HomeMy WebLinkAboutMinutes GEPB 081902City of Palm Beach Gardens General Employees
Pension Fund Trustee Meeting
August 19, 2002
The meeting was called to order by Jack Hanson at 2:10 PM. In attendance
were Jack Hanson, Allan Owens, Judy Fox, Ken Steele and Steve Parella of the
board of Trustees; and Lance Powers of Trusco, Joe Boghdan of Boghdan
Consulting and Scott Christiansen, Board Attorney.
A motion by Judy Fox to approve the minutes of the May 20, 2002 meeting was
seconded by Allan Owens and the motion received unanimous approval.
The investment manager's report was offered by Lance Powers. It was no
surprise that this has been a poor year and the fiasco with Enron, WorldCom,
et.al., have pushed back the expected recovery. However, our plan is properly
positioned to take advantage when the up -tick begins.
The performance monitors report was given by Joe Boghdan. He stated we are
holding our own versus the overall market and we are in the upper third of our
peer group. We are like everybody else in that we are in a hold and wait
posture. He will take a hard look at our bond holdings and we may wish to
reallocate in the near future.
A motion was made by Jack Hanson to approve the invoice from Christiansen &
Dehner for $1,213.20. It was seconded by Judy Fox and received unanimous
approval. A motion was made by Jack Hanson to approve the invoice from
Boghdan Consulting for $1,500.00. It was seconded by Judy Fox and received
unanimous approval.
Steve Parella read the new fee schedule from Foster & Foster. A motion by
Steve Parella to adopt the new fees and authorize Scott Christiansen to author a
new contract with the actuary was seconded by Allan Owens. It was
unanimously approved.
Jack Hanson was instructed to prepare the paperwork and resolution for the City
Council to reappoint Steve Parella to the board of trustees.
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A discussion to reopen the defined benefit retirement plan for new membership
including buy -in time was led by the attorney, It was made known that the final
decision is reserved for the City Council. Allan Owens offered to research the
subject and discuss it with the City Fathers. He will give a brief report at our
next meeting.
A motion was made by Steve Parella to authorize Scott Christiansen to make plan
revisions to reopen the D.B. Plan including all necessary and desirable features.
Scott stated he could attend any and all meetings necessary to see it through.
The second to the motion was made by Judy Fox and the vote was unanimous.
Chairman Parella adjourned the meeting at 3:50 PM.
Respectfully submitted,
J:ck Hanso n — Secretary
f Palm Beach Gardens
Pension Board of Trustees
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