HomeMy WebLinkAboutMinutes GEPB 022304City of Palm Beach Gardens General Employees
Pension Fund Trustee Meeting
February 23, 2004
The Meeting was called to order by Steve Parella at 2:03 PM. In attendance were Ken Steele,
Steve Parella, Jack Hanson, Allen Owens, Joe Boghdan, Lance Powers, Steve Noone, Scott
Christiansen, and Professor Watts from Harvard University was a guest & observer.
A motion to approve the minutes of the November 17, 2003 was made by Steve Parella and
seconded by Alien Owens. The vote to approve was unanimous.
The Investment Managers report was given by Lance Powers. He discussed the scenarios of
tech stocks, bonds, and the labor market. Also included by Lance was a discussion on the
administrative changes by Trusco and the commission recapture program.
The Performance Monitors report was given by Joe Boghdan. He said that Trusco has
positioned us well for 2004, but we are issuing Trusco a statement of concern regarding their
slow reaction as opportunities arise.
Steve Parella made a motion to pay the invoices of Christian & Dehner for $126.90 and
Boghdan Consulting for $1500.00. The motions were seconded by Jack Hanson and Ken
Steele and the votes to approve were unanimous.
A motion to approve the 2003 actuarial valuation by Foster & Foster was made by Steve
Parella and seconded by Allan Owens. The vote to approve was unanimous.
A motion to estimate the return on investments of 8% over the near and long term was made by
Allan Owens_ and seconded by Ken Steele. The vote to approve was unanimous.
Steve Parella made a motion to do an actuarial study for plan benefit changes to be paid for by
the city and Jack Hanson was the second. The vote to approve was unanimous.
Steve Parella made a motion to approve the requested fee change to $250.00 per hour for
Christiansen & Dehner. Allen Owens seconded the motion and the approval vote was
unanimous.
The secretary to the Board, Jack Hanson, was instructed to transmit the final2003 reports by
Trusco, Boghdan Consulting, and Foster & Foster to the city manager and city council.
The meeting adjourned at 3:56 pm.
Respectfully submitted,
back Hanson, - Secretary
City of Palm Beach Gardens
Pension Board of Trustees