HomeMy WebLinkAboutMinutes GEPB 052220I CITY OF PALM BEACH GARDENS
2 GENERAL EMPLOYEES' PENSION BOARD
3 REGULAR MEETING
4 May 22, 2020
5
6 I. CALL TO ORDER
7 The regular meeting (held via Zoom conference) was called to order at 9:32 a.m. by Finance
8 Administrator, Allan Owens.
9 II. PLEDGE OF ALLEGIANCE
10 III. ROLL CALL
11 PRESENT: Allan Owens, Sean O'Brien, Dindial Laljie.
12 ABSENT: None.
13 IV. ADDITIONS, DELETIONS, MODIFICATIONS
14 None.
15 V. APPROVAL OF MINUTES the minutes from the May 3, 2019 meeting.
16 Sean O'Brien made a motion to approve the May 3, 2019 minutes.
17 Dindial Laliie seconded.
18 Motion passed 3-0.
19 VI. OLD BUSINESS
20 None.
21 VII. NEW BUSINESS
22 a. REVIEW AND DISCUSS ACTUARIAL VALUATION AS OF OCTOBER 1, 2019
23 Chuck Carr, Consulting Actuary from Southern Actuarial Services, presented the City of Palm
24 Beach Gardens General Employees' Pension Plan Actuarial Valuation Plan as of October 1, 2019.
25 The actuarial value of assets as of October 1, 2019 is $2,811,312. The advance employer
26 contribution as of October 1, 2019 is $77,489. The minimum required contribution for the
27 2020/21 plan year is $116,012.
28 Sean O'Brien made a motion to accept the actuarial report as presented which calculated
29 $116,012 as the minimum required contribution the FY 2020/2021.
30 Dindial Laliie seconded.
31 Motion passed 3-0.
32 b. APPROVAL OF EXPECTED RATE OF RETURN
33 Jeremy Langley, Account Executive of Florida League of Cities, presented the assumed total
34 expected amount of investment return of 7% for the next year, next several years, and long term
35 thereafter.
36 Sean O'Brien made a motion to approve the total expected annual rate of investment return for
37 the fund for the next year, the next several years, and the long-term thereafter, at 7.0% net of
38 investment related expenses.
39 Dindial Laliie seconded.
40 Motion passed 3-0.
41 VIII. COMMENTS BY THE PUBLIC
42 None.
43 IX. COMMENTS BY THE BOARD
44 Allan Owens stated that he would send out the annual Statement of Benefits to members of the
45 plan.
46
47
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GENERAL EMPLOYEE PENSION BOARD PAGE 1
05-22-20
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X. ADJOURNMENT
Finance Administrator Owens adjourned the meeting at 10:00 a.m.
APPROVED:
A�
Allan Owe ,Finance Administrator
Sean O'Brien, City Manager Designee
Dindial Laljie, Trustee
Patricia Snider, CMC
City Clerk
NOTE: These minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of
the meeting. A verbatim audio recording 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
05-22-20
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