For the Trust Fund, Mercer serves as Fund Investment Adviser and as a Money Manager, providing the services described in Article 14 of the Trust Fund Agreement. The Fund also engages other Money Managers with non-discretionary oversight provided by Mercer. Mercer has served as the Fund’s Investment Adviser since 2005. Mercer is currently engaged under a contract between Mercer and the Committee signed in September 2010.
Key services provided include:
- Advise and recommend to the Committee one or more Money Managers who will invest the assets of the Fund to produce a diversified portfolio.
- Provide the Committee with data relating to any prospective Money Manager, indicating performance and relevant comparisons with similar Money Managers to assist the Committee in evaluating the performance of the prospective Money Managers.
- Direct trades and manage liquidity, amongst other Money Manager-type functions.
- Provide monthly and quarterly performance reports on all Fund assets and compare performance to agreed upon industry standard benchmarks and to similar trusts, endowments and foundations within the Mercer client pool.
For the Trust Fund, State Street Bank and Trust Company (State Street), as the Custodian, provides all the services of the Trust Fund Agreement’s Article 13. In addition, they also provide a record keeping function and maintain a web site portal for Fund financial information. Key services provided, consistent with Article 13, include:
- Collect and receive any and all money and other property of whatever kind or nature due or owing or belonging to the Fund.
- Follow written directions of the Committee with respect to retention, purchase, sale or encumbrance of trust property, and the investment and reinvestment of principal and income.
- Disburse income or corpus only pursuant to the conditions set forth in the Trust Fund Agreement.
- Make all payment of liabilities and administrative expenses.
- Provide plan accounting that helps track each contributor’s balance and the C account. State Street has served as Custodian since September 2010.
For the Trust Fund, Bookminders produces monthly financial statements and the annual financial statements that include the year-end reporting package with supporting schedules for the annual audit. Bookminders has prepared the Fund’s financial records since inception in 2004.
For the Trust Fund, Baker Tilly Virchow Krause, LLP serves as the Fund’s auditor. Baker Tilly conducts the audits in accordance with U.S. Generally Accepted Auditing Standards and Generally Accepted Government Auditing Standards issued by the Comptroller General of the United States. ParenteBeard has performed the annual audits dating back to FY04. On 1 October 2014 ParenteBeard LLC combined with Baker Tilly Virchow Krause, LLP.