HomeMy WebLinkAboutMinutes GEPB 051407General Employees Pension Fund
May 14, 2007
3 The General Employees Pension Board met on May 14, 2007 in the City of Palm Beach
4 Gardens, Council Chambers located at 10500 N. Military Trail, Palm Beach Gardens,
5 Florida. The meeting was called to order by Allan Owens at 2:06 p.m. and opened with
6 the Pledge of Allegiance.
7
8 1. ROLL CALL
9 Members Present:
10
11
12
13
14 Members Absent:
15
16
17
18
19
20
21
22
23
Additional Attendees:
Dindial Laljie
Kenneth Steele
Jamie Smith
Allan Owens
Stephen Parella, Chair
Sarah Varga, Accountant
Scott Christiansen, Pension Board Attorney
Dave West, Bogdahn Consulting
2. Approval of Minutes
The Board approved the minutes from the February 12, 2007, by a unanimous vote of
4 -0.
24 2. Report by Bogdahn Consulting
25 Dave West presented the Report for Bogdahn Consulting. He went over the trailing
26 returns through March 31, 2007. The three -year fund return was 5.86°/x; the five -year
27 return was 5.86 %. The cash flow had a beginning value of $2,906,000; net flow $56,000;
28 investment gain was $129,000; end value for the March quarter was $2,979,000.
29 Calendar year returns were 4.49% for this quarter which fell into the first percentile. The
30 one -year return was 11.56% which fell into the 16`h percentile; the three -year return was
31 7.92% which fell into the 33`d percentile; and the five -year return was 5.86% which was
32 an average return. Peer group rankings for the first quarter were 6.12% which fell into the
33 lst percentile; one -year returns were 14.50% which fell into the 17`h percentile; three -
34 year return was 10.76% which fell into the 32nd percentile; the five -year was 6.04%
35 which fell into the 601h percentile which was below average.
36
37 Rockwood Portfolio allocated $1.8 million and the fund return was 6.24 %. They out
38 performed the quarter by 5.6 %. Trailing returns through March annualized the one -year
39 return at 14.48 %; the inception annualized at a rate of 18.77% which outperformed by
40 4.74 %. The trailing returns through March 31, 2007, were in the top one percentile for
41 the 2nd and 3rd quarters and in the top 16`h percentile for the year. Dave West stated that
42 Boghdan Consulting had a meeting with the Rockwood Consulting portfolio managers.
43 Their strategy for investing is a momentum driven strategy which works well when the
44 market follows certain themes.
45
46
47
GEPB Minutes 051407 Page
1 Dave West asked that a motion be made since the International shares were purchased as
2 a separate account and should be under custody separately under Salem. Salem trust is
3 directed to establish a separate account for custody of the International Index Fund. A
4 motion was made and approved by a unanimous vote of 4 -0.
6 5. Attorney Report:
7 Scott Christiansen stated that the investment policy from Bogdhan Consulting was
8 approved. This needs to be sent to the City, Slavin and to the actuary. The summary plan
9 description was approved at the last meeting and this was distributed to the Board and
10 active plan employees. The compliance Internal Revenue Service (IRS) Ordinance has
11 been done and sent to Mr. Slavin at the Division of Retirement. Mr. Christiansen
12 reminded the Board that their Financial Disclosure forms are due by July 1, 2007. The
13 issue of Trustees was addressed. It was noted that the Board will be down to two active
14 members. Mr. Christiansen suggested that the Board go to the City with an update of the
15 Trustee section of the Ordinance. It was suggested that there be five trustees, three shall
16 be legal residents of the City appointed by City Council. One shall be a member of the
17 system, a retiree, or if a member or retiree is unwilling or unable to serve, a legal resident
18 of the City who shall be appointed by City Council.
19
20 6. Approval of Gibson & Writ Insurance Ouote:
21 This is the fiduciary liability insurance. The premium has gone up $25.93 in the last year.
22 This is the insurance that covers the fund and the individual trustees. The board approved
23 the quote and payment of the bill by a unanimous vote of 4 -0.
24
25 7. Approval of Willie Sigler's Retirement:
26 The approval of Willie Sigler's retirement was made and passed by a unanimous vote of
27 4 -0.
28
29 Approval of Bills:
30 Motion to pay Sawgrass quarterly payment of $835.00.
31 t- Motion was made to pay the bill, motion seconded and passed by a unanimous vote of
32 4 -0.
33
34 Rockwood Capital Advisors quarterly payment of $3353.98.
35 Motion was made to pay the bill, motion seconded and passed by a unanimous vote of
36 4 -0.
37
38 Christiansen and Dehner in the amount of $1011.18.
39v Motion was made to pay the bill, motion seconded and passed by a unanimous vote of
40 4 -0.
41
42 Salem Trust quarterly payment of $750.00.
43 j Motion was made to pay the bill, motion seconded and passed by a unanimous vote of
44 4 -0.
45
46 Bogdahn Consultants quarterly payment of $2000.00
47 Motion was made to pay the bill, motion seconded and passed by a unanimous vote of
48 4 -0.
49
GEPB Minutes 051407 Page
2
a
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
6. ADJOURNMENT
With no further business to discuss the meeting adjourned at 2:42 p.m.
APPROVAL:
Stephen Parella, Chair
indial Laljie
Allan Owens
A Pnnf -th CiPP�P
l rr( 6- � Ia l r(I C t G �G
Annette T,ucci
Municipal Services Coordinator
Note: These summary minutes are prepared in compliance with 286.011 F.S. and are not verbatim
transcripts of the meeting. A verbatim audio record is available from the Office of the City Clerk.
All referenced attachments on file in City Clerk's office.
GEPB Minutes 051407 Page
3