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HomeMy WebLinkAboutMinutes Fire Pension 071414PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND MINUTES OF MEETING HELD JULY 7, 2014 A meeting of the Board of Trustees was called to order at 9:05AM at Council Chambers, Palm Beach Gardens, Florida. Those persons present were: TRUSTEES OTHERS Martin Cohen, Vice Chair Audrey Ross, Administrator Tom Murphy, Secretary Pedro Herrera, Attorney Ed Morejon Dan Johnson, Investment Consultant PUBLIC COMMENTS N/A MINUTES The Board reviewed the minutes of the regular meeting held on March 10, 2014. A motion was made by Ed Morejon to approve the minutes of the March 10, 2014 regular meeting as amended. The motion was seconded by Tom Murphy and carried 3-0. The Board reviewed the minutes of the special meeting held on April 17, 2014. A motion was made by Ed Morejon to approve the minutes of the April 17, 2014 special meeting. The motion was seconded by Tom Murphy and carried 3-0. The Board reviewed the minutes of the regular meeting held on May 7, 2014. A motion was made by Ed Morejon to approve the minutes of the May 7, 2014 regular meeting as amended. The motion was seconded by Tom Murphy and carried 3-0. INVESTMENT MONITOR REPORT: THE BOGDAHN GROUP (DAN JOHNSON) Mr. Johnson reviewed the flash performance report as of May 31, 2014. For the quarter to date the fund is up 1.89% and for the fiscal year to date the fund is 11.51%, which is already over and above the Plan’s assumed rate of return. Mr. Johnson noted that all the managers are doing well and that he did not have any recommendations at this time in regards to the managers or asset allocation. Mr. Cohen asked Mr. Johnson if his firm had any relationship with any of the managers that manage money for this Plan. Mr. Johnson reassured the board that the Bogdahn Group has zero relationship with any of the managers and his firm works strictly off hard dollar fees only. Mr. Johnson updated the board on the ICMA process. He stated that the account is now setup and open. Now we will work on setting up meetings with the current DROP members so that can move over into this investment if they so wish too. 2 ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA) Mr. Herrera briefly presented his memo to the board regarding the payments from the Chapter 175/185 accounts. The Trustees tabled this discussion until the next meeting when all the Trustees were present. ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS) DISBURSEMENTS The Board reviewed the disbursements presented for approval by the Administrator. A motion was made by Ed Morejon to approve the disbursements as presented by the Administrator. The motion was seconded by Tom Murphy and carried 3-0. BENEFIT APPROVALS The Board reviewed the application for distribution of Share account (final distribution) for Michael Ritz and the application to enter the DROP for James Kreidler. A motion was made by Tom Murphy to approve the application for distribution of Share account (final distribution) for Michael Ritz. The motion was seconded by Tom Murphy and carried 3-0. A motion was made by Tom Murphy to approve the application to enter the DROP for James Kreidler. The motion was seconded by Ed Morejon and carried 3-0. The Trustees noted that they should put some kind of policy in place that puts a timeframe as to how long a member has to review their final DROP/retirement calculations, select an option, and return their selection (form) back to the Administrator. Some members are taking a very long time to make this decision and the board would feel more comfortable if there was a policy in place regarding this. A motion was made by Ed Morejon to adopt a Board policy that states members have 90 days from when they receive their final retirement numbers back to choose an option, or it will default to the Plan’s standard form . The motion was seconded by Tom Murphy and carried 3-0. NEW BUSINESS Mr. Morejon asked if a DROP entry application could be revoked once already turned in. Mr. Pedro briefly reviewed the Ordinance and stated that OLD BUSINESS OTHER BUSINESS The Trustees tabled the auditor RFP results and the service provider contract review until the next meeting when all the Trustees are presented. There being no further business, the meeting adjourned at 10:18AM. Respectfully submitted, Tom Murphy, Secretary