated to the pension fund’s other active emerging markets equity, Acadian Asset Management, giving the manager a total of $70 million in assets in the pension fund.

Investment consultant Asset Consulting Group recommended the termination because LSV’s strategy had a value tilt and ACG “prefers a style neutral implementation across asset classes,” according to the minutes. The minutes noted Acadian’s portfolio is style neutral.

ACG also said at an overall target allocation of 6.75% to emerging markets equity, implementing emerging markets equity through one manager “can be prudent.”

Asset Consulting Group assisted.

People Are Also Reading

The ordinances clearly require continued payment of his Police Pension benefits, and federal and state constitutional jurisprudence will not permit the grossly unequal treatment of Chief Fitch for which there is no rational basis, Mathis wrote.

Fitch on Thursday declined to comment and referred questions to Mathis.

In an email to the Post-Dispatch, Mathis said the county counselors office informed me that at this time, the County does not intend to pay him the police pension that has been withheld, and the County Counselor plans to hire an outside law firm to defend the lawsuit.

Mathis said, We will be filing suit on Chief Fitchs behalf to require the Retirement Board to pay him the pension benefits he is owed.

County Counselor Beth Orwick declined to comment.

Fitch retired from the police force in 2014 after 31 years of service, the last six of which he was chief. He was elected in 2018 to succeed Colleen Wasinger, who did not seek another term. Both Fitch and Wasinger are Republicans.

Shortly after he was elected, Fitch sought support for legislation that would revise county ordinances to allow retirees to come back as elected officials and keep their pensions.

Fitch couldnt introduce the bill himself because it would be a conflict of interest, he told the Post-Dispatch in 2019. But other council members, including then-chairman Sam Page, Ernie Trakas and Hazel Erby, were reluctant.

Page, a Democrat, succeeded Stenger as county executive in early 2019.

Voya Financial Selected As Single Service Provider For St Louis County Missouri Deferred Compensation Plan

WINDSOR, Conn.—-Voya Financial, Inc. , announced today that its Retirement business has been selected to provide 457 recordkeeping and administrative services for the St. Louis County, Missouri, Deferred Compensation Plan.

The St. Louis County Department of Administration provides benefits to its full-time employees, who include law enforcement personnel, firefighters and first responders. The county recently decided to consolidate its 457 supplemental retirement program to a single service provider and selected Voya after a competitive bid and evaluation process. The St. Louis County Deferred Compensation plan, which transitioned to Voya in the spring, serves more than 2,400 participants and represents approximately $153 million in assets, as of Sept. 30, 2020. This plan is a voluntary benefit for eligible employees and is intended to supplement the St. Louis Defined Benefit Pension Plan.

As part of its commitment to advancing the retirement readiness of all Americans, Voya will provide plan members with localized support and access to industry-leading educational tools and resources. These include Voyas myOrangeMoney® interactive and educational participant website experience, as well as communication and education programs designed to engage and motivate employees to save and achieve their financial wellness goals.

About Voya Financial®

VOYA-IR VOYA-RET

Don’t Miss: American Retirement Homes Warsaw Va

Share post:

Popular

More like this
Related

Sign Up For Ssi Retirement

Do Social...

Empower Retirement 401k Loan Repayment

Fidelity Vs...

How Much Money To Retire At 50

How Much...

How To Make Retirement Money Last

How Long...