HomeMy WebLinkAboutMinutes GEPB 021405General Employees Pension Board
February 14, 2005
2 :00 PM
The General Employees Pension Board met on February 14,2005. The meeting was
called to order at 2:13 PM.
Members present: Allan Owens,
Joe Bogdahn
Dindial Laliee
Jamie Smith
Mary Durkin
Scott Christiansen
Stephen Parella by Telephone on conference call
The board approved the minutes from the November 14, 2004 meeting.
Mary Durkin, From Trustco Management, went over the performance book of with the
board. She discussed the different funds and talked about the overall status of the
pension fund.
Joe Bogdahn gave the trustees background information on the pension fund. He stated
that they expected Trustco to roll out new funds that would have brought the pension
fund more money. He stated that they are still unhappy with Trustco's performance and
recommended starting to do a search for a new fund manager. The search would cost
approximately $3,500.00. Alan Owens stated that in the long run he felt it was worth the
money and made a motion to have Joe start a search for a new manager. The board
approved the motion in a 4 -0 vote.
Scott Christiansen asked about the status of an Ordinance that he thought, staff was
working on that would allow retired of employees to serve on the pension board. Stephen
Parella agreed with Scott and stated he would like to write a letter to the Mayor or City
Manager to discuss this issue. Alan stated it that the person to write a letter to would be
the City Manager. Stephen felt they should move forward with trying to allow retired
employees to serve on the board. Allen gave him the City Manager's name and contact
information.
Scott told the new trustees that they needed to fill out a financial disclosure form within
30 days of taking office and to check with Sarah Varga for help with these forms.
Scott stated that Ken Steele's term will be up in March, 2005. He also thought that
Stephen's term was also going to end. Alan will follow up to determine the actual dates
of their terms.
Scott inquired about a discussion that took place at the last meeting concerning the
possibility of reopening the plan and wanted to know if this was a dead issue. Allen
stated that this is not a dead issue and that recently they were requests from other
segments of the general employee population to look at the pension issue. Stephen asked
what can be done to push this decision along. Scott explained to the new trustees that the
current plan is closed and that any new employees have to join the 401K plan and not the
pension plan. He stated that there are only a handful of people in this plan. He stated the
city has been toying with the idea of reinstating the plan and giving the employees the
opportunity to choose between this plan and the 401K.
With no further businesses to discuss the meeting adjourned at 3:30 PM.
Approval:
Allan Owens
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tep an Parella
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Kenneth Steele
indail Laliee
Jamie Smith
Attest:
usan Bell, Public Information/ Recording Coordinator