HomeMy WebLinkAboutMinutes GEPB 111901V
City of Palm Beach Gardens General Employees
Pension Fund Trustee Meeting
November 19, 2001
The meeting was called to order by Steve Parella at 2:05 PM. In attendance
were Bill Stark of Boghdan Consulting; Lance Powers of Trusco; Scott
Christiansen — Attorney; and Steve Parella, Ken Steele and Jack Hanson. Also
present was Allan Owens of the Palm Beach Gardens Finance Department.
A motion to approve the minutes of August 8, 2001 was made by Jack Hanson
and seconded by Ken Steele. The vote to approve was unanimous.
Lance Powers gave the managers report and stated in light of the market and
current events we are doing a juggling act, however, Trusco is optimistic and
does not recommend any changes or new allocations at this time. The market
decline was not selective but hit most sectors. Scott Christiansen pointed out
that member contributions were not shown on the cash flow report from Trusco.
Allan Owens will check on this and report back to Lance Powers ASAP. A copy
of the complete report is retained and filed. The performance monitors report
was given by Bill Stark. He stated we are doing better than the majority of
shareholders at this time and that bonds appear to have been the salvation at
this reporting period. Joe Boghdan and he are optimistic for the coming year. A
copy of the complete report is retained and filed.
A motion to approve for payment the invoice of Boghdan Consulting in the
amount of $750.00 was made by Steve Parella and seconded by Jack Hanson.
The vote to approve was unanimous.
A motion to approve for payment the invoice of Christiansen & Dehner in the
amount of $557.60 was made by Steve Parella and seconded by Ken Steele. The
vote to approve was unanimous.
The meeting dates for 2002 were discussed and will be February 25th, May 20th
August 19th and November 18. All of these dates are on Monday and the
meetings will be held in the Building Division Conference Room and will convene
at 2 :00 PM.
It was decided to place Ken Steele in nomination as a full member by special
meeting in January of 2002 with Jack Hanson, Steve Parella, Allan Owens (if
appointed), and Judy Fox (if elected) in attendance and eligible to vote on said
nomination.
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Scott Christiansen gave the attorneys report and covered the highlights of the
summary plan description and miscellaneous `house- keeping" items. A motion
to approve the plan was made by Ken Steele and seconded by Steve Parella.
The vote to approve was unanimous.
A motion to appoint Steve Parella as chairman of the board was made by Ken
Steele and seconded by Jack Hanson. The vote to approve was unanimous.
A motion to direct the attorney to prepare a direct rollover provision and buy-
back time in the ordinance for plan participants who are eligible was made by
Steve Parella and seconded by Ken Steele. The motion to approve was
unanimous.
A motion to adjourn was made by Steve Parella and seconded by Ken Steele.
The motion was accepted by unanimous vote. The time was recorded at 3:45
PM.
Respectfully submitted,
Jack Hanson = Secretary
City of Palm Beach Gardens
Pension Board of Trustees
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