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RESOLUTION N0.67 - 81
RESOLUTION SUPPORTING INVESTIGATION
AND ANALYSIS OF PERS INVESnvIENT POLICIES
RESOLVED by the CITY COUNCIL of the City of Burlingame
WHEREAS, the City of Daly City has adopted a resolution
supporting an investigation and analysis of the investment poli-
cies of the California Public Employees' Retirement System in an
effort to increase the rate of return: and
WHEREAS, said resolution, numbered 81-213, is concurred
in by the City of Burlingame, and it is the desire of this City
to express its support and to express its additional concerns on
the subject;
NOW. THEREFORE, it is RESOLVED by the City Council of
the City of Burlingame:
1. Resolution No. 81-213 of the City of Daly City is
hereby endorsed and supported by this City.
2. This City wishes to note that the PEPS investment
policy as stated in both meetings and correspondence is based
upon a fixed theory that inflation and interest rates will recede
very sharply. This has been the underlying philosophy of the PERS
investment policy for several years during which time substantial-
ly all investments have been confined to very long maturities,
the Fund has not taken advantage of the increase in interest
rates, and various holdings of PERS have decreased. Because an
impressive group of authorities differ with this policy, it would
seem logical that the investment policy of PERS be altered to
divide investments and consider both viewpoints.
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3. It is the urging of the City of Burlingame that an
independent firm of investment consultants be employed by the
Public Employees' Retirement System to fully investigate their
policies and make recommendations for the future.
ayor
I, EVELYN H. HILL, City Clerk of the City of Burlingame
do hereby certify that the foregoing Resolution was introduced
at a regular meeting of the Burlingame City Council held on the
8th day of September, 1981, and was adopted thereafter by the
following vote:
AYES: COUNCILMEN: Amstrup-Crosby-Mangini-Martin
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: Barton
7 7 Iel
7 City Clerk
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