PERAC Memo #59 - 1998: Consultant Application Pursuant to 840 CMR 26.01

Consultant Application Pursuant to 840 CMR 26.01

Summary

PERAC Memo #59/1998 addresses the requirement under 840 CMR 26.01 that investment consultants file disclosure/application forms with PERAC, and clarifies filing procedures for consultants retained by multiple retirement boards. Boards must ensure their consultants file the required form (or, if shared across systems, that one consolidated filing is submitted along with board letters confirming the relationship, competitive selection, and board review/retention of the form), and must list all relevant systems on any shared Vendor Certification and Disclosure Forms.

Full Text

PERAC MEMO #59/1998 M E M O R A N D U M TO: Retirement Boards FROM: Robert F. Stalnaker, Executive Director RE: Consultant Application Pursuant to 840 CMR 26.01 DATE: December 7, 1998 As you know recent changes in PERAC Investment Regulations require Boards to submit information regarding consultants to PERAC. 840 CMR 26.01 states that, with respect to consultants employed as of the effective date of the Regulations, filings must take place on or before January 10,1998. Enclosed please find a copy of the form that the consultant must file. In the event the consultant is retained by more than one Board we would accept the filing of only one such form. However, that submission must be accompanied by letters from each of the Boards involved acknowledging the relationship with the consultant, that the consultant was selected in accordance with a competitive process and also stating that a copy of the completed form has been reviewed by the Board and retained as a record of the Board. In addition, Consultants may file one Vendor Certification Form and one set of Disclosure Forms, if appropriate. However, the relevant Systems must be listed on each such Form. It is my hope that these procedures will streamline the process and enable a timely compliance by all parties.