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HomeMy WebLinkAboutDocumentation_Pension General_Tab 01_08/02/2010 1 SYNOPSIS OF GENERAL �MPLOYEE�' PENStON B�AFt� M��fiING 05/03/10: 1. Approved minutes of ineetings held 2/1/10 and 3/30/10. 2. Dan Johnson, Bogdahn Consulting, LLC. presented the quarterly report. 3. Chair Rhodes requested Dana be asked to report total equity analysis and not just one section at the exclusion of the other. 4. Mr. Johnson was to bring information to the next meeting showing impacts if TIPS and high yield bonds were added to the portfolio and to have a conversation with the �ana representative at the next meeting regarding these. 5. Approved the report for the quarter ended 3/31/10 as presented by Dan Johnson of Bogdahn Consulting, LLC. 6. Attorney Jensen reported the IRS Determination Letter initial review had been completed and something was expected to be received soon. 7. Discussion of the actuary's cost proposal to perForm a DROP plan analysis concluded adding a DROP plan was a good idea, but premature due to the age of participants in this plan. 8. Board Member Terzakis reported First Citizens Bank was not qualified as a qualified public depository. Consensus was to add this as an agenda item for the next quarterly meeting, and Board Member Gload was asked to provide other alternatives for that meeting. 9. The following items were approved on the Consent Agenda: Ratification Of fnvoices Paid Since Last Quarterly Meeting: • Business Services eonnection, Inc. $9,�39.40 • Business Services Connection, Inc. $ 481.68 • Perry & Jensen, LLC. $2,679.30 • Village of Tequesta $ 18.74 Payments Reviewed And Approved: • Business Services Connection, Inc. $ 214.08 • Perry 8� Jensen, LLC $1,600.06 • Bogdahn Consulting, LLC $2,825.00 • Dana InvestmentAdvisors $1,990.69 �YNOPSIS OF GENERAL �MPLOYEE�' PENSION BOARD MEETfNG 05/03/10: 2 Approval of new applicants for participation in Pension Plan: None Approval of withdrawal of contributions: CMristopher Dittmeier Date of Separation: 4f�f10 Total Gross $6,299.69 ($6,116.20 + 3% interest $183.49) 20°fo mandatory withholding $9,259.94 Total Check Amount $5,039.75 Terminated Employees who have not taken their contributions - None Revenue and Expenditure Report 10. Voted to add $5,000 into the investment services budget and adjust the savings in travet and per diem to cover the overages in actuarial services and insurance. 11. Reviewed reports of 3-year budget history and actuarial services invoices as presented by Board Member Gload. 12. Approved Dana Investment Report for the quarter ended 3/31/10. 13. Requested the following actions/changes to the proposed contract with Gabriel Roeder Smith and Company: Verify annual cost, add hourly rates, tie fees to duties, make sure they understood the provision regarding scope of work per project, add current fee structure for the actuary, add a 90-day notice for termination, add an insurance provision, add that additionaf worlc needed to be approved by the plan administrator, and ask for a discounted rate. 94. Discussed addition of a General Empfoyees` pension health insurance provision. Consensus this was information and it was premature to amend the plan. 15. Approved the trustee election for July 6, 2010 with runoff if necessary July 23, 2010 and certified list of candidates eligible for the positions. Deanna Mayo and Michelle Gload were the employee candidates who needed to apply; judges were to be Lori NfcWilliams and Joann Forsythe, or Merfene Reid if Ms. Forsythe declined. 16. Attorney Jensen was to update the summary plan document to add 3% interest compounded annually on withdrawals of contributions for non- SYNOPSIS OF GENERAL EMPLOYEES' PENSION BOARD MEETING 05/03/10: 3 vested employees. 97. Board Member Gload was requested to look into past payments made at 3% simple interest. 18. Discussed distribution forms and recommend the following procedure for refund of contributions: 1) Applicant applies to Human Resources to verify eligibility and HR signs off. (Signature fine to be added to form by Ha) 2) Forms forwarded to Finance Department for calculations. 3) Forms returned to HR to verify this is okay with applicant; applicant to sign at this point. 4) Forms to Pension Administrator to sign off. 5) Forms to Senior Accountant Monica Rahim for execution. Attorney Jensen was to insert a calculation on page one of the drafted investment policy statement; the steps outlined above were to be inserted on page two, and this item would be added to the ne�ct quarterly meeting agenda. 19. Attorney Jensen reminded the trustees to fill out their Form 1 and send to the Supervisor of Elections by a method that provided proof of receipt. 20. Approved �n �ddendum r�quested by the custodian indicating they woufd be responsible for tax reporting, benefit payments, payment of bills, purchase and sale of mutual funds, etc., and they would provide a monthly st�tement and a check register showing alf income. The 2005 agreement would be provided at the next meeting for review. 29. Attorney Jensen reported there had been no new legisfation regard"rng pensions. 22. The pension benefit application process was discussed. Attorney Jensen was to bring the procedure back to the next meeting for approval. 23. Approved attendance at the FPTTA Trustees School September 26-29 at PGA National Resort by Board Members Mayo, Gload, and Terzakis. 24. Dan Johnson advised he would present a proposed commission recapture agreement for approval. END OF SYNOPSIS �?�AiFT TEQUESTA GENERAL EMPLOYEES PENSION TRUSTFUND QUARTERLY BOARD OF TRUSTEES MEETING May 3, 2010 I. Call To Order And Roll Call The Tequesta General Employees Pension Trust Fund Board of Trustees held a regular quarterly meeting at the Tequesta Village Hall, 345 Tequesta Drive, Tequesta, Florida, on Monday, May 3, 2010. The meeting was called to order at 8:02 a.m. A roll call was taken by Recording Secretary Betty Laur. Board Members in attendance at the meeting were: Chair Michael Rhodes, Board Member Deanna Mayo, Board Member Michelle Gload, and Board Member John Terzakis. Secretary Carl Hansen was absent from the meeting. Also in attendance were Attorney Bonni Jensen, Dan Johnson with Bogdahn Consulting LLC, Pension Coordinator Lori McWilliams, and Betty Laur, Recording Secretary. II. Approval Of Agenda MOTION Motion was made by Board Member Terzakis, seconded by Board Member Mayo, to approve the agenda as submitted. Motion carried by unanimous 4-0 vote. III. Approval Of Minutes 1. Tequesta General Employees' Pension Trust Fund Board of Trustees Regular Quarterly Meeting Minutes — February 1, 2010 2. Tequesta General Employees' Pension Trust Fund Board of Trustees Emergency Meeting Minutes — March 30, 2010 MOTION Motion was made by Board Member Mayo, seconded by Board Member Gload to approve the minutes of February 1, 2010 and March 30, 2010 as submitted. Motion carried by unanimous 4-0 vote. IV. Presentations 3. Quarterly Presentation By Monitor Chair Rhodes requested Dan Johnson, Bogdahn Consulting, LLC, add comments regarding the investment manager's report to his presentation. Mr. Johnson reported the economy had been better, but there were concerns with Tequesta General Employees Pension Trust Fund , Quarterly Board Of Trustees Meeting Minutes May 3, 2010 2 debt of Greece, Spain, and Portugal. The Federal Reserve was expected to keep rates low for some time, which would generate methodical low rates from bonds, but when rates went up bonds would turn negative. Stocks and bonds were doing well compared to a year ago. Mr. Johnson explained how the investment manager, Dana Investment Advisors, was positioned to take advantage of possible rising interest rates, by using shorter durations and gaining higher yields from corporate bonds and mortgages. Board Member Terzakis asked how to introduce a new asset class. Attorney Jensen advised the ordinance would have to be changed. Board Member Terzakis expressed concern the fund may have missed a tremendous opportunity by not investing in high yield bonds, and advised he would like to take this to the Village Council. These high-yield or junk bonds were high risk but had been up 52% over the past year. Board Member Terzakis indicated he would like 1% of the portfolio placed in this asset class. Mr. Johnson responded he would come back to this subject, and reviewed the rest of his report. The fund was up 6.8% six months into the fiscal year. Chair Rhodes suggested Bogdahn and Dana follow the same format in reporting total equity, and requested that Dana be asked to report total equity analysis and not just one section at the exclusion of the other. Mr. Johnson explained the Dana portfolio was made up of three strategies, Dana equity, Dana international equity, and Dana fixed income. There were no TIPS in the portfolio at this time, but Mr. Johnson had confirmed Dana knew they could invest in those. Mr. Johnson advised the portfolio had been conservative and was doing well, and more risk could be introduced. Board Member Terzakis spoke in favor of adding a high-yield bond asset class, and expressed his opinion the portfolio was being managed more generically than specific to the Tequesta pension plan and the youngness of it. Mr. Johnson commented bonds had been brought down from A rated to triple B, which was a big step, and a dedicated international component was now in place. Discussion ensued. Chair Rhodes asked why TIPS were not being used. Mr. Johnson indicated he could bring a workup on high yield bonds and TIPS to the next meeting. Chair Rhodes requested Mr. Johnson have another conversation with Dana regarding adding TIPS. Mr. Johnson advised he would bring information to the next meeting showing impacts if TIPS and high yield bonds were added, and he would have a conversation with the Dana representative at the next meeting regarding these. MOTION Board Member Gload made a motion to approve the quarterly report presentation from Bogdahn Consulting, LLC. Board Member Mayo seconded the motion, which carried by unanimous 4-0 vote. MOTION Board Member Gload made a motion to approve the quarterly report from Dana Investment Advisors. Board Member Terzakis seconded the motion, which carried by unanimous 4-0 vote. Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 3 V. Unfinished Business 4. Update on IRS Determination Letter Attorney Bonni Jensen reported the VCP process and initial review of the determination letter had been completed. The IRS was now forwarding the letter to quality assurance, and something was expected to be received soon. 5. Discussion on Cost Proposal by Actuary to perform DROP Plan Analysis Pension Coordinator McWilliams advised at the last meeting she had been asked to contact Steve Palmquist for a quote to implement the DROP program, unless it was too expensive to look into. Mr. Palmquist had provided a quote of $1,800 to $2,000 to perform an actuarial study to add the DROP program to the General Employees' pension plan. Board Member Terzakis asked how adding the DROP would affect the pension plan. Attorney Jensen explained as long as the Board was not making people retire earlier than they would otherwise, there was usually no cost and there was usually a payroll savings. An actuarial study would show whether based on the plan, the DROP would have an impact on making people retire earlier than they would have otherwise. Where the DROP was in place, most employees would leave and then enter into the DROP at their first opportunity. Attorney Jensen further explained the program. Board Member Terzakis questioned spending the money for the analysis. Attorney Jensen advised an actuarial impact statement would be required between first and second readings of the ordinance. Consensus was adding a DROP program was a good idea, but probably premature due to the age of participants in this plan. 6. Status Report by Board Member Terzakis regarding qualified public depository status of First Citizens Bank Board Member Terzakis reported First Citizens Bank was not qualified and because they were in such transition, at this point they did not know when they would be applying to become a qualified public depository. The conclusion was they could not be our depository bank. Consensus was to add this as an agenda item for the next quarterly meeting, as there was a 6-month time period to comply, and Chair Rhodes asked Board Member Gload for other alternatives for the next meeting. VI. Consent Agenda MOTION: Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 4 Motion was made by Board Member Gload, seconded by Board Member Terzakis, and carried by unanimous 4-0 vote to approve the Consent Agenda. Therefore the following items were approved: 7. Ratification Of Invoices Paid Since Last Quarterly Meeting: • Business Services Connection, Inc. — Office work-weeks ended 1/8/10 through 4/9/10 $1,739.40 • Business Services Connection, Inc. — Attendance, recording and preparation of minutes and synopsis for 2/1/10 Regular Quarterly meeting $ 481.68 • Perry & Jensen, LLC. Legal Fees through 2/15/10 $2,679.30 • Village of Tequesta Reimburse for Federal Express charges $ 18.74 8. Payments To Be Reviewed And Approved: • Business Services Connection, Inc. — Prepare minutes and synopsis of 3/30/10 Special Meeting $ 214.08 • Perry & Jensen, LLC Legal Fees through 4/15/10 $1,600.06 • Bogdahn Consulting, LLC $2,625.00 Services through 3/31/10 • Dana Investment Advisors $1,990.69 Services through 3/31/10 9. Approval of new applicants for participation in Pension Plan: None 10. Approval of withdrawal of contributions: Christopher Dittmeier Date of Separation: 4/7/10 Total Gross $6,299.69 ($6,116.20 + 3% interest $183.49) Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 5 20% mandatory withholding $1,259.94 Total Check Amount $5,039.75 11. Terminated Employees who have not taken their contributions None 12. Revenue and Expenditure Report END OF CONSENT AGENDA VII. Budget Report 13. Quarterly Budget Report Expenditures Senior Accountant Monica Rahim advised actuarial services and insurance expenses were over the budget. Chair Rhodes asked why only $5,500 had been budgeted for actuarial services when it had been $10,000-$12,000 in the two years before. Ms. Rahim advised she would have do research to answer that. Chair Rhodes asked her assessment for the whole year for the total budget versus estimated spending. Ms. Rahim responded it depended on the Board's requests. Board Member Gload commented it appeared there was a$5,000 charge to prepare the report, and an additional $1,400 to come to the meeting to present the report. It was determined one meeting was included to present the report, but they had attended more than one meeting. Chair Rhodes indicated he saw no other requests from the Board and the overall yearly budget should be adequate except for travel. Board Member Gload commented she believed investment services would be short. That was Dana Investment Advisors, which was driven by the portfolio, and asked Senior Accountant Rahim to calculate of what the investment services figure would be for the rest of the year, based on $1.5 mi{lion. Mr. Johnson noted Dana charged 75 basis points for stocks and 25 for bonds, so the charge should be $8,250 for the whole year. Discussion ensued regarding travel, which would be less this year because the trustees' seminar was to be held locally, and increasing the estimate for investment services for the whole year by $5,000. MOTION: Board Member Gload made a motion to add $5,000 into investment services budget and adjust the savings in travel and per diem to cover the overages in actuarial services and insurance. Board Member Mayo seconded the motion, which carried by unanimous 4-0 vote. Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 6 14. Reports requested by Chair Rhodes at the 2/1/2010 meeting: 3-Year Budget History and Actuarial Invoices Board Member Gload reviewed the 3-year budget history which had been provided in the meeting packets, and explained how the investment portion had been broken out. Item A was Dana Investments, Item B was Salem Trust, and Item C was Bogdahn Consulting. The second part of the reports were the actuarial invoices, which she had separated, but only one had an hourly fee. Chair Rhodes commented this was very good because it showed the invoices needed to have more breakdown in terms of the hours, etc., and noted that the actuarial contract was coming up later in the meeting for consideration, so he would save his comments for that item. Chair Rhodes commented this showed the charge for a supplemental actuarial statement on COLA had cost $5,120. VIII. New Business 15. Approval of Investment Manager's Report (Dana Investment Advisors) Chair Rhodes announced this had been addressed earlier in the meeting. 16. Contract with Actuary Attorney Bonni Jensen reviewed a proposed contract with the actuary, Gabriel Roeder Smith and Company. The contract included a fee of $5,000 to prepare the annual pension benefits and to attend one meeting to present the actuarial evaluation. Individual benefit statements and benefit calculations would be $250 each. Other projects would be provided on a per project basis, based upon hourly rates ranging from $289 for the Senior Consultant down to $80 for support staff. The fees were requested to be added as an attachment, and to add as an example under item 4.1 for services rendered to include all items defined in Section 2 and split out supplementary costs for fees to attend more than one annual meeting; for any additional work outside 4.1 to provide scope of work, estimated hours and the fee structure; to address insurance coverage, and to change the termination clause from 30 to 90 days since the Board meets quarterly. Attorney Jensen confirmed section 4.4 was their standard provision, and 4.2 was tied to section 2.3 and was an example of when someone retired; the administrator would do the calculation but the actuary would still need to verify and would charge a reduced fee for verification. Attorney Jensen commented this Board had been having an actuarial valuation every other year and in the off year the individual benefit statements, and in 2009 went to every year for those. She had asked Mr. Palmquist for clarification and had not yet heard back. Chair Rhodes recalled he had asked the cost of annual versus the every other year, and Mr. Palmquist had said it would cost an extra $2,000 to $2,500 in the off year. Attorney Jensen took direction from the Board to verify Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 7 the annual cost, add the hourly rates, tie the fees to the duties, make sure they understood the provision regarding scope of work per project, add the current fee structure for the actuary, add a 90-day notice for termination, add an insurance provision, add that additional work needed to be approved by the plan administrator, and ask for a discounted rate since the Board had received an annual valuation for the past three years. 17. General Employees' Pension Health Insurance Provision Discussion Attorney Jensen advised at the last meeting the Board had requested she provide information regarding payment of insurance premiums to a third party like the Public Safety Officers' plan. There had been a change to the 175 and 185 pension plans allowing retirees to authorize withholding payment for health insurance. The benefit for the Public Safety employees was they could deduct up to $3,000 from their income tax for purposes of making this payment. This plan was already required by State law to pay alimony or child support deductions. Attorney Jensen explained there was a Federal law proposed that could expand the health insurance provision to the General Employees. Consensus was this was information and it was premature to amend the plan. 18. Approve General Employee Pension Board Employee Trustee Election – Wednesday, June 20, 2010; run-off election if necessary – Friday, July 23, 2010 and certification of list of candidates who are full-time employees eligible to be elected as an Employee-Trustee Pension Coordinator McWilliams explained the pension administrator would be handling this, and the date had changed from June 20 to July 6 for the election, and per this Board's administrative rules, the Board must approve the election date, the run-off if necessary, the certification of candidates who were full-time employees, and must appoint two election judges who would tally the ballots. Two years ago the judges had been Ms. McWilliams and Finance Director Forsythe. If there were two or more candidates there would be an election. The list of candidates was discussed—Natasha Hunt was leaving; new hires before the election date would not be added, and Pension Coordinator McWilliams left the meeting to check the list with Human Resources since Board Member Gload noted that a dispatcher had gone from part time to full time. Upon her return she reported the list as presented was the most up-to-date list Human Resources had—they advised the Finance Department got this information first and it could take up to a month before Human Resources received it from Finance, therefore she recommended that in the future the plan administrator check with the Finance Department for current employees. Pension Coordinator McWilliams Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 8 presented an updated list of employees with the dispatcher added. Board Member Gload was asked to confirm the list. MOTION Board Member Terzakis made a motion to approve the election date of July 6, 2010, runoff if necessary on July 23, 2010, the list of candidates to be the official list after con�rmation by Board Member Gload, that Board Members Deanna Mayo and Michelle Gload were the employee candidates and needed to apply, and to ask Finance Director Forsythe and Pension Coordinator McWilliams to be the election judges, with Human Resources Director Merlene Reid to be a judge if Finance Director Forsythe declined. Board Member Gload seconded the motion, which carried by unanimous 4- 0 vote. Pension Coordinator McWilliams left the meeting at this point. 19. Policy on 3% interest on non-vested withdrawal of contributions Attorney Jensen presented a drafted statement of investment policy regarding the 3% interest on contributions, and explained it had been drafted based on the plan as it was that day. Because the Board was looking at a third party administrator, the provisions might change; but somebody had to make a determination as to whether someone was entitled to a refund of contributions. Sections 1-3 were based on input from Finance Director Forsythe, that interest would be paid on refunds of contributions to non-vested employees at 3% per annum compounded annually. Interest would be paid on the total amount of contributions before taxes or withholding, and distributions would be made within 30 days of the fund providing the special tax notice required by the IRS, or sooner if the employee had signed the special tax notice and returned it to the pension coordinator. This interest would not be paid to employees who worked to retirement, and it was recommended the subject of 3% interest be included in plan participant educational meetings. Board Member Terzakis noted the proposals from the third party administrators included educational meetings, and suggested that new hires could be provided with that information. Attorney Jensen indicated she would update the summary plan document to add that information. Board Member Gload advised the interest had generated questions from employees and further explanation would be helpful. Attorney Jensen clarified that the Board's policy was that refunds of contributions with no issues could be paid between meetings and ratified at the next quarterly meeting; therefore the procedure was that the refund of contributions would be submitted to the pension administrator for review for eligibility or disqualification, if any questions it would be forwarded to legal counsel, then an application submitted that met all the criteria outlined in the plan document, and disbursed immediately upon signature of a trustee, to be ratified at the next Board of Trustees meeting. Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 9 The Board must rely upon the Finance Department to tell them the amount of the refund of contributions. The current procedure was reviewed. The Recording Secretary left the meeting to get the form for refund of contributions. Board Member Gload advised the refunds of contributions that had been made had been straight 3% interest, not 3% compounded annually. Attorney Jensen advised she believed the actuary would need to know the amount of the 3% liability on an annual basis. The original language of the 3% interest was checked and found to be silent as to whether the interest was to be simple or compounded annually; Attorney Jensen advised it was up to the Board as to which they wanted. Recording Secretary Laur returned to the meeting with the refund of contribution form and a new form which had not been used yet, required by Salem Trust Company since they would now be writing the checks to the employees. Chair Rhodes expressed his opinion the interest should be compounded. Board Member Gload was requested to look into past payments made at 3% simple interest. The distribution forms and current procedure were reviewed. Attorney Jensen advised it would be beneficial for someone to make a determination whether an employee was eligible for a refund of contribution. Chair Rhodes indicated that should be the Human Resources Department and a line should be inserted for HR to sign after they made that determination. HR would be requested to make changes requested to the form. The recommended procedure was as follows: 1) Applicant applies to Human Resources to verify eligibility and HR signs off. 2) Forms forwarded to Finance Department for calculations 3) Forms returned to HR to verify this is okay with applicant; applicant to sign at this point. 4) Forms to Pension Coordinator to sign off. 5) Forms to Senior Accountant Rahim for execution. Attorney Jensen advised the Board would ratify the distribution at the next meeting and one trustee signature would be required for distribution. Recording Secretary Laur pointed out the Pension Coordinator had not signed in the past; Chair Rhodes noted the form needed to be changed to include her signature. Attorney Jensen was to insert a calculation on page one of the drafted investment policy statement; the steps just outlined would be inserted on page two. Recording Secretary Laur asked if the wording should be Pension Administrator rather than Pension Coordinator, which Chair Rhodes indicated would be correct. It was requested that HR make the requested changes to the form. Attorney Jensen was requested to bring this item back to the next meeting. 20. Form 1 Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 10 Attorney Bonni Jensen reminded the trustees to fill out their Form 1 and send to the Supervisor of Elections in a way that would be able to be verified they had received it. 21. Custodian Addendum Attorney Bonni Jensen advised an addendum requested by the custodian had been included in the packets which indicated that they would be responsible for tax reporting, benefit payments, payment of bills, purchase and sale of mutual funds, etc., and they would provide a monthly statement and a check register showing all the income. Their original agreement to provide custody services had been made in 2005 when it was anticipated the Village would be responsible for these items, so it needed to be revised. Chair Rhodes asked that the 2005 agreement be brought to the Board for discussion to make sure there were proper internal controls and insurance coverage. Attorney Jensen advised the Village was not named as additional insured. MOTION Board Member Gload made a motion to approve the addendum and then review the overall agreement. Motion was seconded by Board Member Mayo and carried by unanimous 4-0 vote. 22. State Legal Updates Attorney Bonni Jensen reported nothing had happened regarding the information she had provided. The sponsor had agreed to take back his legislation and perform a study. Attorney Jensen discussed some of the information and expressed her feeling there would be a future piece of legislation that would make some of the changes that had been proposed. 23. Pension Benefit Application Process Attorney Jensen advised the proposal was that the employee would complete the benefit authorization form and the application for pension benefits form, that Finance would calculate the numbers and provide them to the actuary and the Pension Coordinator. Once the information was received back from the actuary, the employee would choose their benefit options. The actuary would provide the form and the employee would sign it and it would go before the Board with the retirement application for the pension benefits form. The attorney explained there was a normal form, which was the 10 year certain; there was also a life annuity which meant the employee would get more money now but that would leave no money for anyone in retirement; or a percentage could be left for a survivor, and the member would choose one option. Most employees made their choice on the dollar amount they would receive, covered in item 4. The Board would approve the benefits and then Salem Trust would process the Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 11 monthly benefits. Attorney Jensen proposed changing number 6 to read the Pension Administrator (not the actuary) would provide the calculations and information to the Board. Discussion ensued. Attorney Jensen suggested the employee pick up the form from the Pension Administrator, but it could be HR. Attorney Jensen commented the employee was being asked to make a decision without having first received any information on which to make that decision. Chair Rhodes indicated he believed the Pension Administrator should provide all items 1 thru 5 in a packet to the employee to start the process. Attorney Jensen advised all of the items should be given to the employee by the Pension Administrator at the time they came in and stated they were interested in retiring. Chair Rhodes asked Attorney Jensen to include another step, that if the employee had any questions regarding taxes, etc., the Pension Administrator could speak with Board Member Gload. The steps were reviewed. Chair Rhodes commented this was not a simple process, which was why a Pension Administrator was needed; Attorney Jensen commented someone was needed who was aware of the whole process and could make sure it was followed through. Board Member Gload commented that Salem Trust had requested a different form W-4. Attorney Jensen advised the revised procedure would be provided to the Board and she would bring this back to the next meeting for approval. 24. FPTTA Annual Conference June 27-30, Naples Florida – Trustees School September 26-29 at PGA National Resort, Palm Beach Gardens, Florida Attorney Jensen explained the conference in June was less class oriented than the trustee school, which would be held locally at PGA National Resort. The trustees who expressed a desire to attend the school were Board Members Gload, Mayo, and Terzakis. MOTION Board Member Mayo made a motion that three members of the Board attend the Trustees School September 26-29 at PGA National Resort in Palm Beach Gardens—Board Member Gload, Board Member Mayo, and Board Member Terzakis. Motion was seconded by Board Member Terzakis and carried by unanimous 4-0 vote. IX. Any Other Matters Dan Johnson of Bogdahn Consulting advised at the next meeting he would present a proposed commission recapture agreement with BNY, which had been given to Attorney Jensen for review. This would provide a rebate back to the fund. Tequesta General Employees Pension Trust Fund Quarterly Board Of Trustees Meeting Minutes May 3, 2010 12 X. Communications From Citizens There were no communications from citizens. XI. Adjournment There being no further business, the meeting was adjourned upon motion by Board Member Mayo, seconded by Board Member Gload, and unanimously carried, at 11:20 a.m. RespectFully submitted, Betty Laur Recording Secretary