Wednesday, October 16, 2013

DeKalb County Seeks Investment Consultant for DC Plans

Keep an eye on Lee May's bank account. Let's hope he doesn't follow in the footsteps of Vernon and Burrell.

By Rob Kozlowski

"DeKalb County, Decatur, Ga., is searching for an investment consultant for its $130 million 457 plan and potential new 401(a) plan, according to an RFP posted on the county's website.

The county is seeking an investment consultant for ongoing services to the two plans, and also to conduct a search for a record keeper for the two plans. County spokesman Burke Brennan could not provide information on an incumbent consultant by press time.

The 457 plan's current record keepers are GEBCorp, ICMA-RC and Nationwide Financial. Whether the firms will be invited to rebid and when an RFP would be issued could not be learned by press time.

Mr. Brennan said the county board of commissioners will soon vote on closing the $1.2 billion DeKalb Employees Retirement Plan to new hires and establishing the new 401(a) plan.

Proposals for the investment consultant search were due at 3 p.m. EDT on Sept. 17. A timetable for a decision has yet to be determined.

The RFP is available on the county's website.

A phone call to Gwen Brown-Patterson, the county's interim chief financial officer, was referred to Mr. Brennan".


Shooter McGavin said...

Yes, let's seek a consultant from DC on how to manage money. They are so efficient at it and lead by such a stellar example. I think I would seek consultants from someone with a little fiscal know how.

red said...

Sun. A.J.C. had another full page expose' on Dekalb'. Damn. Small blurp re; May's attempt @ a pay-raise,but will require "another" study "only" costing over $450.00. These f*@king idiot's mismanage money like pouring piss out of a boot.

Anonymous said...

Yea and I bet the results are same as last three studies....So whom ever is authorizing this study is probably getting his kick back from the company just like the last three people that signed off on the study and the amount to be paid. That would be my guess. Hey I have an idea just change the date on the last study, write yourself a check for the agreed kick back, and save the county the money that would go to the company for the study..WIN WIN, you get your money county saves a few hundred thousand...just saying!

Anonymous said...

Dakota tribal wisdom says that when you discover you’re riding a dead horse, the best strategy is to dismount. However in government, we often try other strategies with dead horses, including the following;

Buy a stronger whip.

Change riders.

Threaten the horse with termination.

Say things like, “This is the way we have always ridden this horse.”

Appoint a committee to study the horse.

Arrange to visit other sites to see how they ride dead horses.

Lower the standards so that dead horses can be included.

Appoint a tiger team to revive the dead horse.

Ride the dead horse “outside the box.”

Buy a commercial off-the-shelf dead horse.

Create a training session to increase our riding ability.

Reclassify the dead horse as “living-impaired.”

Compare the state of dead horses in today’s environment.

Change the autopsy report to declare that “This horse is not dead.”

Kill all the other horses, so this one will look the same.

Name the dead horse “Paradigm Shift” and keep riding it.

Ride the dead horse “smarter” not harder.

Hire outside contractors to ride the dead horse.

Harness several dead horses together for increased speed.

Do a time management study to see if the lighter riders would improve productivity.

Declare that “No horse is too dead to beat.”

Call the dead horse a “joint venture” and let others ride it.

Provide additional funding to increase the horse’s performance.

Do a cost analysis study to see if contractors can ride it cheaper.

Purchase an aftermarket product to make dead horses run faster.

Declare the horse is “better, faster, and cheaper” dead.

Form a quality circle to find uses for dead horses.

Declare that “This horse was procured with cost as an independent variable.”

Get the horse a Web site.

Promote the horse to a supervisory position.

red said...

The cost is b/t $450,000.00 & $475,000.00. $450.00 wouuldn't even be worth stealing to all of them.(sorry). Oh yeah,I almost forgot:the Ethic's Board,tasked with investigating "ALL" the county personel violations,has been pre-funded $60,000.00. THE County Commissioner's have voted to only fund $6,000.00,which,would not even begin to support a "full" investigation into all involved. The new's reported,that the Chairman of the Ethic's Board advised that the commissioner's are concerned that they will be exposed also. These son of a bitches bring thievery,and embezzlement to a whole new level. How in the hell do you perform an impartial investigation into yourself? We all saw what happened to that little detective that tried to do a through investigation!

Anonymous said...

Yea, that investigation would go as far as the best restaurant/bar to eat and drink and be marry. Until the $6000.00 ran out then they would declare the investigation a success, and closed with no corruption found! Damn I just saved the County another $6000.00. Maybe I should be running this place.....just saying.

Anonymous said...

Damn, you apparently missed the ajc report of how Lee May's business on Covington Hwy. failed, unpaid taxes, and his house also went into foreclosure. But he was put in charge to run the County Govt., and can't manage his own finances. People we are in trouble.

Anonymous said...

"We in charge now. This sh*t gonna change"!