HomeMy WebLinkAboutMinutes_Pension Public Safety_10/07/2009TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
SPECIAL MEETING MINUTES
October 7, 2009
Call To Order And Roll Call
A special meeting of the Tequesta Public Safety Officers' Pension Trust Fund
Board of Trustees was held at the Tequesta Village Hall, 345 Tequesta Drive,
Tequesta, Florida, on October 7, 2009. The meeting was called to order at 9:00
a.m. Chair Sabin welcomed new Board Member Frank D'Ambra. A roll calf was
taken by Pension Coordinator Lori McWilliams. In attendance at the meeting
were: Chair Ed Sabin, Secretary David Cooper, Board Member Robert Young,
and Board Member Frank D'Ambra. Also in attendance was Pension
Coordinator Lori McWilliams. Board Member Ray Gitlin was absent from the
meeting.
Oath of Office
Pension Coordinator Lori McWilliams swore in new member Frank D/Ambra.
Consideration of approval for Frank D'Ambra fio attend the 41St Annual Police ~
Firefighters Pension Conference
Pension Coordinator McWilliams explained that the upcoming 41St Annual Police
& Firefighters Pension Conference was to be held in Orlando October 21-23,
2009. This was a free conference, so only travel, mileage, per diem and hotel
needed to be covered by the pension fund. Board Member D'Ambra indicated
he was available to attend and planned to bring back information to the group.
Pension Coordinator McWilliams announced there was also the FPPTA school
that was available for members to attend, and that Secretary Cooper was
working on his certification. Secretary Cooper indicated that he would be unable
to attend this time due to the bridge being out of service.
MOTION:
Secretary Cooper made a motion fio send Frank D'Ambra to the 41St Annual
Police ~ Firefighters Pension Conference tD be held in Orlando October 21-23,
2009. Board Member Young seconded; the motion carried by unanimous 4-0
vote.
Update Bank Signature Cards Due to New Board of Tnistee Member
Pension Coordinator McWilliams requested approval to add Frank D'Ambra to
the signature cards at Sun American Bank and Salem Trust Company.
Special Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
October 7, 2009 2
MOTION:
Secretary Cooper made a motion to add Frank D'Ambra to all accounts so that
he could sign checks. Board Member Young seconded; the motion carried by
unanimous 4-0 vote.
Board Member D'Ambra asked when the next actuarial report was due. Chair
Sabin commented the report was done every two years as of October 1, and the
Board had asked the actuary to perform several tasks in between the reports,
including special analysis, and the Board had approved changes in mortality
tables with an automatic update feature, and 5-year smoothing. There had also
been meetings regarding the economic situation, and the next report would
reflect the approved changes. Ms. McWilliams indicated she would call Mr.
Palmquist to verify the status of the report. Board Member D'Ambra asked why
it took so long to prepare the report; it was explained the information must be
supplied by several departments, plus there were newly approved changes that
must be taken into account. Chair Sabin explained that the investment
managers made presentations at the quarterly meetings semiannually, and the
monitor came to each meeting and made a presentation on how the managers
were performing. Chair Sabin noted he had been on the board longer than the
other current members, and would provide history for Mr. D'Ambra's benefit as
items were discussed. Pension Coordinator McWilliams advised that the pension
attorney typically attended all quarterly meetings.
Adjournment
There being no further business, upon motion by Secretary Cooper, seconded by
Board Member Young, the meeting was adjourned at 9:13 a.m.
Respectfully submitted,
~ ~~ ~~
Lori McWilliams, CMC
Village Clerk