Common use of FINANCIAL AND INVESTMENT ADVISORY COMMITTEE Clause in Contracts

FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee (the “Financial Advisory and Investment Committee”) of five (5) persons who will be charged with advisory oversight to the JPFPF on financial matters, actuarial practices and assumptions, investment strategy and policy, and the selection of outside financial services providers, including investment managers and advisors. Financial Advisory and Investment Committee members will serve in a volunteer capacity and be financially sophisticated professionals who bring expertise to the JPFPF’s actuarial needs, fiscal operations and investment practices. Criteria for service will include knowledge of and experience and familiarity with portfolio and/or pension fund management, institutional investment and fiduciary responsibilities. Members of the Financial Advisory and Investment Committee must be residents of Xxxxx, Nassau, St. Xxxxx, Xxxxx or Clay County, Florida. Financial Advisory and Investment Committee members will be nominated for service by the JPFPF and confirmed by majority vote of the Jacksonville City Council. The term of office will be three years, with the possibility of two additional consecutive three-year terms. The initial terms will be staggered, with two persons to serve initial terms of two years and three persons to serve initial terms of three years. The Financial Advisory and Investment Committee shall annually elect a chair and secretary from its members. The JPFPF shall provide administrative support to the Financial Advisory and Investment Committee. Financial Advisory and Investment Committee members shall be deemed to be fiduciaries of the JPFPF and will be required to undergo periodic fiduciary training as required by the JPFPF and, together with members of the JPFPF, shall submit to the proper authority the “Form 1” annual public conflict disclosure statements as do members of other public agencies and boards. Any business organization or affiliate thereof that is owned by or employs a member or a spouse, child or sibling of a member of the Financial Advisory and Investment Committee shall not directly or indirectly contract with or provide services for the investment of JPFPF’s assets during the time of such member’s service on the Financial Advisory and Investment Committee or for two (2) years thereafter (unless such potential conflict is fully disclosed to all Trustees of the Board of Trustees as well as to all existing members of the Financial Advisory Investment Committee and all such Trustees and committee members who have no apparent conflict in the matter unanimously approve and agree that the JPFPF will not be adversely impacted by such contract or services and that the allowance of such contract or services together with service by the Committee member or potential Committee member are in the best interest of the JPFPF). For general strategy matters (e.g., actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptions, etc.) the Financial Advisory and Investment Committee will provide advice and recommendations to the JPFPF, which shall receive and act upon such advice and recommendations as the JPFPF, in its fiduciary capacity, shall determine. For the selection of individual investment managers, the Financial Advisory and Investment Committee will work with the JPFPF’s professional staff to rank all potential asset/investment managers and recommend particular selection(s). Following its review the Financial Advisory and Investment Committee shall make its recommendations to the JPFPF. The JPFPF will then make its decision(s) taking into account such recommendations and other information which is available to the JPFPF. For the selection of other financial professionals, including actuaries, the Financial Advisory and Investment Committee will furnish advice to the JPFPF following such processes as may be determined with respect to the particular selection. The Financial Advisory and Investment Committee’s work will be subject to Sunshine and Public Records Laws.

FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee (the “Financial Advisory and Investment Committee”) of five (5) persons who will be charged with advisory oversight responsibilities to the JPFPF on financial matters, actuarial practices and assumptions, investment strategy and policy, and the selection of outside financial services providers, including investment managers and advisors. Financial Advisory and Investment Committee members will serve in a volunteer capacity and be financially sophisticated professionals who bring expertise to the JPFPF’s actuarial needs, fiscal operations and investment practices. Criteria for service will include knowledge of and experience and familiarity with portfolio and/or pension fund management, institutional investment and fiduciary responsibilities. Members of the Financial Advisory and Investment Committee must be residents of Xxxxx, Nassau, St. Xxxxx, Xxxxx or Clay County, Florida. Financial Advisory and Investment Committee members will be nominated for service by the JPFPF and confirmed by majority vote of the Jacksonville City Council. The term of office will be three years, with the possibility of two additional consecutive three-year terms. The initial terms will be staggered, with two persons to serve initial terms of two years and three persons to serve initial terms of three years. The Financial Advisory and Investment Committee shall annually elect a chair and secretary from its members. The JPFPF shall provide administrative support to the Financial Advisory and Investment Committee. Financial Advisory and Investment Committee members shall be deemed to be fiduciaries of the JPFPF and will be required to undergo periodic fiduciary training as required by the JPFPF and, together with members of the JPFPF, shall submit to the proper authority the “Form 1” annual public conflict disclosure statements as do members of other public agencies and boards. Any business organization or affiliate thereof that is owned by or employs a member or a spouse, child or sibling of a member of the Financial Advisory and Investment Committee shall not directly or indirectly contract with or provide services for the investment of JPFPF’s assets during the time of such member’s service on the Financial Advisory and Investment Committee or for two (2) years thereafter thereafter. (unless such potential conflict is fully disclosed to all Trustees of the Board of Trustees as well as to all existing members of the Financial Advisory Investment Committee and all such Trustees and committee members who have no apparent conflict in the matter unanimously approve and agree that the JPFPF will not be adversely impacted by such contract or services and that the allowance of such contract or services together with service by the Committee member or potential Committee member are in the best interest of the JPFPF). For general strategy matters (e.g., actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptionsassumptions not otherwise set forth in this Agreement, etc.) the Financial Advisory and Investment Committee will provide advice and recommendations to the JPFPF, which shall receive and act upon such advice and recommendations as the JPFPF, in its fiduciary capacity, shall determine. For the selection of individual investment managers, the Financial Advisory and Investment Committee will work with the JPFPF’s professional staff to rank all potential asset/investment managers and recommend particular selection(s). Following its review the Financial Advisory and Investment Committee shall make its recommendations to the JPFPF. The JPFPF will then make its decision(s) taking into account such recommendations and other information which is available to the JPFPF. For the selection of other financial professionals, including actuaries, the Financial Advisory and Investment Committee will furnish advice to the JPFPF following such processes as may be determined with respect to the particular selection. The Financial Advisory and Investment Committee’s work will be subject to Sunshine and Public Records Laws.

FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee (the “Financial Advisory and Investment Committee”) of five (5) persons who will be charged with advisory oversight to the JPFPF JPFF Board on financial matters, actuarial practices and assumptions, investment strategy and policy, and the selection of outside financial services providers, including investment managers and advisors. Financial Advisory and Investment Committee members will serve in a volunteer capacity and be financially sophisticated professionals who bring expertise to the JPFPFFund’s actuarial needs, fiscal operations and investment practices. Criteria for service will include knowledge of and experience and familiarity with portfolio and/or pension fund management, institutional investment and fiduciary responsibilities. Members of the Financial Advisory and Investment Committee must be residents of Xxxxx, Nassau, St. Xxxxx, Xxxxx or Clay County, Florida. Financial Advisory and Investment Committee members will be nominated for service by the JPFPF Board and confirmed by majority vote of the Jacksonville City Council. The term of office will be three years, with the possibility of two additional consecutive three-year terms. The initial terms will be staggered, with two persons to serve initial terms of two years and three persons to serve initial terms of three years. The Financial Advisory and Investment Committee shall annually elect a chair and secretary from its members. The JPFPF Board shall provide administrative support to the Financial Advisory and Investment Committee. Financial Advisory and Investment Committee members shall be deemed to be fiduciaries of the JPFPF and will be required to undergo periodic fiduciary training as required by the JPFPF Board and, together with members of the JPFPFBoard, shall submit to the proper authority the “Form 1” annual public conflict disclosure statements as do members of other public agencies and boards. Any business organization or affiliate thereof that is owned by or employs a member or a spouse, child or sibling of a member of the Financial Advisory and Investment Committee shall not directly or indirectly contract with or provide services for the investment of JPFPF’s JJPFPF assets during the time of such member’s service on the Financial Advisory and Investment Committee or for two (2) years thereafter (unless such potential conflict is fully disclosed to all Trustees of the Board of Trustees JPFPF as well as to all existing members of the Financial Advisory Investment Committee and all such Trustees and committee members who have no apparent conflict in the matter unanimously approve and agree that the JPFPF will not be adversely impacted by such contract or services and that the allowance of such contract or services together with service by the Committee member or potential Committee member are in the best interest of the JPFPF). For general strategy matters (e.g., actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptions, etc.) the Financial Advisory and Investment Committee will provide advice and recommendations to the JPFPFBoard, which shall receive and act upon such advice and recommendations as the JPFPFBoard, in its fiduciary capacity, shall determine. For the selection of individual investment managers, the Financial Advisory and Investment Committee will work with the JPFPF’s professional staff to rank all potential asset/investment managers and recommend particular selection(s). Following its review the Financial Advisory and Investment Committee shall make its recommendations to the JPFPFBoard. The JPFPF Board will then make its decision(s) taking into account such recommendations and other information which is available to the JPFPFBoard. For the selection of other financial professionals, including actuaries, the Financial Advisory and Investment Committee will furnish advice to the JPFPF Board following such processes as may be determined with respect to the particular selection. The Financial Advisory and Investment Committee’s work will be subject to Sunshine and Public Records Laws.

FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee (the “Financial Advisory and Investment Committee”) of five (5) persons who will be charged with advisory oversight providing advice to the JPFPF on financial matters, actuarial practices and assumptions, investment strategy and policy, and the selection of outside financial services providers, including investment managers and advisors. Financial Advisory and Investment Committee members will serve in a volunteer capacity and be financially sophisticated professionals who bring expertise to the JPFPF’s actuarial needs, fiscal operations and investment practices. Criteria for service will include knowledge of and experience and familiarity with portfolio and/or pension fund management, institutional investment and fiduciary responsibilities. Members of the Financial Advisory and Investment Committee must be residents of Xxxxx, Nassau, St. Xxxxx, Xxxxx or Clay County, Florida. Financial Advisory and Investment Committee members will be nominated for service by the JPFPF and confirmed by majority vote Revised Exhibit 1 22 Rev Agmt June 9, 2015 - Floor of the Jacksonville City Council. The term of office will be three years, with the possibility of two additional consecutive three-year terms. The initial terms will be staggered, with two persons to serve initial terms of two years and three persons to serve initial terms of three years. The Financial Advisory and Investment Committee shall annually elect a chair and secretary from its members. The JPFPF shall provide administrative support to the Financial Advisory and Investment Committee. Financial Advisory and Investment Committee members shall be deemed to be fiduciaries of the JPFPF and will be required to undergo periodic fiduciary training as required by the JPFPF and, together with members of the JPFPF, shall submit to the proper authority the “Form 1” annual public conflict disclosure statements as do members of other public agencies and boards. Any business organization or affiliate thereof that is owned by or employs a member or a spouse, child or sibling of a member of the Financial Advisory and Investment Committee shall not directly or indirectly contract with or provide services for the investment of JPFPF’s assets during the time of such member’s service on the Financial Advisory and Investment Committee or for two (2) years thereafter (unless such potential conflict is fully disclosed to all Trustees of the Board of Trustees as well as to all existing members of the Financial Advisory Investment Committee and all such Trustees and committee members who have no apparent conflict in the matter unanimously approve and agree that the JPFPF will not be adversely impacted by such contract or services and that the allowance of such contract or services together with service by the Committee member or potential Committee member are in the best interest of the JPFPF)thereafter. For general strategy matters (e.g., actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptions, etc.) the Financial Advisory and Investment Committee will provide advice and recommendations to the JPFPF, which shall receive and act upon such advice and recommendations as the JPFPF, in its fiduciary capacity, shall determine. For the selection of individual investment managers, the Financial Advisory and Investment Committee will work with the JPFPF’s professional staff to rank all potential asset/investment managers and recommend particular selection(s). Following its review the Financial Advisory and Investment Committee shall make its recommendations to the JPFPF. The JPFPF will then make its decision(s) taking into account such recommendations and other information which is available to the JPFPF. For the selection of other financial professionals, including actuaries, the Financial Advisory and Investment Committee will furnish advice to the JPFPF following such processes as may be determined with respect to the particular selection. The Financial Advisory and Investment Committee’s work will be subject to Sunshine and Public Records Laws.

FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee (the “Financial Advisory and Investment Committee”) of five (5) persons who will be charged with advisory oversight providing advice to the JPFPF on financial matters, actuarial practices and assumptions, investment strategy and policy, and the selection of outside financial services providers, including investment managers and advisors. Financial Advisory and Investment Committee members will serve in a volunteer capacity and be financially sophisticated professionals who bring expertise to the JPFPF’s actuarial needs, fiscal operations and investment practices. Criteria for service will include knowledge of and experience and familiarity with portfolio and/or pension fund management, institutional investment and fiduciary responsibilities. Members of the Financial Advisory and Investment Committee must be residents of Xxxxx, Nassau, St. Xxxxx, Xxxxx or Clay County, Florida. Financial Advisory and Investment Committee members will be nominated for service by the JPFPF and confirmed by majority vote of the Jacksonville City Council. The term of office will be three years, with the possibility of two additional consecutive three-year terms. The initial terms will be staggered, with two persons to serve initial terms of two years and three persons to serve initial terms of three years. The Financial Advisory and Investment Committee shall annually elect a chair and secretary from its members. The JPFPF shall provide administrative support to the Financial Advisory and Investment Committee. Financial Advisory and Investment Committee members shall be deemed to be fiduciaries of the JPFPF and will be required to undergo periodic fiduciary training as required by the JPFPF and, together with members of the JPFPF, shall submit to the proper authority the “Form 1” annual public conflict disclosure statements as do members of other public agencies and boards. Any business organization or affiliate thereof that is owned by or employs a member or a spouse, child or sibling of a member of the Financial Advisory and Investment Committee shall not directly or indirectly contract with or provide services for the investment of JPFPF’s assets during the time of such member’s service on the Financial Advisory and Investment Committee or for two (2) years thereafter (unless such potential conflict is fully disclosed to all Trustees of the Board of Trustees as well as to all existing members of the Financial Advisory Investment Committee and all such Trustees and committee members who have no apparent conflict in the matter unanimously approve and agree that the JPFPF will not be adversely impacted by such contract or services and that the allowance of such contract or services together with service by the Committee member or potential Committee member are in the best interest of the JPFPF)thereafter. For general strategy matters (e.g., actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptions, etc.) the Financial Advisory and Investment Committee will provide advice and recommendations to the JPFPF, which shall receive and act upon such advice and recommendations as the JPFPF, in its fiduciary capacity, shall determine. For the selection of individual investment managers, the Financial Advisory and Investment Committee will work with the JPFPF’s professional staff to rank all potential asset/investment managers and recommend particular selection(s). Following its review the Financial Advisory and Investment Committee shall make its recommendations to the JPFPF. The JPFPF will then make its decision(s) taking into account such recommendations and other information which is available to the JPFPF. For the selection of other financial professionals, including actuaries, the Financial Advisory and Investment Committee will furnish advice to the JPFPF following such processes as may be determined with respect to the particular selection. The Financial Advisory and Investment Committee’s work will be subject to Sunshine and Public Records Laws.

FINANCIAL AND INVESTMENT ADVISORY COMMITTEE. The City and the PFPF agree that the Jacksonville Municipal Code (the “Ordinance Code”) shall be amended to require the JPFPF to appoint a financial and investment advisory committee (the “Financial Advisory and Investment Committee”) of five (5) persons who will be charged with advisory oversight to the JPFPF on financial matters, actuarial practices and assumptions, investment strategy and policy, and the selection of outside financial services providers, including investment managers and advisors. Financial Advisory and Investment Committee members will serve in a volunteer capacity and be financially sophisticated professionals who bring expertise to the JPFPF’s actuarial needs, fiscal operations and investment practices. Criteria for service will include knowledge of and experience and familiarity with portfolio and/or pension fund management, institutional investment and fiduciary responsibilities. Members of the Financial Advisory and Investment Committee must be residents of Xxxxx, Nassau, St. Xxxxx, Xxxxx or Clay County, Florida. Financial Advisory and Investment Committee members will be nominated for service by the JPFPF and confirmed by majority vote of the Jacksonville City Council. The term of office will be three years, with the possibility of two additional consecutive three-year terms. The initial terms will be staggered, with two persons to serve initial terms of two years and three persons to serve initial terms of three years. The Financial Advisory and Investment Committee shall annually elect a chair and secretary from its members. The JPFPF shall provide administrative support to the Financial Advisory and Investment Committee. Financial Advisory and Investment Committee members shall be deemed to be fiduciaries of the JPFPF and will be required to undergo periodic fiduciary training as required by the JPFPF and, together with members of the JPFPF, shall submit to the proper authority the “Form 1” annual public conflict disclosure statements as do members of other public agencies and boards. Any business organization or affiliate thereof that is owned by or employs a member or a spouse, child or sibling of a member of the Financial Advisory and Investment Committee shall not directly or indirectly contract with or provide services for the investment of JPFPF’s assets during the time of such member’s service on the Financial Advisory and Investment Committee or for two (2) years thereafter (unless such potential conflict is fully disclosed to all Trustees of the Board of Trustees as well as to all existing members of the Financial Advisory Investment Committee and all such Trustees and committee members who have no apparent conflict in the matter unanimously approve and agree that the JPFPF will not be adversely impacted by such contract or services and that the allowance of such contract or services together with service by the Committee member or potential Committee member are in the best interest of the JPFPF)thereafter. For general strategy matters (e.g., actuarial practices and assumptions, asset allocation, accounting determinations, risk management, actuarial assumptions, etc.) the Financial Advisory and Investment Committee will provide advice and recommendations to the JPFPF, which shall receive and act upon such advice and recommendations as the JPFPF, in its fiduciary capacity, shall determine. For the selection of individual investment managers, the Financial Advisory and Investment Committee will work with the JPFPF’s professional staff to rank all potential asset/investment managers and recommend particular selection(s). Following its review the Financial Advisory and Investment Committee shall make its recommendations to the JPFPF. The JPFPF will then make its decision(s) taking into account such recommendations and other information which is available to the JPFPF. For the selection of other financial professionals, including actuaries, the Financial Advisory and Investment Committee will furnish advice to the JPFPF following such processes as may be determined with respect to the particular selection. The Financial Advisory and Investment Committee’s work will be subject to Sunshine and Public Records Laws.