HomeMy WebLinkAboutMinutes Police Pension 082523 Special MeetingPalm Beach Gardens Police Officers' Pension Fund
Minutes of the Meeting Held: August 25, 2023
1. Chair Jay Spencer called the Special Board Meeting of the Board of Trustees of the City of Palm Beach Gardens
Police Officers' Pension Fund to order at 9:00 AM in the Council Chambers and called roll. Those persons present
included:
2. TRUSTEES PRESENT
Jay Spencer, Chairman
Brad Seidensticker, Secretary
Sean O'Brien
Greg Mull, Trustee
3. AUDITOR
OTHERS PRESENT
Scott Baur & A.C. Lovingood (Resource Centers)
Bonni Jensen (Klausner Kaufman Jensen & Levinson) -
Phone
Attorney Bonni Jensen and Plan Administrator Scott Baur advised the Board that Cherry Bekaert has discontinued
the Pension Plan Audit Department and will not be performing the Fiscal Year End 2023 Annual Audit. The Board of
Trustees asked if the City's Auditor, Marcum could perform the Plan's Audit and Greg Mull made an inquiry about
what the process would be to find a new auditor along with the RFP requirements. Mr. Baur stated that this has
occurred at an awkward time to look for a new auditor. Mr. Baur did inform the Board that one Auditor that his firm
has experience with, Saltmarsh, is an exception and is taking on new clients. Mr. Baur clarified that his firm has no
benefit if the Plan chooses to use Saltmarsh and that Mr. Baur contacted the firm to see if they would take the Plan
on as a client at the same terms that the Plan had with Cherry Bekaert. The Board reviewed their options and
reviewed the Service Agreement proposed by Saltmarsh. Trustee Sean O'Brien stated that with the timing of
everything, he recommends that the Board hire Saltmarsh to perform the Audit and revisit this matter next year.
Sean O'Brien made a motion to hire Saltmarsh as the Plan Auditor for the 2023 Annual Audit. The motion received
a second from Brad Seidensticker, approved by the Board 4-0.
4. PACIFIC GAS & ELECTRIC
Attorney Bonni Jensen informed the Board that the Plan has received a proposed settlement to the PG&E
bankruptcy. The settlement offer is $25.00, which is small and does not offset the significant losses that the Plan
experienced. Mrs. Jensen reminded the Board that PG&E filed for bankruptcy after one of their main transmission
lines caused a significant brush fire in California. Mrs. Jensen and the Board of Trustees discussed the various
options available on the matter, which included potential legal costs and the likelihood of the Plan recouping the
financial losses due to PG&E going bankrupt. Based on the discussion with legal council and the uncertain outcome
the Board took serous consideration to accepting the settlement offer of $25.00.
Brad Seidensticker made a motion to accept the $25.00 PG&E Bankruptcy Settlement Offer as presented, The
Motion received a second from Greg Mull, approved by the Board 4-0.
5. REPORTS
Attorney Report (Bonni Jensen, Klausner Kaufman Jensen & Levinson): Albert
Attorney Bonni Jensen had nothing to report at this time and thanked the Board for allowing her to join the Meeting
via phone.
Administrator Report (A.C. Lovingood & Scott Baur, Resource Centers)
Plan Administrator A.C. Lovingood reported that he had received the member Annual Benefit Statements and that
they were delivered to Greg Mull for distribution to the members.
1-ImilIsm 14it-U-91►IW
There was no other business to discuss at this time.
7. ADDITIONAL REPORTS
There were no additional reports presented at this meeting.
8. PUBLIC COMMENTS
No members of the public had any comment.
9. ADJOURN
There being no further business, Chairman Jay Spencer adjourned the meeting at 9:31 AM.
Respe ful su it ed,
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Brad Seidenstic er, Secretary