HomeMy WebLinkAboutMinutes GEPB 020909I CITY OF PALM BEACH GARDENS
2 GENERAL EMPLOYEE PENSION BOARD
3 REGULAR MEETING
4 FEBRUARY 9, 2009
5
6 The regular meeting was called to order at 1:05 p.m. by Chair Allan Owens.
7 I. ROLL CALL
8 PRESENT: Allan Owens, Chair; Dindial Laljie, Secretary; Jami Smith; Kenneth Steele;
9 Brandon Dorsey
10 ABSENT: None
I 1 ALSO PRESENT: Sarah Varga, Accountant; Scott Christiansen, Board Attorney
12 H. OLD BUSINESS
13 Jami Smith made a motion for the approval of the August 25, 2008 minutes.
14 _ Dindial Lahie seconded.
15 Motion passed, 5 -0.
16 111. NEW BUSINESS
17 Brandon Dorsey made a motion to reorder the agenda and move The Bodghan Group report to
18 item 1 and the Rockwood Capital Advisors report to item 2.
19 Jami Smith seconded.
20 Motion passed, 5 -0.
21 Bryan Bakardliev, CFA, The Bogdhan Group, reported on the regular quarterly report and a
22 revised investment policy statement.
23 Kenneth Steele stated that his opinion was the Board wanted to be fully invested at 75- percent at
24 market. Discussion ensued. The Board asked the consultants to review and come back with
25 suggestions.
26 Attorney Christiansen will prepare an Ordinance removing the 65- percent limitation and use
27 the 75- percent at market limitation instead.
28 Andrew Holtzrieve, Managing Partner, Rockwood Capital Advisors, LLC, reported on the
29 portfolio summary of assets, performance and market value changes.
30 Attorney Christiansen reported on summary plan description.
31 Brandon Dorsey made a motion to accept the revised Summary Plan Description dated
32 February 1, 2009.
33 Jami Smith seconded.
34 Motion passed, 5 -0.
35 Attorney Christiansen continued his report. Discussion ensued.
36 Jami Smith made a motion authorizing the Board Attorney to change the language taking out
37 the 65- percent at cost and transmitting the Ordinance and the letter to the City Manager's office
38 and the actuary for their opinion on the impact.
39 Dindial Laliie seconded.
40 Motion passed, 5 -0.
41 Chair Owens announced the passing of Dana Mack.
42 Attorney Christiansen stated it is Board's responsibility to locate the beneficiary.
43 SELECT BOARD OFFICERS
44 Kenneth Steele made a motion nominating Allan Owens as Chair.
45 Jami Smith seconded.
46 Motion passed, 5 -0.
GENERAL EMPLOYEE PENSION BOARD SPECIAL MEETING PAGE
02.09.09
I Jami Smith made a motion nominating Dindial Laljie as Secretary.
2 Brandon Dorsey seconded.
3 Motion passed, 5 -0.
4 Payment of quarterly statements and fees were announced.
5 Jami Smith made a motion for approval of payment of invoices.
6 Dindial LaWe seconded.
7 Motion passed, 5 -0.
8 IV. ADJOURNMENT
9 Kenneth Steele made a motion to adjourn.
10 Jami Smith seconded.
11 Motion passed, 5 -0.
12 The next regularly scheduled meeting will be August 10, 2009.
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14 APPROVED:
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Allan Owens, Chair
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Dindial Laljie, ecretary
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Kenneth Steele
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30 Jami
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34 Bran y
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36 ATTEST:
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41 Donna M. Cannon
42 Municipal Services Coordinator
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45 !VOTE: These minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of
46 the meeting. A verbatim audio record is available from the Office of the City Clerk.
47 All referenced attachments on file in the Office of the City Clerk,
GENERAL EMPLOYEE PENSION BOARD SPECIAL MEETING PAGE
02.09.09