HomeMy WebLinkAboutMinutes GEPB 0528211 CITY OF PALM BEACH GARDENS
2 GENERAL EMPLOYEES' PENSION BOARD
3 REGULAR MEETING
4 May 28, 2021
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 ALSO PRESENT: Jeremy Langley, Account Executive, Florida League of Cities, Inc., Chuck
13 Carr, Consulting Actuary from Southern Actuarial Services, Inc. (attended via phone).
14 IV. ADDITIONS, DELETIONS, MODIFICATIONS
15 None.
16 V. APPROVAL OF MINUTES the minutes from the December 16, 2020 meeting.
17 Sean O'Brien made a motion to approve the December 16, 2020 minutes.
18 Dindial Laljie seconded.
19 Motion passed 3-0.
20 VI. OLD BUSINESS
21 None.
22 VII. NEW BUSINESS
23 a. REVIEW AND DISCUSS ACTUARIAL VALUATION AS OF OCTOBER 1, 2020
24 Jeremy Langley, introduced Chuck Carr (attended via phone), who presented the City of Palm
25 Beach Gardens General Employees' Pension Plan Actuarial Valuation Plan as of October 1,
26 2020. Discussion ensued.
27 Sean O'Brien made a motion to approve the actuarial report as presented.
28 Dindial Laljie seconded.
29 Motion passed 3-0.
30 b. APPROVAL OF EXPECTED RATE OF RETURN
31 Jeremy Langley, Account Executive of Florida League of Cities, presented the assumed total
32 expected amount of investment return of 7% for the next year, next several years, and long term
33 thereafter.
34 Sean O'Brien made a motion to approve the total expected annual rate of investment return for
35 the fund for the next year, the next several years, and the long-term thereafter, at 7.0% net of
36 investment related expenses.
37 Dindial Laljie seconded.
38 Motion passed 3-0.
39 VIII. COMMENTS BY THE PUBLIC
40 None.
41 IX. COMMENTS BY THE BOARD
42 Jeremy Langley stated the market has been very good since the report. For the last quarter
43 ending in December 2020, the portfolio was up almost 12% and up to approximately 14.76% in
44 this fiscal year currently. An expected slowdown could be coming. Discussion ensued.
45 Dindial Laljie inquired about his beneficiary status and the different payment distribution
46 selections available.
47 Jeremy Langley shared there are options available and to contact Nicolle Bournival Financial
48 Analyst at Florida League of Cities for individual specific details. Discussion ensued.
GENERAL EMPLOYEE PENSION BOARD PAGE
05-28-21
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X. ADJOURNMENT
Finance Administrator Owens adjourned the meeting at 10:21 a.m.
APPROVED:
Allan Owens, Finance Administrator
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Sean O'Brien, City Manager Designee
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Dindial Laljie, Trustee
ATTEST:
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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
05-28-21
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