FLORIDA LEAGUE OF CITIES
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  1. #1
    Guest

    FLORIDA LEAGUE OF CITIES

    I JUST CAME BACK FROM THE PENSION CONVENTION IN ORLANDO AND SOMEONE TOLD ME THAT CLERMONT HAD THE LEAGUE OF CITIES HANDLING THEIR PENSION. I'M FROM A MID SIZE DEPARTMENT IN MIAMI AND THE POLITICIANS HAVE BEEN THROWING THE LEAGUE OF CITIES AT US. WE ARE HAPPY WITH OUR INVESTMENT FIRM AND DON'T WISH TO CHANGE. AT THE CONVENTION, I HEARD NO POSITIVE FEEDBACK WITH THE LEAGUE OF CITIES. EVERYONE ADVISED ME TO STAY AWAY FROM THEM. YOUR FEEDBACK WILL BE GREATLY APPRECIATED ON THIS MATTER. THANX AND STAY SAFE.

  2. #2
    Guest

    Re: FLORIDA LEAGUE OF CITIES

    You need to be aware that the League of Cities works for and is contracted by the City. The League represents the City, not the participants in the pension plans. This is not to say that this is in and of itself a problem. This fact is just something that any person(s) who has authority over any particular pension plan should be aware of.

  3. #3
    Guest

    Re: FLORIDA LEAGUE OF CITIES

    Much thanks for the information given. I was told that they had ridiculous fees for their services. If I can get a name from one of your pension board members, it would be of great help. Thanks again for your help.

  4. #4
    Guest

    Re: FLORIDA LEAGUE OF CITIES

    http://money.cnn.com/magazines/money...4601/index.htm

    ENDORSEMENTS WORTH MILLIONS

    To promote their annuities, insurers often make payments to trade associations and professional groups that represent the employees whose retirement dollars they're trying to snare. Two years ago, for example, the National Association of Counties (Naco) signed a 10-year contract under which the association designated a $10.6 billion Nationwide Insurance subsidiary called Public Employees Benefit Services Corp. (Pebsco) as the "preferred" investment provider for the $4.3 billion retirement savings plan that covers 300,000 county employees across the country. After receiving that seal of approval, Pebsco paid the association $3.5 million this year, according to Naco director of public/private partnerships Tom Sweet.

    For Pebsco, the arrangement is a sweet deal. "When I go to a county, I can say I've got a plan sponsored by Naco," says Pebsco vice president of national sales Eric Holmes. "And that may help my marketing effort."

    The workers who followed their trade association's recommendation have less reason to be pleased. Although they get to choose from a menu of investments that includes portfolios from well-known fund companies like Massachusetts Financial Services, employees in some cases pay nearly a full percentage point more for these options than they would if they invested directly in the same firm's mutual funds. For someone investing $2,000 annually over 20 years, that extra tariff amounts to $13,353 lost in fees.

    While deals like Pebsco's are common among sponsors of 403(b) and 457 plans, they're virtually unknown among 401(k)s. Explains Mary Rudie Barneby, president of a Denver trade association for 401(k), 457 and 403(b) plans: "ERISA rules essentially say you can't profit by directing a plan's money to one manager rather than another."

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