HomeMy WebLinkAboutMinutes GEPB 082597CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEES PENSION FUND
Meeting was called to order at 1:30 P.M. on August 25, 1997 in the City of
Palm Beach Gardens Office Annex. In attendance were Board Members Jack
Hanson, Mark Vadas, Steve Parella, Barbara Byerly, Kent Olson, Scott
Christiansen- Attorney, Hal Chappell - Performance Monitor and Becky Carroll
and Steve Gordon representing SunTrust.
The minutes of the March 17, 1997 was approved as written and the minutes
from the May 19, 1997 meeting were approved as corrected with a motion
made by Mark Vadas and seconded by Steve Parella. Motion passed with a
unaminous vote.
Steve Gordon from the STI Capitol Management Group, subsidiary of Sun
Trust, gave a report of our investment philosophy and performance for the
quarter ending June 30, 1997 and the quarter and ten month period ending July,
1997. Hal Chapell gave his report and reminded us that this was his last
meeting. Steve Parella told us about his concern with the bond numbers and
the total return being in the 46th percentile for the past three years. Kent Olson
reported his findings about Fiduciary Liability Insurance. After a discussion, a
motion was made by Kent Olson and seconded Jack Hanson that we take the
insurance with Reliance Insurance Co., in the amount of $1,250 with the
deductible of $5,000. Motion passed with a unanimous vote. .
After a discussion regarding the Performance Monitor, a motion was made by
Mark Vadas and seconded by Steve Parella to accept the proposal from
Investment Monitoring Services, Inc. as our new Performance Monitor and
authorize Scott Christensen to prepare the contract with IMS for a 5 year
period and authorize the secretary and chairman to sign it. Motion was passed
unanimously.
A motion was made by Mark Vadas and seconded by Steve Parella to approve
the bills from Performance Measurement Association, Inc. in the amount of
$1,453.25, a bill from Christiansen and Dehner in the amount of $1,468.64 and
a bill from Foster & Foster, Inc. in the amount of $3,540. Motion passed
unanimously.
Scott Christensen gave his report and asked if the Summary Plan Description
has been distributed to all members.
There being no further business, the meeting was adjourned at 3:30 P.M.
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