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HomeMy WebLinkAboutMinutes Police Pension 011409City of Palm Beach Gardens Police officers' Pension Fund Minutes of the Meeting Held .January 14, 2009 Special Meeting The special meeting of the Board of Trustees of the City of Palm Beach Gardens Police Officers` Pension Fund was called to order at 10:10AM by Jay Spencer in the Council Chambers at the Palm Beach Gardens City Hall at 10500 North Military Trail, Palm Beach Gardens, Florida. TRUSTEES PRESENT Jay Spencer, Chairman OTHERS PRESENT John McCann (Thistle Asset Consulting) David Pierson, Secretary Bonn! Jensen (Hanson, Perry, & Jensen, P.A.) Brad Seidensticker, Trustee Donna Cannon (Palm Beach Gardens Clerk's Office) Jules Barone, Trustee Audrey Ross (Tegrit Plan Administrators -TPA) Wayne Sidey, Trustee t� f►���:T�:I� 1[Z�7►��i1 � �_1: `�:i � I�I� Ms. McCann commented that the market was getting a little better, but it was still going to take a while for it to turn around. He explained that from 2001 through 2007 the international stocks always did well, and now in 2008 they are at the bottom. The board had a brief discussion as when and where Rhumbline invested the last money that they received. Mr. Spencer commented that he spoke to Steve Stack right before the meeting and he mentioned that the 1 year and 10 year bonds were up. Mr. McCann commented that right now there is no place to invest in, and they have a little extra in cash at this time. Mr. Pierson asked if it would be reasonable to consider having a cash asset class at this time instead of having ICC Capital holding onto it. Mr. McCann commented that he does not recommend doing that and if they did decide to, then they would have to amend the investment policy guidelines. Mr. McCann reviewed his rebalancing recommendations with the board. The board reminded him that they only wanted to rebalance a little at a time instead of a lump sum. The board had a lengthy discussion on the amount that they wanted to transfer and where. The board decided that they will move $300,000 from ICC Capitals fixed income account and split it evenly between the 3 S&P accounts at Rhumbline. NOTION: Mr. Seidensticker made a motion to move $300,000 from ICC Capitals Fixed Income account and split it evenly between Rhumbline's 3 S &P accounts. SECOND: Mr. Sidey seconded the motion. CARRIED: The motion carried unanimously 5-0 The board asked Mr. McCann to produce a 12 month trailing report and report it back to the board each month. Mr. McCann replied that he will have one available at the next meeting. Mr. Pierson asked Mr. McCann if he knows of any investment managers that invest contrary to the market. Mr. McCann commented that he will bring in a search at the next meeting of investment managers that invest opposite of the current market. ADMINISTRATOR R PORT Tegrit Plan Administrators, LLC (TPA) — Presented by Audrey Ross Ms. Ross explained that Mr. Barone and Mr. Spencer were the only members that responded to the election for their open positions. Ms. Ross commented that Mr. Spencer would like to change the Trustees' positions and Mr. Spencer explained his purpose for doing so. He stated that he would like to be the elected 51h Trustee and Mr. Sidey could now be an elected Trustee if the board would allow him to do so. MOTION: Mr. Pierson made a motion to appoint Jay Spencer to the Set Trustee position and Wayne Sidney will be an elected Trustee. SECOND: Mr. Seidensticker seconded the motion. CARRIED: The motion carried unanimously 5-0 MOTION: Mr. Sidey made a motion to elect Jay Spencer as chairman of the board. SECOND: Mr. Seidensticker seconded the motion. CARRIED: The motion carried unanimously 5-0 MOTION: Mr. Pierson made a motion to elect Dave Pierson as secretary of the board. SECOND: Mr. Seidensticker seconded the motion. CARRIED: The motion carried unanimously 5 -0 ATTORNEY REPORT Hanson, Perry & Jensen, P.A. — Presented by Bonnil Jensen Ms. Jensen updated that board that ICC Capital and Rhumbline have not provided her with any financial statements as of yet. She explained that neither company wants to release them as public information. Ms. Jensen suggested that each manager could meet with Mr. McCann one on one. The board just wanted to make sure that they covered all aspects just in case the company's went under. Mr. Sidey asked about the situation with the City looking into the Florida Retirement System (FRS). Mr. Barone and Ms. Jensen updated Mr. Sidey on the current discussion that the City is having about the Police Officers' and Firefighters' joining the FRS. Mr. Spencer explained that Mr. Palmquist will need to do another actuarial impact study on this situation by request of the Council, in addition to the study that he is currently doing that the board requested at the last meeting. MOTION: Mr. Sidey made a motion to approve Gabriel, Roeder, Smith & Company to do an actuarial impact study by the request of the City Council on the cost impact of switching the police pension plan over to the Florida Retirement System. SECOND: Mr. Barone seconded the motion. CARRIED: The motion carried unanimously 5 -0 AIOUI&I There being no further business, and the future meetings are scheduled for the last Thursday of the first month of the quarter. The next meeting is scheduled for Thursday January 29, 2009 at 9AM; the Trustees officially adjourned the meeting at 11:49AM. Respectfully submitted, DAVID PIERSON, Secretary