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HomeMy WebLinkAboutAgenda_Pension General_05/04/2009BOARD 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, MAY 4, 2009 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 Lori McWilliams, Pension Coordinator Finance Director Joann Forsythe -representing Management Senior Accountant Monica Rahim Dave West, Bogdahn Consulting LLC -Monitor Betty Laur, Recording Secretary II. APPROVAL OF AGENDA III. ANNUAL ELECTION OF OFFICERS 1. *Election of Chair ***New Chair conducts meeting from this point*** 2. *Election of Secretary IV. APPROVAL OF MINUTES 3. Tequesta General Employees' Pension Trust Fund Board of Trustees Emergency Meeting Minutes -January 28, 2009 4. Tequesta General Employees' Pension Trust Fund Board of Trustees Agenda -General Employees' Pension Trust Fund Board Meeting May 4, 2009 2 Quarterly Meeting Minutes -February 2, 2009 5. Tequesta Public Safety Officers' Pension Trust Fund Board of Trustees and General Employees' Pension Trust Fund Board of Trustees Joint Meeting Minutes -February 24, 2009 V. PRESENTATIONS (PRESENTATION BOOKLETS LOCATED INSIDE BACK COVER OF AGENDA BOOK) 6. *Quarterly Presentation By Monitor- Dave West, Bogdahn Consulting, LLC 7 *Presentation by Steve Palmquist to review Gabriel, Roeder, Smith and Company's Actuarial Study -Steve Palmquist, Gabriel, Reoder, Smith and Company VI. UNFINISHED BUSINESS 8. Discussion on Expansion of Investment Options (Tabled at 2/2/09 quarterly meeting) Dave West, Bogdahn Consulting, LLC and Attorney Bonni Jensen 9. Report from HR Director Merlene Reid regarding requested employee survey (Tabled at the 02/02/09 Quarterly Meeting to include report of COLA Comparisons) - HR Director Merlene Reid 10. Consideration of approval of the updated Summary Plan Description with clamcation of the meaning of "all tax deferred items of income". (Tabled from August 4, 2008, November 3, 2008, and February 2, 2009 quarterly meetings) -Attorney Bonni Jensen 11. Response to Board's Request on 02/02/09 to find out why there was a $79,00(1 difference between the Salem Trust Statement and the Bogdahn Report as of 12/31/09 -Dave West, Bogdahn Consulting LLC 12. *Discussion on Breaking Out the International Segment -Dave West, Bogdahn Consulting LLC 13. Discussion on Purchasing Enhanced Income, an Equity Alternative - Dave West, Bogdahn Consulting LLC 14. *Discussion and consideration of procedure on whether to allow Pension Board Attorney to directly speak to past employees and residents about Agenda -Creneral Employees' Pension Trust Fund Board Meeting May 4, 2009 pension item matters (postponed from November 3, 2009 quarterly meeting) -Lori McWilliams, Pension Coordinator 15. Consideration of future budgeting for 2-year renewals for Travelers Fiduciary Liability Policy -Lori McWilliams, Pension Coordinator 16. Re-Address mortality rate tables (from OS/OS/08 meeting) - Steve Palmquist, Gabriel, Roeder, Smith and Company 17. Response from Village Auditors regarding Compliance -Lori McWilliams, Pension Coordinator VII. CONSENT AGENDA 18. Ratification Of Invoices Paid Since Last Quarterly Meeting: • Business Services Connection, Inc. - Office work-weeks ended 02/06/09, through 04/10/09 $ 1,282.75 • Business Services Connection, Inc. - Attend, recording and minutes of 01/28/09 meeting $ 76.46 • Business Services Connection, Inc. - Prepare minutes and synopsis of 02/02/09 Joint Meeting -General Employees' Pension Share $ 101.94 • Hanson, Perry & Jensen, P.A. Legal Fees through 11/15/08 $ 3,195.09 • U. S. Treasury Additional Fee for IRS Determination Letter $ 500.00 • Gabriel Roeder Smith & Company $ 2,418.00 Services since 12/31/08 for preparation of 10/1/08 Actuarial Valuation Report $ 1,093.00 • Scripps Treasure Coast Newspapers $ 164.92 Newspaper Ad for Board Position • Lori McWilliams - Reimburse balance due of General Employees' Pension portion of Travel Expenses for attendance at FPPTA Trustee School $ 158.79 3 • Michelle Gload -Reimburse balance due of Agenda -General Employees' Pension Trust Fund Board Meeting May 4, 2009 Travel Expenses for attendance at FPPTA Trustee School $ 303.74 • Deanna Mayo -Reimburse balance due of Travel Expenses for attendance at FPPTA Trustee School $ 336.26 19. Payments To Be Reviewed And Approved: • Business Services Connection, Inc. Preparation of 2/2/09 Quarterly Meeting Minutes and Synopsis $ 161.40 • Perry & Jensen, LLC Through 04/15/09 $ 311.75 • Bogdahn Consulting, LLC $2,625.00 Services through 3/31/09 • Dana Investment Advisors $1,169.84 Services through 3/31/09 20. Approval of new applicants for participation in Pension Plan: Donna Reid -Communications Officer -Date of Hire 3/2/09 21. Approval of withdrawal of contributions: None 22. Terminated Employees who have not taken their contributions Raymond B. Fitzer -termination date 10!10/08 -Not Vested Wayne Jackson -termination date 9/5/09 -Vested 23. Revenue and Expenditure Report END OF CONSENT AGENDA 4 VIII. BUDGET REPORT 24. Quarterly Budget Report Expenditures -Senior Accountant Monica Rahim IX. NEW BUSINESS Agenda -General Employees' Pension Trust Fund Board Meeting May 4, 2009 5 25. Approval of Investment Manager's quarterly report (inside back cover) 26. *Discussion of procedure for filing amendments to the pension plan with the IRS-to do the amendments and then have the IRS review them or have the IRS review them first -Lori McWilliams, Pension Coordinator 27. *Discussion and consideration of procedure on how to handle items that might have a time deadline when there was the possibility of not being able to get aquorum -Lori McWilliams, Pension Coordinator 28. Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327) - Attorney Bonni Jensen X. ANY OTHER MATTERS XI. COMMUNICATIONS FROM CITIZENS XII. ADJOURNMENT PLEASE TAKE NOTICE ANb BE ADVISED: If any person decides to appeal any decision made by this Boazd 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. REMINDER: SALEM TRUST FINANCIAL STATEMENTS ARE SENT OUT MONTHLY VIA E-MAIL AND ARE AVAILABLE IN THE VILLAGE CLERK'S OFFICE.