HomeMy WebLinkAboutMinutes GEPB 0813071
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GENERAL EMPLOYEE PENSION BOARD
AUGUST 13, 2007
MINUTES
The General Employee Pension Fund convened on August 13, 2007 in the Council
Chambers of the Municipal Complex, located at 10500 North Military Trail, Palm Beach
Gardens, Florida. The meeting was called to order by Allan Owens at 2:05 P.M. A
quorum was declared.
1. Roll Call
Members Present: Allan Owens, Finance Administrator
Kenneth Steele
Jamie Smith
Dindial Laljie
Members Absent: Steve Parella, Chair
Additional Attendees: Andy Holtgrieve — Rockwood Capital Advisors
David West — Bogdahn Consulting
Scott Christiansen — Attorney
2. Old Business
• Approval of Minutes
— Motion was made and seconded to accept minutes from the May 14, 2007
meeting and approved unanimously 4-0.
3. New Business
• Rockwood Capital Advisors second quarter report was presented by Andy
Holtgrieve.
— Equity portfolio review.
— Account summary.
• Bogdahn Consulting second quarter report was presented by David West.
Fiscal year-to -date number missing from printed report — 10.75 %.
Discussion held on Russell small, medium and large cap investments.
— Calendar year returns discussed.
Will wait to rebalance due to market conditions at this time.
• Scott Christiansen reported on the following items:
— Mrs. Murphy left the plan before the retirement age was lowered from age
65 to age 62. She will be eligible to draw a non - reduced benefit at age 65.
— Board members stated that their financial disclosure statements have been
submitted.
— Mr. Christiansen has not yet received the signed addendum for his
contract.
— Re- election of Board officers is required every two years and should be
placed on the next meeting agenda.
— Next meeting should be rescheduled due to a time conflict with the
Veterans Day holiday.
General Employee Pension Board
08.13.07
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- Mr. Christiansen requested that Allan Owens give an update on the
Trustee Composition Ordinance.
• Steve Parella, Chair, must fill out a final financial disclosure
statement if he leaves the City of Palm Beach Gardens. His
replacement on the Board is required.
• City wants to turn over administrative control of the general
employee defined benefit plan to the Florida League of Cities.
• Conversation ensued regarding the requirement to maintain a board
of trustees, which would include an attorney.
• The suggestion to meet twice a year is feasible, thus reducing
administrative costs. Special meetings could be called if necessary.
• Discussion ensued regarding investment management.
a Motion made, seconded and unanimously passed, 4-0, in favor of authorization
for Sam Martin's retirement benefit.
• Motion made, seconded and unanimously passed, 4-0, in favor of authorization
for Doug West's retirement benefit.
• Approval of bills:
- Bogdahn Consulting second quarter statement, $1200.00. Motion made,
seconded and passed unanimously 4-0.
- Sawgrass Asset Management second quarter statement, $822.00. Motion
made, seconded and passed unanimously 4-0.
- Rockwood Capital Advisors second quarter statement, $3433.82. Motion
made, seconded and passed unanimously 4-0.
- Christiansen and Dehner statement, $1033.73. Motion made, seconded and
passed unanimously 4-0.
- Salem Trust second quarter statement, $750.00. Motion made, seconded
and passed unanimously 4-0.
4. Adjournment:
With no further business to discuss the meeting adjourned at 3:19 P.M.
(The remainder of this page intentionally left blank)
General Employee Pension Board
08.13.07
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APPROVED:
r
� C.e
indial Laljie
Allan Owens
Kenneth Steele
Jamie Smith
Attest:
Patricia Snider, CMC
City Clerk
NOTE: These action minutes are prepared in compliance with 286.011 F.S. and are not verbatim
transcripts of the meeting. A verbatim audio recording is available from the Office of the City
Clerk.
All referenced attachments on file in the City Clerk's office.
General Employee Pension Board
08.13.07
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