HomeMy WebLinkAboutMinutes GEPB 022403City of Palm Beach Gardens General Employees
Pension Fund Trustee Meeting
February 24, 2003
The Meeting was called to order by Steve Parella at 2:05 PM. In attendance were Steve
Parella, Ken Steele, Judy Fox, Allan Owens, Jack Hanson, Lance Powers, Bill Stark,
and Scott Christiansen.
A motion to approve the minutes of the December 9, 2002 was made by Steve Parella
and seconded by Allan Owens. The vote to approve was unanimous.
Lance Powers gave the investment Managers Report. He stated that we had a very
difficult year, the worst since 1974. The moves of investors has been to quality issues
and safety such as treasuries and money market. Future equity real izations,are still
uncertain, but gains should be positive but modest.
Bill Stark gave the Performance Monitors Report. He stated we are doing relatively well
in overall terms. High quality bonds did extremely well for the quarter, but equities took
a beating across the board. Trusco has done very well by peer comparison and we will
maintain a conservative stance and hope for the upside.
A motion to approve the invoices of Bogdahn Consulting for $1,500.00 and Christiansen
& Dehner for $1,800.70 was made by Steve Parella and seconded by Allan Owens and
Judy Fox respectively. The vote to approve was unanimous.
The secretary will set up a file for the directed brokerage statements. This item will be
an agenda topic under Lance Powers, the investment manager, for the next meeting.
A discussion on the conversion to the D.B. Plan was debated by all present. It was
proposed that Scott Christiansen and Ward Foster would get on the April 10 or later
agenda to make a presentation to the City Council. The result of this meeting would
dictate further developments. A motion by Steve Parella to authorize the attorney and
the actuary to make the presentation was seconded by Ken Steele and the vote to
approve was unanimous.
Steve Parella made a motion to approve the actuarial cost method to project the results
of the actuarial valuation to the fiscal year that begins 12 months following the valuation
date. The motion was seconded by Allan Owens and the vote to approve was
unanimous.
The Attorneys Report was given by Scott Christiansen. The terms of Steve Parella and
Jack Hanson must be renewed as soon as possible if they wish to continue to serve.
Jack Hanson was directed to give the investment reports to the council via the city
manager on the form PL -2. This was accomplished on 2/25/2003. Scott reported on
the various methods of travel, meal, and mileage allowances. Allan Owens will solicit
an opinion from the city attorney as to how we should proceed.
Chairman Parella called for adjournment at 4:27 P.M.
Respectfully submitted,
Jack Hanson, - Secretary
City of Palm Beach Gardens
Pension Board of Trustees