HomeMy WebLinkAboutMinutes GEPB 121620I CITY OF PALM BEACH GARDENS
2 GENERAL EMPLOYEES' PENSION BOARD
3 REGULAR MEETING
4 December 16, 2020
5
6 I. CALL TO ORDER
7 The regular meeting was called to order at 9:30 a.m. by Finance Administrator, Allan Owens.
8 II. PLEDGE OF ALLEGIANCE
9 III. ROLL CALL
10 PRESENT: Allan Owens, Sean O'Brien, Dindial Laljie.
11 ABSENT: None.
12 IV. ADDITIONS, DELETIONS, MODIFICATIONS
13 None.
14 V. APPROVAL OF MINUTES
15 City Manager Designee O'Brien made a motion to approve the May 22, 2020 minutes.
16 Dindial Laliie seconded.
17 Motion passed 3-0.
18 VI. OLD BUSINESS
19 None.
20 VII. NEW BUSINESS
21 a. REVIEW AND DISCUSS INVESTMENT RESULTS AS OF SEPTEMBER 30, 2020
22 Jeremy Langley, Account Executive of Florida League of Cities, presented an overview of the
23 investment results of the Florida Municipal Pension Trust Fund for fiscal year 2020 with an
24 ending account balance of $2,875,021.61 and a 6.6% rate of return. Additionally, the market has
25 continued to rally into the first two and a half months of fiscal year 2021 and the plan has had
26 some retirees who have recently passed which will also impact costs. Discussion ensued.
27 Finance Administrator Owens inquired on the status of annual statements to current employees.
28 Jeremy Langley explained the statements are prepared at the end of the fiscal year and are tied
29 to the valuation report and then mailed out around January and February.
30 Finance Administrator Owens requested the statements to be sent to the City at his attention
31 and then the City can distribute them to the employees.
32 Jeremy Langley agreed.
33 b. CHRISTIANSEN & DEHNER, P.A. 1 BANKERS' BOX OF PENSION PLAN
34 DOCUMENTS
35 Finance Administrator Owens stated the receival of a letter from Christiansen & Dehner, who
36 was the pension plan's previous attorney. This letter notified the board that they had a bankers'
37 box of old pension plan files. These documents could either be destroyed, picked up in Sarasota
38 at no charge or mailed for a $35 shipping fee.
39 Finance Administrator Owens suggested to spend $35 to retrieve the files to see if they are
40 important for records retention.
41 City Manager Designee O'Brien made a motion to spend $35 for the shipment of the pension
42 plan documents.
43 Dindial Laliie seconded.
44 Motion passed 3-0.
45 VIII. COMMENTS BY THE PUBLIC
46 None.
47 IX. COMMENTS BY THE BOARD
48 None.
GENERAL EMPLOYEE PENSION BOARD PAGE
12-16-20
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X. ADJOURNMENT
Finance Administrator Owens adjourned the meeting at 9:44 a.m.
APPROVED:
Allan Owen , Finance Administrator
t
Sean O'Brien, City Manager Designee
Dindial Laljie, Trustee
AtTEST:
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
12-16-20
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