HomeMy WebLinkAboutMinutes Fire Pension 092407PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
MINUTES OF MEETING HELD
Septem her 24, 2007
A meeting of the Board of Trustees was called to order at 2:10 P.M. at Station 3, Palm
Beach Gardens, Florida Those persons present were:
TRUSTEES
Ed Morejon
Rich Rhodes
TomMurphy
Steve Rogers
MINUTES
OTHERS
Margie Adcock, Administrator
Robert Sugarman, Attorney (2:30 P.M.)
Richard Hitchins, Visitor
The Board reviewed the minutes of the meeting held August 20, 2007. A motion was
made, seconded and carried 4-0 to accept the minutes of the meeting held August 20,
2007.
OTHER BUSINESS
The Board was provided with a proposal for an increase in fee for legal services. There
was a lengthy discussion.
Mr. Rogers stated that he thought the Board could change from monthly meetings to bi-
monthly meetings. There was discussion among the Board. A motion was made,
seconded and carried 4-0 to change from monthly meetings to bi-monthly meetings.
Robert Sugarman entered the meeting.
ATTORNEY REPORT
Mr. Sugarman stated that the Board had received the August 2007 report from Mager
and Goldstein. He stated that he recommended that the report be forwarded to the
Custodian. There was discussion on the reports and whether the Custodian was filing the
proofs of claim The Board asked the Administrator to send a letter to the Custodian and
ask them to confirm that they are filing proofs of claim on behalf of the Fund.
Mr. Sugarman reported on the Legislative Session. He stated that one law passed requires
the State, not municipalities, to divest security holdings in Iran and Sudan. He stated that
a report identifying such securities came out last week. He asked the Board what they
would like to do about the matter. There was a lengthy discussion. Mr. Sugarman stated
· that he would send a letter to the international manager and ask the international manager
if they are invested in any company on the list and if so, why.
Mr. Sugarman discussed his proposal for increasing the fee for legal services. He stated
that they were charging a below market rate and proposed increasing the fee to bring it up
to the market rate. He also discussed the ability of the Board to go with a retainer as
opposed to an hourly rate. There was a lengthy discussion. The Board stated that they
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thought they should check to see if the proposed rate is in fact a true market rate. A
motion was made, seconded and carried 4-0 to instruct the Administrator to contact five
pension attorneys at her discretion to check market rates .
ADMINISTRATIVE REPOR T
Ms. Adcock provided the Board with the engagement letter from Steve Gordon for the
Audit for the fiscal year ending September 30, 2007. It was noted that the fee increased
$100 from last year. A motion was made, seconded and carried 4-0 to authorize the
Chairman to execute the engagement letter from Steve Gordon for the Audit for the fiscal
year ending September 30, 2007.
Ms. Adcock presented the list of disbursements to be made. It was noted that an invoice
for breakfast and a fire axe that was purchased as a commemoration for Dr. Buttaravoli
should be added to the list of di sbursements. A motion was made, seconded and carried
4-0 to approve the disbursements listed as amended.
OTHER BUSINESS CONTINUED
There being no further business, the meeting adjourned.
Respectfully submitted,
Tom Murphy, Secretary