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HomeMy WebLinkAboutMinutes_Pension Public Safety_08/27/20081 SYNOPSIS OF PUBLIC SAFETY OFFICERS PENSION BOARD SPECIAL MEETING 8/27/08: 1. Chair Nielson welcomed Board Member Young to his first meeting. 2. The Board discussed going out for RFP for a monitor. It was felt Bogdahn had improved their services and was now providing what the Board wanted, but cost was now the issue. 3. Pension Coordinator McWilliams advised she would write the RFP and provide copies to the board of what was received for their review before the next meeting. She would also ask the Village Manager if the Board would be the selection committee and include that in the RFP 4. The Board voted to go ahead with an RFP. 5. The Board voted to table a decision on Bogdahn Consulting's proposed fee increase until after the RFP information had been received. 6. Senior Accountant Michelle Gload attended on behalf of the Finance Department to discuss next year's budget. Questions arose regarding discrepancies in the figures. Ms. Gioad indicated she would check with Ms. Rahim. 7. The Board voted to postpone approval of the budget. END OF SYNOPSIS TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND BOARD OF TRUSTEES SPECIAL MEETING August 27, 2008 I. Call To Order And Roll Call The Tequesta Public Safety Officers Pension Trust Fund Board of Trustees held a special meeting at the Tequesta Village Hall, 345 Tequesta Drive, Tequesta, Florida, on Wednesday, August 27, 2008. The meeting was called to order at 10:00 a.m. A roll call was taken by Betty Laur, Recording Secretary. Board Members in attendance at the meeting were: Chair Ken Nielson, Secretary Ray Giblin, Board Member David Cooper, and Board Member Robert Young. Board Member Ed Sabin was absent from the meeting. Also in attendance were Pension Coordinator Lori McWilliams, Senior Accountant Michelle Gload, and Recording Secretary Betty Laur. Chair Nielson welcomed Board Member Robert Young to his first meeting. II. Approval of Agenda MOTION: Secretary Giblin made a motion to approve the amended agenda dated August 22, 2008. Board Member Cooper seconded the motion, which carried by unanimous 4-0 vote. III. 1. Discussion on Pension Monitor Price Increase Chair Nielson explained this item had been tabled at the last meeting because of insufFicient time to discuss Bogdahn Consulting's proposed 88% fee increase. Chair Nielson indicated he had felt when he first joined the board that Bogdahn was not providing sufficient reports, and credited them with making improvements and now providing the kind of information best for the Board to have. A couple of meetings ago the Board had discussed going out for an RFP and Bogdahn's performance; and general consensus had been everyone thought Bogdahn was doing a good job. The real issue was no longer their performance, but now it was the cost issue. Board Member Young noted Bogdahn had not had an increase in four years, and common sense told him if they had responded to requests and improved their services, and if those were the same services others were providing, why not compare their proposed price with others to see if it was competitive in the marketplace. Board Member Young asked if there was a timeline; Secretary Giblin explained Bogdahn had agreed to remain at the old rate while a decision was being made, but the Board was trying to expedite matters by holding this special meeting so they BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES August 27, 2008 PAGE 2 would not have to remain at the old rate for too long. Chair Nielson commented that even if the Board went ahead with the new rate, there was a 30-day clause to cancel, which was time to go out for RFP. Board Member Cooper indicated he was in favor of seeing what others were offering. Chair Nielson commented the last time the Board asked for an RFP there had only been two responses-Bogdahn and Burgess. Pension Coordinator McWilliams advised she could write an RFP between now and early to mid September, get it advertised and out to the public, with it being due around October 15. Within 2-3 days after bid opening, she would notify the Board of the results, and they could call another special meeting. Ms. McWilliams recommended having the attorney attend. It was agreed an RFP was the only way to find out if the proposed fee was competitive. Attorney Jensen had provided a list of firms. Mr. Young recognized a few of the names. Pension Coordinator McWilliams cautioned Mr. Young that he could not speak to them regarding this matter. Mr. Young advised he had no connection with them. Chair Nielson advised it was not required to take the lowest bid. Ms. McWilliams stated she would write the RFP that way. Board Member Young asked how the Board felt about approving the new contract with the contingency of doing an RFP, because there was a 30-day window to rescind it. Ms. McWilliams cautioned that would mean it would all have to be done within a month. Chair Nielson asked if the Board would become the selection committee; Ms. McWilliams responded she would have to get that answer from the Village Manager. Chair Nielson commented the General Employees' Pension Board also contracted with Bogdahn, and was advised that Board had approved the increase as proposed. Ms. McWilliams commented the boards operated separately under different rules and regulations. Chair Nielson commented it was this Board's fiduciary responsibility to get best services at the lowest cost. Secretary Giblin suggested going out for RFP in time for it to be approved at the next quarterly meeting if Bogdahn's prices were in line. It BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES August 27, 2008 PAGE 3 was noted the Board was not required to conduct interviews; Ms. McWilliams advised the Board would rate the firms who responded to the RFP. The increase approved by the General Employees' Pension Board was discussed. Their increase had been $10,500; for Public Safety Officers the proposed increase was $15,000. Board Member Cooper commented Bogdahn had seemed okay with leaving the old fee in place until November, then there was a 30-day window, so the Board could save some money by doing that. Chair Nielson commented Attorney Jensen had indicated the old contract was still in place. Board Member Young recapped the discussion: the Board would go ahead with an RFP to make sure they were meeting their fiduciary responsibility, to make sure the price was right; if there were responses and the Board found Bogdahn was providing competitive services and pricing, they would go ahead with the proposed price increase. The RFP process was discussed; it had to follow strict guidelines and could not be done piecemeal. Ms. McWilliams advised if the members of the Board came to the bid opening she could provide them with copies at that meeting; if not she would get copies to them with time for their review so they could come to the next meeting prepared to make a decision. MOTION: Secretary Giblin made a motion to go ahead with the RFP. Board Member Cooper seconded the motion, which carried by unanimous 4-0 vote. Pension Coordinator McWilliams advised she would speak with the Village Manager and if he agreed she would state in the RFP that the Board would be the selection committee. MOTION: Secretary Giblin made a motion to table a decision on the proposed price increase presented by Bogdahn Consulting, LLC until information from the RFP had been reviewed. Board Member Cooper seconded the motion, which carried by unanimous 4-0 vote. 2. Approval of Budget Senior Accountant Michelle Gload commented she was present because neither Senior Accountant Monica Rahim or Finance Director Forsythe could attend. Ms BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES August 27, 2008 PAGE 4 McWilliams advised %2 person needed to be added to Travel and Per Diem and Trustee School. Board Member Cooper asked if the certification for trustee schools was included; Ms McWilliams commented it was not, and the certification fee needed to be added for Board Member Cooper only. Ms. Gload was asked to figure the bottom line figure for 2008. After calculating, Ms. Gload advised the estimated figures were a little off from what was in the budget worksheet-the summary sheet showed $49,941 for this year; totaling the estimates on the budget worksheet she got $54,350, so she would check on that. The difference was either $16,000 or $20,000 depending on which figures were correct. Ms. McWilliams reported the certification for Board Member Cooper would cost an extra $400. Board Member Young asked if per diem was included with travel; Ms. Gload indicated it did not appear so but she would have to check. Secretary Giblin asked about the investment services: Ms. Gload indicated she would have to check on that also. MOTION: Secretary Giblin made a motion to postpone approval of the budget. Board Member Cooper seconded the motion, which carried by unanimous 4-0 vote. 3. Discussion of possible RFP for Pension Monitor This item was covered under agenda item 1. ADJOURNMENT MOTION: Board Member Cooper made a motion to adjourn the meeting; Secretary Giblin seconded the motion, which carried by unanimous 4-0 vote. Therefore, the meeting was adjourned at 10:45 a.m. Respectfully submitted, Betty Laur Recording Secretary