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Council Appoints Members to Various Boards, Approves Investment Contract

The following are agenda items that were approved at the Oct. 15 meeting of the Coventry Town Council.

 

Appointments

  • Donna Kalunian was appointed to the Board of Assessment Review to fill a six-year term of office representing District 3.
  • Michael Brault was appointed to the Pawtuxet River Authority for a term of office expiring June 1, 2015.
  • Mark Robitaille was appointed to the Municipal Employees Pension Board as a replacement for Michael Savastano who has resigned.

Contracts

Council members approved a resolution to authorize Town Manager Tom Hoover to enter into a contract with Wells Fargo Advisors LLC to provide investment services to the Police and Municipal Employee Pension Funds at a yearly fee of $45,500.

The Town of Coventry had previously been in a contract with the investment counseling firm of Merrill Lynch until it had indicated that they would no longer be in the municipal pension financial advising business. 

The Town received six proposals from a recently published advertisement that were all responsive to the requirements of the request for proposal. Members of the combined Police and Municipal Employee Pension Board met to interview the three most responsive bids and after deliberating upon the interviews, the Boards have recommended that the contract be awarded to Wells Fargo Advisors, LLC of West Hartford, CT. 

According to Town Manager Tom Hoover, the firm has the experience and depth of resources necessary to provide the Town with the investment management advice needed to maximize the firm's performance.

Click here for additional coverage of the Oct. 15 Town Council meeting.

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