HomeMy WebLinkAboutMinutes GEPB 111797CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEES PENSION FUND
Meeting was called to order at 1:45 P.M. on November 17, 1997 in the City of
Palm Beach Gardens Office Annex. In attendance were Board Members Jack
Hanson, Mark Vadas, Barbara Byerly, Kent Olson, Scott Christiansen,
Attorney, Stephen Kalogridis, Investment Monitoring Services and Steve
Gordon representing SunTrust.
The minutes of the August 25, 1997 were approved as written with a motion
made by Kent Olson and seconded by Jack Hanson. Motion passed with a
unaminous vote.
Steve Gordon from the STI Capitol Management Group, gave a report of our
investment performance report for the quarter ending September 30, 1997.
Steve Gordon was asked to review our investment policy for the next meeting.
A vote of confidence in Sun Trust was given by Jack Hanson.. Steve
Kalogridis from Investment Monitoring Services, Inc gave his report. At our
next meeting we will talk about International investments and discussions from
the board and make recommendation if necessary. Scott Christensen asked
Steve Gordon to check on the refund of "soft dollars" . John Garrett gave a
report from Foster & Foster of the actuarial valuation of the Retirement Trust
Fund which was performed as of October 1, 1997. He also gave us copies of
the certificates for distribution to the members of the Retirement Plan which
summarize the monthly accrued, vested and projected benefits. Mr. Garrett
informed us that our fund is almost fully funded. A motion was made by Kent
Olson and seconded by Jack Hanson for Scott Christensen to prepare a contract
to renew the services of Foster & Foster as our Actuarial and Employee
Benefits Consultant. Motion passed unanimously.
A motion was made by Kent Olson and seconded by Jack Hanson to approve
the bills from Christiansen and Dehner for the months of August and September
1997 in the amount of $2,106.47, a bill from Foster & Foster, Inc. in the
amount of $3,275 and the invoice from Gibson & Wirt in the amount of $1,150.
Motion passed unanimously.
Scott Christensen gave his report He will send the forms that we need in our
files for different employee needs. A motion was made by Barbara Byerly to
accept the retirement letter from Dick Cameron subject to his selecting the
amount of payment from Foster & Foster calculation. Motion was seconded by
Jack Hanson. Motion passed unanimous.
A motion was made by Jack Hanson and seconded by Kent Olson to adjourn
the meeting at 4:00 P.M.