Loading...
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 �D- v C t7D MWA 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 Coo. vao-c j� � Yeti Isla -� C� ! Ld ills ci I/Y4 Cl"pi .ot