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