HomeMy WebLinkAboutMinutes Fire Pension 08140111/08/2661 12:68 5616243278 RESOURCE CENTERS PAGE 03
PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND
MINUTES OF MEETING HELD
August 14, 2001
A meeting of the Board of Trustees was called to order at 8:02 A.M. at the Main Station,
Palm Beach Gardens, Florida. Those persons present were:
TRUSTEES
Bill Perry
Steve Rogers
Ed Morejon
Richard Beladino
Phillip Buttaravoli
MINUTES
OTHERS
Margie Adcock, Pension Resource Center,
Administrative Manager
Scott Givens, Bank of America,
Investment Manager
Visitor: Evan Bestland
The minutes for the meeting of May 18, 2001 were reviewed. A motion was made,
seconded, and passed 5 -0 to accept the minutes of May 18, 2001.
INVESTMENT MANAGER
Scott Givens appeared before the Board to discuss the investment performance of the Fund
for the quarter ending June 30, 2001. He advised that the Fund had a positive quarter. With
• respect to equities, the Fund was up 5.440/a while the S &P 500 was up 5.86 %. For the six
month period, equities were down 8.91% while the S &P 500 was down 6.69 %. For the nine
month period, equities were down 11.67% while the S &P 500 was down 14 1/a.
Mr. Givens the discussed the sector weightings. He noted that for 2001, it has really been a
small cap /mid cap market as opposed to a value or growth market. He reported that the
large cap market is starting to do better. There are positive signs in the market now. The
market has not turned yet, but it is not expected to go back to where it once was.
The market value of the total Fund as of June 30, 2001 was $5,214,615. The asset allocation
of the Fund as of June 30, 2001 was 67.12% in equities; 31.14% in fixed income; and 1.14%
in cash. The total Fund was up 3.46% for the second quarter and up 8.32% since inception
42 months ago. Mr. Givens then answered various questions by the Trustees.
Scott Givens departed the meeting.
ADMINISTRATIVE REPORT
Margie Adcock provided the Board with binders that included the Ordinance, the Summary
Plan Description, the Investment Policy Statement, and the Operating Rules and Procedures
of the Fund.
Ms..Adcock reported that the Fund received the premium tax monies from the State in the
• amount of $229,007.87.
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Ms. Adcock then provided the Board with information that was received froze the Actuary
• regarding changes in the multiplier and normal retirement age, as well as a statewide survey
of benefits for Chapter 175 and 185 pension plans. There was a lengthy discussion
regarding the possible benefit changes. A motion was made, seconded, and passed 5 -0 to
appoint Steve Rogers to deal with the City regarding benefit improvements. Ed Morejon is
going to work with Evan Bestland to conduct meetings to determine what benefits the
Participants would like to see improved in the Plan.
Ms. Adcock then distributed forms that were in the files of the Fund concerning review of
disability retirees. There was a lengthy discussion regarding the necessity to review the
status of disability retirees. It was determined that the new attorney should review the forms
and advise on how the process of review should be handled.
Ms. Adcock distributed a list of upcoming conferences. The Board discussed attending the
FPPTA Trustees School in St. Pete Beach on October 1 -3, 2001.
Ms. Adcock advised that she received a request for a return of contributions from Ivan Cool.
She requested the amount that he has contributed to the Fund from the City, but did not have
a response yet. A motion was made, seconded, and passed 5 -0 to authorize the
Administrator to process the request for a return of contributions from Ivan Cool once the
City provides the amount of contributions made to the Fund.
Ms. Adcock presented the disbursements to be made. She advised that she received a
renewal quote for the Fiduciary Liability Insurance Policy. It was noted that the Ordinance
provides that the City will pay for the cost of the waiver of recourse provision. A motion
was made, seconded, and passed 5 -0 to renew the Fiduciary Liability Policy and advise the
City of the amount of the waiver of recourse provision. A motion was made, seconded, and
passed 5 -0 to approve the disbursements.
Ms. Adcock reported that the Board may be interested in obtaining a Fidelity Bond. She
advised that she would obtain quotes for a Fidelity Bond and the Board could discuss the
matter with the new attorney at the next meeting.
Ms. Adcock then advised that the Trustee term for Ed Morejon is due to expire on
December 31, 2001. It was noted that the election process should begin in November. The
Board would like the new attorney to draft election procedures based on how the last two
elections were conducted.
DISCUSSION ON ATTORNEY SELECTION PROCESS
The Board then discussed the attorneys that had previously made presentations to the
Trustees. There was a lengthy discussion regarding the qualifications and fees quoted by all
of the attorneys. A motion was made, seconded, and passed 5 -0 to retain Robert Sugarman
from Sugarman and Susskind as the attorney for the Fund, provided that a better travel rate
could be obtained. The Board wanted to confirm that Mr. Sugarman was still willing to
conduct a one day seminar for the Trustees and was willing to become familiar with the
• Fund at no extra cost to the Fund. A motion was made, seconded, and passed 5 -0 to appoint
Ed Morejon as the liaison for the Board to which the Administrator can get final authority
regarding retaining Robert Sugarman as the attorney for the Fund.
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• OTHER BUSINE55
There being no further business, a motion was made, seconded and passed 5 -0 to adjourn the
meeting. The meeting adjourned at 9:50 AM.
Respectfully submitted,
Ed Morejon, Secretary
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