HomeMy WebLinkAboutMinutes GEPB 051997CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEES PENSION FUND
Meeting was called to order at 1:30 P.M. on May 19, 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, .Attorney
Scott Christiansen and Hal Chappell - Performance Monitor and Becky Carroll.
The minutes of the February 24, 1997 meeting were approved with a motion
was made by Mark Vadas and seconded by Steve Parella and a vote of 5 -0.
Becky Carroll from Sun Trust gave a report and introduced Steve Gordon.
Steve has joined the STI Capitol Management Group, part of Sun Trust, and
will assume the investment service responsibilities for our retirement account.
Hal Chapell gave his report and introduced George Lang as his possible
replacement. Scott Christensen gave his report and told us about the class
action suit pending, Nasdaq Market - Makers Antitrust Litigation (Loss
Recovery) for the years 1989 -1994. A motion was made by Jack Hanson and
seconded by Steve Parella that we proceed with this suit. The motion passed
with a vote of 4 in favor and 1 opposed by Kent Olson. Scott Christensen
passed out the revised Exhibit A to the Summary Plan and Description to be
distributed to each member of the pension plan
A motion was made by Jack Hanson and seconded by Mark Vadas to approve
the bills from Performance Measurement Association. Inc. in the amount of
$2,906.50 and a modification in a bill from Christiansen and Dehner in the
amount of $2,204.14. Motion passed unanimously.
A motion was made by Jack Hanson and seconded by Kent Olson for on
member to go to the Florida Public Pension Trustee Assoc. Conference in
Orlando, Florida
Under new business, Kent Olson reported to the board that we should have
fiduciary liability insurance. There was an extra meeting held for board
members to discuss the new Performance Monitor.
There being no further business, the meeting was adjourned at 4:25 P.M.
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