ࡱ> :<93 bjbj5G5G ""W-W-l $d(2'''''''$) + ( (b (b b b v'b 'b  b f;&' Ph@ &'4(0d(&v, v,'b  Milwaukee County Employees Retirement System (ERS) Pension Budget, Audit and Compliance Committee Meeting MINUTES Members: Dean Roepke Thomas Weber John Parish Jeffrey Mawicke Call to Order: Chairman John Parish called the Special Audit meeting to order at 2:00 pm, on 3- 3-08, in the 2rd Floor/Commission Room of the Milwaukee County Courthouse, at 910 North 9th Street, Milwaukee, WI 53233. Roll Call: Members Present: Others Present Members Excused: Dean Roepke Gerald Schroeder Jeffrey Mawicke John Parish Gordon Mueller Thomas Weber Steve Huff Mark Grady Topic: ERS Custodial Services General discussion took place in reference to the RFP. The Audit Committee was informed that four (4) proposals were received by the required date of 2-29-08: U.S Bank, BNY Mellon, Northern Trust & State Street. Two approaches were presented for use by the Evaluation panel. One was a rating/scoring approach and the other was a consensus approach. This issue will be resolved at a future point in time. The Reinhart firm was asked to create a factual summary comparison of the proposals, for panel members to use during their evaluation process. Due to an ERS Audit being conducted from April 7,2008 through April 25,2008, Presentations will not take place until May. Discussion about the RFP presentations took place, with agreement that we would use 5-5-08 and 5-6-08, as the two designated days. The Evaluation panel will do morning and afternoon sessions on each day. Presentation times will be at 9:00am and 1:00pm, each day. The location will be at the Courthouse in 203-P. Topic: RFP: Timeline and Process Two (2) draft RFP Timelines were provided, in an effort to focus our discussion. Other documents brought to the meeting included a preliminary evaluation panel worksheet and an Evaluation Scoring tool. The RFP Timeline was modified to accommodate the upcoming Virchow Krause ERS Audit in April. Therefore, the primary agreed upon timeline dates are as follows: 2-29-08 ..RFP Proposals due date ..Evaluation Panel selected ..Evaluation Panel rejects proposals not meeting minimum standards 4-14-08 ..Presentations scheduled 5-5-08 & RFP Proposal presentations 5-6-08 5-6-08 &.Formal recommendation 5-7-08 5-21-08 ..Pension Board approval ERS will generate letters to the four firms submitting proposals, in order to confirm receipt and schedule presentations.. The members in attendance took their proposal manuals with them, for review. The remaining manuals will be sent to the three panel members not in attendance. Topic: RFP: Panel Composition The Audit Committee determined that the Evaluation Panel composition would be as follows: Dean Roepke - Gordon Mueller Thomas Weber - Wally Morics John Parish Linda Bedford . It was agreed upon that Steve Huff and Mark Grady will serve as consultants to the process. 6.Adjournment: The Special Audit Committee meeting was adjourned at 3:00pm. ________________ Submitted by Gerald J. 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