HomeMy WebLinkAboutMinutes_Pension Public Safety_11/02/2009SYNOPSIS OF PUBLIC SAFETY OFFICERS' PENSION BOARD QUARTERLY
MEETING HELD 11/02/09
Ed Sabin was elected Chair and Frank D'Ambra was elected Secretary for
the coming year.
2. Minutes of the August 3, 2009 quarterly meeting and the October 7, 2009
special meeting were approved as submitted.
3. Dan Johnson of Bogdahn Consulting, LLC provided a presentation. Mr.
Johnson was to provide a missing page, correct an error on page 16. and
ask Rockwood to change the format of their chart on page 3. The Board
approved the report.
4. Mr. Johnson was to ask Rockwood to change the format of their chart on
page 3 and ask #hem #o discuss at the next meeting how adjus#able ra#e
mortgages resetting in 2010 would affect the economy. Rockwood's poor
performance was discussed.
5. Mr. Johnson reviewed a draft of the proposed investment policy
statement. This would be brought back to the board for approval after the
Village Council had approved the ordinance.
6. Mr. Johnson explained what drove their choice of choosing Rockwood and
Dana as investment managers for most of their clients.
7. Pension Coordinator McWilliams advised the Village Council had
approved placing $340,000 in the 2009-2010 budget for the Public Safety
Officers' Pension Plan with adjustments to be made as necessary.
8. Attorney Jensen provided an update on the IRS determina#ion letter #hat i#
was still in process.
9. The following payments made since the fast meeting were ratified:
Business Services Connection, Inc.
Off+ce Work #or weeks ended 7/10/09 through
10/09/09 $ 1,656.53
Hanson, Perry & Jensen, P.A.
Services through 8/15/09
1,224.53
Business Services Connection, Inc.
Preparation of 8/3/09 quarterly meeting minutes 390.77
Scripps Treasure Coast Newspapers
SYNOPSIS OF REGULAR QUARTERLY MEETING OF PUBLIC SAFETY
OFFICERS PENSION BOARD HELD ON 2/2/09
Ad for new board member
Radisson Resort Orlando
Hotel for Frank D'Ambra (attendance at
41St Police & Firefighters Pension Conference)
Gehring Group
Pro-rated portion of fiduciary liability premium
10
The following payments were approved:
2
168.00
417.00
3,261.90
Business Services Connection, Inc.
Prepare Minutes of Special Meeting held 10/7/09
Perry & Jensen, LLC.
Services through 10/15/09
Bogdahn Consulting, LLC
Fee for Quarter ending 9/30/09
Rockwood Capital Advisors, LLC
Fee for Quarter ending 9/30/09
11.
$ 35.68
1,270.07
3,750.00
6,101.24
Attorney Jensen reviewed changes in the law regarding use of social
security numbers.
12. Attorney Jensen explained the new special #ax notice, effective for
distributions made after December 31, 2009, and advised that it was not
the responsibility of the Pension Coordinator #o answer financial
questions.
13. The DROP program procedure was reviewed Attorney Jensen advised
adding "these amounts can be rolled over" to the page ti#led "DROP
Process"
14. The Board approved the DROP procedure with annual statements.
15. Attorney Jensen reviewed the res#a#ed plan documents including the
HEART amendment. The Board approved that the cost of any
recalculation of benefits post retirement required as a result of an
individual electing to change their beneficiary be borne by the individual.
16. The Board approved extending the trustee terms from 2 to 4 years.
SYNOPSIS OF REGULAR QUARTERLY MEETING OF PUBLIC SAFETY
OFFICERS PENSION BOARD HELD ON 2/2/09
3
17. The Board approved forwarding the plan document, as amended, to the
Village Council.
18. Board Member D'Ambra provided a summary from the Trustee's meeting
he had attended, as well as handouts regarding investments,
19. Attorney Jensen will provide a presentation on the Sunshine Law at the
next meeting.
END OF SYNOPSIS
TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
REGULAR QUARTERLY MEETING MINUTES
November 2, 2009
1. Call To Order and Roll Call
A regular quarterly 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 November 2, 2009. The meeting was called to order
at 1:04 p.m. A roll call was taken by Recording Secre#ary Betty Laur. In
attendance at the meeting were: Secretary David Cooper, Board Member Ray
Giblin, Board Member Robert Young, and Board Member Frank D'Ambra. Also
in attendance were Attorney Bonni Jensen, Pension Coordinator Lori
McWilliams, Recording Secretary Betty Laur, and Dan Johnson with Bogdahn
Consulting, LLC. Chair Ed Sabin and Senior Accountant Monica Rahim were
absent from the meeting. Secretary Cooper chaired the meeting.
II. Reappointment of Ed Sabin As 5~' Member O# The Public
Safety Pension Board
MOTION:
Board Member Young made a motion to reappoint Ed Sabin as the 5~'
member of the Public Safety Officers' Pension Board. Motion was
seconded by Board Member D'Ambra, and carried by unanimous 4-0 vote.
Swearing In of Member Ed Sabin
Since Chair Sabin was absent, this item was delayed to the next meeting.
IV. Annual Election of Officers
a. Annual Election of Chair
MOTION:
Board Member Young made a motion to elect Ed Sabin as Chair for next
year. Secretary Cooper seconded the motion, which carriied by unanimous
4-0 vote.
b. Annual Election of Secretary
MOTION:
Board Member Young made a motion to elec# Frank D'Ambra as Secretary
for next year. Board Member Cooper seconded the motion, which carried
by unanimous 4-0 vote.
V. Approval of Agenda
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 2
MOTION:
Board Member Giblin made a motion to accept the agenda as submitted.
Board Member Young seconded the motion, which carried by unanimous 4-
0vote.
Vf. APPROVAL OF MINUTES
1. Tequesta Public Safety Officers' Pension Trust Fund Board of
Trustees Quarterly Meeting Minutes -August 3, 2009
2. Tequesta Public Safety Officers' Pension Trust Fund Board of
Trustees Special Meeting Minutes -October 7, 2009
MOTION:
Board Member Young made a motion to accep# the minutes of August 3,
2009 and October 7, 2009 as submitted. Board Member Giblin seconded
the motion, which carried 6y unanimous 4-0 vote.
VII. PRESENTATIONS
3. Presentation by Monitor
Dan Johnson, Bogdahn Consulting, LLC, explained that his company did not
receive all of the information for the quarterly report by the date the report was
needed for the agenda packets; therefore, he had provided a preliminary report
for the packets and distributed the final quarterly report at the meeting, and would
follow this procedure in the future. The main difference in the reports was the
plan's comparison to the peer groups. Mr. Johnson presented highlights of the
report, and advised that this quarter had continued the strong positive
momentum from the previous quarter; and oversold asse#s had experienced the
most growth, thus rewarding riskier investments. One-year return for
intemational stocks had been up 3.8; there had been a big disparity between
intemational and domestic stocks, which were still down 6.9 over tha# time frame.
The #op performing sector for the quarter was financials; low quality stocks led
the rally. GDP had been negative for four quarters, but has been positive the
last quarter. Mr. Johnson reported the portfolio had been 2-112% behind the
index, a good absolute number, and significantly behind the peer group, which
said this fund was not #aking as much risk as the rest of the world, and looking at
the fiscal year-to-date was negative 1.3%. Responding #o questions from Board
Member D'Ambra, Mr. Johnson advised stock selections Rockwood had picked
had not performed well, and described them as an opportunistic manager who
moved into different sectors and overweighted them.
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 3
Board Member D'Ambra commented he knew Mr. Johnson was familiar with
Rockwood, but migh# not be equipped to answer questions regarding their
strategies as fully as they would if they were present. Board Member D'Ambra
commented Rockwood had some significant overweighting in consumer
discretionary, which surprised him given the state of the economy even a year
ago, and he would like to understand what their thought process had been in
having that significant overweight. He questioned what specific disciplines #hey
used both in acquisition and disposal of stocks, and expressed his concern that if
Rockwood was a fundamental value manager he would expect that to drive their
sector weights. if #hey were top down first and then looking #or value, he would
like to understand that, and in this downturn when theoretically they should have
been more defensive, it looked like #hey really had no# performed that well, and if
one looked a# their performance over the last 5-8 years they had consistently out-
performed up until about 2005-but since then the tide had shifted. It seemed
they had been hired at a point when #hey had a good track record for the prior 5
years, but since then their record had not been so good. His understanding was
the Board was looking for a manager who could dampen volatility and out
perform in a down market and maybe not perform quite so well in an up market.
But he did not see evidence that was what was happening. Mr. Johnson
responded he would describe Rockwood as an opportunistic core manager, with
the ability to outpace the core index with the entire marke# over-weighting value
or growth or sectors as they see fit. Being a momentum based manager, #hey
migh# be a little late to move, being conscientious about sorting everything out
before moving. Mr. Johnson advised there were 12 standards the manager
must follow; if they violated 4 #hey were placed on a recommended termination/
watch list. Rockwood was not there yet, but was close, and he had talked to them
advising they were being paid #o out pace the index. Mr. Johnson reviewed
Rockwood's history, noting how they had rallied in the past. Even after quarters
of significant misses, over a 3-year period they were providing a premium to the
index. Hopefully history would repeat itself. Mr. Johnson reviewed the bond
portion of the portfolio; Rockwood had avoided owning those bonds which had
problems. Board Member D'Ambra commented he though# they had done a
good job there, using shortened durations. Board Member Giblin pointed out an
error in the intermediate bond index on page 16 of the Rockwood report, which
Mr. Johnson indicated he would change.
Board Member D'Ambra asked if Rockwood provided any information on
impaired securi#ies--bond investments which were not doing well compared to
the acquisition price. Mr. Johnson re#erred #o pages 17 and 18, a list of the
investments, ratings, and pricing, and explained if an A-rated security dropped
below investment policy limi#ations, the manager would be forced to sell it a# the
first economically feasible time. Also, under the investment policy they mus# buy
and seN readily marketable securities.
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 4
Mr. Johnson recommended adding treasury inflation protected securities to the
bond portfolio.
Although #here were negative returns, the quarter had been better than the
previous quarter. Board Member D'Ambra requested Mr. Johnson ask
Rockwood to change their format on page 3 of their report by moving the "Fiscal
Year Summary" under "Total $ Change this quarter", and on the right-hand side
where it said "Fiscal Year Summary" show the total and fund change for
whatever period it was in the fiscal year; first quarter, second quarter, third,
quarter cumulatively until the end of the fiscal year. Mr. Johnson indicated he
would ask Rockwood to make #hat change, and referred to page 17 of his report
which showed that information.
Board Member D'Ambra noted there were many adjustable rate mortgages which
would re-set during 2010, and asked that be addressed at the next meeting. Mr.
Johnson commen#ed this would put a serious strain on the banking sys#em; and
he would ask Rockwood to discuss this a# the next meeting. Board Member
D'Ambra expressed his opinion that unemploymen#, the housing issue with tax
cuts expiring, potential increases in taxes, and potentially health care would ail
suck buying power of the economy possibly leading to another recession, which
were all pertinent issues #o the investment discussion. Mr. Johnson noted
Rockwood had sold Walmart and other lower-quality stocks this quarter.
MOTION:
Board Member D'Ambra made a motion to accept the report from Bogdahn
Consulting, LLC. Board Member Young seconded the motion, which
carried by unanimous 4-0 vote.
VIII. UNFINISHED BUSINESS
4. Draft of Proposed Investment Policy Stafiement
Dan Johnson pointed out areas of fundamental change in the proposed
investment policy statement. On page 2 a chart had been added, the index
Lehman Brothers Mad been changed to Barclay, in accordance with Senate Bili
538 25% investment in international would be allowed, investments in
scrutinized companies would no# be allowed. Attorney Jensen noted #here were
scrutinized companies in the Rockwood report; Mr. Johnson indicated he would
get that taken care of with Rockwood. Changes on page 2 showed the target of
50% domestic equity measured by the benchmark of the S8~P 500, 10%
international equity wi#h MSCI EAFE benchmark index, and broad market fixed
income at 40% measured by Barclays Intermediate U.S. Govt/Credit. Aline for
TIPS had been included in the chart. Mr. Johnson confirmed the target rate of
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 5
return was still 8%. On page 4 pooled funds had been added. Prohibited
investments were addressed on page 5. Letter G on page 6 addressed the
procedure to follow for pooled funds which might own scrutinized investments.
Board Member D'Ambra asked if under Letter C on page 4 that included
convertibles as well as preferred stocks. Mr. Johnson responded. preferred
stocks fell under the fixed income category, which he would clarify in the
investment policy statement. Board Member D'Ambra also questioned
repurchase agreements under Letter B on page 6, to which Attorney Jensen
responded this plan chose the overnight vehicle used by the custodian, and Mr.
Johnson clarified that repurchase agreements transactions must adhere to the
Master Repurchase Agreement.
Attorney Jensen verified this would require a change in the ordinance. Mr.
Johnson indicated he would bring an original of the investment policy guidelines
ready for signature to the next meeting if the ordinances had been adopted by that
time.
Board Member Young asked i# Rockwood would be held responsible for
implementing changes. Mr. Johnson advised Rockwood would be held
responsible #o follow the scrutinized investment constraint, and he would bring
some solutions to the next meeting for getting international exposure.
Board Member D'Ambra commented when he had gone over information from
the October pension trustees' meeting which listed all municipal plans and their
consultants, he noticed #or Bogdahn's firm, the vast majority of investment
managers were either Dana or Rockwood and he would like to discuss at the
next meeting from Bogdahn's perspective what drove that decision. Mr. Johnson
commented when dealing with plans under $5 million Bogdahn's policy was to
give managers flexibility, and those two managers offered that flexibility.
Discussion ensued regarding pooled funds, smaller plans not being able #o invest
with larger managers because of the transaction size, using the consumer price
index + 3% as another measure of the target rate of return.
Attorney Jensen advised the investment policy would be presented for approval
after the Village Council had approved the ordinance, so no action was required
today. Mr. Johnson requested the Board study i# and pass along any
suggestions or questions #o him before the next meeting.
5. Update on Village Council consideration of funding $34.0,000
into the Public Safety Officers' Pension Fund
Lori McWilliams, Pension Coordinator, advised the resolution had been
withdrawn, and the Village Council had approved placing $340,000 in the 2009-
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 6
2010 budget with adjustments to be made as necessary. The minutes of the
Village Council meeting had been provided in the meeting packet
6. Status on amendments to pension plan
Attorney Bonni Jensen indicated she would discuss this under item 19.
7. Update regarding IRS Determination Letter
Attorney Bonni Jensen advised the letter was still in process; she had spoken
with the IRS representative, who had shared that the IRS had been woefully
unprepared for the number of governmental plans that would file and also
woefully unprepared for the lack of knowledge they had about governmental
plans, so needed a lot of learning time. Pension Coordinator McWilliams
praised Attorney Jensen and her staff for their work on this matter.
IX. STANDING REPORTS (INFORMATION )TENS)
8. New applicants for participation in Pension Plan
None
9. Request for withdrawal of contributions (employees
terminating employment with Village of Tequesta) -Ratification
of withdrawals made since the last meeting on 2 signature
basis:
None
10. Terminated Employees who have not taken their contributions
None
11. Revenue and Expenditure Report
There were no ques#ions from the Board regarding the informational items.
X. PAYMENTS TO BE RATIFIED (PAYMENTS MADE SINCE LAST
MEETING)
Pension Coordinator McWilliams announced the $876.07 shown for the Gehring
Group was the figure for the General Employees' Pension; the correct figure for
the Public Safety Officers' Pension was $3,261.90, which was figured on a
percentage basis between the three units, based on their portfolio assets.
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009
7
MOTION:
Board Member Giblin moved to ratify the following payments as presented.
Board Member D'Ambra seconded the motion, which carried by unanimous
4-0 vote.
12. Business Services Connection, Inc.
Office Work for weeks ended 7/10/09 trough
10/09/09 $1,656.53
Hanson, Perry 8z Jensen, P.A.
Services through 8/15/09 1,224.53
Business Services Connection, Inc.
Preparation of 8/3109 quarterly meeting minutes 390.77
Scripps Treasure Coast Newspapers
Ad for new board member 168.00
Radisson Resort Orlando
Hotel for Frank D'Ambra (attendance at
41~ Police & Firefighters Pension Conference) 417.00
Gehring Group
Pro-rated portion of fiduciary liability premium 3,261.90
XI. PAYMENTS TO BE REVIEWED AND APPROVED
MOTION:
Board Member D'Ambra made a motion to approve the following payments
as presented. Board Member Giblin seconded the motion, whiich carried by
unanimous 4-0 vote.
13. Business Services Connection, Inc.
Prepare Minutes of Special Meeting Held 10/7109 $ 35.68
Perry 8~ Jensen, LLC.
Services through 10/15/09 1,270.07
Bogdahn Consulting, LLC
Fee for Quarter ending 9/30/09 3,750.00
Rockwood Capital Advisors, LLC
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 8
Fee for Quarter ending 9/30/09 6,101.24
XI1. BUDGET REPORT
14. Quarterly Budget Report Expenditures
There were no questions from the Board; there#ore, the quarterly budget report
expenditures were received and filed.
XIII. NEW BUSINESS
15. Approval of Investment Manager's Quarterly Report
MOTION:
Board Member Giblin made a motion to approve the third quarter report
from Rockwood Capital Advisors. Board Member D'Ambra seconded the
motion, which carried by unanimous 4-0 vote.
16. State Law Update
Attorney Bonni Jensen explained changes in the law regarding the use of social
security numbers. The law had repealed the requirement for annual reporting to
the Governor, President of the Senate, and Speaker of the House as to whether
a pension board had provided social security numbers to any commercial entity
during the year. New language had been added to clarify the conditions under
which social security numbers held by an agency may be disclosed, i.e., for the
purpose of the administration of a pension fund administered for the agency
employee's retirement fund, deferred compensation plan, or a defined benefit
plan. The law also required that the collection of social security number policy be
amended to refer to Florida Sta#utes ยง119.071(5)(a)6g. Attomey Jensen advised
all forms should include the citation to Florida Statutes and she would work with
staff to update our forms.
17, New Special Tax Notice
Attorney Bonni Jensen explained the IRS had developed this explanation of what
happens to people's benefits and how tha# is treated on a #ax basis when they
take dollars from the plan, and for this plan that would be refunds of contributions
and any lump sum payments from the DROP program would be subject to this
special tax notice. This new Special Tax Notice would be effective for
distributions made after December 31, 2009. Attorney Jensen advised she
would provide the notice to staff; but she had unanswered questions regarding
the explanation that if someone rolled DROP money into an IRA, they lost the
ability to take it out without penalty up through age 59-1/2. In our plan, police
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 9
and frefighters had the ability to take a lump sum without penalty up through age
50. Discussion ensued. Pension Coordinator McWilliams noted in the tax notice
at the bottom of page one it said, if you have additional questions regarding this
notice to contact the Plan Coordinator and gave her contact information. Ms.
McWilliams asked if she was really the best person to contact, because she
might not be able to answer financial questions. Attorney Jensen responded that
Coordinator McWilliams would not answer any financial questions; that would not
be her responsibility. She would only answer questions about the process of
taking their dollars out of the plan.
18. DROP Program Procedure
Pension Coordinator Lori McWilliams reported there had been an inquiry about
entering the DROP program in the future and that would be the first person
entering the DROP out of this plan. A simple process had been created that she
and the Finance Department would #o11ow, and she had worked with Attomey
Jensen to create necessary forms that would need to be completed and filed,
when it would need to be brought before the Board for approval, what items
would need to be brought forth for approval, and had provided an outline for the
Board so they would know what the process would be. Board Member Giblin
asked if it were an option to rail money from DROP into an IRA; Attomey Jensen
stated she did no# believe this plan had that option. Pension Coordinator
McWilliams commented she believed the #hree options were an annuity, 3-year
installments, or a lump sum. Board Member Giblin clarified he was asking if a
lump sum received #rom the DROP program could be rolled over into another tax
deferred shelter, which Attomey Jensen confirmed that could be done. Attomey
Jensen advised "these amounts can be rolled over" should be added.
Board Member D'Ambra asked if the only option was to have interest credited on
an annual basis or if there was a possibility of allowing someone using the DROP
program to specifically allocate that money; Attor-tr ey Jensen advised #fie~e was
no self-directed option available under the plan. Salem Trust would not
separately account for those dollars; the Village would do that as an accounting
measure and no dollars would leave the pension plan. Attomey Jensen asked
the Board to decide on the frequency of providing DROP members with
statements; there were third party providers who provided these services and
Gabriel Roeder Smith and Company could also handle that. Attomey Jensen
advised this would be processed like a normal retirement but one would not stop
working. Notice could be given 30-60 days ahead that one intended to go into
the DROP program. Pension Coordinator McWilliams indicated she and
Finance Director Forsythe had discussed putting together an information packet
that could be picked up at the customer service window. During ensuing
discussion, annual statemen#s were indicated to be the mos# reasonable option.
Attomey Jensen was asked about the possibility of accessing one's account on-
Regular Quarterly Meeting Minutes
Board of Trustees of Public 5a#ety Officers' Pension Trust Fund
November 2, 2009 10
line. She responded it was all jus# accounting, and until a person actually
separated from service the only DROP account there would be was a general
ledger listing that there was $1,000. Service providers could be hired to do that
but it would cost money and updates to the website would need to be done
monthly.
MOTION:
Board Member Giblin made a motion to accept the DROP procedure with
annual statements. Board Member D'Ambra seconded the motion, which
carried by unanimous 4-0 vote.
19. Plan Restated wig HEART Amendment
Attorney Bonni Jensen announced changes to the plan which incorporated
changes to the HEART Act, (Heroes Earnings Assistance and Relief Tax Act),
and changes to Chapter 2009.97 of the Florida Statutes. The first change was
on page 2, effective January 1, 2007 any employee on active duty who could not
return to work because of actively serving in the military were still entitled to the
benefits they would have been entitled to had they come back to employment.
The definition of firefighter had been updated in the State Statute to include
certified supervisory and command personnel. On page 3, the definition of salary
had been updated #o include, for payments made after December 31, 2008, any
differential wages paid to employees on active military duty. Page 4 under
Change in Designation of Beneficiary, retired members who desire to change his
or her joint annuitant or beneficiary up to twice after they had retired, but would
pay for the full cost of the benefit and the full adjustment in their pension benefit.
They would be presented with the impact before making such a change. Who
would pay for the cost of this would need to be decided.
MOTION:
Board Member D'Ambra made a motion that the cost of any recalculation of
benefits post retirement required as a result of an individual electing to
change the beneficiary be borne by ~e individual. Board Member Giblin
seconded the motion, which carried by unanimous 4-0 vote.
Attorney Jensen noted on page 5 it was suggested to change from 2-year to 4-
year terms. She recommended increasing terms to 4 years. In truth, it only
impacted the 5~~' trustee position and the employee positions, because the
municipal appointees served at the pleasure of the Council. During discussion of
the motion, it was brought up that other members were willing to go with the
union representative's feelings.
MOTION:
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 11
Board Member Young made a motion to extend the trustee terms from two
to four years. Board Member D'Ambra seconded the motion, which carried
by unanimous 4-0 vote.
Attorney Jensen advised that the Village Council was looking at setting specific
#erm expiration dates for the trustees, which she would bring be#ore the Board.
This would make the elections and making sure pos~ions were ttlled a much
easier and smoother process.
The next change on pages 7 and 8, recognized the new Florida Statute's
authority to allow other board-authorized fiduciaries to sign checks; an
administrator could be added to sign checks on behalf of the board. On page 10
the increase in allowable investments in foreign securities up to 25% of the plan
assets. On page 12 -recognizing there could be no investments in scrutinized
companies, and if any were held #hey must be divested by September 14, 2010.
On page 17, an exclusion from disability benefits #or anyone who has had an
injury or disease while serving in the armed forces; however, because of the
HEART Act this exclusion was removed. Page 31 -State Statutes had been
amended to incorporate the provisions of the case of Lake Park. Page 34 -this
plan is not subject to legal process but pursuant to an income deduction order it
could pay alimony and child support from a retiree's benefit. The plan could also
pay #or anything being provided by the Village post retirement, such as health
insurance, and to the certified bargaining agent dues and other benefits they
paid. Anew benefit would pay far acciden#, heath, and long terrri care insurance
for the retiree, their spouse and their dependents. Salem Trust would take a
deduction from the retiree's check. The last i#em was forfeiture of the benefi# if
someone was convicted of a felony in the Florida Statues.
MOTION:
Board Member Giblin made a motion to forward the Plan document, as
amended, to the Village Council. Board Member D'Ambra seconded the
motion, which carried by unanimous 4-0 vote.
XIV. ANY OTHER MATTERS
Board Member D'Ambra provided a summary from the Trustees' meeting he had
attended, and commented Attorney Jensen had done a good job of keeping the
Board informed from a legal perspective. Board Member D'Ambra reviewed the
summary and also distributed handouts of articles regarding investments.
Board Member Cooper asked what the Board could dp to recognize Ken
Nielson's service on the Board. Pension Coordinator McWilliams responded that
had been done at the last Village Council meeting.
Regular Quarterly Meeting Minutes
Board of Trustees of Public Safety Officers' Pension Trust Fund
November 2, 2009 12
Pension Coordinator McWilliams noted during the February pension board
meeting, Attorney Jensen would give a presentation on the Sunshine Law to both
boards.
XV. COMMUNICATIONS FROM CITIZENS
There was no communication from citizens.
XVI. ADJOURNMENT
There being no further business, upon motion by Board Member Giblin,
seconded by Board Member D'Ambra, the meeting was adjourned at 3:19 p.m.
Respectfully submitted,
~:
Betty Laur
Recording Secretary
