HomeMy WebLinkAboutMinutes GEPB 052423I CITY OF PALM BEACH GARDENS
2 GENERAL EMPLOYEES' PENSION BOARD
3 REGULAR MEETING
4 May 24, 2023
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6 I. CALL TO ORDER
7 The regular meeting was called to order at 10:31 a.m. by Finance Administrator, Arienne Panczak.
8 II. PLEDGE OF ALLEGIANCE
9 III. ROLL CALL
10 PRESENT: Arienne Panczak, Kadem Ramirez, Dindial Laljie.
11 ABSENT: None.
12 ALSO PRESENT: Jeremy Langley, Account Executive, Florida League of Cities, Inc.
13 IV. ADDITIONS, DELETIONS, MODIFICATIONS
14 None.
15 V. APPROVAL OF MINUTES the minutes from the December 16, 2022, meeting.
16 City Manager Designee, Kadem Ramirez made a motion to approve the December 16, 2022,
17 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, 2022
24 Jeremy Langley, Account Executive, Florida League of Cities, Inc. presented an overview of the City
25 of Palm Beach Gardens General Employees' Pension Plan Actuarial Valuation Plan as of October 1,
26 2022.
27 Dindial Laljie made a motion to approve the actuarial report as presented.
28 City Manager Designee, Kadem Ramirez seconded.
29 Motion passed 3-0.
30 b. APPROVAL OF EXPECTED RATE OF RETURN
31 Jeremy Langley, Account Executive, Florida League of Cities, Inc. presented the assumed total
32 expected amount of investment return of 7.0% for the next year, next several years, and long term
33 thereafter.
34 Finance Administrator, Arienne Panczak made a motion to approve the total expected annual rate
35 of investment return for the fund for the next year, the next several years, and the long-term thereafter,
36 at 7.0% net of 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 Dindial Laljie inquired about the number of members receiving payments in the plan. Discussion
43 ensued. Jeremy Langley, Account Executive, Florida League of Cities, Inc. noted from January 1,
44 2023, through March 31, 2023, six members received payment benefits.
45 Dindial Laliie inquired about payments for beneficiaries. Discussion ensued. Finance
46 Administrator, Arienne Panczak stated she will confirm the options available and follow up.
47 Finance Administrator, Arienne Panczak presented December 13, 2023, at 10:30 a.m. as the next
48 scheduled meeting date. The Board confirmed the next meeting for December 13, 2023, at 10:30 a.m.
GENERAL EMPLOYEE PENSION BOARD PAGE
05-24-23
I X. ADJOURNMENT
2 Finance Administrator, Arienne Panczak adjourned the meeting at 11:01 a.m. (The December
3 13, 2023, meeting was rescheduled to December 15, 2023, at 9:00 a.m.)
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ATTEST:
Patricia Snider, CM
City Clerk
Arienne Panczak, Finance Adbi>fstrator
Kadem Ramirez, City Manager Designee
Dindial Laljie, Trustee
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
05-24-23
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