City of Philadelphia - File #: 100497

• File #: 100497
• Version: 0
• Type: Bill
• Status: LAPSED
• File created: 6/17/2010
• In control: Committee on Commerce & Economic Development
• Title: Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by adding provisions under which local firms will be given a preference to manage the investment of Retirement System assets and to execute trades, all under certain terms and conditions.
• Sponsors: Councilmember Green, Councilmember Jones, Councilmember Tasco, Councilmember Goode, Councilmember DiCicco, Councilmember Sanchez, Councilmember Greenlee, Councilmember Reynolds Brown, Councilmember Kelly, Councilmember Krajewski, Council President Verna, Councilmember O'Neill, Councilmember Miller, Councilmember Blackwell, Councilmember Clarke
• Indexes: RETIREMENT CODE
• Code sections: 22-1000 - INVESTMENTS; ASSUMPTIONS; AND GUARANTEE, Title 22 - PUBLIC EMPLOYEES RETIREMENT CODE

Date	Ver.	Action By	Action	Result	Tally
6/17/2010	0	CITY COUNCIL	Referred
6/17/2010	0	CITY COUNCIL	Introduced	Pass

Title
Amending Title 22 of The Philadelphia Code, entitled "Public Employees Retirement Code," by adding provisions under which local firms will be given a preference to manage the investment of Retirement System assets and to execute trades, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Title 22 of The Philadelphia Code is hereby amended to read as follows:
TITLE 22. PUBLIC EMPLOYEES RETIREMENT CODE.
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CHAPTER 22-1000. INVESTMENTS; ASSUMPTIONS; AND GUARANTEE.

§ 22-1001. Investments.
(1) In general. All monies and funds held under all and any provisions of the Retirement System shall be invested in accordance with the regulations for the investment of similar State funds as set forth in the Act of March 1, 1974, (P.L. 125, No. 31), as amended (71 Pa. C.S. Section 5931), and as the same may be amended from time to time, and in accordance with the provisions of this Chapter. The members of the Board shall be the trustees of the fund and shall have exclusive control and management of the fund and full power to invest and preserve the same, subject, however, to the exercise of that degree of judgment, skill and care under the circumstances then prevailing which persons of prudence, discretion and intelligence, who are familiar with such matters, would use in the conduct of an enterprise of a like character and with like aims. Subject to like terms, conditions, limitations and restrictions, said trustees shall have the power to hold, purchase, sell, lend, assign, pledge, transfer or dispose of any of the securities and investments in which any of the moneys of the fund shall have been invested as well as the proceeds of said investments and of any moneys belonging to said fund.
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§22-1005. Local Preference for Money Managers and Brokerages.
(1) The members of the Board shall exercise their discretion to invest the monies and funds held under all and any provisions of the Re...