HomeMy WebLinkAboutMinutes GEPB 022398CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEES PENSION FUND
Meeting was called to order at 1:35 P.M. on February 23, 1998 by Chairman Mark
Vadas in the City of Palm Beach Gardens Office Annex. In attendance were Board
Members Jack Hanson, Mark Vadas, Barbara Byerly, Steve Parella, Kent Olson,
Attorney Scott Christenson, Joseph Bogham, Investment Monitoring Services and
Steve Gordon representing SunTrust.
The minutes of the November 17, 1997 meeting were approved as written with a
motion made by Jack Hanson and seconded by Steve Parella. Motion passed with a
unanimous vote.
Steve Gordon from the STI Capitol Management Group, gave a report of our
investment performance for the quarter ending December 31, 1997. We were asked
to possibly recognize international stocks in our investments. Joe Bogi rom
Investment Monitoring Services, gave his report. Our investment policy has been in
effect since 1994. We will amend our investment policy to include international
stocks. Joe will send his reports for our next meeting ahead of time so that members
might review the material. The recapture of commission funds was discussed. The
reports were approved as given by a motion made by Jack Hanson and seconded by
Steve Parella. Motion passed unanimously.
A motion was made by Steve Parella and seconded by Barbara Byerly to approve the
bill from Christensen and Dehner for the months of November and December 1997 in
the amount of $504.17. Motion passed unanimously.
Mark Vadas brought up some new business. We need to send forms to our
pensioners to check the beneficiaries. A motion was made by Steve Parella and
seconded by Barbara Byerly to send out form PF5 Change in Beneficiary Form to all
members in the plan and be returned to the Board. Motion passed unanimously.
Kent Olson will draft a memo for the Palm Beach Gardens General Employees
Pension Plan explaining the implementing of new withholding/rollover rules. Jack
Hanson made a motion to accept the Administrative Forms with minor changes.
Motion was seconded by Mark Vadas and passed unanimously.
Scott Christensen gave his report. He told us that the Nasdaq Class Action Suit that
is filed in Federal Court has been settled for a billion dollars. The contract for Foster
& Foster for three years, not to exceed $3,000 a year, was accepted by the board.
Motion was made by Kent Olson for approval and seconded by Steve Parella.
Motion passed unanimously.
A motion was made by Kent Olson and seconded by Jack Hanson to adjourn the
meeting at 3:30 P.M.