HomeMy WebLinkAbout40 Fee Disclosure_Vendor Review Policy TAB 40
FEE
DISCLOSURE/VENDOR
REVIEW POLICY
CITY OF LANSING
POLICEMEN'S AND FIREMEN'S RETIREMENT SYSTEM BOARD OF TRUSTEES
FEE DISCLOSURENENDOR REVIEW POLICY
I. Purpose.
The Lansing Policemen's and Firemen's Retirement System (the "System") Board of Trustees
(the "Board") establishes the following policy to provide a procedure for the periodic disclosure
of fees and for the review of vendor services.
For purposes of this policy, a "vendor" shall be defined to include any person, company or other
entity that provides products or services, including, consulting, investment management,
brokerage or similar services, related to the System's assets, on behalf of the System or the
Board, by contract or other arraignment for compensation or other consideration paid by, or
generated from, the System, its assets or the Board.
H. Policy.
A. On an annual basis, vendors shall provide written disclosure to the Board of all fees
including, but not limited to, commissions, 12b-1 and related fees, compensation paid or to be
paid to third parties, and any other compensation paid by the System to the vendor.
B. At least once in every 5 year period, the Board shall review all vendor services provided to
the System and the Board to ensure such services are necessary, cost effective, competent and
efficient.
C. The disclosure and review required by this policy shall not be construed by any vendor to
imply that its services are no longer"at will" or otherwise subject to termination by the Board.
Policy adopted: August 20, 2013
914113 5.1 26005/.11823 5