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Home My WebLink AboutAgenda_Pension General_11/03/2008BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY BOARD MEETING TO BE HELD IN THE VILLAGE HALL 345 TEQUESTA DRIVE, TEQUESTA, FLORIDA MONDAY, NOVEMBER 3, 2008 8:00 A.M. * Asterisk indicates no backup provided prior to agenda deadline I. CALL TO ORDER AND ROLL CALL Chair Michael D. Rhodes Secretary Carl Hansen Board Member Archie Mangum Board Member Deanna Mayo Board Member Michelle Gload Attorney Bonni Jensen Pension Coordinator Lori McWilliams Dave West, Bogdahn Consulting LLC -Monitor Steve Palmquist, Gabriel, Roeder, Smith & Company -Actuary Mike Dana, Dana Investment Advisors, Inc., -Investment Manager Recording Secretary Betty Laur II. APPROVAL OF AGENDA III. APPROVAL OF MINUTES 2. Tequesta General Employees' Pension Trust Fund Board of Trustees Quarterly Meeting Minutes -August 4, 2008 3. Tequesta General Employees' Pension Trust Fund Board of Trustees Special Meeting Minutes -September 18, 2008 VI. PRESENTATIONS (PRESENTATION BOOKLETS LOCATED INSIDE BACK COVER OF AGENDA BOOK 4. Semiannual Presentation by Investment Manager - Dana Investment Advisors Representative Agenda -General Employees' Pension Trust Fund Board Meeting November 3, 2008 2 5. Quarterly Presentation By Monitor- Dave West, Bogdahn Consulting, LLC 6. Presentation by Actuary regarding New Tools and Services Offered - Steve Palmquist, Gabriel, Roeder, Smith and Company VII. UNFINISHED BUSINESS 7. Consideration of expanding investment options as discussed at the 9/18/08 Special Meeting (Documents requested from Dave West, Bogdahn Consulting LLC -option one, option two, and investment policy) - Sample Investment Policy attached; additional backup to be sent to each Trustee by Attrrney Jensen on Monday 10/27/08) -Dave West, Bogdahn Consulting, LLC and Attorney Bonni Jensen 8. *Update on second State Division of Retirement Workshop -Attorney Bonni Jensen 9. Information calculated by Actuary as requested by the Board at their August 4, 2008 meeting: to cost one and three year delays before receiving COLA benefits -Lori McWilliams, Pension Coordinator 10. Discussion of frequency of actuarial reports -Chair Michael Rhodes 11. *Consideration of approval of the updated Summary Plan Description. (Tabled from August 4, 2008 quarterly meeting) -Attorney Bonni Jensen (Backup to be provided at the meeting) 12. *Consideration of approval of incorporation of the mandatory Hart Act provisions into the pension plan and decision on the buy back provision. (Tabled at August 4, 2008 quarterly meeting) -Attorney Bonni Jensen 13. Consideration of filing for an IRS determination letter (Tabled at August 4, 2008 quarterly meeting) -Attorney Bonni Jensen 14. *Minutes no longer in summary form; synopsis provided -Pension Coordinator Lori McWilliams VIII. CONSENT AGENDA 15. Ratification Of Invoices Paid Since Last Quarterly Meeting: • Business Services Connection, Inc. - Office work-weeks ended 10/3 & 10/10/08 $ 254.85 Agenda general Employees' Pension Trust Fund Board Meeting November 3, 2008 • Business Services Connection, Inc. - Recording and minutes of 8.4.08 meeting $ 288.83 • Hanson, Perry & Jensen, P.A. Legal Fees through 8/15/08 $ 1,308.70 • Gehring Group Annual Premium for Fiduciary Liability Insurance 10/1/08 -10/1/09 $ 820.41 16. Payments To Be Reviewed And Approved: • Business Services Connection, Inc. - Recording and minutes of 8.4.08 meeting $ 246.35 • Hanson, Perry & Jensen, P.A. Through 10/15/08 $1,469.31 • Bogdahn Consulting, LLC $ 1,125.00 • Dana Investment Advisors $ 1,323.33 • Gabriel Roeder Smith & Company $ 2,478.00 Services through 8/15/08: Preparation of 8/15/08 Supplemental Actuarial Valuation Report re: proposed Addition of 3% COLA to pension plan; Attendance at 8/4/08 Board meeting • Village of Tequesta $ 9.15 Reimburse for food for 9/18/08 Special Meeting 17. Approval of new applicants for participation in Pension Plan: Cheryl Foley -Dispatcher -went from part time to full time 9/1/08 John R. Wallace -Public Works Laborer -Hired 10/10/08 18. Approval of withdrawal of contributions: None 3 19. Statement of Activities Agenda -General Employees' Pension Trust Fund Board Meeting November 3, 2008 4 END OF CONSENT AGENDA IX. BUDGET REPORT 20. Quarterly Budget Report -Senior Accountant Monica Rahim X. NEW BUSINESS 21. Contract for Betty Laur's services with addendum to authorize Lori McWilliams as Betty's supervisor to be able to sign the check request form to request Betty's checks every two weeks instead of two board members -Lori McWilliams, Pension Coordinator 22. *Discussion and consideration of procedure on whether to allow Pension Board Attorney to directly speak to past employees and residents about pension item matters -Lori McWilliams, Pension Coordinator 23. Consideration of future budgeting for 2-year renewals for Travelers Fiduciary Liability Policy -Human Resources Director Merlene Reid 24. Consideration of approval of quote from Fund Balance for Custom Report for Calculation of Pension Benefits for Terminated Employees - Senior Accountant Monica Rahim 25. *Discussion and consideration of preferences for signers on check request forms, and checks -Lori McWilliams, Pension Coordinator 26. *Updated Signature Cards needed for Sun American Bank account - Pension Coordinator Lori McWilliams XI. ANY OTHER MATTERS XII. COMMUNICATIONS FROM CITIZENS XIII. ADJOURNMENT PLEASE TAKE NOTICE AND BE ADVISED: If any person decides to appeal any decision made by this Board with respect to any matter considered at this meeting or hearing he/she will need a record of the proceedings, and that, for such purpose, he/she may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. Agenda -General Employees' Pension Trust Fund Board Meeting November 3, 2008 SALEM TRUST FINANCIAL STATEMENTS ARE SENT OUT MONTHLY VIA E-MAIL AND ARE AVAILABLE IN THE VILLAGE CLERK'S OFFICE.