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HomeMy WebLinkAboutAgenda GEPF 1117033 City of Palm Beach Gardens 10500 N. Military Trail Palm Beach Gardens, FL 33410 GENERAL EMPLOYEES PENSION FUND NOTICE OF MEETING AND AGENDA Please take notice that the BOARD OF TRUSTEES OF THE CITY OF PALM BEACH GARDENS will conduct a meeting of the board at the above location on November 17, 2003 at 2:OOPM in the Building Division Conference Room. AGENDA Approval of minutes dated August 18,2003 2. Investment Reports A. Investment Manager — Lance Powers - Trusco B. Performance Monitor — Joe Bogdahn — Boghdan Consulting Old Business A. Payment of Invoices 4. New Business A. Discussion — Revised Administrative Forms B. Discussion — Pension Plan Restatement C. Discussion — Purchase of Fire -Proof File Cabinet 5. Attorney's Report 6. Adjournment DISABILITY INFORMANTION In accordance with the Disabilities Act and F.S.S.286.26, persons with disabilities needing special accommodation to participate in this proceeding should contact the Human Resource Department no later than seven days subsequent to the proceeding at 561 - 799 -4200 for assistance, if hearing impaired, telephone the Florida Relay Service Number at 800 - 955 -8770 (VOICE) for assistance. APPEAL NOTICE If a person decides to appeal any decision made by the Board, with respect to any matter considered at such meeting or hearing, he will need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. Pension brdagenda Jack Hanson — Building Official Secretary to the Board of Trustees (561) 799 -4283 City of Palm Beach Gardens General Employees Pension Fund Trustee Meeting November 17, 2003 The Meeting was called to order by Steve Parella at 2:10 PM. In attendance were Steve Parella, Jack Hanson, Judy Fox, Joe Boghdan, Ken Steele, Lance Powers, Maria Goncalves, and Ward Foster. A motion to approve the minutes of the August 18, 2003 was made by Steve Parella and seconded by Judy Fox. The vote to approve was unanimous. The Investment Managers report was given by Lance Powers. He stated that we are off to a very good start based on the September 2003 report. Tech stocks are looking strong overall, 2004 is an election year, and jobs outlook is positive. We are reallocating based on the assumption and experience that interest rates will rise. The Performance Monitors report was given by Joe Boghdan. We are doing O.K. overall but there is some concern in select areas. He will meet with Trusco to relay those concerns and set up a board meeting in December to discuss the outcome, if necessary. �A subsequent phone call between Joe Boghdan and Jack Hanson resulted in making this item an agenda topic for the first 2004 meeting) The Actuaries Report was given by Ward Foster and he stated that this is one of the best fiscal year reports we've had. The contribution rates of the City are very stable, our funding is solid, and the plan is sound. A motion to approve the invoices from Boghdan Consulting for $1,500.00 was made by Steve Parella and seconded by Judy Fox — the vote to approve was unanimous. A motion to approve the invoice from Christiansen & Dehner for $1,751.10 was made by Steve Parella and seconded by Jack Hanson — the vote to approve was unanimous. A motion to approve the invoice from Foster & Foster for $4,340.00 was made by Steve Parella and seconded by Ken Steele — the vote to approve was unanimous. A brief discussion regarding the pension plan restatement and the new administrative forms resulted in a motion to approve those documents by Steve Parella and seconded by Judy Fox — the vote to approve was unanimous. The purchase of a fire -proof file cabinet for pension plan records was deferred to the first 2004 meeting. The Attorney's Report and discussion of the return to employment after retirement options plan was also deferred to the first 2004 meeting. The meeting adjourned at 4:15 pm. Respectfully submitted,. (ac_ �i :�? y l /ack Hanson, - Secretary City of Palm Beach Gardens Pension Board of Trustees