HomeMy WebLinkAboutMinutes GEPB 052002City of Palm Beach Gardens General Employees
Pension Fund Trustee Meeting
May 20, 2002
The meeting was called to order by Jack Hanson at 2:05 PM. In attendance
were Jack Hanson, Allan Owens, Judy Fox and Ken Steele of the Board of
Directors; Barry Densa, citizen observer; Joe Boghdan of Boghdan Consulting;
Lance Powers of Trusco; and Scott Christiansen of Christiansen and Dehner.
A motion to approve the minutes of February 25, 2002 was made by Judy Fox
and seconded by Jack Hanson. The motion received unanimous approval.
A motion was made by Jack Hanson to place in nomination Allan Owens as the
Board of Directors appointed member. The motion was seconded by Judy
Fox and was approved unanimously. Jack Hanson will inform the City Clerk,
Patty Snider, to place the item on the next available council meeting as a
ministerial approval by resolution.
Lance Powers gave the investment report and overview. He gave a detailed
analysis of our bond allocation and strategy.
Joe Boghdon gave the monitors report and stated that our equities and income
accounts are doing very well by market comparison. He said that Trusco has
been on solid ground with the investments for the past three quarters.
A motion was made by Judy Fox to pay the invoices of Boghdan Consulting for
$1,500.00 and Christiansen and Dehner for $3,214.85. The motion was
seconded by Jack Hanson and received unanimous approval.
The board directed the secretary to execute the agreement with Lynch, James,
and Ryan for commission recapture and transmit same to them to begin the
program.
Scott Christiansen discussed the operating rules and procedures and the
necessary legal changes to same. A motion to approve the rules and procedures
was made by Ken Steel and seconded by Judy Fox. The motion to approve was
unanimous. Scott then discussed the modified pension ordinance in depth; he
will contact the City Manager to begin the adoption process.
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A motion to adjourn was made by Jack Hanson and seconded by Judy Fox — all
in favor. The time was recorded at 4:05 PM
Respectfully submitted,
Pck Hanson — Secretary
City of Palm Beach Gardens
Pension Board of Trustees
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