HomeMy WebLinkAboutMinutes GEPF 120593�
7
BOARD MEETING
RETIREMENT PLAN FOR GENERAL EMPLOYEES
CITY OF PALM BEACH GARDENS
DECEMBER 5, 1993
The meeting was called to order at 4:25PM. Attending were Win
Weldon, Chairman, Judy Fox, board member, Lee Dehner, attorney
and Ward Foster, Actuarial.
Lee Dehner indicated that the contract with Sun Bank had been
approved by them and that all that was needed to open the account
was:
1. Copy of the minutes appointing Sun Bank as Plan Manager
2. Signed copies of the Contract
3. Proxy
4. Copy of the current Plan Ordinance
A copy of the Investment Policy Statement had already been sent.
Judy Fox is to forward the above to Linda Vance, Sun Bank Coordi-
nator of Capitol Investments.
Lee Dehner presented a Letter from Travelers dated December 3,
1993, offering additional alternatives under which they would
release the plans funds.
Ward Foster and Lee Dehner recommended we take the 95% pay out as
the 5% loss could easily be made up in interest.
As there was not a quorum present for voting, a meeting was
proposed for the end of the week for this purpose.
Win Weldon will notify Hal Chappel of Performance Measurement,
Inc., that a revision to the investment policy will have to be
made with the addition of these funds.
Lee Dehner reported that the State approved the waiver of contri-
butions to Travelers.
Ward Foster presented the Actuarial Valuation as of October in
1993, and Individual Statements for all employees enroll in the
plan.
Win Weldon stated that January 3, 1994 being the first business
day of the new year would be too busy for him to attend a meet-
ing. January 5th or 6th was tentatively set for the next meeting
Meeting was adjourned at 6:45PM.
Respectfully submitted,
Judy Fox
DEC 3 '93 17:56 FROM TRAVELER'S AMPS HTFFD'+
The Travelers Companies
One Tourer Square t PB-C
Hartford. CT 06183 -6m
Telephone: 203 277-1 W9
or 1 800 842.9491
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 .001
Robert I McEvitt
Assistsnr Director
Asset Management ec
Pension Services Doparimsrd
December 3, 1993
Re: Group Annuity Contract No. GR -1329B Account # 002 - Retirement Plan for Firemen
Group Annuity Contract No. GR -1329A -- Retirement Plan for General Employes
Dear Mr. Dehner:
As we discussed, we are in a position to offer a couple of additional alternatives for the
consideration of the two boards of trustees.
1. 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 fees and interest through the
date of payment and assume that no further withdrawals or annuity purchases would occur after
today.
GR -1329A - General Employees $800,127.19
GR -13298 002 Firefighters $ 588,420.02
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2. 100% 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 refelcts interest at 4%
credited to the declining balances. No withdrawals other than scheduled installments would be
allowed. No expenses would be assessed against the fund during the installment payout period.
1329A -General 12 -31 -93 Boole Value $842,239.15 182,519.87
1329B 002 Fire 12 -31 -93 Book Value $619,389.50 134,226.58
General
Fire
2 -1 -94 $182,519.87 $134,226.58
2 -1 -95 $182, 519.87 $134,226,58
2 -1 -96 $182,519.87 $134,226.58
2 -1 -97 $182.1519.87 $134,226.58
2 -1 -98 $182,519.87 $134,226.58
3. Conversion to TTG contracts, as outlined in my September 8, 1993, and effective January 1,
1994.
A large 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 result,-, in an interest rate
slightly above 0 %. A GIC for the General employees was similarly unattractive.
The rate for the Fire Employees 5 year UG is 5.55 % gross 1.19% decrement for fees.
4.1 priced four year straight GIC contra act for the Firefighters. No withdrawals with a lump sum
payment at the end of the fourth year. January 1, 1994 effective date.
Gross rate 5.39% 1.09% expenses decrement
Please give me a call Monday morning to discuss these in more detail. 1 received the #s very late
day Friday and had to rush them to you.
Robert J. McEvitt
2
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