HomeMy WebLinkAboutMinutes GEPB 082399City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
August 23, 1999
The meeting was called to order by Mark Vadas at 1:30 PM. In attendance
were Scott Christiansen - Board Attorney; Phil Senderowitz and Mark Davis
of SunTrust; Joseph Boghdan of Investment 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 May 17, 1999 was made by Steve
Parella and seconded by Kent Olson. The vote on the motion was
unanimous.
The Investment Managers report was given by Phil Senderowitz of STI. He
stated that our investment objectives are being met and we are awaiting the
Alan Greenspan action on future interest rates.
Joe Boghdan of Investment Monitoring Services gave a detailed report
comparing our investment policies and returns to several other funds. He
recommended that we hold the line at this time.
A motion was made by Steve Parella and seconded by Kent Olson to pay the
invoice of Christiansen & Dehner in -the amount of $752.69. The vote was
unanimous.
A motion was made by Steve Parella and seconded by Jack Hanson to pay
the invoice of Gibson & Wirt in the amount of $1,400.00. The vote was
unanimous.
A discussion was led by Mark Davis of STI to reaffirm proper signatures and
phone callbacks for wire transfers and distributions for security purposes. A
new procedure was agreed on and Mark Davis will respond with the new
written procedures for the proper signatures. Steve Parella made a motion to
accept the new sign -off and call back as discussed and Mark Vadas
seconded the motion. The vote was unanimous.
Scott Christiansen summarized the rewrite of the pension plan description
which contained three minor changes and added the name of Daniel
Hackman to exhibit "A" the Board of Trustees. Kent Olson made a motion
to accept the new summary plan description and it was seconded by Steve
Parella. The vote was unanimous.
A motion to adjourn was offered by Steve Parella and seconded by Dan
Hackman. The vote was unanimous.
The time was recorded at 2:55 PM.
Respectfully submi ted
Jack Hanson - Secretary - Board of Trustees
Gepf.082399