HomeMy WebLinkAboutMinutes GEPB 022800i %
City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
February 28, 2000
The meeting was called to order by Jack Hanson at 1:45 PM. In attendance
were Scott Christiansen - Board Attorney; Steve Gordon of SunTrust; and
Jack Hanson, Kent Olson, Steve Parella and Daniel Hackman of the City of
Palm Beach Gardens.
A motion to approve the minutes of November 15, 1999 was made by Steve
Parella and seconded by Dan Hackman. The vote to approve the motion was
unanimous.
A motion was made by Kent Olson to notify Joseph Baghdan of Performance
Monitoring Services that he is technically in breach of his contract. We
should deduct one - fourth of the value of his contract fee due to his failure to
appear at the quarterly meeting or to submit his required report and analysis.
The motion was seconded by Steve Parella. After a discussion, Kent Olson
amended his motion to instruct the board secretary to notify Joseph
Baghdan by letter of the dissatisfaction of the board. Further, to firmly
require his or his agents' attendance at future meetings accompanied by the
reports pursuant to the contract. The amended motion was seconded by
Steve Parella and the vote was unanimous. Steve Parella made note that he
will call Joe Boghdan to apprise him of the need to discuss bond issues in
detail at the next meeting.
Steve Gordon gave the Investment Managers report, which included a
comparison of investment strategies and historical data. Steve requested the
boards' opinion of his desire to trade into the International Equity Index Fund
and the board affirmed.
A motion was made by Steve Parella to pay the invoice of Christiansen &
Dehner in the amount of $745.75. The motion was seconded by Dan
Hackman and the vote was unanimous.
Scott Christiansen gave the attorney report which included three important
items:
A.) Kent Olson's term of office is up on May 1, 2000. He must be
reappointed at the pleasure of the City Council. Jack Hanson's
term of office expired on January 1, 2000. He must be re-
elected by the general membership. The Fina4-iee- flq5artmen ; -A0W(l
will do a payroll envelope notification of the availability of the
position.
B.) Ward Foster of Foster & Foster must attend the May 15, 2000
meeting to present the actuarial report.
C.) Kent Olson made a motion to approve the actuarial valuation for
the fiscal year ending September 30, 2000. Steve Parella
seconded the motion, which received unanimous approval.
Kent Olson made a motion to adjourn and it was seconded by Dan Hackman.
The vote was unanimous and the time was recorded at 3:08 PM.
Respectfully submitted,
Jack Hanson - Secretary - Board of Trustees
Gepf.022800