HomeMy WebLinkAboutMinutes GEPB 0211081
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CITY OF PALM BEACH GARDNES
GENERAL EMPLOYEE PENSION BOARD
QUARTERLY MEETING
FEBRUARY 11, 2008
The February 11, 2008 quarterly meeting of the General Employee Pension Board of the
City of Palm Beach Gardens, Florida, was called to order at 2:07 p.m. in the Council
Chambers of the Municipal Complex, located at 10500 North Military Trail, Palm Beach
Gardens, Florida by Allan Owens, Chair.
ROLL CALL
Members Present:
Members Absent:
Allan Owens, Chair
Dindial Laljie, Secretary
Kenneth Steele
Steve Parella
Jamie Smith
Additional Attendees: Andrew Holtgrieve — Rockwood Capital Advisors
David West — Bogdahn Consulting
Bradley R. Heinrichs — Foster & Foster, Board Actuary
Scott Christiansen — Board Attorney
Allan Owens, Finance Administrator, announced Foster & Foster had been involved in a
minor automobile accident while traveling to the meeting and hoped to arrive by
3:00 p.m.. In Foster & Foster's absence, the New Business section would be re- ordered as
necessary.
OLD BUSINESS
• Approval of Minutes
— Motion was made and seconded to accept minutes from the November 19,
2007 meeting and approved unanimously, 3 -0.
NEW BUSINESS
• Bogdahn Consulting 4th Quarter 2007 Report was presented by David West.
— London Interbank Offering Rate (LIBOR) was high because no one wanted to
lend to each other.
— Rates have subsequently declined to 2.2 to 2.3 percent.
— Bond managers are beginning to act because the price of anything, except
Treasury, has become inexpensive.
— Performance overview was presented.
— Portfolio is approximately 65 percent equity.
— Due diligence trip was positive.
— Rankings for equity were provided.
— National and international equity was provided.
— Allan Owens, Financial Administrator, noted the report did not reflect the
increase in the market limitations in equities from 70 to 75 percent, which had
been voted on at the last meeting.
— Kenneth Steele inquired if the change can be made before the next meeting
(May 12, 2008).
GENERAL EMPLOYEE PENSION BOARD PAGE 1
2.11.08
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o Allan Owens stated the City considered turning over control of the General
Employee Defined Benefit Plan to the Florida League of Cities in an
attempt to control cost. However, the need for a Board would not have been
eliminated. The City Attorney is revising the drafted Ordinance to reflect a
change from quarterly meetings to semi- annual meetings. The makeup of
the Board would change from two member residents to three member
residents with one active employee and one retiree or a resident and the
fifth member would be the appointed member. Kenneth Steele requested
further discussion on the Board member issue.
— Scott Christiansen requested consideration be given to electing new Board
officers so business can be conducted effectively.
— Motion was made by Kenneth Steele, seconded by Dindial Laljie, nominating
Alan Owens as Chair and Dindial Laljie as Secretary. Motion passed by
unanimous vote, 3-0.
— Suggestion was made that everyone working for the Board provide their
Certificate of Insurance. Sarah Varga was asked to follow up.
— Discussion ensued regarding the new requirement that if Social Security
Numbers are requested from people they must be provided with documentation
of what will be done with them.
— If the new Ordinance passes, the May meeting may be cancelled. Allan Owens,
Chair, Finance Administrator, will keep the Board members apprised of the
status. All financial reports will be provided per contract and forwarded to
Trustees. Discussion ensued on this issue.
• Approval of bills:
Bogdahn Consulting 4th Quarter statement $2000.00
Sawgrass Asset Management 4th Quarter statement $827.00
Rockwood Capital Advisors 4th Quarter statement $3,356.73
Christiansen and Dehner statement $742.33
Salem Trust, 4th Quarter statement $750.00
— Foster & Foster annual statement $6058.00
o Allan Owens questioned the amount of the bill. Bradley R. Heinrichs,
Foster & Foster, Board Actuary, explained the additional charges were for
earlier valuation revisions.
Motion made in favor of payment of bills, seconded and passed by unanimous
vote, 3 -0.
(The remainder of this page intentionally left blank)
GENERAL EMPLOYEE PENSION BOARD
2.11.08
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IV. ADJOURNMENT
With no further business to come before the Board, the meeting was adjourned at
3:52 p.m.
APPROVED:
Allan Owens, Chair
Dindial Laljie, Secretary
&,A
enneth Steele i
Steve Parella
Attest:
Donna M. Cannon
Municipal Services Coordinator
NOTE: These action minutes are prepared in compliance with 286.011 F.S. and are not verbatim
transcripts of the meeting. A verbatim audio record is available from the Office of the City Clerk.
All referenced attachments on file in the Office of the City Clerk.
GENERAL EMPLOYEE PENSION BOARD
2.11.08
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