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HomeMy WebLinkAboutAgenda Fire Pension 052107THE PENSION RESOURCE CENTER, INC. 4360 Northlake Boulevard, Suite 206 ❖Palm Beach Gardens, FL 33410 Phone (561) 624 -3277 ❖ Fax (561) 624.3278 ••r www.RESOURCECENTERS.COM PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND Meeting of Monday, May 21, 2007 Location: Palm Beach Gardens Fire Rescue — Station 3 5161 Northlake Blvd. Palm Beach Gardens, Florida 33410 (561) 776 -1071 Time: 10:00 A.M. AGENDA 1. Call Meeting to Order 2. Minutes of Meeting Held April 30, 2007 3. Investment Manager Report: Dana Investment Advisors 4. Investment Monitor Report: Joe Bogdahn 5. Attorney Report: Bob Sugarman 6. Administrative Report: Margie Adcock 7. Disbursements 8. Other Business 9. Schedule Next Meeting: Monday, June 18, 2007 at 10:00 A.M. 10.Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact The Pension Resource Center, Inc. no later than four days prior to the meeting. BOGDAHN CONSULTING LLC. simplifying your investment & fiduciary decisions xx, x 2007 XXX — Chairman Dear Chairman: To help facilitate timely cash flows within the new portfolio structure we have set up an automatic rebalancing mechanism. Due to the fact that one of the funds within the portfolio is a commingled fund we need an authorized signer from the board to fax trade confirmation tickets to Galliard when these flows occur. The custodian, Regions Bank, will send down a completed fax that outlines how much will be distributed, or withdrawn, from the manager when necessary to keep the overall plan in compliance with the IPS and the cash fully invested. Once the trade tickets are faxed to Palm Beach Gardens one of the authorized singers from the following page will need to sign the confirmation ticket and send to Galliard Capital Management. I have provided contact information for Galliard below. Thanks! Trade Confirmation Tickets need to be faxed to: Galliard Capital Management Fund Accounting 612.667.3223 Galliard Contacts: Usha Karth — Usha.Karth(oDGalliard.com Rasaan Ellison — Rasaan.Ellison(&Galliard.com Rob Crandall — Robert. Crandall(cDGalliard.com Phone # 612.667.3210 —This number can be used to reach any of the contacts listed above. Pete Anderson can be used as a backup but should not be the primary contact. Pete's number is 612.667.2171 Sincerely, David West, CFA 340 West Central Avenue • Suite 300 • Winter Haven, Florida 33880 Telephone (863)293 -8289 • Facsimile (863) 292 -8717 Ti It I PALM BEACH GARDENS FIREFIGHTERS' PENSION TRUST XX, X, 2007 Pete Anderson Galliard Capital Management 800 LaSalle Avenue Suite 2060 Minneapolis, MN 55402 Dear Mr. Anderson: Please use this letter as direction for the Palm Beach Gardens Firefighters' Pension Trust. We have instructed our custodian, Regions Bank, to rebalance the portfolio on a monthly basis based on cash flows occurring within the portfolio. Regions will be assisted in this process by our consultant, Bogdahn Consulting. All contributions and withdrawals will be based on the Investment Policy Statement already approved by the Board. Should any contribution or withdrawal be greater than $75,000 we have instructed Regions to contact Bogdahn Consulting to facilitate the rebalance. Please use this letter as authorization for Bogdahn Consulting and Regions Bank to handle these upcoming cash flows on behalf of the board of trustees for the Firefighters' Pension Plan. For any trade confirmation signatures please see the trustee names outlined below with fax and phone number. These are the individuals the board has approved for this function. We have provided the board with a separate letter outlining where the trade tickets need to be faxed along with contact information and phone number. XXX Authorized Signor Fax Number Phone Number XXX Authorized Signor Fax Number Phone Number M' Authorized Signor Fax Number Phone Number If you have any questions please call Bogdahn Consulting LLC, at 863 - 293 -8289. Thank you! Sincerely, Cc: David West — Consultant Palm Beach Gardens, Florida , . s PALM BEACH GARDENS FIREFIGHTERS' PENSION TRUST XX, 2007 XX Regions Bank Dear XX: Please use this letter as direction for the Palm Beach Gardens Firefighters' Pension Trust. 1) Please set up an R &D account for contributions and withdrawals from the plan. Establish a base value of $10,000.00 that should be maintained within this account at all times. On a monthly basis, please perform a reallocation on the Plan's R &D Account by distributing any excess cash above the target baseline amount of $10,000 to the Plan's investment accounts according to the percentages outlined below. In the event that the balance of the account exceeds the amount of $75,000 then instead of automatically rebalancing the portfolio please notify Bogdahn Consulting LLC (plan consultant), so a determination can be made to reallocate the funds in some other manner. Conversely, if the balance falls below the target amount, you are authorized to raise cash from these accounts pro -rata based upon these same percentages. To facilitate this monthly rebalancing, you are hereby provided the discretion in the decision to rebalance if the actual amount is within $10,000 either side of the target amount. Account % Alloc. Dana Investment Management 65.0 Galliard Capital Management 35.0 Sincerely, M Cc: David West — Consultant Palm Beach Gardens 1�i s U C� �Q .-r C� a w 0 An C-� .o a� a� a� w a� 0 a� "..nmo C 1 Q z E-4 z 0 Q z x A 0 0 pq r. rn U =� d4 i0 O ^ ca ccl N cz O O A cl U -a _ w. ca O O cd L's ., O «S y N O E.. b $.. U ti C U 'Cf y v� .. > yam, 'C3 c�. 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In In d7 h In o 1 1 � 1 O' OI �' U 0 1 00 p y O s+ 1 FC�I 1 '[ 1 v �--� .0 O O O.2 O O O O O v •"� O� O p O O Y O U N ( J Mv� Oo 00 p�fao� O �+ O N O In bA O �'� e 5w� In 0 ++ O� r YG O o ��Qo O y 0 U O o U' 40 O eo :� 0 i4 .y oo M O b yam,, V M C ob O� O U O O Cd y OO p CD p M r! Ln vi N In PClIn�;v >W)3 ¢ Inv�via�3A ly 1n C7 .G v,¢W)a.vUUv,xInl�x O Wi 0 z O CC W F W O dl O U I.a ¢ 0 F N D�0 U LJ i Wil am U h—� CJ z 0 Q Q zz Q M O � a) Q% cz . cz cz Ucz ct �Z 4-J O v U cd O v O cn U 4-J v O O ,v : � �. u , a v 4-J X v 75 cz cz v� Q .,..� cz �. O q cz a� O ►--+ • ... '� O 4-� O' O U �+ � u trio . : c� U —4 O U O v v • �'� 4..1 Cd cz �. �+ .,.., p v U 4-1 u 4-d cn —4 v � v a' Q �•a°o .4c �o Uct V /O� • • • • • CJ z 0 Q Q zz Q M 715 Palm Beach Gardens Firefighters' Retirement System Pension Fund, City of The company's option plans do net expressly permit repricing All of the audit committee members are "financial experts' The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati The audit committee is comprised solely of independent outside directors The company has a dual class capital structure in place with one class held to maintain voting control There is no disclosure of stock ownership guidelines for outside directors There is no disclosure of stock ownership guidelines for executives There is no disclosure of the number of meetings of the committee that oversees governance issues The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati Directors are subject to stock ownership guidelines Executives are subject to stock ownership guidelines The audit committee is comprised solely of independent outside directors There is no disclosure of a policy that directors are required to submit a letter of resignation upon a job ch The company has a poison pill in place The board of directors is classified There is no disclosure of mandatory holding periods for restricted stock after vesting The audit committee is comprised solely of independent outside directors All of the audit committee members are "financial experts' Directors are subject to stock ownership guidelines Executives are subject to stock ownership guidelines There is no disclosure of a policy that directors are required to submit a letter of resignation upon a job ch The company does not utilize perfomance -based equity awards with specific performance criteria and hurdl There is no disclosure of mandatory holding periods for restricted stock after vesting The average annual burn rate over the past three fiscal years is greater than 2% and exceeds on standard de The company has a committee that overseas governance issues and the committee met in the past year There is not a dual class capital structure in place A board approved CEO succession plan is in place The audit committee is comprised solely of independent outside directors The board is controlled by a supermajority of independent insiders (insiders and affiliated outsiders greater There is no disclosure of stock ownership guidelines for outside directors The average annual burn rate over the past three fiscal years is greater than 2% and exceeds on standard de There is no disclosure of stock ownership guidelines for executives Reference: http: / /www.proxymaster.coni X X X X X x x x x X x x x x M 0 r 0 715 Patin Beach Gardens Firefighters' Retirement System Pension Fund, City of The board approved CEO succession plan is in place The audit committee is comprised solely of independent outside directors The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati ■ The company has a committee that overseas governance issues and the committee met in the past year There is no disclosure of stock ownership guidelines for executives The company has a dual class capital structure in place with one class held to maintain voting control The company has a poison pill in place There is no disclosure of stock ownership guidelines for outside directors ILA Onne Directors are subject to stock ownership guidelines The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati The audit committee is comprised solely of independent outside directors The board is controlled by a supermajority of independent outsiders (independent outsiders greater than 9 There is no disclosure of mandatory holding periods for restricted stock after vesting The company does not utilize perfotnance -based equity awards with specific performance criteria and hurdl The company has a poison pill in place The board of directors is classified The company has a committee that overseas governance issues and the committee met in the past year The audit committee is comprised solely of independent outside directors The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati Only one inside director and no affiliated outsiders serve on the board There is no disclosure of stock ownership guidelines for executives There is no disclosure of stock ownership guidelines for outside directors The company has a poison pill in place There is no disclosure of a policy that directors are required to submit a letter of resignation upon a job ch The company has a committee that overseas governance issues and the committee met in the past year The company does not have a poison pill There is not a dual class capital structure in place The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati The audit committee includes affiliated outsiders The board is controlled by a majority of insiders and affiliated outsiders (insiders and affiliated outsiders gr There is no disclosure of stock ownership guidelines for executives There is no disclosure of stock ownership guidelines for outside directors Reference: http: / /www.proxynwter.coni x X x x X X X X X x x x x X x X X X X X ■ ■ 715 Palm Beach Gardens Firefighters' Retirement System Pension Fund, City of ■ The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati Directors are subject to stock ownership guidelines The audit committee is comprised solely of independent outside directors . All of the audit committee members are "financial experts' There is no disclosure of stock ownership guidelines for executives ■ The board of directors is classified The company has a poison pill in place There is no disclosure of mandatory holding periods for restricted stock after vesting Global Imaging Systeim, hic. • • The company has a committee that overseas governance issues and the committee met in the past year . The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati There is not a dual class capital structure in place The audit committee is comprised solely of independent outside directors . There is no disclosure of stock ownership guidelines for executives There is no disclosure of a policy that directors are required to submit a letter of resignation upon a job ch . The board of directors is classified There is no disclosure of stock ownership guidelines for outside directors The company has a committee that overseas governance issues and the committee met in the past year The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati There is not a dual class capital structure in place The audit committee is comprised solely of independent outside directors The company does not have governance guidelines that have been publicly disclosed There is no disclosure of stock ownership guidelines for executives The board is controlled by a majority of insiders and affiliated outsiders (insiders and affiliated outsiders gr There is no disclosure of stock ownership guidelines for outside directors Directors are subject to stock ownership guidelines Executives are subject to stock ownership guidelines The company has a committee that overseas governance issues and the committee met in the past year The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati there is no disclosure of mandatory holding periods for stock acquired upon exercise of options The audit committee includes affiliated outsiders There is no disclosure of a policy that the board regularly approves a CEO succession plan There is no disclosure of mandatory holding periods for restricted stock after vesting Reference: http: / /www.prt)xymaster.coni x x x x X x X X X X X X X X x X X x x x M 715 Palm Beach Gardens Firefighters' Retirement System Pension Fund, City of . Compensation committee comprised soley of independent outside directors The audit committee is comprised solely of independent outside directors All Stock -based incentive plans are approved by shareholders ■ The last time ISS voted on a pay plan, ISS deemed the cost reasonable The board is classified The full board fulffills the function of the nominating committee, there is no such committee, of the com ■ Board controlled by a majority of insiders (insiders greater than or equal to 50 %) No directors have participated in an "ISS accredited" director education program —1 .G 1„1,.,x,,,, CC The audit committee is comprised solely of independent outside directors The company has a committee that overseas governance issues and the committee met in the past year The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati There is not a dual class capital structure in place The company does not utilize performance -based equity awards with specific performance criteria and hurd There is no disclosure of stock ownership guidelines for outside directors There is no disclosure of mandatory holding periods for restricted stock after vesting There is no disclosure of stock ownership guidelines for executives All of the audit committee members are "financial experts' Directors are subject to stock ownership guidelines The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati The audit committee is comprised solely of independent outside directors The board of directors is classified The company does not utilize performance -based equity awards with specific performance criteria and hurd There is no disclosure of a policy that directors are required to submit a letter of resignation upon a job ch There is no disclosure of mandatory holding periods for restricted stock after vesting Executives are subject to stock ownership guidelines The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati The audit committee is comprised solely of independent outside directors Directors are subject to stock ownership guidelines The company does not conduct performance reviews of individual directors there is no disclosure of mandatory holding periods for stock acquired upon exercise of options There is no disclosure of mandatory holding periods for restricted stock after vesting There is no disclosure of a policy that limits the number of other boards that directors may serve on Reference: http: //w .pr,ixymaster.coni x x x x N .v s X X x x x X 0 d- 715 Palm Beach Gardens Firefighters' Retirement System Pension Fund, City of . LSI Logic Corp. k1orporate Uovernance rroi Positive Neg--, The audit committee is comprised solely of independent outside directors x . The company has a committee that overseas governance issues and the committee met in the past year x Only one inside director and no affiliated outsiders serve on the board x ■ The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati x There is no disclosure of stock ownership guidelines for outside directors x There is no disclosure of policy that directors are required to submit a letter of resignation upon a job Chan ■There is no disclosure of stock ownership guidelines for executives There is no disclosure of mandatory holding periods for restricted stock after vesting ■ Executives are subject to stock ownership guidelines x The board is controlled by a supertnajority of independent outsiders (independent outsiders greater than 9 x .The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati x The audit committee is comprised solely of independent outside directors x . There is no disclosure of stock ownership guidelines for outside directors x The board of directors is classified X . The company does not utilize performance -based equity awards with specific performance criteria and hard x . The company has a poison pill in place x Pc . The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati x The audit committee is comprised solely of independent outside directors x . There is not a dual class capital structure in place x The company has a committee that overseas governance issues and the committee met in the past year x There is no disclosure of a policy that directors are required to submit a letter of resignation upon a job ch t . There is no disclosure of stock ownership guidelines for outside directors x There is no disclosure of stock ownership guidelines for executives . There is no disclosure of a policy that the board regularly approves a CEO succession plan 0 The audit committee is comprised solely of independent outside directors x . The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati x The company has a committee that overseas governance issues and the committee met in the past year x . There is not a dual class capital structure in place x There is no disclosure of mandatory bolding periods for restricted stock after vesting x The board of directors is classified x ■ There is no disclosure of stock ownership guidelines for executives x There is no disclosure of stock ownership guidelines for outside directors x • Reference: http: / /www.proxyniaster.coni ■ 715 Paltn Beach Gardens Firefighters' Retirement System Pension Fund, City of M� 0 1 M The audit committee is comprised solely of independent outside directors ■ The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati Only one inside director and no affiliated outsiders serve on the board ■ The company has a committee that overseas governance issues and the committee met in the past year There is no disclosure of a policy that the board regularly approves a CEO succession plan There is no disclosure of stock ownership guidelines for outside directors ■ The company does not have governance guidelines that have been publicly disclosed There is no disclosure of stock ownership guidelines for executives N Executives are subject to stock ownership guidelines The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati Directors are subject to stock ownership guidelines The audit committee is comprised solely of independent outside directors there is no disclosure of mandatory holding periods for stock acquired upon exercise of options The company does not utilize performance -based equity awards with specific performance criteria and hurd There is no disclosure of mandatory holding periods for restricted stock after vesting The last time ISS evaluated the company's option plans, ISS deemed the shareholder value transfer of the p The audit committee is comprised solely of independent outside directors Directors are subject to stock ownership guidelines The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati The board is controlled by a supermajority of independent outsiders (independent outsiders greater than 9 The board of directors is classified The company has a poison pill in place There is no disclosure of stock ownership guidelines for executives There is no disclosure of mandatory holding periods for restricted stock after vesting The audit committee is comprised solely of independent outside directors Executives are subject to stock ownership guidelines The company is incorporated in a state without anti - takeover provisions Directors are subject to stock ownership guidelines The company does not utilize performance -based equity awards with specific performance criteria and hurd There is no disclosure of mandatory holding periods for restricted stock after vesting The board of directors is classified The average annual bum rate over the past three fiscal years is greater than 2% and exceeds on standard de Reference: http: / /www.proxymaster.com x x X x X X X x x x x x x x x X M X 715 Palm Beach Gardens Firefighters' Retirement System Pension Fund, City of The company's option plans do net expressly permit repricing There is not a dual class capital structure in place The audit committee is comprised solely of independent outside directors The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati There is no disclosure of a policy that the board regularly approves a CEO succession plan No governance committee has been established There is no disclosure of stock ownership guidelines for outside directors There is no disclosure of stock ownership guidelines for executives The average annual burn rate over the past three fiscal years is 2% or less, or is within one standard deviati The audit committee is comprised solely of independent outside directors There is not a dual class capital structure in place The company does not have a poison pill There is no disclosure of stock ownership guidelines for outside directors There is no disclosure of the number of meetings of the committee that oversees governance issues There is no disclosure of stock ownership guidelines for executives There is no disclosure of a policy that the board regularly approves a CEO succession plan Executives are subject to stock ownership guidelines The audit committee is comprised solely of independent outside directors The company has a committee that overseas governance issues and the committee met in the past year Directors are subject to stock ownership guidelines The board has more than 15 directors The company has a poison pill in place The average annual burn rate over the past three fiscal years is greater than 2% and exceeds on standard de The board of directors is classified Directors are subject to stock ownership guidelines Executives are subject to stock ownership guidelines The audit committee is comprised solely of independent outside directors The company has a committee that overseas governance issues and the committee met in the past year The board of directors is classified The average annual bum rate over the past three fiscal years is greater than 2% and exceeds on standard de The company has a poison pill in place There is no disclosure of mandatory holding periods for restricted stock after vesting Reference: http: / /www.pt(ixynia$ter.coni X X X x X X X X X X X X x x X X X X X X it 61 a.. 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