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Home My WebLink AboutAgenda GEPF 112000NOTICE OF MEETING AND AGENDA Please take notice that the Board of Trustees of the City of Palm Beach Gardens will be conducting a meeting of the Board on November 20, 2000 at 1:30 PM in the Building Division Conference Room, 10500 N. Military Trail, Palm Beach Gardens, FL. AGENDA 1. Approval of minutes dated August 21, 2000. 2. Investment Reports A. Investment Manager B. Performance Monitor 3. Old Business A. Payment of Invoices B. C. D. 4. New Business A. Discussion - Fee Increase - Letters from Christiansen & Dehner C. Discussion — New Company — Boghdan Consulting — Letters from Joseph Boghdan 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 Lynda Wiles no later than seven days subsequent to the proceeding at 561-799-4200 for assistance; if hearing impaired, telephone the Fiorida Relay Services 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 will need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon with the appeal is to be based. Gepfnotice.meeting City of Palm Beach Gardens General Employees Pension Fund Trustee Meeting August 21, 2000 The meeting was called to order by Mark Vadas at 1:38 PM. In attendance were. Jack Hanson, Mark Vadas, Kent Olson, Steve Parella, Daniel Hackman, Scott Christiansen, Carin Anderson and Joe Boghdan. A motion to approve the board meeting minutes of May 15, 2000 was made by Dan Hackman and seconded by Steve Parella. The vote to approve was unanimous. The investment managers report was given by Carin Anderson of STI. She did a midyear 2000 overview that showed the market was flat overall although healthcare stocks were up. The presentation was made with minimal questions or requests for clarification. The performance monitors report was given by Joe Boghdan. He gave a detailed comparison of several investment managers and our current status. Scott Christiansen gave an explanation of Senate Bill 372. He enumerated the requirements and standards of accountability and policies. Education requirements concerning investments will be necessary for all board members in the future. A motion to approve the retirement of Elinor Adams via a lifetime only benefit was made by Steve Parella and seconded by Mark Vadas. The vote to approve was unanimous. A discussion ensued regarding the retirement of Dana Mack. A motion by Kent Olson to approve his retirement centingent on the final actuary statement and the payout of his choice received unanimous approval. The motion was seconded by Steve Parella. Steve Parella made a motion to authorize Joe Boghdan to set up interviews for the board for at least three prospective investment managers. Scott Christiansen will prepare an RFP establishing the necessary performance standards. The motion was seconded by Dan Hackman and the vote for approval was unanimous. A discussion followed regarding the possibility of an increase in the benefit accrual rate. A positive recommendation cannot be made at this time because of external influences of other plans involving city employees. It was decided to put the report on hold for the present time. Kent Olson made a motion to approve the payment of an invoice from Gibson & Wirt in the amount of $1,500.00 for fiduciary liability insurance coverage for the board members. The second was by Steve Parella and the vote was unanimous for approval. Kent Olson made a motion to approve the payment of an invoice from Christiansen & Dehner in the amount of $853.75 for services rendered. The second was by Mark Vadas and the vote was unanimous for approvaf. It was stated that Kent Olson was reappointed to the board by the City Council. A motion to adjourn was made by Kent Olson and seconded by Steve Parella. All voted in favor. The time was recorded a 4:11 PM. Respectfully submitted, J�c`,k Hanson — Secretary — Board of Trustees / Gepf.082100 SCOTT R. CHRIS77ANSEN H. L� D�xx� Lnw OeeccFs CHRISTIANSEN & DEFINER, P.A. 63 SARASOTA CENTER BLVD. SUI� 107 SARASOTA, F%.oWDn 34240 October 1, 2000 Mr. Jack Hanson, Secretary City of Palm Beach Gardens General Employees' Pension Plan 10500 North Military Trail Palm Beach Gardens, Florida 33410 Re: Attorneys' Fees Dear Jack: PttoNE: (941) 377-2200 Fnx: (941) 377-4848 As time passes and the cost of living increases, it becomes necessary to periodically review our attorneys' fees to determine the appropriateness of our fee as it relates to our operating costs and those fees which are being charged by other attorneys with similar expertise in the area of pension law. It has been almost seven years since we increased our fee from $150 to $180 per hour. Taking these issues into consideration, we find it necessary to increase our fee to $210 per hour effective January 1, 2001. This is an increase of less than 3% per year. As you know, due to the similar level of knowledge and expertise required for proper representation, we charge the same fee to all of our clients. 7ust as when we last increased our fee in early 1994, we will again guarantee that there will not be another increase for at least three years. The new rate is most reasonable and compares very favorably with fees of other attorneys with similar or less experience who represent public pension plans in Fiorida. We respectfully request the Board's approval of this new fee at our next meeting, at which time we will be happy to answer any questions. We will be pleased to answer any questions prior to tne riieeang as wcli. vJc i►avic enj�yed our re�dtivnsl�i� wiLi i►1e B�ard ar►d wz look iorw�.rd to working with you in the coming years. Yours very truly, "�-�.. Christiansen & Dehner, P.A. B�GDAHN CONSULTING, LLC.;. Investment Monitoring Services simplifying your investment decisions 28 October, 2000 Mr. Jack Hanson Palm Beach Gardens General Employees' Pension Plan 10500 North Military Trail Palm Beach Gardens, Florida 33410 RE: Performance Monitoring Services Dear Jack: Over the past year, my business partner and I have differed over the future direction of Investment Monitoring Services, Inc. These differences have resulted in our taking steps to dissolve our partnership, and my forming a new company, Bogdahn Consulting, LLC. My partner will continue to focus on traditional brokerage and investment services, while I will concentrate on the monitoring business. I bring this to your attention because Investment Monitoring Services, Inc. ��ill no longer provide investment performance evaluation services, and you will soon receive a formal resignation from IMS. While it certainly is not my intention to abandon your board, these are the legal steps we must take to facilitate the dissolution of our partnership. Bogdahn Consulting can pick up where IMS left off, providing a seamless transition and assuring no interruption in service. The staff that has provided these services to your board will remain intact with Bogdahn Consulting. Bogdahn Consulting's primary focus �vill be our municipal investment evaluation services. I will remain your primary contact, and will personally deliver every oral presentation possible. Bogdahn Consulting will honor the terms and conditions of the existing agreement through Septermber 30, 2001. We have adopted a uniform fee schedule for services beyond that date, which we will provide at our next meeting. Our goal is to provide your board with the highest level of professional, independent, and unbiased service in the most cost effective manner possible. I am excited to be able to devote my full time and attention on the performance evaluation business, and respectfully request your permission to continue working with you and your board. I have attached a letter for your review and approval that will expedite the transition from IMS to Bogdahn Consulting. Should you have any questions before our next board meeting, please do not hesitate to call. I look forward to seeing you soon. Best regards, �� Joseph Bogdahn ec. Scott Christiansen and Lee Dehner 62 Fourth Street Southwest • Winter Haven, Florida 33880 Telephone (863) 293-8289 Mr. Steve Kalogridis Mr. Joseph Bogdahn INVESTMENT MONITORING SERVICES, INC. 44 Fourth Street Southwest Winter Haven, Florida 33880 Gentlemen: Our pension board has voted to terminate our relationship with Investment Monitoring Services, Inc. and retain the services of Bogdahn Consulting, LLC. Please use this letter as your notification of our termination, effective immediately. Please also use this letter as our instruction for Investment Monitoring Services, Inc. to deliver to Bogdahn Consulting, LLC. all files, data and materials associated with our account. We appreciate your prompt attention to this matter, and thank you for your past service. Sincerely, Chairman, Board of Trustees Palm Beach Gardens General Employees' Retirement Plan Investment Monitoring Services simplifying your investment decisions October 5, 2000 INVOICE City of Palm Beach Gardens General Employees' Retirement System Attention Jack Hanson 10500 N. Military Trail Palm Beach Gardens, FL 33410 Pursuant to our contract with your pension board to provide independent investment monitoring services, please pay the following amount. Cunent invoice period: 10/Q1/1999 — 9/30/2000 Yearly Fee $ 750.00 Total Invoice amount Terms: Due upon receipt Payable to: Investment Monitoring Services Attention Joseph Bogdahn 62 Fourth Street Southwest Winter Haven, Florida 33880 PLEASE NOTE THE ADDRESS CHANGE $ 750.00 62 Fourth Street Southwest • Winter Havea, Florida 33880 Telephone (863) 293-8289 Christiansen & Dehner, P. A. � 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240 941-377-2200 City of Palm Beach Gardens Generai Employees' Ret. Plan 10500 North Military Trail Palm Beach Gardens, FL 33410 ATTN: Mr. Jack Hanson RE: General Emp/oyees' Retirement Plan PROFFSSIONA! SEt�VICF_S R��l�FRFD 8/21/00- Preparation and attendance at Board Meeting. - Travel Time Total For Services EXPENSES 8/21/00- Car Expense - Food Expense - Tolls - Hotel Charge Total for Expenses Total New Charges - Current Period Previous Balance 9/1/00- Payment - thank you Balance Due August 31, 2000 Account # 9322 Hours Amount 2.80 504.00 1.50 135.00 4.30 $639.00 PLEASE INDICATE ACCOUNT NUMBER WITH PAYMENT (P/ease deduct any payments not reflected in Balance Due) 27.Q8 9.00 1.72 31.55 $69.35 $708.35 $853.75 ($853.75) $708.35 Christiansen & Dehner, P. A. 63 Sarasota Center Boulevard Suite 107 Sarasota, FL 34240 941-377-2200 City of Palm Beach Gardens General Employees' Ret. Plan 10500 North Military Trail Palm Beach Gardens, FL 33410 ATTN: Mr. Jack Hanson RE: General Employees' Retirement Plan Previous Balance Balance Due September 30, 2000 Account # 9322 PLEASE INDICATE ACCOUNT NUMBER WITH PAYMENT (Please deduct any payments not reflected in Balance Due) Amount $708.35 $708.35