HomeMy WebLinkAboutMinutes GEPB 022601City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
February 26, 2001
The meeting was called to order by Mark Vadas at 2:00 PM. In attendance were
Lee Dehner — Board Attorney, Lance Powers and Andrew Muldoon of Trusco, Joe
Boghdan — Peformance Monitor, Pat Donlan — Actuary, Steve Parella — Trustee,
and Jack Hanson, Kent Olson and Mark Vadas of the City of Palm Beach Gardens.
A motion to approve the minutes of the board meeting of December 15, 2000
was made by Steve Parella and seconded by Mark Vadas. The vote to approve
was unanimous.
The investment managers report was given by Lance Powers. He made a
presentation of our yearly performance in all categories and reaffirmed our asset
allocation; a minimum of "fine- tuning" is necessary at this time. Lance
introduced Mr. Andrew Muldoon — Vice President of Trusco Management who
reaffirmed their strong commitment to our plan and future service.
The performance monitors report was given by Joe Boghdan. He stated that in
spite of the off year closing of 2000 we are doing okay in light of the overall
market performance. With the trustees approval, Joe will write a letter to Trusco
informing them of a "probationary" status pending the results of the first quarter
performance of 2001. Steve Parella made a motion to accept the Investment
Policy Statement as amended and it was seconded by Kent Olson. The vote to
approve was unanimous. A copy will be sent to Mr. Charles Slavin at the state
level.
The actuary report was given by Patrick Donlan who detailed the high points and
stated that at this time we are financially sound and stable. Steve Parella made
a motion to accept the actuary report and it was seconded by Kent Olson. The
vote to approve was unanimous.
A motion to send a letter to Charles Slavin at the state level was made by Steve
Parella and seconded by Kent Olson, the vote to approve was unanimous. This
letter was dictated to the secretary by Lee Dehner and centered around the rate
of investment returns over the immediate and long term. (This letter was sent
to Mr. Slavin on February 27, 2001).
i . ;-
A motion to pay the invoices of Foster & Foster for $4,050.00 and Christiansen
and Dehner for $29.40 was made by Steve Parella and seconded by Kent Olson.
The vote to approve was unanimous.
A motion to appoint Mr. Kenneth Steele to the Board of Trustees was made by
Steve Parella and seconded by Kent Olson. The vote to approve was unanimous.
Kent Olson will contact Mr. Steele and apprise him of the meeting times and
dates.
The election of Mark Vadas was certified by the board and recorded as a
unanimous approval. The motion was made by Steve Parella and seconded by
Kent Olson. Mark will serve for a term of three years.
The attorneys report was given by Lee Dehner. He discussed the financial
interest reporting forms for all trustees and emphasized the necessity of
participation. He instructed the secretary to inform Mr. Daniel Hackman of the
final statement of obligations by certified letter. (This letter was sent to Mr.
Hackman on February 27, 2001).
A motion to adjourn was made by Kent Olson and seconded by Steve Parella.
The vote to approve was unanimous. The time was recorded at 4:17 PM.
Respectfully submitted,
. -� -a -eY
ack Hanson
Secretary to Board of Trustees
City of Palm Beach Gardens