DATE: February 18, 2020
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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COF Contract No. 2019-0252 Travelers Fiduciary Coverage Renewal And Application.
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the renewal information request for fiduciary liability coverage with Travelers.
Background
Travelers is our current carrier for fiduciary liability coverage for our City of Franklin Employee Pension Plan. Every year the underwriters ask us to verify or update their information regarding our Plan. The information we provide is the current asset value, who provides services to the plan such as a pension attorney and actuary, and any other pertinent changes to our plan.
Financial Impact
There is no financial impact. This is strictly the application for quoting the City of Franklin a fiduciary liability policy.
Recommendation
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Staff recommends acknowledgement of Contract 2019-0252 for Travelers Fiduciary Liability Coverage.