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HomeMy WebLinkAboutMinutes_Pension Public Safety_04/12/2010 1 SYNOPSIS OF PUBLIC SAFETY OFFICERS' PENSION BOARD SPECIAL MEETING HELD 04/12/10 1. Voted to move the fund's money to Salem Trust Company, leaving $100 in First Citizens Bank to give the bank a chance to qualify as a qualified public depository, or if not, to look for another bank. 2. The following items were in regard to the Investment Policy Statement: a) It was reported the Village Council had approved the second reading of the ordinance except for the change in the international percentage being 15% instead of 25 %. Pension Coordinator McWilliams advised Council did not accept member terms going to four years, so they would remain at two years, and the ordinance online was correct b) Mr. Johnson advised he would change the percentage and bring back proposed language for the incorporation of mortgages into the investment policy. c) Secretary D'Ambra asked that Mr. Johnson provide for the May meeting analysis of the mortgage playing field and where he thought it would be appropriate for the Board to have exposure, and if the Board agreed, he would agree with changing the index so that what was permissible within the index was permissible with the investment policy statement. d) Dan Johnson indicated he could add a line to the investment policy statement saying that all fixed income holdings must have a minimum rating of A or better, or all fixed income investments are rated investment grade or better, to clean up that language. Attorney Jensen suggested adding "including Section 5 ", since that section contained provisions regarding communications.. e) Every February was set as the time for annual review of the investment policy statement. f) Secretary D'Ambra asked that he also provide a little deeper evaluation regarding the mortgage side, such as the range of alternatives that were out there and what the Board might or might not be interested in, in terms of the mortgages they might like to utilize. 9. Mr. Johnson reviewed a one -page flash report of the quarterly asset allocation and performance as of March 31, 2010. SYNOPSIS OF REGULAR QUARTERLY MEETING OF PUBLIC SAFETY OFFICERS PENSION BOARD HELD ON 4/12/10 2 10. Secretary D'Ambra stated he thought the Board should move to the Russell 3000 index. 11. Mr. Johnson commented on the probation letter sent to Rockwood and their response, which had been provided to the Board. 12. Mr. Johnson reviewed his report, Review of Rockwood Capital, looking back to when Rockwood was hired. He compared the investment manager's performance with other interviewees at the time 13. Mr. Johnson reviewed Alternatives for Rockwood Capital Advisors, which he had prepared in response to the Board's direction at the last meeting to bring alternatives to the table so that in case the trend with Rockwood continued the Board would have information to act. The report covered domestic equity strategies, international equity strategies, and fixed income strategies. 14. Secretary D'Ambra requested performance net of currency movements - the actual performance of underlying stocks in their home currency for foreign equities. 15. Voted to place 10% of the portfolio in the American Funds EuroPacific mutual fund. 16. Voted to cap Rockwood at 5% of their total portfolio to go into ADR's. 17. Mr. Johnson reviewed the Fixed Income Strategies section of his report, and indicated without the 5% Rockwood was still managing approximately $2 million in fixed income and $2.6 million in stocks. 18. Secretary D'Ambra commented he would like information on some of the different disciplines and styles that existed, looking at how those either correlated or did not correlate with a momentum theme, and under that umbrella to look at different managers —which ones had one person making the calls, which ones worked with a team. 19. Ongoing discussion of diversifying the domestic portfolio was to be added to the May 3 rd meeting agenda. Chair Sabin requested discussion of Investment style, investment strategy, and how it fit with what the Board had today and where they might be going, before diving into names and returns, etc. 20. Direction of the board was that the letter of instruction to fund the international would also be in conjunction with two investment policy addendums for the dedicated rules of the equity and fixed income SYNOPSIS OF REGULAR QUARTERLY MEETING OF PUBLIC SAFETY OFFICERS PENSION BOARD HELD ON 4/12/10 3 strategies, with the letter to be forwarded to Lori or Betty for proper signatures, and call or email Mr. Johnson with any questions. 21. Consensus was to have a joint lunch meeting of the pension boards on May 3, and to invite the two third party administrators who had shown interest. Pension Coordinator McWilliams was to schedule the meetings for that day and report to the Boards. END OF SYNOPSIS TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND WORKSHOP MEETING MINUTES April 12, 2009 Call To Order and Roll Call A special meeting of the Tequesta Public Safety Officers' Pension Trust Fund Board of Trustees was held in the Manager's conference room at the Tequesta Village Hall, 345 Tequesta Drive, Tequesta, Florida, on April 12, 2010. The meeting was called to order at 8:30 a.m. A roll call was taken by Recording Secretary Betty Laur. In attendance at the meeting were: Chair Ed Sabin, Secretary Frank D'Ambra, Board Member Ray Giblin, Board Member David Cooper, and Board Member Robert Young. Also in attendance were Attorney Bonni Jensen, Dan Johnson of Bogdahn Consulting, LLC, Pension Coordinator Lori McWilliams, Finance Director Joann Forsythe, Senior Accountant Monica Rahim, and Recording Secretary Betty Laur Consensus of the Board was to move agenda item 2 regarding inviting third party administrator firms to attend the May 3, 2010 meeting to the end of the agenda. Consideration of moving pension funds from First Citizens Bank (formerly Sun American Bank) Attorney Jensen advised that Sun American Bank had been taken over by the FDIC, and the fund's assets had been purchased by First Citizens Bank, which was not a qualified public depository. Governmental funds in deposit accounts were required by law to be in a qualified public depository. The list of qualified public depositories could be found on the State of Florida website; also the Finance Department was provided with the list each year. The Board's choices were to transfer the funds to the custodian, Salem Trust Company, which charged $15 to write a check; temporarily transfer the funds to Salem Trust until a qualified public depository was found; or the funds could be transferred directly into another bank which was a qualified public depository. Salem Trust was not on the list, but under State Statute since it was a qualified trust company it was not required to be a qualified public depository. Only deposits held by the trust were required to be in a qualified public depository, and the requirement was for dollars over and above FDIC limitations. Secretary D'Ambra suggested going out for an RFP in order to be sure the Board was still getting the best deal from Salem Trust and consolidating everything in one place. The response was Salem Trust did not want to be an operating account, and the checking account had been opened to save money since Salem Trust charged $15 per check. Board Member Giblin questioned whether the fund would be in violation by leaving $100 in the account; Attorney Jensen advised she did not believe anyone Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 2 would sue over $100. Discussion ensued. Finance Director Forsythe indicated the bank had 90 days to become qualified as a qualified public depository. MOTION Secretary D'Ambra made a motion to follow the recommendation by Finance Director Forsythe to move the fund's money to Salem Trust Company, leaving $100 in First Citizens Bank to give the bank a chance to qualify as a qualified public depository, or if not, to look for another bank. Motion was seconded by Board Member Giblin, and carried by unanimous 5 -0 vote. Senior Accountant Rahim left the meeting at this point. Align changes to the investment policy consistent with Ordinance 4 -10 (approved by Village Council) Chair Sabin reported Pension Coordinator McWilliams had sent an email stating that on second reading the Village Council had accepted the ordinance as drafted except for the change in the investment for international to 15 %. The draft provided to the Board did not have that change, and still stated 25 %. Chair Sabin pointed out that before any change in ordinance, the investment policy allowed investment up to a range of 25% so he believed they had actually been asked to reduce the exposure to 10% and he did not believe that had been the intention. Dan Johnson explained Fire and Police plans had always been restricted to 10% as the maximum allowed; last May the State of Florida allowed Police and Fire plans to go up to 25 %, which was the new ceiling. Attorney Jensen advised they could be less, but not more than 25 %. Mr. Johnson indicated he had not been informed that the second reading had had that change. It was clarified that the investment policy had always stated 10 %, but not as the target; now the target was 10% within the range of zero to 15 %. Mr. Johnson advised he would have to make that change. Mr. Johnson commented regarding the investment policy draft that he had spoken with Rockwood Capital Advisors, the current investment manager, who had requested the ability to change the index of Barclays Intermediate Government Credit to a more broad index called Barclays Intermediate Aggregate. The general difference was that the broader index included federal home agency mortgages and it was within the Board's definition of authorized investments. Chair Sabin indicated he did not see a definition of mortgage backed securities within the investment policy. Mr. Johnson advised they would be part of the fixed income investments. Secretary D'Ambra stated he did not see mortgages as an acceptable asset class at this time. Chair Sabin felt that as a minimum, the investment policy should state clearly whether mortgages were in or out. Board Member Young asked if the investment manager wanted to make Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 3 this change because mortgage backed securities were so pervasive that they could not tell when they were investing that they were not investing in a mortgage backed product. Mr. Johnson advised the broader index had less risk to it, but the investment manager would not want to take risks too different from the benchmark and would not involve assets that were not in the index. He advised he could come back with clearer verbiage on this for the investment policy at the May meeting. Discussion ensued. Secretary D'Ambra asked that Mr. Johnson provide for the May meeting analysis of the mortgage playing field and where he thought it would be appropriate for the Board to have exposure, and if the Board agreed, he would agree with changing the index so that what was permissible within the index was permissible with the investment policy statement. Chair Sabin clarified that the draft of the investment policy would continue to use the government credit index until such time as the Board re- evaluated that. Mr. Johnson reviewed charts comparing the two indexes and explained how the broader index would have less risk. Mr. Johnson advised he would bring back proposed language for the incorporation of mortgages and the Board could go from there. He was simply reporting to the Board the recommendation from Rockwood that they believed now was a good time to add mortgages, and he agreed. Chair Sabin clarified that the Village Council had approved the second reading of the ordinance except for the change in the international percentage being 15% instead of 25 %. Pension Coordinator McWilliams advised Council did not accept member terms going to four years, so they would remain at two years, and the ordinance online was correct. Chair Sabin indicated it was his understanding that international investments were anything other than U.S. domiciled businesses. Mr. Johnson responded that was exactly right and ADR's would be how that would be invested at this point. Chair Sabin reviewed other items from the investment policy. Mr. Johnson answered the question of why stocks were weighted 83% and 17 %, and explained how those numbers were calculated. Chair Sabin noted there were references throughout the investment policy that the fund was expected to rank in the 40 percentile and asked if that was measured. Mr. Johnson responded that was reviewed every quarter, and pointed it out in an old quarterly report. Chair Sabin commented the investment policy talked about fixed income investments having a minimum rating and asked if the ratings were provided in the quarterly report. Mr. Johnson's response was they did not include a list of all the holdings; the average quality of the portfolio was investment grade or better —he could add a line saying that all fixed income holdings must have a minimum rating of A or better, or all fixed income investments are rated investment grade or better, to clean up that language. It was noted that Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 4 Rockwood did provide a list of all investments with their ratings. Mr. Johnson pointed out that the last page of his report was an investment policy checklist. Chair Sabin commented that scrutinized companies had been discussed and he assumed that was being taken care of, Mr. Johnson confirmed that there had been one scrutinized company which had been removed. Chair Sabin suggested that Rockwood in their commentary provide wording consistent with the investment policy; Mr. Johnson advised they had not yet received the new investment policy. Chair Sabin requested that future reporting be more consistent with the investment policy. He also pointed out that the investment policy was to be reviewed annually and this could be considered a review, but he did not recall that it had been reviewed annually in the past. Mr. Johnson noted there was now a new line on the annual report which the Finance Department prepared confirming that the Board reviewed their investment policy annually. Every February was set as the time for annual review of the investment policy. Chair Sabin asked if there were any other changes in the investment policy document the Board might not be aware of, to which Mr. Johnson responded the only fundamental investment change was the current target index was 60% S &P 500, 40% bonds, and that was to be changed to 50 %, 15 %, 40 %, to put 10% into international; and the only two major language changes were the scrutinized company language and the new allowable investment asset classes. Secretary D'Ambra commented if the Board decided to change investment managers or diversify in addition to Rockwood and use mutual funds, the kind of communication that would be received from a mutual fund manager would not be the same as received from a single manager like Rockwood, and asked if Mr. Johnson saw any problems with the investment policy statement as currently written if the Board decided to utilize mutual funds. Mr. Johnson advised that a mutual fund manager had an obligation to all shareholders in the mutual fund so they had to write to cover all their shareholders, so Tequesta would have to adopt the mutual fund's policy rather than the mutual fund adopting Tequesta's investment policy. There was language in the current investment policy that the fund "may include pooled funds, which may include mutual funds....... ", "pooled funds may be governed by separate documents which may include investments not expressly permitted in this investment policy statement. In the event of investment by the plan into a pooled fund, the Board will adopt the prospectus or governing policy of that fund as the stated addendum to this investment policy statement." The investment monitor would scrutinize the prospectus and point out any problem areas; however, he would not be able to report on them monthly since they only released their information once a year. Attorney Jensen suggested adding "including Section 5 ", since that section contained provisions regarding communications. Mr. Johnson explained the monitor would view an investment in a pooled fund by its objective, so if an international equity mutual fund were used, at times that fund might own cash or it might buy a corporate swap or something else— everything would be viewed as a foreign investment, Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 5 and it would fall under its own prospectus. Attorney Jensen commented one example she had experienced with a pension board was Pemco, which had a lot of different investments under the Pemco umbrella, but in the investment policy guidelines they were viewed as a bond. Mr. Johnson advised our fund would view that as 100% fixed income. Mr. Johnson commented he would make the changes as advised by the Board and at the May meeting he would have two signature -ready versions of the investment policy guidelines —one with the changes to international 15 %, the comma and parenthesis, and one with the new fixed income and some mortgage language, and the Board could decide which they wanted. Secretary D'Ambra asked that he also provide a little deeper evaluation regarding the mortgage side, such as the range of alternatives that were out there and what the Board might or might not be interested in, in terms of what mortgages they might like to utilize. Consider Investment Alternatives Mr. Johnson reviewed a one -page flash report of the quarterly asset allocation and performance as of March 31, 2010. Rockwood had performed well, being up 8.05% for the quarter. Board Member Cooper left the meeting at this point, at 9:30 a.m. Because of the good performance for the quarter, the fund was on track to achieve their actuarial rate of return. Secretary D'Ambra asked about the makeup of Rockwood's portfolio and the appropriateness of using S &P 500 as the index. Mr. Johnson advised the Russell 3000 could also be used. The amount of small, mid, and large -cap stocks was discussed; Secretary D'Ambra wanted to be sure the appropriate benchmark was used, and commented the S &P 500 contained high - quality stocks. Mr. Johnson talked about Rockwood's strategy of waiting for a theme, and also expressed his opinion the Russell 3000 would be a better match for the Rockwood portfolio. Secretary D'Ambra stated he thought the Board should move to the Russell 3000. Mr. Johnson commented on the probation letter sent to Rockwood and their response, which had been provided to the Board. Mr. Johnson reviewed his report, Review of Rockwood Capital, looking back to when Rockwood was hired. He compared the investment manager's performance with other interviewees at the time, Dana Investment Advisors, which was hired as investment manager by the General Employees' pension board, and Vanguard mutual fund. The risk/return data over the 4 -year time frame showed both managers had provided similar returns and did what the Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 6 Board wanted, giving them the amount of return of the index and doing it without the whipsaws experienced by the index. Mr. Johnson cautioned the Board did not want a trend showing poor performance three quarters in a row, which was what had recently happened, but this past quarter had been good. Both managers had provided downside protection. Mr. Johnson referred to charts showing rank versus the universe which showed this fund's portfolio ranking in the top ten percentile for two years and in the bottom quartile the other two years, and indicated if the markets had been more normal he thought there would have been a more consistent pattern. Style, consistency and drift were analyzed. Mr. Johnson explained his company had a team which provided the research. In response to Chair Sabin's question whether the State required an investment monitor if the Vanguard fund were used, Attorney Jensen advised the portfolio was required to be reviewed once every three years, and she had recently sent out an RFP for a monitor to review a small fund and had had no response. Mr. Johnson commented the problem with reviewing only every three years was the monitor still had to review the quarterly data going back three years, so it might as well be done on an ongoing basis. Vanguard as the index provider would be the investment manager, and the quarterly communication would be lost. Mr. Johnson summarized that Rockwood had done what they were asked to do, and he was not recommending termination. Secretary D'Ambra pointed out they had had six quarters where they had out - performed and 13 quarters of under performance, so he had had real concern about the current trend and what had happened during the last couple of years. Secretary D'Ambra expressed his concern with having one manager with one specific approach with no diversification in the equity portfolio around that approach, and commented his concern was when the momentum approach was the only approach. He indicated he could see retaining Rockwood for some portion of the portfolio, and Vanguard could be used to round out the portfolio. Chair Sabin commented when Rockwood was hired the Board had been constrained to a single manager because of the fund's size. Mr. Johnson advised that Rockwood did not invest much in international, and only invested in ADR's, foreign companies that traded domestically. An international manager would buy foreign stocks directly. Discussion ensued. Secretary D'Ambra recommended looking at an international manager for the international component and indicated he still had concerns about Rockwood and believed the Board needed to diversify away from them and have another manager also, possibly an index or value fund as a complement to Rockwood. The next report Mr. Johnson reviewed was Alternatives for Rockwood Capital Advisors, which he had prepared in response to the Board's direction at the last meeting to bring alternatives to the table so that in case the trend with Rockwood Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 7 continued the Board would have information to act. Mr. Johnson recommended a dedicated international manager for the dedicated international target. The report covered domestic equity strategies, international equity strategies, and fixed income strategies. Beginning with domestic equity strategies, discussion of Rockwood's performance ensued. Secretary D'Ambra pointed out their momentum style was out of favor because of market conditions since 2008. Also, he noted there was no comparison to other momentum managers to determine if it was only the style that was out of favor or their ability to execute on that style. If the market returned to normal, the momentum style might do quite well, but did the Board want to chance that since they had seen what could happen in a volatile market. The answer might be to bring in another manager to complement Rockwood. The Board must understand why and how the manager invested in order to predict future performance. Mr. Johnson referred to the risk/return charts which showed 4 years ending 2009, and four years ending 2005; so the Board could see what they had looked at when Rockwood was hired, their performance since then compared to other managers, and where this fund would be under each of those managers. Secretary D'Ambra asked for more specific information on the universe of managers being compared and why these were chosen. Mr. Johnson advised the only one that was a fund was the Vanguard fund, the others were managers who worked with portfolios like this pension fund and who could operate with a $3 million mandate, and they had all been through Bogdahn's extensive due diligence process. These were managers that Bogdahn felt could outperform the index. Other mutual funds could be brought to the table. Discussion ensued. Under foreign equity strategies, Mr. Johnson recommended a dedicated international manager and compared four mutual finds from January 2000 through December 2009. The ability of very large funds to move the market was discussed. Secretary D'Ambra requested performance net of currency movements -the actual performance of underlying stocks in their home currency. Mr. Johnson indicated he thought it was a good idea to add a dedicated international manager, and the index fund would be cheapest, do a good job, and provide exposure. Masters' Select International would provide more of the upside with a little more volatility and owned less holdings; American Funds EuroPacific was more diversified, 200 holdings, the largest mutual fund in the world - -all three were good options. Chair Sabin indicated he leaned toward lower volatility with less risk on the downside and giving up some on the upside. Board Member Giblin indicated he would like a dedicated international manager. Secretary D'Ambra favored American Funds EuroPacific. MOTION: Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 8 Board Member Giblin made a motion to place 10% of the portfolio in the American Funds EuroPacific mutual fund. Board Member Young seconded the motion. During discussion of the motion, Mr. Johnson advised his firm would view the investments in American Funds EuroPacific as 100% foreign and he would monitor that international investments did not exceed the allotted range. He advised that Rockwood would ask for the ability to invest in ADR's and they would need to be given a separate addendum to the investment policy guidelines to give them rules since the investment policy guidelines with the 10% dedicated to international would not apply to them. Motion carried by unanimous 4 -0 vote. MOTION: Board Member Giblin made a motion to cap Rockwood at 5% of their total portfolio to go into ADR's. Secretary D'Ambra seconded the motion, which carried 4 -0. Mr. Johnson reviewed the Fixed Income Strategies section of his report, and indicated without the 5% Rockwood was still managing approximately $2 million in fixed income and $2.6 million in stocks. Their stated minimums were $2 million in fixed income and $2 million in stocks. Mr. Johnson commented there was one way they could work around that —they did have a mutual fund option, and U.S. Bank was the custodian for that. He summarized the portfolio now consisted of 40% Rockwood fixed, 50% Rockwood domestic, and 10% American Funds EuroPacific. Mr. Johnson asked if the Board wanted to break up the 50% Rockwood domestic, to which consensus was not to consider that today. Chair Sabin commented it came down to how strongly the Board felt they needed to either break the domestic portion up into pieces or change. Secretary D'Ambra indicated he did not favor getting rid of Rockwood altogether, but felt diversity was needed beyond the international in domestic stocks. Mr. Johnson advised that would mean using one or two mutual funds. If Rockwood were replaced it would likely be by one of the managers in today's report—ICC, Cornerstone —if taking a piece away it would go to a mutual fund. Mr. Johnson commented that could be Vanguard, or one of the other managers might do it for $1 million. Mr. Johnson explained the managers had different approaches —ICC was multi -cap with an unconstrained approach, Cornerstone was very concentrated. Secretary D'Ambra commented he would like information on some of the different disciplines and styles that existed, looking at how those either correlated or did not correlate with a momentum theme, and under that umbrella to look at different managers —which ones had one person making the calls, which ones worked with a team. Mr. Johnson explained contrarian philosophy. Ongoing discussion of diversifying the domestic portfolio was to be added to the May 3� meeting agenda. Chair Sabin requested discussion of Investment style, Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 9 investment strategy, and how it fit with what the Board had today and where they might be going, before diving into names and returns, etc. Mr. Johnson clarified that the direction of the board was that the letter of instruction to fund the international would also be in conjunction with two investment policy addendums for the dedicated rules of the equity and fixed income strategies, with the letter to be forwarded to Lori or Betty for proper signatures, and call or email him with any questions. As far as the total investment policy, he would make the changes discussed — mortgages, and one with the aggregate and one with the government credit just as it was, and clean up the other changes. Request Board approval to invite the firms which have shown interest in becoming the Village's third party pension administrator to attend the May 3, 2010 quarterly meeting to present their proposals and be ready to answer any questions. Pension Coordinator McWilliams advised the only reason this was being brought forward was because the General Employees' Pension Board agreed to invite to their May 3 rd meeting two firms which Michelle Gload in the Finance Department had contacted for possible costs and what duties they provided, and discuss with them any questions the Board might have. She asked if this Board wanted them to stay for their meeting to make the same presentations. Chair Sabin asked if there would be an advantage to having the same administrator for both boards, or one board having an administrator and the other not having one. The Pension Coordinator explained both boards would need an administrator since the Village Manager had stated he did not want the Village Clerk position handling this function because of other duties he had assigned. Attorney Jensen commented there would be a better bid to do both boards. Secretary D'Ambra asked if at this point this session would be informational and then a formal RFP conducted. Attorney Jensen explained the Village sent out an RFP. Pension Coordinator McWilliams advised she had sent out an email with the names of firms provided by Attorney Jensen, but she had not contacted anyone. Finance Director Forsythe explained that Michelle Gload, a trustee on the General Employees' Board who worked in Finance, contacted them to find out what the firms did and what they could accomplish for the Village if they were hired, and the firms sent back additional information. She thought the boards might want to talk to the two firms —out of three firms only two replied. Secretary D'Ambra asked if an RFP would be sent out, because he knew there were more than three firms that provided this service. Finance Director Forsythe responded they had put this out onto a GFOA forum and only came up with two. Attorney Jensen advised there were only two firms which did this on a large scale; several municipalities had individual people who worked for them to administer their pension boards in- Special Meeting Minutes Board of Trustees of Public Safety Officers' Pension Trust Fund April 12, 2010 10 house, and she worked with one who was an independent and worked with three different municipalities. Secretary D'Ambra commented it did not sound like a formal RFP had been done, and asked if one was needed. Finance Director Forsythe reported the firms had indicated the cost would be approximately $8,000 per year —not the accounting side, but all the meetings, minutes, and forms, and she could bring in some information. In response to the question whether there was any backup to this item, Pension Coordinator McWilliams advised everything had been included that was forwarded by Michelle Gload. Finance Director Forsythe commented they (she and Ms. Gload) had a list of what they thought was performed by the Clerk's office up -to -date. They felt the General Employees' Board might want to talk with the two firms individually to find out exactly what they would do. She believed the cost was about $8,000, and she did not know the cost to do an RFP. Attorney Jensen responded it depended on how it was done, and she had given Pension Coordinator McWilliams a copy of an RFP she had developed. Ms. McWilliams advised the cost of a legal ad would be approximately $250.00. Secretary D'Ambra stated he was asking if an RFP had to be done; Attorney Jensen advised there was no requirement; the pension board had not done an RFP, the Village itself did a request for quotes and ran it through a better place than publishing it in the Palm Beach Post. Because someone she knew had received the request, he had contacted her about it. The Village had done a request for quotes; the Board did not have to do an RFP - -there were essentially two providers available. Finance Director Forsythe commented she did not know if the pension boards had their own purchasing requirements, but the Village had three levels, phone bid, formal written bid that could be sent by email, and a formal RFP for items around $20,000. Attorney Jensen advised the pension boards did not have purchasing requirements and were administered by the Village. Chair Sabin commented if there was another firm that should be included, it should be added in the coming weeks. Consensus was to have a joint lunch meeting of the pension boards on May 3 Pension Coordinator McWilliams was to schedule the meetings for that day and report to the Board. ADJOURNMENT There being no further business, the meeting was adjourned at 11:20 a.m. Respectfully submitted, Betty Laur Recording Secretary