HomeMy WebLinkAboutMinutes GEPB 082100City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
August 21, 2000
The meeting was called to order by Mark Vadas at 1:38 PM. In attendance were
Jack Hanson, Mark Vadas, Kent Olson, Steve Parella, Daniel Hackman, Scott
Christiansen, Carin Anderson and Joe Boghdan.
A motion to approve the board meeting minutes of May 15, 2000 was made by
Dan Hackman and seconded by Steve Parella. The vote to approve was
unanimous.
The investment managers report was given by Carin Anderson of STI. She did a
midyear 2000 overview that showed the market was flat overall although
healthcare stocks were up. The presentation was made with minimal questions
or requests for clarification.
The performance monitors report was given by Joe Boghdan. He gave a
detailed comparison of several investment managers and our current status.
Scott Christiansen gave an explanation of Senate Bill 372. He enumerated the
requirements and standards of accountability and policies. Education
requirements concerning investments will be necessary for all board members in
the future.
A motion to approve the retirement of Elinor Adams via a lifetime only benefit
was made by Steve Parella and seconded by Mark Vadas. The vote to approve
was unanimous.
A discussion ensued regarding the retirement of Dana Mack. A motion by Kent
Olson to approve his retirement contingent on the final actuary statement and the
payout of his choice received unanimous approval. The motion was seconded
by Steve Parella.
Steve Parella made a motion to authorize Joe Boghdan to set up interviews for
the board for at least three prospective investment managers. Scott Christiansen
will prepare an RFP establishing the necessary performance standards. The
motion was seconded by Dan Hackman and the vote for approval was
unanimous.
A discussion followed regarding the possibility of an increase in the benefit
accrual rate. A positive recommendation cannot be made at this time because of
external influences of other plans involving city employees. It was decided to put
the report on hold for the present time.
Kent Olson made a motion to approve the payment of an invoice from Gibson &
Wirt in the amount of $1,500.00 for fiduciary liability insurance coverage for the
board members. The second was by Steve Parella and the vote was unanimous
for approval.
Kent Olson made a motion to approve the payment of an invoice from
Christiansen & Dehner in the amount of $853.75 for services rendered. The
second was by Mark Vadas and the vote was unanimous for approval.
It was stated that Kent Olson was reappointed to the board by the City Council.
A motion to adjourn was made by Kent Olson and seconded by Steve Parella.
All voted in favor.
The time was recorded a 4:11 PM.
Respectfully submitted,
J,-�& Hanson — Secretary — Board of Trustees
Gepf.082100