West Mifflin replaces investment firm for retirement accounts
West Mifflin borough is changing the investment firm it uses to handle its retirement accounts for police and public works employees.
The decision at a regular meeting on Tuesday to switch to US Assets sparked some debate among councilors, who approved the decision by a 4-2 vote, because the borough was with the firm previously but opted to quit using it after suffering a $2 million loss during the financial crisis of 2008.
Council president Michael Moses said borough officials decided last year that they wanted to find a replacement for its current retirements provider, VALIC, because they were dissatisfied with the cost of investing and the returns. Moses said he supported the move back to US Assets because that firm is local to the Pittsburgh area, appears to be suited to the municipality's needs and has made changes to its administration since 2008.
Councilman John Andzelik, who voted against going back to US Assets, along with councilman Michael Olack, said he did so because he believes the board acted too quickly without studying the matter. Andzelik, a retired borough police officer and chief, said he had personal concerns about the performance of the retirement fund and noted the borough only spoke with representatives of US Assets last week.
The borough also received proposals from Wells Fargo and Millennium Investments after putting out a request for proposals in September.
Resident Jay Goonetilleke, who served on the committee charged with evaluating the submitted retirement proposals, said he thought Millennium would be better suited for the borough's needs.
The seven-member committee received proposals from nine firms and narrowed the choices down to the final three, based on past performance.
Borough officials said the committee never made a unanimous decision on which firm to recommend.
Councilman Robert Kostelnik, who voted in favor of US Assets along with Moses, Scott Stephenson and John Munsie, said the company is a good choice based on its performance managing retirement funds for West Mifflin Sanitary Sewer Municipal Authority.
The borough contributes approximately $1.2 million annually to the retirement funds for police and public works employees.
Eric Slagle is a staff writer for Trib Total Media. He can be reached at 412-664-9161, ext. 1966, or firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Lawmakers address education issues
- McKeesport teen murder suspect nabbed in sweep
- Business owners see pros, cons to Lincoln Way widening in White Oak
- South Allegheny High School uses laser tool to enlighten students
- McKeesport’s Lake Emilie ready for trout season
- North Versailles police to add 10 Tasers
- Police seek suspects in violent McKeesport attack
- North Versailles board recommends Matrazzo for chief
- Former Munhall manager’s trial postponed again
- Smartphone app may help parking meter enforcement resume in Munhall
- Officials pledge to monitor Munhall outreach ministry transition facility