HomeMy WebLinkAboutMinutes GEPB 080801F- 416
City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
August 8, 2001
The meeting was called to order by Mark Vadas at 3:35 PM. In attendance were
Lance Powers of SunTrust, Scott Christiansen — Board Attorney; Joe Boghdan —
Performance Monitor; and Mark Vadas, Jack Hanson, Ken Steele, and Holly
Luzader of the Board of Trustees.
A motion to approve the minutes of the meeting of May 21, 2001 was made by
Ken Steele and seconded by Holly Luzader. The vote to approve was
unanimous.
The Investment Managers report was given by Lance Powers of SunTrust. He
covered the high points of the Investment Overview and Equity Markets
Summary, and a copy of the complete report is retained and filed.
The investment Monitors report was given by Joe Boghdan of Boghdan
Consulting. He stated that we are doing very well in light of the total market. A
copy of the complete report is retained and filed.
Joe Boghdan expressed a need and desire to avail his company of on -line access
to the fund accounts at SunTrust and permission was granted by the Board. A
signed copy of the agreement was given to SunTrust and a copy was retained
and filed.
Payment of an invoice from Christiansen and Dehner in the amount of $2,081.55
was motioned by Jack Hanson and seconded by Holly Luzader, the vote to
approve was unanimous.
A motion to approve the contract for Boghdan Consulting in the amount of
$6,000.00 was made by Jack Hanson and seconded by mark Vadas. The vote to
approve was unanimous.
A motion to approve the contract for Trusco Capital Management and SunTrust
Bank for an annual fee of 75 basispoints was made by Holly Luzader and
seconded by Jack Hanson, the vote to approve was unanimous.
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A motion to approve the monetary distribution for Pietro Corrias per his request
and selected method was given by Holly Luzader and seconded by Jack Hanson,
the vote to approve was unanimous and the paperwork will be retained on file.
A motion to approve the monetary distribution for William Holland per his
request and selected method was given by Holly Luzader and seconded by Jack
Hanson, the vote to approve was unanimous and the paperwork will be retained
on file.
A motion to approve the contract for fiduciary liability insurance for the board of
trustees was given by Holly Luzader and seconded by Jack Hanson. The policy
will be written by the Travelers Insurance Company and handled by Gibson &
Wirt, Inc. The annual premium is $1,588.00. The vote to approve was
unanimous.
Ken Steele gave a presentation on asset allocations and related topics. It was
decided to defer any changes in our present investment policy pending a further
discussion at the next meeting. Joe Boghdan and Lance Powers will do a
presentation for the board of trustees to review.
The attorneys report was given by Scott Christiansen. He requested that he be
authorized to revisit our summary plan description and make any necessary
changes. A motion to authorize was given by Jack Hanson and seconded by
Mark Vadas, the vote to approve was unanimous.
A motion to adjourn was given by Ken Steele and seconded by Holly Luzader, the
approval was unanimous and the time was recorded at 5:38 PM.
Respectfully submitted,
Ack Hanson — Secretary
City of Palm Beach Gardens
Pension Board of Trustees
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