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JEFFREY R. SMITH ' <br /> s s <br /> .. Clerk of Circuit Court and Comptroller <br /> 1801 27th Street, Building A <br /> Vero Beach, Florida 32960 Telephone (772) 226- 1205 <br /> TO: Board of County Commissioners <br /> DATE: October 29, 2013 <br /> SUBJECT: Updated Investment Policy for Other Post Employment Benefits Trust <br /> (OPEB)—two minor changes <br /> FROM: Jeffrey R. Smith, Clerk of the Circuit Court and Comptrollef7. <br /> And <br /> Diane L. Bernardo, Finance DirectorA/1 <br /> BACKGROUND <br /> The Investment Advisory Committee met on October 17,2013,to review the Investment Policy for Other <br /> Post Employment Benefits Trust(OPEB). Two changes were recommended by the Clerk's staff and the <br /> investment committee. <br /> We are requesting two modifications to our investment policy; <br /> 1. Page 3, VII, Performance Measures <br /> The expected annual rate of return for the long-term portfolio is 6%. <br /> The previous policy reflected an expected annual rate of return of 7% <br /> 2. Page 4, VII, Performances Measures Continued <br /> The benchmark for investment of these OPEB funds will be based upon a blended,pro-rata <br /> portion of the appropriate indices of these funds. <br /> The previous policy mentioned specific benchmarks such as S&P 500 Index, Spliced Mid Cap <br /> Index, Spliced Small Cap Index,90 Day T-Bill, etc. The Investment Advisory Committee will <br /> select appropriate benchmarks for each asset class within the portfolio. <br /> RECOMMENDATION <br /> Staff recommends that the Board of County of Commissioners accept the Investment Policy changes. <br /> Attached is a complete investment policy for reference. <br /> Indian River County Approved Date <br /> Administrator Q, <br /> County Attorney <br /> Budget <br /> Department <br /> Risk Management <br /> 12 <br />