HomeMy WebLinkAboutMinutes GEPB 111698City of Palm Beach Gardens General Employees
Pension Fund - Trustee Meeting - November 16. 1998
The meeting was called to order by Mark Vadas at 1:38 PM. In attendance were
board members Jack Hanson, Steve Parella, Kent Olson and Mark Vadas. Also present
were Scott Christiansen - Attorney, Steve Gordon of SunTrust, Philip Senderowitz of
SuntTrust, and Joe Boghdan of Investment Monitoring Services. Steve Parella made a
motion to approve the minutes of August 24, 1998 - seconded by Kent Olson and the
motion was approved unanimously.
Philip Senderowitz of SunTrust gave the investment managers report as compiled
through September 30, 1998. Steve Gordon of SunTrust gave an update through
October 31, 1998 which showed the beginning of a recovery.
Joe Boghdan of Investment Monitoring Services gave the performance monitors report
through September 30, 1998. Joe also indicated the latest returns show an upturn
based on a study from September 30, 1998 to November 13, 1998.
Motion to approve and accept the above reports by Kent Olson and seconded by Steve
Parella. Scott Christiansen stated a motion to approve was unnecessary for the
record.
Motion to approve the invoices from Christiansen and Dehner in the amount of
$799.75 was given by Jack Hanson and seconded by Steve Parella. The vote on the
motion was unanimous.
Motion to approve the invoice from Foster & Foster in the amount of $3,300.00 was
given by Kent Olson and seconded by Mark Vadas. The vote on the motion was
unanimous.
Ward Foster of Foster & Foster gave the actuarial report as of October 1 , 1998.
Motion to approve and accept the report was given by Steve Parella and seconded by
Kent Olson.
A board discussion followed as to the conduct of an election for the seat of Mark
Vadas. Mark Vadas is eligible for reelection: A letter of position availability and
nomination will be placed in the pay envelopes of all pension plan members with their
response required by December 1 1,1998.
It was decided to do an informal interview for the vacant board position previously held
by Barbara Byerly. If possible the intervie,dvs would be held on December 1, 1998 or
as soon as possible thereafter.
Motion to adjourn by Mark Vadas and seconded by Steve Parella was unanimously
accepted. The time was noted as 3:37 PM.