HomeMy WebLinkAboutMinutes GEPB 022502r
City of Palm Beach Gardens General Employees
Pension Fund Trustee Meeting
February 25, 2002
The meeting was called to order by Steve Parella at 2 :10 PM. In attendance
were Jack Hanson, Judy Fox, Allan Owens, Steve Parella and Kenneth Steele
from the City of Palm Beach Gardens; Lance Powers of SunTrust Banks; Joseph
Boghdan of Boghdan Consulting; Scott Christiansen of Christiansen & Dehner
and Patrick Donlan of Foster & Foster.
A motion to approve the minutes of November 19, 2001 was made by Ken Steele
and seconded by Steve Parella. The motion received unanimous approval.
The investment report was given by Lance Powers of SunTrust. He explained
the table on investment returns and gave an investment overview.
The performance monitors report was given by Joe Boghdan of Boghdan
Consulting. He explained the returns based on his reports and finding in that we
are capturing a good share of the up markets and retreating less in the down
markets. At this point we are doing well in overall standing by peer comparison.
The actuary report was given by Pat Donlan of Foster & Foster. He requested a
final report on benefits for Mark Vadas be authorized by the board for record
keeping purposes. There are now more retirees that active members in our DB
plan. A motion to approve the actuary report was made by Steve Parella and
seconded by Jack Hanson. The vote approve was unanimous.
A motion to approve the invoices of Foster & Foster for $3, 180.00; Boghdan
Consulting for $1,500.00; and Christiansen & Dehner for $1,825.10 was made by
Steve Parella and seconded by Jack Hanson. The motion to approve was
unanimous.
The board acknowledged the election of Judy Fox by acclamation and ballot.
Congratulations were offered to Judy by all present.
At the request of the board, Scott Christiansen explained the legal procedures as
defined by the ordinance to seat Allan Owens on the board of trustees. It was
decided to request the city council to appoint Kenneth Steele as a resident
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member and the board could then appoint Allan Owens as the fifth member. A
motion to proceed by this method was given by Steve Parella seconded by Judy
Fox. Jack Hanson will consult with Carol Gold the city clerk to initiate the
paperwork.
The attorneys report was given by Scott Christiansen. He explained the new
rollover distribution documents and the proper procedures. He also requested
three new items be placed on the May agenda:
1. The new contract with SunTrust Bank, Inc.
2. The operating rules and procedures for our plan.
3. The new revised pension plan ordinance.
A motion to adjourn was made by Steve Parella, all present were in agreement
and the time was recorded at 3:45 PM.
Respectfully submitted,
�6ck Hanson — Secretary
City of Palm Beach Gardens
Pension Board of Trustees
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