HomeMy WebLinkAboutMinutes GEPB 111599City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
November 15, 1999
The meeting was called to order by Mark Vadas at 1:38 PM. In attendance
were Scott Christiansen — Board Attorney; Phil Senderowitz and Mark Davis
of SunTrust; Joseph Boghdan of Performance Monitoring Services; and Jack
Hanson, Mark Vadas, Kent Olson, Steve Parella, and Daniel Hackman of the
City of Palm Beach Gardens.
A motion to approve the minutes of August 23, 1999 was made by Steve
Parella and seconded by Mark Vadas. The vote to approve the motion was
unanimous.
The Investment Managers report was given by Phil Senderowitz of STI. He
stated the growth stock portion of our portfolio is in good shape, but the
value stocks are slightly underperforming through the last three - quarters.
We are in a good position overall when compared to similar portfolios
regarding total equities and bonds.
The Performance Monitors report was given by Joe Boghdan of IMS who
stated our investments are meeting our levels of expectation for the year.
He asked Phil Senderowitz of STI if they were maintaining a 50/50 ratio of
growth to value stocks. Phil responded in the affirmative if the fund target
continues to be met. We will also likely increase our holdings in the
international sector in the near future.
Invoice payments to Christiansen and Dehner for $621.55; investment
Monitoring Services for $750.00; and Foster & Foster for $3,375.00
received unanimous approval on a motion by Mark Vadas and seconded by
Kent Olson.
Jack Hanson signed off on the letter from Mark Davis of STI regarding the
procedures for written transfer of funds as opposed to wire transfer. All
board members were in favor of this procedure.
Kent Olson made a motion to approve the retirement of James Albano and it
was seconded by Steve Parella with unanimous approval. The dollar amount
for monthly benefit will be determined by Foster & Foster as soon as
possible.
The attorneys report was given by Scott Christiansen. It was determined
that Jack Hanson and Kent Olson must be re- elected /re- appointed in the year
2000.
Meeting dates for the four quarters of the year 2000 were established and
will be mailed /faxed when the new phone numbers for City Hall are
established.
Motion to adjourn was offered by Kent Olson and seconded by Steve Parella.
The approval was unanimous and the time was recorded at 2:42 PM.
Respectfully submitted
Jack Hanson — Secretary — Board of Trustees
Gepf. 111599