HomeMy WebLinkAboutMinutes GEPB 051500City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
May 15, 2000
In attendance were Scott Christiansen — Board Attorney, Carin Anderson of
SunTrust, Bill Stark of Performance Monitoring Services, Patrick Donlan of
Foster & Foster, Jack Hanson, Dan Hackman, and Steve Parella. It was
agreed that Steve Parella would chair the meeting and the time was recorded
at 1:40 PM.
The minutes of the February 28, 2000 meeting were corrected to read in
paragraph six that "The Pension Board will do a payroll envelope
notification ---- ". The words "Finance Department" were deleted. The
corrected minutes received a motion to approve by Jack Hanson, seconded
by Dan Hackman, and the vote on the motion was unanimous.
Carin Anderson of STI gave the investment managers report. She recapped
the market performance of the last three years and compared STI to the
Lipper ratings through April 2000. She summarized the performance of our
equity holdings through STI and a short question and answer period
followed.
Bill Stark gave the performance monitors report and compared the STI
performance versus the policies of the pension board. A short discussion
followed regarding the returns versus policy. Steve Parella and Dan
Hackman asked Bill Stark to bring back a comparison of other investment
managers so the board can compare their performance and services rendered
against STI. Scott Christiansen emphasized that we must make the
comparison based on the same rules and standards.
Patrick Donlan gave the actuary report and also explained the details of the
report that we had approved at the February 28, 2000 meeting. The latest
report showed that our plan is in excellent financial condition. A motion was
made by Steve Parella to direct Foster & Foster to make a study to
determine the feasibility of increasing the multiplier from 2.5 % to 3% for all
present and future retirees. Seconded by Dan Hackman and the vote was
unanimous.
A motion to pay the invoice of Christiansen and Dehner in the amount of
$744.15 was made by Jack Hanson and seconded by Steve Parella. The
vote was unanimous.
Jack Hanson was reelected to the board for a new term by the general
membership. His term of office had expired on January 1, 2000.
Scott Christiansen gave the attorneys report and stated there were no
important events or changes at this time.
Steve Parella made a motion to adjourn and the second was by Dan
Hackman. The vote on the motion was unanimous. The time was recorded
at 3:37 PM.
Respectfully submitted,
Jac,K Hanson — Secretary — Board of Trustees
Gepf.051500