HomeMy WebLinkAboutMinutes GEPB 012810I CITY OF PALM BEACH GARDENS
2 GENERAL EMPLOYEE PENSION BOARD
3 REGULAR MEETING
4 JANUARY 28, 2010
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6 The meeting was called to order at 10:00 a.m. by Finance Administrator Allan Owens.
7 I. ROLL CALL
8 PRESENT: Finance Administrator Allan Owens, City Manager Designee Mary
9 Anderson- Pickle.
10 ABSENT: None.
11 ALSO PRESENT: Florida League of Cities Florida Municipal Pension Trust Fund
12 ( FMPTF) Retirement Services Manager Paul Shamoun, plan member Jami Smith.
13 II. OLD BUSINESS
14 None.
15 III. NEW BUSINESS
16 Allan Owens reported on the restructuring of the General Employee Pension Board
17 following the City Council's adoption of Ordinance 40, 2009 at the January 7, 2010 City
18 Council meeting, which reconstituted the Board and authorized the transfer of
19 administration of the plan to the Florida Municipal Pension Trust Fund ( FMPTF). Allan
20 Owens also announced that Mary Anderson - Pickle is the City Manager designee to the
21 board, and that the third position will be appointed after contacting Din Laljie and Jamie
22 Smith to see who is interested in serving on the board as the plan member.
23 Paul Shamoun reported the responsibilities of the FMPTF in managing the pension plan
24 and the financial transactions that would take place during the transition.
25 Mary Anderson - Pickle made a motion that the asset allocation be set at 60 stocks -40
26 bonds.
27 Allan Owens seconded.
28 Motion passed 2 -0.
29 Allan Owens made a motion to issue letters to the asset managers liquidating the assets
30 and transferring the cash effective February 26, 2010 following instructions from Paul
31 Shamoun; execute a letter of notification to the actuary canceling his services effective
32 immediately, execute a letter to Salem Trust to transfer cash and any backup information
33 to the FMPTF effective February 26, 2010; execute a letter canceling the services of asset
34 monitor Bogdhan and Associates effective immediately and authorize Allan Owens to
35 execute the Trust Joinder Agreement.
36 Mary Anderson - Pickle seconded.
37 Motion passed 2 -0.
38 Paul Shamoun explained that pension checks will be issued on the first of each month
39 and the FMPTF will issue the retirees' 1099 forms.
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GENERAL EMPLOYEE PENSION BOARD Page 1
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I Xl. ADJOURNMENT
2 Allan Owens made a motion to adjourn.
3 Mary Anderson - Pickle seconded.
4 Motion passed 2 -0.
5 The meeting adjourned at 10:44 a.m.
6 The next regularly scheduled meeting will be announced at a later date.
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8 APPROVED
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14 Allan Owens, Finance Administrator
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19 Mary And rson- Pickle, City Manager Designee
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36 -Donna M. Cannon
37 Municipal Services Coordinator
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42 Note: These minutes are prepared in compliance with 286.011 F.S. and are not verbatim
43 transcripts of the meeting. A verbatim audio record is available from the Office of the City
44 Clerk. All referenced attachments on file in the Office of the City Clerk.
GENERAL EMPLOYEE PENSION BOARD Page
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