Township Manager Tim Tenges asked for a vote to move the Pension funds if he decides, as Pension Administrator, that it’s the right thing to do. Mr. Murphy asked what the advantages were in moving to Philadelphia Trust – were the rates or fees lower? The answer is basically none except Timm likes these two guys. It appears that the rates and fees for Philadelphia Trust Co. are higher, but Felcheck and Spangler (spelling?) were willing to match the fee schedule at National Penn (formerly KNBT) to get the business. A motion authorizing the move of funds failed with Mr. Kucsan and Mr. Nagle voting to move the money, and Mr. Murphy and Mr. Dilsaver voting against. Mr. Johnson was absent.
Timm might be on a mission, he didn’t get his way, he might try to persuade Mr. Ricky Johnson to align with him and ask for another vote. We’ll have to wait and see.