HomeMy WebLinkAboutMinutes GEPB 0825081
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CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEE PENSION BOARD
SPECIAL MEETING
AUGUST 25, 2008
The August 25, 2008 special meeting of the General Employee Pension Board of the City of
Palm Beach Gardens, Florida, was called to order at 1:05 p.m. in the Council Chambers of the
Municipal Complex, located at 10500 North Military Trail, Palm Beach Gardens, Florida by
Chair Allan Owens.
ROLL CALL
Members Present:
Members Absent
Additional Attendees:
Allan Owens, Chair
Dindial Laljie, Secretary
Jami Smith
Kenneth Steele
Brandon Dorsey
None
Sarah Varga, Accountant
Chair Allan Owens welcomed Brandon Dorsey as a new Board member.
APPROVAL OF MINUTES
MOTION
A motion was made by Kenneth Steele for the approval of the February 11, 2008 and June
20, 2008 minutes. Dindial Laljie seconded. Motion passed unanimously, 5 -0.
OLD BUSINESS
• None.
NEW BUSINESS
• Rockwood Capital Advisors, LLC, was not present. Chair Owens moved on to David
West of The Bogdahn Group.
• David West introduced Senior Consultant Dan Johnson and Chief Fiduciary Officer Herb
Whitehouse of The Bogdahn Group.
• David West reported on the present status of the Bogdahn investments.
• Kenneth Steele asked if the asset allocation had been moved up from 70 to 75 percent as
discussed at the February 11, 2008 meeting. David West replied that he will check and
report back at the next meeting (February 9, 2009).
• Kenneth Steele clarified that the Board's intention is to be fully invested at 75 percent.
• David West stated his understanding of the existing policy and that he would check the
hard copy for execution.
• Brandon Dorsey suggested language for the policy to eliminate ambiguities.
• Discussion ensued regarding equity investment limitations.
GENERAL EMPLOYEE PENSION BOARD SPECIAL MEETING
08.25.08
PAGE 1
• Allen Owens stated he does not wish to change Ordinance language and requested that
revised policy language be brought back to the Board in writing.
• Kenneth Steele clarified that Bogdahn will write a motion within the next three months
and submit it to the Board for review.
• Scott Christiansen, Board Attorney, discussed Board composition as three legal City
residents who are appointed by the City Council, one is a member of the system or retiree
and a fifth selected by the other four. Chair Owens stated he will check on membership
status.
MOTION
• Jami Smith made a motion reappointing Allan Owens as the fifth trustee. Brandon
Dorsey seconded. Motion was approved unanimously, 5 -0.
• All members have filed financial disclosure forms except Brandon Dorsey. Chair Owens
explained that Brandon Dorsey had just been appointed to the Board on August 21, 2008
and is aware of the filing requirement.
• The re- election of Board officers will be an agenda item for the next meeting.
• Attorney Christiansen reported on revised tax forms and the need to revise the summary
plan description for distribution to membership.
MOTION
• Kenneth Steele made a motion authorizing Attorney Christiansen to update the summary
plan description. Dindial Laljie seconded. Motion was approved unanimously 5 -0.
• Attorney Christiansen described possible future changes to the tax laws that could impact
pension plans negatively. Mr. Slavin's reports go back several years.
• Andrew Holtgrieve of Rockwood Capital Advisors reviewed the current status of
Rockwood investments.
• Dave West stated the transaction requested at the February 11, 2008 meeting has been
enacted.
• Chair Owens stated the next regularly scheduled meetings would be on Monday,
February 9, 2009 at 2:00 p.m. and Monday, August 10, 2009 at 2:00 p.m.
• The board reviewed the quarterly statements of fees:
Salem Trust Quarterly fee ending March 2008 $750.00
Quarterly fee ending June 2008 $750.00
Rockwood Capital Quarterly fee ending March 31, 2008 $3,102.41
Quarterly fee ending June 30, 2008 $3,205.26
Bogdahn Group Quarterly fee ending March 31, 2008 $2,000.00
Quarterly fee ending June 30, 2008 $2,000.00
Sawgrass Asset Mgmt Quarterly fee ending March 31, 2008 $687.00
Quarterly fee ending June 30, 2008 $670.00
Christiansen & Dehner Invoice 14993, July 31, 2008 $794.94
Invoice 14373, March 31, 2008 $1,689.90
Invoice 14064, January 31, 2008 $58.00
MOTION
A motion was made by Dindial Laljie for approval of payment of invoices as read. Jami
Smith seconded. Motion was approved unanimously, 5 -0.
GENERAL EMPLOYEE PENSION BOARD SPECIAL MEETING PAGE 2
08.25.08
I V. ADJOURNMENT
2 A motion for adjournment was made by Jami Smith. Dindial Laljie seconded. The motion
3 was approved unanimously, 5 -0. The meeting was adjourned at 2:35 p.m. The next regularly
4 scheduled meeting will be held on February 9, 2009.
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7 APPROVED: ,
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10 Allan wens, Chair
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14 bindial laljle, Secre
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18 Kenneth Ste
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22 Jwni Smith
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26 Brandon Dorsey
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29 ATTEST:
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33 Donna M. Cannon
34 Municipal Services Coordinator
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37 NOTE: These action minutes are prepared in compliance with 286.011 F.S. and are not verbatim
38 transcripts of the meeting. A verbatim audio record is available from the Office of the City Clerk.
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40 All referenced attachments on file in the Office of the City Clerk.
GENERAL EMPLOYEE PENSION BOARD SPECIAL MEETING PAGE 3
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