HomeMy WebLinkAboutMinutes GEPB 052101City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
May 21, 2001
The meeting was called to order by Mark Vadas at 2:06 PM. In attendance were
Andrew Muldoon and Lance Powers of Trusco, Bill Stark of Boghdan Consulting,
Scott Christiansen — Board Attorney, and Jack Hanson, Mark Vadas, Steve
Parella, and Ken Steele representing the city of Palm Beach Gardens Board of
Trustees.
A motion to approve the minutes of February 26, 2001 was made by Steve
Parella and seconded by Jack Hanson. The vote to approve was unanimous.
The Investment Managers report was given by Lance Powers of Trusco. He
referred to the overview of our investment outlook and strategy. We are in good
shape overall in our comparison to the S & P 500. He briefly discussed the on-
line access capability (read only) to our accounts. There was little local interest
but Boghdan Inc. may find some value in the resource. This will be scheduled as
an agenda item for our August meeting.
The Performance Monitors report was given by Bill Stark. Trusco has improved
our position in terms of total returns; their "minding the drugstore" is beginning
to show the results in their equity and bond returns. Discussion ensued
regarding Trusco's ability to adapt to new growth strategies for future
positioning. Andrew Muldoon and Lance Powers were very confident regarding
the asset allocations and future fund selections to accommodate any desired
changes or to "stay the course ".
A motion to approve the invoice of Christiansen & Dehner in the amount of
$1,250.60 was made by Steve Parella and seconded by mark Vadas. The vote to
approve was unanimous.
The attorney's report was given by Scott Christiansen. Our city clerk should give
the names and addresses of all members of the board of trustees to the
Supervisor of Elections for statement of financial interests' mailings. We need to
approve the contracts with Boghdan Consulting and Trusco Capital Management;
this will be scheduled as an agenda item for the August meeting.
C:I WINDOWS \Personallgepfminutes.doc
The next meeting will be scheduled for August 8th — Wednesday — at 3:30 PM.
This new meeting time and date is being changed to effect a cost savings for our
pension plan by reducing the travel time for Joe Boghdan and Scott Christiansen.
The travel time will be shared in order by the cities of Bonita Springs, Palm
Beach Gardens and Okeechobee.
A motion to adjourn was made by Steve Parella and seconded by Jack Hanson.
The vote was unanimous. The time was recorded at 3:35 PM.
Respectfully submitted,
Jack Hanson
Secretary to Board of Trustees
City of Palm Beach Gardens
CAW INDOWS \Personal \gepfminutes.doc