Employees' Retirement System
- City Hall
501 Palm Avenue
Hialeah, FL 33010
Agendas & Minutes
Agendas are available prior to the meetings. Minutes are available following approval.
- Robert W. Williams III (Chairman)
- Michael Rosengaus (Vice Chairman)
- Carlos San Jose (Board Secretary)
- Daniel Cruz
- Marcelino Moreno
- Daniel Fernandez
- Quentin Webb
The Chairman of the Board of Trustees is the agent for the services of legal process.
The Board’s address is:
501 Palm Avenue
Hialeah, FL 33010
Primary duties include:
- The Board of Trustees shall endeavor to maintain a balanced portfolio, always emphasizing that the financial soundness of the retirement system and safety of the funds shall be the primary consideration.
- The board shall be the trustees of the assets of the retirement system and shall have power to make purchases, sales, exchanges, investments and reinvestment for and on behalf of the funds subject to the provisions of F.S. 18.10 and 215.47 and the investment policy of the board, which shall be adopted by resolution.
- The board and its agents shall comply with all applicable federal and state laws, as amended from time to time, as they relate to the discharge of their duties, including but not limited to acting in accordance with F.S. chs. 112.121,215 and 280.
- The board and any agents it retains shall, at all times, discharge their duties for the exclusive purpose of providing benefits to the retirement system members and their beneficiaries.
The board may retain qualified investment advisors or managers or both to assist the board with investments or to manage the funds of the system, provided that the investment advisor or managers are:
- Registered as investment advisors pursuant to the Investment Advisors Act of 1940.
- A bank as defined by the Investment Advisors Act of 1940.
- An insurance company qualified to manage, acquire or dispose of assets in a plan pursuant to state laws.
The board may also retain other consultants, as it deems necessary, to assist in investment management.
Corporate Trustee / Custodian
The board shall have the right to designate a corporate trustee and/or custodian, which shall be a bank or trust company licensed under a state or the federal government of the United State for the purpose of safeguarding and investing the assets until they are needed for disbursement for benefits or refunds under the system, as set forth in this chapter, subject to the provisions of this section, state statutes, and the board’s investment policy.
Compensation & Earnings
Investment advisors, managers, consultants and the corporate trustee or custodian may be compensated for their services directly from investment earnings.
All final decisions or purchases and sales of investments shall be made by the board or its designated registered investment advisor/manger. The treasurer of the system may be authorized to make such purchases or sales on behalf of the board as are permitted under the board policy.
All funds of the retirement system shall be held for the sole purpose of meeting disbursements for pensions, annuities and other payments authorized by the provisions of the retirement system and shall be used for no other purpose. There shall be kept on deposit, in such depository as is designated by the board, available funds as are necessary to meet the needs of the system. All such deposits shall be secured in the manner prescribed by state law.
The description of the various funds of the retirement system shall be interpreted to refer to the accounting records of the retirement system and not to the segregation of monies in the funds of the retirement system.