It is necessary for the Trustees to engage certain professional skills in order to efficiently manage the Trust. The Board of Trustees determines what professional skills are needed, who is to be retained and on what basis. The professionals currently retained by the Trust are as follows:
Actuary: Cheiron, Inc.
The Actuary determines present and future obligations of the Trust to the covered employees and for expenses and whether the projected income of the Trust will be sufficient to cover these obligations. By law, this determination must be made annually and is called the "Actuarial Valuation." In making these projections, the Actuary has the authority to make certain assumptions, such as what the earnings on Trust assets will be in the future, when covered employees will retire, how long employees will live, etc. The Actuary also advises the Chairman and his staff on a day to day basis concerning such matters as maintenance of employee records and the cost to the Trust of bringing in groups seeking participation.
Auditor: Kreischer Miller
The Auditor, at least annually, examines the books and records of the Trust and issues a financial statement which a certified public accountant associated with the Auditor certifies as accurately portraying the financial condition of the Trust as of the date of the report in accordance with the law and acceptable accounting standards.
Custodian: The Northern Trust Company
The Custodian has physical possession of the Trust assets and accounts for same as a common law fiduciary. The Custodian makes no investment decisions but buys and sells securities at the direction of the Money Managers.
Investment Consultant: Consulting Group Institutional Services
The Investment Consultant advises the Trustees about the quality of performance of each Money Manager and recommends which Money Manager should be retained and which should be terminated.
Money Managers: The Money Managers have the discretionary authority to invest the Trust assets.
The Trustees retain the Money Managers and lay down broad investment policies to guide the Managers. At present there are twenty-three (23) Money Managers, seven (7) of whom invest only in Equities, two (2) who invest only in debt securities, three (3) who invest only in Real Estate, three (3) Hedge Funds, three (3) International investors, three (3) private equity managers, one (1) Opportunistic Fixed Income and one (1) distressed debt management investor. The current Money Managers are as follows:
- Columbia Partners, L.L.C., Investment Mgt.
- Columbus Circle Investors
- Epoch Investment Partners, Inc.
- Frontier Capital Management Co., LLC
- Wedge Capital Management, L.L.P.
- Penn Capital Management
- Peregrine Capital Management
- Loomis, Sayles & Company, L.P. (Bonds)
- Sierra Investment Partners, Inc. (Bonds)
- ASB Capital Management
- J.P. Morgan Asset Management
- Angelo Gordon & Co.
- Columbia Partners Hedge Equity
- Grosvenor Institutional Partners, L.P.
- Mesirow Financial
- GlobeFlex Capital, L.P.
- LSV Asset Management
- MFS Investment Management
- Hamilton Lane Advisors, L.L.C.
- Landmark Partners
- Heartland Industrial Partners
OPPORTUNISTIC FIXED INCOME:
- MetWest (Metropolitan West)
DISTRESSED DEBT MANAGER:
- Oaktree Capital Management