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Home My WebLink AboutMinutes GEPF 120993i " BOARD MEETING RETIREMENT PLAN FOR GENERAL EMPLOYEES CITY OF PALM BEACH GARDENS DECEMBER 9, 1993 An emergency meeting was called to order at 9:05AM. Attending were Chairman Win Weldon, Board Members Elinor Adams and Judy Fox. Judy Fox made a motion to recommend to the City, acceptance of the Travelers proposal as contained in paragraph No. 1 of its correspondence to Mr. H. Lee Dehner, dated December 6, 1993. Win Weldon seconded the motion, all approved. The meeting was adjourned at 9:10AM. Respectfully submitted, Judy Fox 1 2 1.AW OFFICES CHRISTIANSEN & DEHNER, P.A. SCOTT R. CHRISTIANSEN H. LEE DEHNER VIA FACSIMILE and US MAIL 2975 BEE RIDGE ROAD SUITE C TELEPHONE SARASOTA, FLORIDA 34239 (813) 922 -0200 TELECOPIER (813) 923 -5683 December 7, 1993 Ms. Judy Fox City of Palm Beach Gardens General Employees' Pension Plan 10500 North Military Trail Palm Beach Gardens, Florida 33410 Re: General Employees' Pension Plan Dear Judy: I am enclosing the correspondence from Mr. McEvitt dated December 6, 1993, that the Board discussed at last night's meeting. The alternative recommended to the Board by Mr. Foster was paragraph No. 1. If after discussion by the Board at its special meeting on December 10, 1993, the Board wants to accept the proposal contained in paragraph 1, the appropriate motion is: "Move to recommend to the City, acceptance of the Travelers proposal as contained in aragraph No. 1 of its correspondence to Mr. H. Lee Delmer, dated December 6, 1993. " If you have any questions or comments, please do not hesitate to contact me. Yours ry truly, H. Lee Dehner HLD /dm enclosure K151 1HW>LN 6 litI`INLK, ILL ivo �O 14 -4L IVU . VV1 1 . V V , LAM Orrius CHRISTIANSEN & DEHNER, P.A. 2975 NtE wDGE ROAD SCOTT R. CHRISTMNSEN SUITE C Tru.rl-wow Ii. LEE DEHNER SARASOTA, Fi.omm 34239 (813) 922 -0200 TELECUrIFR TELECOPY (FAX) COVER LETTER (813) 923.5683 DATE: /1 7 PLEASE DELIVER IMMEDIATELY TO: Facsimile Number: Signed, t-Q THE INFORMATION CONTAINED IN THIS FACSIMILE MESSAGE IS INTENDED ONLY FOR THE PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED RECIPIENTS NAMED ABOVE. THIS MESSAGE MAY BE AN ATTORNEY- CLIENT COMMUNICATION, AND AS SUCH, IS PRIVILEGED AND CONFIDENTIAL. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR AN AGENT RESPONSIBLE FOR DELIVERING IT TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT YOU HAVE RECEIVED THIS DOCUMENT IN ERROR, AND THAT ANY REVIEW, DISSEMINATION, DISTRIBUTION OR COPYING OF TIIIS MESSAGE IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY TELEPIIONE AND RETURN TIE ORIGINAL MESSAGE TO US BY MAIL. THANK YOU. Sent by:2 Date: 7 Time: 11.Y0 File No.: TOTAL NUMBER OF PAGES (including this page): k-MK1J 11F11VJLIV 6 LLCIINLK I CL IVU .010 4J —JV00 LC I_ r 9 7J 1L • 4L 111 . V V 1 r . V LAV Oeelcts CHRISTIANSEN & DEHNER, P.A. SCOTT R. CHRISTIANSEN 14. LEE DF.HNF.R VIA FACSIMILE and US MAIL 2975 HCE RIDGE ROAD SUITE C TtUrHumi SARASOTA, FLORIDA 34239 (813) 922.0200 TELECOPIER (813) 923 -5463 December 7, 1993 Ms. Judy lox City of Palau Beach Gardens General Employees' Pension Plan 10500 North Military Trail Palm Beach Gardens, Florida 33410 Re: General Employees' Pension Plan Dear Judy: I am enclosing the correspondence from Mr. McEvitt dated December 6, 1993, that the Board discussed at last night's meeting. The alternative reconunended to the Board by Mr. Foster was paragraph No. 1. If after discussion by the Board at its special meeting on December 10, 1993, the Board wants to accept the proposal contained in paragraph 1, the appropriate motion is: "Move to recommend to the City, acceptance of the Travelers proposal as contained in para raph No. 1 of its correspondence to Mr. H. Lee Dehner, dated$December 6, 1993." If you have any questions or comments, please do not hesitate to contact me. Yours ry truly, H, Lee Dehner HLD /dm enclosure CHRISTIANSEN & DEHNEK , I LL NO . M1J- `�1J-�b25J DEC 6`'93 15:33 FROM TRAVELERS AMPS HTFD TheTravelears jam' Tho Travelers Companies One Towvr Square 7MS -5 Hartfonl, CT OG163 -W30 Telephone: 203 277.1 099 or 1 600 642 -9481 FAX: 203 954.2472 Mr. H. Lee Dehner Attorney at Law Christiansen & Dehner, P. A. 2975 Bee Ridge Road - Suite C Sarasota, Florida 34239 PAGE.002 Robert J. McEvilt Assistant O1rBGor Asset Management & Pehslon Sorvfws D0p3rtrrront December 6, 1993 Re: Group Annuity Contract No, GR -1329B Account 9 002 - Retirement Plan for hiremen Group Annuity Contract No. tilt -1329A - Retirement Plan for General Employdes Dear Mr. Dehner: As we discussed, we are in a position to of cr a couple of additional alternatives for the wnsidcration of the two boards of trustees. I also updated tho pricing for the Penn Interest Guaranteed MG) product that was previously offered as well as a straight four year Guaranteed Interest Contract (GIC) contract. These following amounts are actual numbcrs/offers that are available if a decision is reached by end of day Tuesday, December 28. Please notify me of any decision so that I may put together the legal documents to move forward with the decision. Each fund is available for immediate lump sum payment. The amount of the payment will be equal to 95% of the book value fund balance as of the payout date. The following amounts would be wired on December 31, 1993. These amounts reflect all foes and interest through die date of payment and assume that no further withdrawals or annuity purchases would occur after today. GR -1329A General Employees $800,127.1.9 GR -132913 (Acc't 002) Firefighters $588,420.02 2. 100% of the book value of each fund can be paid out in five equal annual installments. The first installment would be paid on February 1, 1994. The following installment schedule reflects inter -st at 4% credited to the declining balances, no withdrawals other than scheduled installanats and no expenses assessed against the fund during the installment payout period, 1329A General 12- 31- 9313ook Value $842,239.15 132913 (Acc`t 002) Fire 12 -31 -93 Book Value $619,389.50 CHRISTIRNSEN & DEHNER, TEL No.813- 923 -5685 DEC 6 '23 17:08 FROI� TRAUELERS AMPS HTFD uec (,yJ 1L .-4L IVU .UUI r .U4 PAGE.002 3. Conversion to S year TIG contracts effective.January 1, 1994, with the attributes as outlined in my September 8, 1993 memo to you. T7 frll rates reflect the 100% conversion of die book value of the old contracts. Th��ul�tude a decrement attributable to the negative margin which developed under the old contract. GR 1329B (Acc-t 002) Firemen Gross Rate 5.55% Expenses -1.18% Nct Rate 4.37% t A largo annuity purchase was just made under the General Employees account. Since the fund is now smaller, the effect of the negative margin applied to the conversion results in ari interest rate slightly above 0 %. A GIC for the General Employees was similarly unattractive. 4. Conversion to a straight 4 ycar GIC effective January 1, 1994 and full book value payout on Decmber 31, 1998. The pricing assumes that no withdrawals would be allowed during the life of the contract. GR -1329B (ACet 002) Firemen Gross Rate 5.39% Expenses -1.09% Net hate 4.30% Pleaso give tae a call if you would like to discuss these offers in further detail. Robert /WEvin co: Bobbi Herakovitch, City Manager, City of Patin Beach Gardens ' Boni Jenson ..Attorney for the City of Palm Beach Gardens Police-Pension Plan N General Firc 2 -1 -94 $182,519.87 $134,226.58 2 -1 -95 $182,519.87 $1341226.58 2 -1 -96 $182, 519.87 $134,226.58 2 -1 -97 $182,519.87 $134,226.58 2 -1 -98 $182,519.87 $134,226.58 uec (,yJ 1L .-4L IVU .UUI r .U4 PAGE.002 3. Conversion to S year TIG contracts effective.January 1, 1994, with the attributes as outlined in my September 8, 1993 memo to you. T7 frll rates reflect the 100% conversion of die book value of the old contracts. Th��ul�tude a decrement attributable to the negative margin which developed under the old contract. GR 1329B (Acc-t 002) Firemen Gross Rate 5.55% Expenses -1.18% Nct Rate 4.37% t A largo annuity purchase was just made under the General Employees account. Since the fund is now smaller, the effect of the negative margin applied to the conversion results in ari interest rate slightly above 0 %. A GIC for the General Employees was similarly unattractive. 4. Conversion to a straight 4 ycar GIC effective January 1, 1994 and full book value payout on Decmber 31, 1998. The pricing assumes that no withdrawals would be allowed during the life of the contract. GR -1329B (ACet 002) Firemen Gross Rate 5.39% Expenses -1.09% Net hate 4.30% Pleaso give tae a call if you would like to discuss these offers in further detail. Robert /WEvin co: Bobbi Herakovitch, City Manager, City of Patin Beach Gardens ' Boni Jenson ..Attorney for the City of Palm Beach Gardens Police-Pension Plan N