HomeMy WebLinkAboutAgenda GEPF 022800.
CITY OF PALM BEACH GARDENS
GENERAL EMPLOYEES PENSION FUND
NOTICE OF MEETING AND AGENDA
Please take notice that the BOARD OF TRUSTEES OF THE CITY OF PALM BEACH
GARDENS will conduct a meeting ofthe Board on February 28, ?.000 at
1:30pm at Municipal Annex Conferenc? Room
AGENDA
1. Approval of minutes dated November 15, 1999
2. Investment Reports
A. Investment Manager --
B. Performance Monitor�—
3. Old Business
A. Payment of Invoices
B.
C.
D.
4. New Business
A.
B.
C.
D.
5. Attorney's Report
6. Adjoumment
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DISA�IL.ITY INFORMATION
In accordance with the Disabilities Act and F.S.S.286.26, persons with disabilities needing
special accommodation to participate in this proceeding should contact James Waldron no
later than seven days subsequent to the proceeding at 561-775-8?00
for assistance; if hearing impaired, telephone the Florida Relay Service Numbers, (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 which the appeal
is to be based.
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City of Palm Beach Gardens
General Employees Pension Fund
Trustee Meeting
November 15, 1999
The meeting was called to order by Mark Vadas at 1:38 PM. In attendance
were Scott Christiansen — Board Attorney; Phil Senderowitz and Mark Davis
of SunTrust; Joseph Boghdan of Performance Monitoring Services; and Jack
Hanson, Mark Vadas, Kent Olson, Steve Parella, and Daniel Hackman of the
City of Palm Beach Gardens.
A motion to approve the minutes of August 23, 1999 was made by Steve
Parella and seconded by Mark Vadas. The vote to approve the motion was
unanimous.
The Investment Managers report was given by Phil Senderowitz of STI. He
stated the growth stock portion of our portfolio is in good shape, but the
value stocks are slightly underperforming through the last three-quarters.
We are in a good position overall when compared to similar po�tfolios
regarding total equities and bonds.
The Performance Monitors report was given by Joe Boghdan of IMS who
stated our investments are meeting ou� levels of expectation for the year.
He asked Phil Senderowitz of STI if they were maintaining a 50/50 ratio of
growth to value stocks. Phil responded in the affirmative if the fund target
continues to be met. We will also likely increase our holdings in the
international sector in the near future.
Invoice payments to Christiansen and Dehner for 5621.55; Investment
Monitoring Services for 5750.00; and Foster & Foster for 53,375.00
received unanimous approval on a motion by Mark Vadas and seconded by
Kent Olson.
Jack Hanson signed off on the letter from Mark Davis of STI rega�ding the
procedures for written transfer of funds as opposed to wire transfer. All
board members were in favor of this procedure.
Kent Olson made a motion to approve the retirement of James Albano and it
was seconded by Steve Parella with unanimous approval. The dollar amount
for monthly benefit will be determined by Foster & Foster as soon as
possible.
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The attomeys report was given by Scott Christiansen. It was determined
that Jack Hanson and Kent Olson must be re-elected/re-appointed in the year
2000.
Meeting dates for the fou� quarters of the year 2000 were established and
will be mailed/faxed when the new phone numbers for City Hali are
established.
Motion to adjourn was offered by Kent Olson and seconded by Steve Parella.
The approval was unanimous and the time was recorded at 2:42 PM.
Respectfully submitted
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Jack Hanson - Secretary - Board of Trustees
Gepf.l 1 1599