HomeMy WebLinkAboutMinutes GEPB 1119071
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GENERAL EMPLOYEE PENSION BOARD
NOVEMBER 19, 2007
MINUTES
The General Employee Pension Fund convened on November 19, 2007 in the Council
Chambers of the Municipal Complex, located at 10500 North Military Trail, Palm Beach
Gardens, Florida. The meeting was called to order by Allan Owens at 2:12 P.M. A
quorum was declared.
I. ROLL CALL
Members Present: Allan Owens, Finance Administrator
Kenneth Steele
Dindial Laljie
Members Absent: Steve Parella, Chair
Jamie Smith
Additional Attendees: Joseph Bogdan — Bogdahn Consulting
Scott Christiansen — Attorney
Sarah Varga — Accountant
II. OLD BUSINESS
• Approval of Minutes
— Motion made to accept minutes from the August 13, 2007 meeting; seconded
and approved unanimously 3-0.
• Discussion ensued regarding the status of Steve Parella, Chair. Allan Owens,
Finance Administrator, explained that Steve Parella has moved to the Tampa area,
but retains ownership of his house in Palm Beach Gardens. Allan Owens
consulted with Christine Tatum, City Attorney, who advised against Steve Parella
holding a seat on the Board because he is no longer a full -time resident. Steve
Parella has missed three meetings in a row. Allan Owens will discuss the situation
further with the City Attorney.
• Kenneth Steele discussed the issue of absence by Steve Parella and Jamie Smith.
The Board having a quorum is dependent upon Allan Owens, Dindial Laljie and
Kenneth Steele always being present.
• Scott Christiansen, Attorney, stated that Steve Parella's absences makes it
difficult for the Board to conduct business because of the issue of having a
quorum and because he is unavailable to sign documents in his capacity as the
Board Chair.
• Allan Owens stated that he will consult with the City Attorney and then pursue a
new member for the Board.
— Scott Christiansen, Attorney, has not yet received the signed addendum for his
contract.
General Employee Pension Board
11.19.07
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III. NEW BUSINESS
• Scott Christiansen reported on the following items:
— Fiscal Year End Report is due to the City Council.
— Meeting dates for 2008 are: February 11, May 12, August 11 and November
10.
— Prior discussion of an Ordinance to change the composition of the Board was
mentioned. The City Attorney is looking into it.
— Prior discussion of the City's interest in turning over administrative control of
the General Employee Defined Benefit Plan to the Florida League of Cities
was cited. Scott Christiansen stated that a Board of Trustees was still required
and would function much the same as the Board does now.
• Bogdahn Consulting third quarter report was presented by Joseph Bogdahn.
— Kenneth Steele requested definition of the term "funkier." Joseph Bogdahn
provided an in -depth response.
— Discussion ensued on Russell small, medium and large cap investments.
— Calendar year returns were discussed.
— Allen Owen requested information on the State Board of Administration
(SBA) and the Florida Retirement System (FRS).
• Approval of bills:
— Bogdahn Consulting third quarter statement, $2000.00. Motion made,
seconded and passed unanimously 3-0.
— Christiansen and Dehner statement, $1068.68. Motion made, seconded and
passed unanimously 3-0.
— Sawgrass Asset Management third quarter statement, $816.00. Motion made,
seconded and passed unanimously 3-0.
— Rockwood Capital Advisors third quarter statement, $3510.66. Motion made,
seconded and passed unanimously 3 -0.
— Salem Trust third quarter statement, $750.00. Motion made, seconded and
passed unanimously 3 -0.
• Kenneth Steele made a motion for the adjustment of the basic asset allocation to
70 percent equity and 75 percent at market. He believes we should be more
heavily invested in equity.
— Discussion ensued regarding the motion.
• Kenneth Steele amended the motion to: Amend the Investment Policy Statement
Section III BI to increase the maximum limitation at market from 70 to 75
percent. Motion seconded and passed unanimously 3-0.
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General Employee Pension Board
11.19.07
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IV. ADJOURNMENT
With no further business to discuss the meeting adjourned at 3:07 P.M.
APPROVED:
indial Lal"
Allan Owens
Kenneth Steele r-
Jamie Smith
Steve Parella, Chair
Attest:
Donna M. Cannon
Municipal Services Coordinator
NOTE: These action minutes are prepared in compliance with 286.011 F.S. and are not verbatim
transcripts of the meeting. A verbatim audio recording is available from the Office of the City
Clerk.
All referenced attachments on file in the City Clerk's office.
General Employee Pension Board
11.19.07
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