HomeMy WebLinkAboutAgenda GEPF 042996N()TICE OF MEETING AND AGENDA
Please take notice that the BOARD OF TRUSTEES OF THE CITY OF Palm Beach
Gardens will conduct a meeting of the Board on April :29,
___ , 199..§_ at 4: OO_f.M. at the City Council Chambers, 1 0500 North
Military Trail, Palm Beach Gardens, Florida
AGENDA
I. Approval of minutes dated _2_-_5_-_9 _6 ___ _
2. Investment Reports
A. Investment Manager
B. Performance Monitor
3. Old Business
A. Ordinance rev1s1on
B. Proposed Work Shop meeting c.
D.
4. New Business
A.
B. c.
D.
5. Attorney's Report
6. Adjournment
DISABILITY INFORMATION
.... ~-.-.
In accordance with the Americans with Disabilities Act and F.S.S. 286.26, persons with
disabilities needing special accommodation to participate in this proceeding should
contact Linda Kosier no later than seven days subsequent to the proceeding
at (iQJ 775-8252 for assistance; if hearing impaired, telephone the Florida Relay
Service Numbers, (800) 955-8771 (TDD) or (800) 955-8770 (VOICE), for assistance.
APPEAL NOTICE
If a person decides to appeal any decision made bY. the Board, with respect to any
matter considered at such meeting or hearing, he wall need to ensure that a verbatim
record of the proceedings is made, which record includes the testimony and evidence:>
upon which the appeal is to be based. .
CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEE PENSION FUND
February 5, 1996
The meeting was called to order at 3:15P.M .. In attendance were
Win Weldon, Jack Hanson and Judy Fox; Scott Christiansen and Ward
Foster.
Win Weldon motioned that the minutes the January 8, 1996
minutes be approved with the following amendments:
Investments earned 18.2% for the
quarter.
ending 9/30/95 not the
The fund earned 80,000 more than the actuarial assumption,
not 50,000.
Ward Foster submitted a revised Actuarial Report dated 1/22/96.
With regards to new pension dates for 12 members, the Cities
liability is reduced to 14.3% of total payroll from 18.2% in
October 1994. The Impact Statement shows that members contribu
tions could be reduced to 4% and the City still have a savings of
$4,979 or a liability of 13.6% of payroll. Ward also had revised
individual Statements to be distributed to members.
It was decided that Scott Christiansen should send a letter to
Bobbie Herakovich, City Manager, with a copy to Kent Olson,
Finance Director, enclosing a copy of the Actuarial Report re-
questing a workshop with the City Council to present a revised
copy of the plan. "·
As a clarification of the last paragraph of SECTION IV in regards
to interest earned by withdrawing members, the Board determined
that the member would earn interest on his contributions until
his withdrawal date.
Win Weldon moved and Jack Hanson seconded the approval of Foster
and Foster's invoic;::e dated 1/22/96 and Hal Chappel's December,
1995, invoice for $1187.75.
Jack Hanson motion that the Board approve disability benefits for
pension member Barbara Daniels beginning as soon as possible
following approval by the Social Security Administration. Win
Weldon seconded/ all agreed. The monthly pay out to be deter
mined by Foster & Foster, Inc.1 actuary.
A meeting was tentatively, scheduled for the first week of April
to look at SunTrust's figure's for the quarter ending March 30,
1996, to see if a new Fund Manager is required. Win will let .;;.
Judy Fox know the date.
Win Weldon moved that the meeting be adjourned at 5:20, Jack
Hanson seconded.
Respectively submitted,
Judy Fox, Secretary
CITY OF PALM BEACH GARDENS
10500 N. MILITARY TRAIL • PALM BEACH GARDENS, FLORIDA 33410-4698
Ms. Becky Carroll
Sun Bank
P.O. Box 3808
Orlando, Florida 32802
Dear Ms. Carroll:
Enclosed is a check from Donaldson & Co. for commissions due the
Palm Beach Gardens General Employees Pension Fund from Sun Bank.
This letter is your authorization to deposit this check into the
Fund's Sun Bank account #56825506.
Thank you for your help in this matter.
tions, please call me at 407 775-1024.
Sincerely,
~~
Judy Fox
Palm Beach Gardens General
Employee Pension Fund
If you have any ques-
'"' 0
••
PAY
TO THE
ORDER
OF
DONALDSON & CO.
INCORPORATED
DIRECTED BROKERAGE ACCOUNT
OVERLOOK m
2859 PACES FERRY ROAD, SUITE 2125
ATLANTA, GEORGIA30339 ' • ::-·
TRUST COMPANY BANK
ATLANTA, GA 30302
64-1()610
08068
008068
*FOUR THOUSAND SEVEN HUNDRED FIFTY ONE DOLLARS AND NO CENTS
DATE
03/15/96'
Palm Beach Gardens General
CHECK AMOUNT '
· :'*****·(~"75i. OO*
Employees Pension ft,. ·
10500 .;North Military Trail' ··
::~:O::::trd:,ns•••; FL.:334~0 p·•·.,, rec~OR~.~c~
,i•ooab !;a·~;.·~ ·•:o b 1-ooo· ~ao ~..·.: ,.aao 1.? t. :1? t. t.u• · -' '· . . . ~ .
DONALDSON & CO., INCORPORATED/DIRECTED BROKERAGE ACCOUNT/OVERLOOK Ill 08068
DATE INVOICE NO. COMMENT AMOUNT
03/15/96 COMM RECAP Palm Beach Gardens Gen 4,751.00
.. :, I
I
CHECK: 008068 03/15/96 Palm Beach Gardens General
DISCOUNT
'
it.!'
TOTAL
/
l
/
I
i i
f
J
.oo
/
f
I
/
NET AMOUNT
4,751.00
4,751.00
N2
.. .
DONALDSON & CO. Overlook III
INCORPORATED
DIRECTED BROKERAGE STATEMENT
2859 Paces Ferry Road
Suite 2125
Atlanta, Ga 30339
Palm Beach Gardens General Employees
For Transactions settling
between 02/26/96 and 03/29/96
COMMISSION ACTIVITY REFERENCE NUMBER 191-9603
REVENUE TYPE
Equities
Fixed Income
Directed Orders
Other
Total Credit (Soft)
Conversion Ratio
Total Credit (Hard)
PAYMENT ACTIVITY
SERVICE DESCRIPTION
Recaptured Commissions
Total Payments
ACTIVITY SUMMARY
Hard Dollar Credit
Payment Activity
Current Balance (Hard)
Current Balance (Soft)
CURRENT MONTH
$
$
$
0.00
0.00
0.00
0.00 $ ___ _;;;_;:....::...:;_
$ 0.00
2.00
$ 0.00
$
$
$
$
;
$
1
0.00
0.00
0.00
9,502.00
4,751.00
CURRENT MONTH YEAR-TO-DATE
$ ___ _;;0_;.•...;;.0...;;.0 04/15/96
$ 0.00 $ 4,751.00
--Balance Forward $ 0.00
--Current Period $ 0.00
-Total $ 0.00
$ 0.00
$ 0.00
$ 0.00
The Current balance (hard) indicates the hard dollar "purchasing power" of this account.
Questions? Please contact Joanne Mascellino, Client Services Manager, at {800)438-4284.
Page 1
:-
.. . ..
...
DONALDSON & CO. Overlook Ill
INCORPORATED
DIRECTED BROKERAGE STATEMENT
2859 Paces Ferry Road
Suite 2125
Atlanta, Ga 30339
Palm Beach Gardens General Employees
For Transactions settling
between 01/29/96 and 02/23/96
COMMISSION ACTIVITY
REVENUE TYPE
Equities
Fixed Income
Directed Orders
Other
Total Credit (Soft)
Conversion Ratio
Total Credit (Hard)
PAYMENT ACTIVITY
SERVICE DESCRIPTION
Recaptured Commissions
Total Payments
ACTIVITY SUMMARY
Hard Dollar Credit
Payment Activity
Current Balance (Hard)
Current Balance (Soft)
REFERENCE NUMBER 191-9602
CURRENT MONTH YEAR-TO-DATE
0.00 $
0.00 $
0.00 $
9,502.00 $
9,502.00 $ $ 9,502.00
2.00 : 1
$ 4,751.00 $ 4,751.00
CURRENT MONTH YEAR-TO-DATE
$ 4,751.00 $ 4,751.00
--Balance Forward $ 0.00
--Current Period
--Total $ 4,751.00
$ 4,751.00
$ 0.00
$ 0.00
The Current balance (hard) indicates the hard dollar "purchasing power" of this account.
Questions? Please contact Joanne Mascellino, Client Services Manager, at (800)438-4284.
Page 1
~
. .
DONALDSON & CO. INCORPORATED
TRADE ACTIVITY BREAKOOYN
ACCOUNT NUMBER 40C·06972
MANAGER sun Bank Capital Management
TRADE SETTLE BUY
DATE DATE SELL SHARES SECURITY
02/01/96 02/04/96 Buy 0 SUN BANK TRANSFER
0
Page 1
For Transactions settling
between 01/29/96 and 02/23/96
NET
PRICE NET AMOUNT COMMISSION COMMISSION
0.0000 9502.00 9502.00 4751.00
9502.00 9502.00 4751.00
9502.00 9502.00 4751.00
-------------------------------------------
DONALDSON & CO. Overlook III
INCORPORATED
DIRECTED BROKERAGE STATEMENT
2859 Paces Ferry Road
Suite 2125
Atlanta, Ga 30339
Palm Beach Gardens General Employees
For Transactions settling
between 01/02/96 and 01/26/96
COMMISSION ACTIVITY REFERENCE NUMBER 191-9601
REVENUE TYPE
Equities
Fixed Income
Directed Orders
Other
Total Credit (Soft)
Conversion Ratio
Total Credit (Hard)
PAYMENT ACTIVITY
SERVICE DESCRIPTION
Recaptured Commissions
Total Payments
ACTIVITY SUMMARY
· Hard Dollar Credit
Payment Activity
Current Balance (Hard)
Current Balance (Soft)
CURRENT MONTH
$
$
$
0.00
0.00
0.00
0.00 $ _____ __;_
$ 0.00
2.00
$ 0.00
CURRENT MONTH
$ 0.00
$
$
$
$
$
:
$
$ 0.00 $
--Balance Forward $
--current Period $
--Total $
$
$
$
YEAR-TO-DATE
1
0.00
0.00
0.00
0.00
0.00
0.00
YEAR-TO-DATE
02/15/96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
The Current balance (hard) indicates the hard dollar "purchasing power" of this account.
Questions? Please contact Joanne Mascellino, Client Services Manager, at (800)438-4284.
Page 1
:,;
. ...,..
Law Offices
Christiansen & Dehner, P.A.
2975 Bee Ridge Road
Suite C
Sarasota, Florida 34239
(813} 922-0200
Palm Beach Gardens General Employees'
Retirement Plan
BILLING DATE 02-29-96
10500 North Military Trail
Palm Beach Gardens, Fl. 33410
Attn: Judy Fox
ACC'T NO. 20000009322
RE: General Employees' Retirement Plan
DATE PROFESSIONAL SERVICES RENDERED
02-05-96 Travel time
02-05-96 Preparation for and attendance at Board
meeting.
02-19-96 Correspondence to City Manager re:
ordinance.
TOTAL FOR THE ABOVE SERVICES
DATE EXPENSES
02-05-96 car Expense
02-05-96 Food expense
02-22-96 Postage
02-22-96 Copies
TOTAL FOR THE ABOVE EXPENSES
TIME
6.00
3.00
0.30
9.30
$114.00
$12.00
$10.80
$62.50
TOTAL FOR CURRENT PERIOD
PREVIOUS BALANCE
TOTAL
DATE PAYMENTS
02-08-96 $3,507.16
TOTAL PAYMENTS
AMOUNT DUE
PLEASE INDICATE ACCOUNT NUMBER (ACC'T NO .. } WITH PAYMENT
PAYMENT DUE UPON RECEIPT
$540.00
$540.00
$54.00
$1,134.00
$199.30
$1,333.30'
$4,240.26.
$5,573.56
$3,507.16
$2,066.40 .,
------------------------------, ......
Law Offices
Christiansen & Dehner, P.A.
2975 Bee Ridge Road
Suite c
Sarasota, Florida 34239
(813) 922-0200
Palm Beach Gardens General Employees'
Retirement Plan
BILLING DATE 01-30-96
10500 North Military Trail
Palm Beach Gardens, Fl. 33410
Attn: Judy Fox
ACC'T NO. 20000009322
RE: General Employees' Retirement Plan
DATE PROFESSIONAL SERVICES RENnERED
01-08-96 Preparation for and attendance at Board
meeting.
01-08-96 Travel time
01-24-96 Research John Orr benefit and conference
with w. Foster and W. Weldon.
TOTAL FOR THE ABOVE SERVICES
DATE EXPENSES
01-08-96 Car Expense
01-08-96 Food expense
01-08-96 Hotel charge
01-25-96 Facsimile charges
TOTAL FOR THE ABOVE EXPENSES
TIME
2.00
2.00
0.80
4.80
<t··
$27.00
$6.00
$13.60
$2.50 •'
$360.00
$180.00
$144.00
$684. 00 .
TOTAL FOR CURRENT PERIOD
$49.10
$733.10.
$3,507.16 PREVIOUS BALANCE
TOTAL
TOTAL PAYMENTS
AMOUNT DUE
~lj?/?6
PLEASE INDICATE ACCOUNT NUMBER (ACC'T NO.) WITH PAYMENT
PAYMENT DUE UPON RECEIPT'
$4,240.26
$0.00
$4,240.26
3507.16
733./0
------------------~~-----------------
Performance Measurement Associates, Inc.
QUARTERLY INVOICE
TODAY'S DATE: 4/3/96
ACCOUNT NAME: Palm Beach General Employees
ACCOUNT NUMBER: PBGG.96
FISCAL YEAR: October 1 to September 30
ANNUAL FEES:
SERVICES PROVIDED; SOFT DOLLARS X 50%
1. Performance Monitor
2
TOTAL ANNUAL HARD DOLLAR FEE
SOFT DOLLARS (COMMISSIONS) PAID YEAR TO DATE:
·"Dec. ·atr. · + Mar Qtr '· .• +
0 0
I
June Qtr. + Sept. Qtr.
HARD DOLLARS (CASH) PAID YEAR TO DATE:
Dec. Qtr. +
$ 1,187
Date Approved;
Warrant No.
8528 Heron Lagoon Circle
Sarasota. Florida
Mar. Qtr. + June Qtr. + Sept. Qtr.
TOTAL DOLLARS DUE FOR THIS YEAR
TOTAL DOLLARS PAID SO FAR THIS YEAR
DUE FOR THE QUARTER ENDING MARCH
Chairperson
Secretary
.•• • . 20
=
=
=
=
=
=
=
HARD
DOLLARS
$ 4,748
$ 4,748
TOTAL
SOFT$
TOTAL
HARD$
$ 1 '187
$ 4,748
$ 1,187
$ 1,187 ' "
Voice 941-349-3919
Watts 800-633-7561
SUNTRusr
Corporate Employee Benefits Division
P.O. Box 3808
Orlando, Florida 32802
407 237-4254
FEE INVOICE
Invoice Date:
Invoice Number:
Admin Officer:
PASS Officer:
02/16/96
CR01071295
0107
0098
KENT OLSON
CITY OF PALM BEACH GARDENS
:03J0 N. MILITARY TRAIL
PALM BEACH GARDENS, FL 33410
This fee will be charged
to your account
Account Name: CITY OF PALM BEACH GARDEN Account Number: 56825506
Statement of Services for Quarter Ending 12/31/95. t lA tO $ 3,103.63 To a moun ue:
(Please detach top portion and return with your check)
SUNTRusr Detail of Charges
CITY OF PALM BEACH GARDENS 56825506
TOTAL MARKET VALUE $ 1,532,870.95
MARKET VALUE FEE
PERIODIC PAYMENTS (7 @ $2.50)
NONPERIODIC PAYMENTS (8 @ $20.00)
W/HOLDING NOTICES $50.00 ~ 2 NOTICES@ $1.00
Total Account Administration Services Fee
Total Current Period Fee 12/31/95
2,874.13
17 ·P.-0
160.00
52.00
Prior Period Balance -If Paid, Please Disregard
Payment Received-Thank you
This Fee will be charged to your account
Amount
$ 3,103.63
$ 3,103.63
$ 2,599.97
$ 2,599.97
$ 3,103.63
Corporate Employee Benefits Division P.O. Box 3808 Orlando, Fl 32802 407 237-4254
Performance Measurement Associates, Inc.
MEMO
Date: March 17,1996
To: Ms. Judy Fox, Trustee
From: Hal Chappell
Dear Judy,
Public Entity Crime statement is enclosed for your records .
8528 Heron Lagoon Circle
Sarasota, Florida
34242-3811
. , : ....
;:!_ i'~ :.r .;;_ i.: . . . . . . ~ : . -: ..
~20
Voice 941-3 49-3 919
Watts 800-633-7561
Fax 941-349-4160
SWORN STATEMENT UNDER SECTION 287.133 (3)(a)
FLORIDA STATUTES, ON PUBLIC ENTITY CRIMES
THIS FORM MUST BE SIGNED IN THE PRESENCE OF A NOTARY PUBLIC OR
OTHER OFFICER AUTHORIZED TO ADMINISTER OATHS.
1. This sworn statement is submitted with the performance monitoring agreement between
this firm and the City of Palm Beach Gardens General Employees Pension Board of
Trustees.
2. This sworn statement is submitted by Harold Chappell as President of Performance
Measurement Associates, Inc. whose business address is 8528 Heron Lagoon Circle,
Sarasota, Florida 34242-3811 and whose Federal Employer Identification Number
(FEIN) is 65-0159197.
3. I understand that a "public entity crime" as defined in Section 287 .133(1 )(g), Florida
Statutes, means a violation of any state or federal law by a person with respect to and
directly related to the transaction of business with any public entity in Florida or with
an agency or political subdivision of any other state or with the United S~tes,
including, but not limited to, any bid or contract for goods or services to be provided
to any public entity or an a~ency or politic~! subdivision and involving antitrust, fraud,
theft, bribery, collusion, racketeering, conspiracy, or material misrepresentation.
4. I understand that "convicted" or "conviction" as defmed in Paragraph 287.133(1)(b),
Florida Statutes, means a finding of guilt or a conviction of a public entity crime, with
or without an adjudication of guilt, in any federal or state trial court of record relating
to charges brought by indictment or information after July 1, 1989, as a result of a jury
verdict, nonjury trial, or entry of a plea of guilty or nolo contendere.
5. I understand that "affiliate" as defined in Paragraph 287.133(1)(a), Florida Statutes,
means:
A. A predecessor or successor of a person convicted of a public entity crime; or
B. An entity under the control of any natural person who is active in the
management of the entity and who has been convicted of a public entity crime.
The term "affiliate" includes those officers, directors, executives, partners,
shareholders, employees, members, and agents who are active in the
management of an affiliate. The ownership by one person of shares constituting
a controlling interest in another person, or a poo~ing of equipment or income
,,.
---··-------------------------
among persons when not for fair market value under an arm's length
agreement, shall be a prima facie case that one person controls another person.
A person who knowingly enters into a joint venture with a person who has been
convicted of a public entity crime in Florida during the preceding 36 months
shall be considered an affiliate.
6. I understand that a "person" as defmed in Paragraph 287.133(1)(e), Florida Statutes,
means any natural person or entity organized under the laws of any state or of the
United States with the legal power to enter into a binding contract and which bids or
applies to bid on contracts for the provision of goods or services let by a public entity,
or which otherwise transacts or applies to transact business with a public entity. The
term "person" includes those officers, directors, executives, partners, shareholders,
employees, members, and agents who are active in management of an entity.
7. Neither the entity submitting this sworn statement, nor any officers, directors,
executives, partners, shareholders, employees, members or agents who are active in
the management of Performance Measurement Associates, Inc., the entity, nor any
affiliate of the entity have been convicted of a public entity crime subsequent to July
1, 1989.
STATE OF FLORIDA -
COUNTY OF s:':!\..Lv'\-S~ IV\-
2_ q:i----The foregoing instrument was acknowledged before me this day of_
~'<?~.) ~ , 19 q ~ , by Harold Chappell as President of Performance Measurement
Associates, Inc., who is personally known to me and who did take an oath.
My commission expires: