HomeMy WebLinkAboutMinutes GEPB 082498City of Palm Beach Gardens General Employees
Pension Fund - Trustee Meetina - August 24, 1998
The meeting was called to order by Mark Vadas, Chairman, at 1:40 PM. The
meeting was held in the conference room at the City Hall Annex. In attendance
were board members Jack Hanson, Steve Parella, Kent Olson and Mark Vadas.
Also present were Scott Christiansen, attorney and Steve Gordon of SunTrust
Bank. The minutes of the May 18, 1998 and June 16, 1998 meetings were
unanimously approved as written on a motion by Mark Vadas and seconded by
Steve Parella.
The investment manager of SunTrust Bank, Steve Gordon, gave the investment
report as compiled through June 30, 1998. The report indicated our asset mix is
proper according to our investment policy and the overall returns are at or above
the performance expectations.
The performance monitors report was discussed to the extent possible in the
absence of a representative. A motion to approve by Steve Parella and a second
by Kent Olson was unanimously accepted. Several lingering questions and
requests for information were deferred to the November meeting.
The Investment Policy Statement from Investment Monitoring Services was
discussed and it was decided to amend the policy by instruction to SunTrust to
invest 15% of the equity portion of the asset class to international securities at
cost. A motion to this effect by Kent Olson and seconded by Jack Hanson was
unanimously approved.
A motion was made by Steve Parella and seconded by Kent Olson to approve the
billing invoices from Christiansen and Dehner in the amount of $830.25 and
Gibson & Wirt, Inc. in the amount of $1,150.00. The vote was unanimous.
All business being completed, a motion to adjourn by Kent Olson and seconded by
Jack Hanson was approved unanimously. The time of adjournment was noted as
3:25 PM.
espectfully bmitted,
Jack Hanson - Secretary
pe n.08- 24- 98