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Home My WebLink AboutDocumentation_Regular_Tab 07_05/18/2006 L EMPLOYEES' PENSION TEQ�STA GEN�RA ST FUND TRU Y B4A� OF TRUSTEES MEETING - REGULAR QVAR FEBRUARY 16, 2006 1: CA,I,L TO ORDER AND ROLL CAI.1� Em lo ees' Perssian Trust Fund Baard of f� e T�uesta P�ubl Z'he Tequesta General P y rat�ons Center (E4C) ° 16� 2006. The quarterly meeting in the Emergency � uesta, Floricia, on FebruaxY 3�'7 Tequesta. Dn�e, Teq L Recording • Safety Facility, A roll call was taken by BettY meeting was called to order at 5:00 a.m• were: Chair Bob Garlo, SecretarY Secretary. Board members in attendance atthe meeting Board meml�r Anne Koch, and Archie C. Mangu�� rr•� Boazd member Tom Patemo, newly appo�ted Board member Catherine Harding. Also in attenda��'�'ere Attorney Invest�ent Advisors, Pe�ion Coordinator Gwen $�rni Jensen, Mike Dana with Dana Finance Di�ector JoAnn Forsythe. A ��g Ivianager Patrice Monaco, resent but faxed a handout and Carlisle, � �,� �ble to be P Monitoring Consultant Joe Bog was available by conference ca11• n, A,PPROVAL 4F AGEND.� . . �pTION: rave the agenda with Pension �--- otion to aPP Board member K��bg �adihQns� under Any Other Matters of the FPpTA Coordinator CarUsle . 945 to be changed t� nes handout, the Wachovia statement s IIt f$ a balance of one cen , m e m b e r s h► P d enda num b e r 8 t h e p a y m e una t u m o u s and under the consent ag 5945.85. Board member Paterno seconded the motion, which car►1ed 3' vote. III. CHANGES TO 'r� �� W EMPLOYEE MEMBER CATHERINE HARDING .. , 1, WELCOME , � who had agreed to fill the ��t ees willing to serve at Chair Bob Garlo introdu ea C �ere had be n no� other employ advised that she � employee representatave s - this tune, therefore no election had been required. Ms: Hat mg W - � �i , ; BOARD OF TRUSTEES , - TEQUESTA GENERA�. ENII'L�YEES' PENSION TRUST FUND � REGULAR QUARTERLY MEETING 1'�TUT�S � . February 16, 2006 � PAGE 2 —____r--_r— _ ______;____________--_ -- was now a voting member. Z. RE-APPOINT BOB GARLO AS 5� MEMBER OF THE BOARD (TERM EXpIRA'�'ION 2110/Q� - new term eupiratiaa 2/10/O8 - MO. T ON: Board mcm6er Paterno made a motion to re-appoin►t Bob Garlo as 5 member of the board. Boardmember Koch seconded the motion, wluch carried by � . � unanimous vote. � � I'V', APPROVAL OF MINUTES + MOTION: Board member Kach made a motion to approve the minutes of the November 28, 2006 regular quarterly meeting as submitted. Boardmevaber Paterno seconded the motion, which carried by unanimons vote. � V, PRESENTATIONS 5 INVESTIVIEN'T MANAGER REPORT (This item was moved ahead of the update on the actuarial report, as Mr• Palmqwst had not yet arrived) Iviike Dana, Dana Investment Advisors, Inc., explained that they tried to make sure they were invested in each of the domestic equity sectors, which had been found to be � better thati trying to overweight or underweight a certai� sector and had been well tested. In international securities they did not invest that way since accountin8 was � not the same, and a1so, foreign governments had been known to take securities off the market, so international holdings needed to be diversified�m�u� �P°�s As to the number of securities in a portfolio, Mr. Dana exp , invested in 50-55 domestic securities would outperform. If someone purchased more performance would drop on than that, 60-70, they could not outperform their inclex, ou would the upside and an the down side, too. If you bought less, 30 or so, y perfortn better in an up market but would be hurt in a down market. That was the reason Dana bought the number af securities that they did• You wanted to make the Most of our return over time would most yield with the least amount of volatility. Y come from securities that were equity-oriented. Bonds might be bonng but would be really glad you had them when some idiot did something in another part of to have in bad times. They tried to the world; bonds were your anchor, yaur safetY, , make sure the bonds were not as tied to the same kinds of things that move the stock 'F30ARD UF TRUSTEES - . `;� rEQTTE5TA GEl!iERAL EIVXPLOYEE5' PENSION TRUST FUN1� REGULAR QU�TE� MEETING 1�'i1NUTEs February 16, 240b PAGE 3 -- ------------- �� tried to -�� l tion that could be made mathematically and they advised that was �eir philosophy, � maricet; there was a corre a ssible. Mr. Dana ��vesting this . keep that correlation as lov�r rt��e� commentin:g ��ey and then refenrecl to the repo aver time• Ivlr• es would became n�ore m� � P � q � s � � - fiin.d a short time and the figur , read to salary• Da�ia, asked the actuarial assumption and the sp ° resentarion, resl�n�� that the actuarial assumption had arrivetl durin8 Mr• Dana s P o Dana discussed the fund's asset read to salarY was 2/o. Mr• rtfolio, but W � g% and �e SP lained that one could nat have a risk— � eXpla�� . allocation of 60/40, and exp �� with the allocat�on. Mr• o to 7.5. Fed f:unds rate, the rate � rniist have about 60%o in stoc fr� o h $ .25 a year ag t�tat the prune rate had g t between themselves, went from 2.9 to 4�on that �� ' banks charge �� affthe accc>mmoda It would � �, C�reenspan tryi�g ommodation stanr�e• economy. Mr. Dana ativised w� were still in �� end. re the economy picked up a�d it would take�awhile � figure out take some time befo �oc�ation p�od 1vlr Bernake, but he believed the acco ood earnings coming in � Some things were going on with oil—while lie saw really g ckets in sectors and he was not sure M ana P a tZ,°he�i� _� � y ear there would be po what may h�PPeII to G redlcted by Egan-Jones, an _ y stock marl�et and bond max'ket regaz mg t Ford was a pall that had come over Detroit and ot robability within 2 Y� � that there was an 84 /o p l �d notknow institutional researc h �' o Motors. A lo t o f p� P wo u l d fi l e for protectio tt� �a °�t � eS �� called Enron and Were prettY that there was this Poten , rs . accurate s o faz as these things went. He was not as c�et ring p n Uni'ted b�l �ause there were lots of automobl e��P�t He saw oil pnces helping chologi an. States, but was concerned about the psy Dana reported th �� for awhile, but who knew where� t�e ��d he felt it would remain gt�bex and h� . amazing year last year on theu �t had been acquired m Oc Referring to P�e 4 of the report, the acco rovided, and also advised en rett3' well invested, Mr. Dana reviewed the numbers P riod JanuarY 1 t�°� b e p o � t �� S y � y �� u p 2,11 for the pe � e d a c ti o n t a ken that �tie total acc i n t e r e s t o n the bonds. Page 5 repo Valentine's Day, not inc lu ding ra,is e d t h e F e d fi mds n Market Comniittee on 1�31/06 when t1ieY h � a really g� by the Federal Ope �,, rted t�eY ZS basis points to 4-1/2%. Dana reI� Dana explained that ra.te by e ��s were reported. �• website. On page 6, treasury 3'i �t was benclvm�k. 'Fhe yield curve on the everything "'�� relative to treasunes er if you .. c � e w � no �ally higher but it was now flat. It was hi� �Qr �t• long end of the ou had to p y • talcin more risk on �� onger end of Yh a� � erest rate ma�ket beea d were � ear bond m o � bond woul � You would not want to o� a 3a more interest a�d �e price of y . the ne�. �Y someone would p y � gpA.RD OF TRUSTEES TEQUE5TA �ENERAL EMPLE Il�TG ' pD�s TRUST FUND REGULAR QUARTERLY ME February 16, ZOQ6 � PAGE 4 �_ �.-__----_- _�_______------------ dxop, so if you wanted to buy, it would have to be discounted so �e s w re , m� lace buy, In a situation with a yield curve like this generaily a lot of thing P that were bad for stocks, bad for bonds, bad -for the economy, but nothing was cuming in like that, sa in November Mr._ Greenspan did an analysis,that found $om about the third to thirty Years there was a relationslup be � lEd ��'� rld curve at�d the unrt cost labor rate in the world. NIr. Dan� Waz II, 7apan made thin$s cheaper and over time as their economy and �eir l�abo ical of an economy tbat was struggl� � . rate went up and up--which was typ� �� long . wexe willing ta work for less. Mr. Gxeenspan found � n 1 �Chu�a, Russia and India end of the curve and the unit cost labor rate and �i$h were pushing dawn the labvr cost, which had kept the long end af this curve down. AS things unproved, as they wer� in China, the cun'e would shift to a more normal � relationship and if you bought a 10-yeaz bond Y F buWthe 'i erm and ong - end would remain since it was controlled by the ed, e� �� y more end would shift back up. Yflur risk was--if you were�'t going to g P to 0 o u t l o n g e r, w h y do i t, es p ecially when it could come back up and take the . 8 - market down. The bottam line therefare, was it is a rea1 dangerous time to ex te n d a — y bond portfolio beeause you wouldn t get paid for it � � t� � ,� �ovember starting to rise in all three of those countn.es, plus Mr. P he did not know if it vrrould be one month, ane year, or ten years until that curve goes up. There were a number of real estate indices based o �was based off thr�ee Y example, you could buy an adjustable rate mortgage tha or five yeaz, or seven year average bond treasury• He thought this would slow the real estate mark�t in parts of the country and imP�t here but not like any other place, • because he thought_everybody up north in every cold place had a Florida plan. The extra rooms in 1us home filled up wit1� relatives based on temperature, aad the older ones came dpwn and bougl?t homes, and the first BabY Baomer was now 60 years old. On page 7 of the report the Fed fu�� '�S showed stronger than expecfed retail sales numbers, so the Fed would ha.ve to keep pushin8 the brakes, and Bernake hadn't tauched the brakes yet. Page 8 tracked the coupon ra.te on the e 9�t showed w�ich ha.d started to move up on t he f u t u r e r a n g e Qf the b°nds' � p� asset allocation as of 12/31 /OS in a pie chart, and Page 10 showed a11 cap sector distribution relative to the S&P 1500 index. a�ok showing how a11 the proxi es 11. Mr. Dana advised that there was a separ t below 50 being low, and 100 were voted, and a corporate rdnking 'uv�th anythin8 being high. Boazdmember Patemo asked what the 60% in s�ock allocation had to do to meet the 8 actuarial goai• Mr• Palm9u�� responded you woutd need to eam - about 10% a year from the stocks and al�out 5% a year from a c�ent d he lov d � charts going baek to 1926 in tb.e calculation process. Mr. Dan '� ': gpAgD pF TRUSTEES TEQ�E 5TA GENERAL EMPLO�ES' pEN5ION TRUST FUND REGULAR QUARTERLY MEETING 1�'IINUT'�s . February 16, 2006 PAGE 5 . _r__--..-_---_---- . _�.:_------ �~ back to 1�26 who thought real estate had showuig peoPle those charts a11 the way . alwa s be�n the best investment, because the charts sho�wed that�o ee�� came up in y had been better. Mr. Dana advised they rebal and ex lained their lar$e cap would �eu targets, but usually q�rly wa:s enou�h, P ended reading theu 5ometimes reach down into bigg�r mid-caps. Mr. Dana recomm newsletter, Dana Vier+'point. Consensus af the baazd was to �clude the proxy 'on in the report in the future. Mr. Dana provided one copy �d voting uiformah explained how to read it. . . �}, UPDATE ON ACTUARIAL REP�RT � R� �mith & CompanY, Provided a handout which was Steve Palmquist, Gabriel, d in the a draft of the actuarial valuation report as of S O� Se t ember 30, 007, hot off � employer fiscal years ending September 30, 2U P , ared to the last report which the press, On page 3, t�s Y�' s�O�ation was camP riod to the ne�ct. 'I`he �,�,as as of 10-1-03. Numbers were very consistent from one pe - resent value of projected benefits was shown for ail w�m hat�mu h money in the _�� uist ex lained if there ! $1,885,568, which Mr. Palmq P 1an no more contributions would have to be mad� �o eV°� � meth� to P y p tust revi 24 employees currentl in the lan. M�: P�q about $600,U00 in the get the value of projected bene needed to co m� ��e to fund the plan plan, the difference was what rt}�t been done two ro rl The amount needed was less than when this repo p p Y• � minim�; required Village contribution for this years ago, wluch was g oll, which was also less than fiscal year was shown as $90,228, about 8.25% oe � h� been a raritY to se�e �e � at the time of the last report. For the past 4-5 y ned here. Mr. Palmqwst required employer contribution decrease, but that had 1ia.pPe uued Village explained the methodology used to project th� minimum req ear of $93,869. A final report �'ould be sent next contributio� for the next fiscal y �St referred to Page 4� �'��h �er broke week. This one Was a dra.ft. �• P�'q ro ected employer normal costs. down casts to arrive at the present value of p j nsion Coordinator Carlisle asked if there was a total O� �� $S 1,�4 Pe uist responded thax rt w employees, to wluch N1r• Pa�q e 5 showed what had happ�ed $52,OOU. Tbe bottom lines in the �ble shown on pag ' ce the last valuation. The investment return for 20(�� ' ass� tt �d a sin had been much better. Page 6 contained a summ �t St �e a erage age of the �' ta b le s h o w i n g � e r m i n a t i o n r ates and disability artici ants was between 40 and 45, and there had. b een�a lot�om th e emPloy e e� s' p p o down and was a gaod S . expected, which made costs S gpARD OF TRU5TEES - TEQUESTA GENE1tAL EMpZO�ES' PENS�ON TR.UST FUND �G�,,� (�UARTERi.�Y MEETING MINi1TES ° February 16, 2006 " , PAGE 6 _� -- �M int, page 9 showed revenue and expenses for the past two fi� �a standpo palmquist noted there shauld �t thingves�tment reea � earninSs, , on the final report. The irnpo on this paS wluch had �been �erY go� in FY O5. Page� 10 contained FASB a� 3 there would be which Mr. Palmquist explained showed if the plan �ad to ternun , enough ul the plan to pay off all debts incuned thus far. The termination value as of 10/1/OS was $433,790, and there was $602,280 in assets, tio�butin200gand - position to be in. In ZOQO a1� �s clients had liad this type of pos� n, � 2002 there had been biS inv��t losses and it took a long time to catch up—�ere were still plans whvse market value was less t� �e pl �� i��l�o of the 1 b conta,i�ed sta�s�� °n �e memt�ers of th hp� �� fit in age and service repart would have an additional page showing categories. There had been a lot of turnover, which was good from t�►e emPloyee . standpoint, but not so good. from the Village's standpoint• Chair Ga�'lo confirmed for this year and proJ ect� �� for next ye,az'• `T1ie Tast � this reP°rt �°nta�ne� fi�es of the benefits of the plan, and the . couple of pages presented a brief summarY stem. i benefits with three except�°ns were very similar to the Florida Retirement Sy _� Mr. Palmquist explained that under early retirement, S efi and the immed ate benefit and had six years servtce could receive i�mmediate ben , would be equal to 2% of their 5-yeaz avezage pay times number of Years of service, ear leaving eazly. Someone �ng then a 5% reciuction in theu Pension for each y , � 6�0�o reduction in their their pension 12 years early, at age 50, would expen pension. The alternative was, if leaving at 50 not ta take the I�ension untiZ th�y were uist noted that the most important thinS on this page was the age 62. Mr. Palmq else in the plan: 2% of � normal retirement benefit, w hc�hm�� O P�� b � n �� m average fina1 compensation ( P benefit 1 UO% of AFC. In Florida Retirement System �k d hy the u�ber of pl�an � Public Safety plan rt was 3%• B°azdmember Koch �� ex lained that participants increased &am 10 in 2000 to C�in Ga�rlo ommen ed t�t he believed when the plan started it was voluntary, when the plan started eyeryone was in it with �e �� d next week and th �b Palmquist advised that the final report would be re n lo ee Safety Officers' report would be addressed next week, as well as the emp y benefit statements. g, _� pRESENTATION BY MONITOR ion Coordinator Cazlisle annour►ced that Joe Bogda� $Og� Co��ting' � Pe� hone. Boardmember Paterno questioned . LLC, vyas not present but was available by p BpAgD O�' TRUSTEES TA GE�� EM�LOYEES' PENSION TRUST FUND TEQ�S REGUI.AR QU�TE�I•Y N�ETING 1bIINUTE� . February 16, 2006 PAGE 7 _______„_----�-�.______..�- � .. ______________.----------------- . Bo dahn's cash figure of $64$,000 as of �2/31 �d M M re d d that �• � in the bank account. amount Dana had plus the money as of today the bank cash account hac� app��tely $65,000 in it, so Mr. Bog � was icking up both cash and investments. Boardme� and�Bogdahn. Discuss�io P approximately $4b,000 difference in �e figures a slight difference be�ause the . ensued. Mr. Dana commented II a matrix, and s firm had to va1ue tb:e securities custodial valued securities based o t result with the SEC at what they were, and they did not use a matrix, and that migh rcent between their figuxes and the custodian's figures. � in a difference of half a pe Boardmember Paterno noted this was an 8% differe �� Officer s board meeting and reported the same question came up at the Pubhc Saf tY and he might not be getting that board had asked for a repc�rt on this from Bogdahn, rep � She sent tl�e banlc statement to the bank statement. RecordinS S�cre�3' �� he receive� a CPA statement Mr. Bogdahn's office each month. Mr. Dana rePo . different start dates, which each month, and he and Mr. Bogdahn nv►ght be using t difference. Consensus was tt� contact Mr. Bogdahn to would result in onlY a sligh - ask for a written explanation. � � Y The meeting recessed at 9:27 a.xn- Mr• P�auist left the meeting. in reconvened at 9:39 a..m. Mr. Dana commented he a d was not usual The meet g numbers were so different unl�� D� el ft have so much cash �:n a bank Ms. Carlisle advised Mr= Bogdahn of Who A phone call was made to MI'• BO��• reviewed the acc,ount reconciliarion on v�ras present at the meetin8• �°�� be � � �dexes. Boardmember page 2 of his report �d zepo erno noted that Dana showed the amo�t ��e � nd � � �� re � was Pat dahn re po gogdahn's report showed $648,000, and Mr. Bog one in the checking account. Boardmember Patern �� e � o�t so that the m y needed to make a decision on the amo�� tO be kept �n the checks more could be invested. Mr. Bogdahn asked if Sal a�� board had decided to in the future, to which Boardmembex P�mO respo check charge from ha,ve a checking acco�t for operational costs to avoid the $15 per �� Sa]em Trust. Mr. Bog�ah� �vised that Dana di ov'ded by Sa1em Trus�. It was informatio�r--�t they only.. saw the numbers p � ' ed that the board's questions had been answered. Chair Garlo reported to Mr• . ind�cat hone ca11 was Bogdahn that Mike Dana had provided an excellent report. The g . cancluded. - gpARD OF TRUSTEES � � TEQUESTA GENERAI. EMPLOYEES' PENSION TRUST FUND - R,EGULAR QUARTERLY MEETII�IG MIlVUTE�S < . February 16, 2006 - PAGE 8 .. ____`____�.�__.._�____ Chair Garlo stated it was his recollectipn that administranve expenses were going to be identified and just that amount would be put into the checking account t° � pay bi.11s. Boardinember Paterno commented it should be. a lot easier now that e commented the situation here was Dana was on boai'd.. Finance Director Forsyth �ent was directed to when the board did not ha:ve Sa1em Trust the Finance Dep 8ank and go ahead and send all the contributions to Independent Community those directions were ne�ver ehanged, so the boazd needed to aha�g� �o� � directions and possibly set up some kind of l � �� y �n d e and he �fer within 24 hours. Chair Garlo recal had sent a memorandum to payroll to resume sending the contributions to Salem Trust, Discussion ensued. Recording Secretary Laur read fi'am the November 28, 2005 m�eeting minutes whi�h had been in�cluded in the p��e�: Accounting Manager Monaco, asked to refresh Board member Paterno's memory about how � the bills would be paic� responded that as the board approved payment of bills the Finixnce Department would transfer money Ynto Independent Community Bank to � pay the checJ� This month nothing needed to be trans, f�erred, but in the future she �'� would bring it to the board's attention. Wh n the moneywa. Pulled from� When the money had been 'with Rockwood— Rockwood there would have been a period of time where there wasn't either Rockwood or Sa1em, everything was in limb°• Pension Coordina.tor Cazlisle noted this had taken plaee November 28 and that Dana l�ad taken over the investments October 13, 2045. Finance Director Forsythe stated then all that was needed was the $47,000, and the Finance Department could go ahead based on that, and the only thing nee.ded was to sa.y the contributions were naw directed to Salem'Trust; and with the statement in the November 28 minutes that was authority for Finance Department to proceed. Board member Paterno clarified that the Finance Department would get what money they need ��e ��e Financeit to Sa1em Trust so that Dana could invest it, and then in th - �er. Department needed money they would pull that money aside every q Finance Director Forsythe sta.ted that before the meete �� Boazd me bernt would make sure the money was available to wnte th Koch asked if that was sufficient or if a motion was needed. Boardmember Patemo advised it was already in place, they just needed to move forward. Ms. Forsythe requested a motion in the minutes that the Finan.ce Department was directed to have the contributions sent to Salem Trust, although she knew that had been done a.dministratively. ' � BpARD OF TRUSTEES TEQUESTA GEI�TERA.L EMpLO��' PEN�ION TRUST FUND REGULAR QUARTERLY MEETIN� �'IINUTES February 16; 2006 PAGE 9 . _ ____------ _____�_-------._---..:-- - ----------------------�----' � M4TION: goardmember Patcrno made a motion to send all contri oII � tb mation, Salem Trust for Dana to inves� Secretary Mangum sec - which carried bY unanimous 5-0 vote. . VI. UNFII�TI5HED BUSINESS �. DISCUSSION OF AMEND�D ABMINIST�T� R�ES ( forma for , payout) ve rules had been amended and Pension Coordinator Carlisle reported the adm�� o � i .�, �� the only question was the affidavit for people leaving �• roval was created using Attorney Jensen's form and ths V�llage's form, and app out form. requested in order to insert it i,nto the adminis�'��Ve ��ion� of the sampl she had Attorney Jensen noted the affidaV1u �� e� b Ms. Carlisle and Ms. La.ur. Ms. � provided from North Palm Beach, P g y The procedure for _� Carlisle noted the form Would�el�e�Vi W'� �� bA� ey Jensen advised signing the payout form and that both forms should be signed together. OriginallY the member would come in and fill out that they wanted to withdraw theu money, then the calculations would be added, and the employee would sign and date it and at �a t o f a�r, and back. Boardniember Patemo requested the forms be on one shee P� le asking ginance Director Forsythe comment�d there had been problems with peoP for time to decide whether to roll ovei or take the�ma�e YC�� Garlo 'mdi a ed that told during the exit interview that they had to d le in exit interviews, would be difficult beeause in conversations he had had wit� PeOP � they wanted to consult their spouse or their fmancial ad�sor before making a decision. Ms. Forsythe asked if there was a way to limit them to a 2-week period or could they hang out forever not making an election. Attorney Jensen advised You would not want it to remain forever, but there W� riO ° fo g t 1�'The Public�S� �S' trustees to make a re f u n d to so m e o n e u n l e s s t h e y as k e d Board had a 5-year limit, which was a provision of Florida Statute l75 ane �1, � she was not sure if this boazd had that sam ��a �uld pu pre to m e a obligated this board, but admmistratively decision. It was difficult because it was a hard decisiont °�ould not be earning anY they recognized that if they left their money in the fund interest, it would be in their•best interest to get the en ed he wondered if written their own a:ccount• F��ce Director Forsythe comm statement advising them th�Y �'ould not be earning interest would be incentive for _, BOARD UF TRUSTEE :. - TE UESTA GENE1tAL EMPLOYEES' PENSION TRUST FUND Q REGULAR. QUARTERLY MEETING NIINUTES February 16, 2006 PAGE 10 .. -- ______------------------------- � decision. Pension Coardinator Carlisle commented tb:ey a�s� n�� them to make a to know the dollaz amoi�nt in order to make their deci��n• � the e f� PaY• Forsythe commented that figure was available unmed� Y �� Ivlangum suggested telling tbem they ha� 30 �od 20%S t Att rney J nsen S retarY not the Village would write them a check and �� d leave it 5 years and then it advised the plan did have a 5-year provision, they had to be paid out. Boardmember Patemo noted it w�d �be re�� n F o e i ythe a space for the dollar amount, and was ��ch would be the taxable amount. � ��t� tb,e finat gross should be filled in, The could be tc�ld they could leave it in 5 yeazs but it would not be earninS �Y y ven. Boardmember Paterno stated they cauld be interest, but no advice should be $i- ou W �t to do and we will fill in the told, that was the final amount, decide what Y � a�f'idavit on the other side. The for�n was to be revised by putting columns• Jensen advised asked if there was a dininimus allawed. Attorney Secretary Mang� i and most of the plans-based on there was no dininimus Pmvision in the p an, Federal legislation last year—were red.ucing the am°�efa��1� lan��g � _! y out entirely. What the Federal government did vv�th th 000 you must make a put a provision in that said if the be�e�fit W�� y could not loeate the person, mandatory distribution and the board � �� unt, to apen uP a ro�lover account somewhere, thus creal�ng which could be administratively difficult to t�1� SO �e bO Baazdm mbe Paterno leaving the money in this fund for bracking P'�° �' � �� would ha.ve the commented if someone did leave their money 5 Y vested em lo ee assed benefit of invssting that money. Ms. Carlisle notecl if a fu�ly P Y P awa their beneficiary would have to be paid• Attorney Jensen advised it would be Y � �e �s �,f the employee asked to be paid• Ms. Cazlisle commented itw'ould ve to be brought before the board at the end of 5 years. . � asked that on page 16 third line down of the adminislra�c �es Secretary M S'� e�,hich had been typed to fiake out the second income deduction languag Chau' Garlo asked if the actuari� ��t�on should be approved. Attorney Jensen advised that it should be on the next agen� fOr approval, after the final version was received. Secretary Mang� IIO� it should be accePted, not approved. At�orney J ensen asked that the adminislxative rules be signed toda.Y and �en she would correct the typo and add the new form, and no motion was needed. �e administrative rules were signed• BOARD aF TRUSTEES �ERA.L EMPI,OyEES' pENSION TRUST FUND TEQUESTA GE - . REGULAR QU�TERLY 1��T�G M�UT�S . FebruarY 16, 2006 PAGE 11 _ _..___--�------- -----____--- ____:---- - -- . �, CONSENT AGENDA S.. PAYMENTS TO BE REVIEWED AND APPROVED ' � Busines8 Se�'vtces COnnection -- $ 225.54 � 11/8l05 meeting and minutes � Hanson, Perry & Jensen, P.A. : $ 725.39 $ 500•00 � Bogdahn Consulting, LLC , � • Dana Investment Advisars S 945A0 aa fee advice for period • Salem Trust Comp Y _ $1,370.23 10/1105 to 12/31/OS - roval of new applicants for participation in Pension Plan 9. -� r APP None 10. Approval of Beneficiary Cbaog�s None . _ wal of contributions. (emploY� t��i°a�g employment 11. Request for withdra with Village of Tequesta) None 'on of withdrawals made since the last meeting on 2 3igna�re basis: 12. Rahficat� None 13. Budget Report - Accounting Manager Mo��o . MO�,� � � rove the consent agenda. Boarda�cmber Boardmember Koch made a motion to app unaoimoug 5-0 vote. Paterno seconded the motion, which carried by � BOARD OF TRUSTEES �g�T, EMpj,,OYEES' PEN5ION TRUST FUND TEQ�STA G� REGULAR QU�TERL� MEETING MINUT�s February 16, 2006 PAGE __---------�--' -- .. ------- ___----------------- �. FINA'NCIAL 1tEPORTS , � - 4, Account Statements (4c#ober-De�cember 2Q05) - 1 rovided • Coordina.tor Gwen Carlisle noted the stateme�n ae �� ° � s �t�atement Pension to the members, and asked if the board want to co �� a balance of one cent at this time. . ` MO ---� N ' e a mation to close the Wacb4�a account e m ri n, Boa r dmQ m b e r P a t e r n o m a d le. S�cretary Man g u 1° s� o n d e d t h the one cent to thc io��ent peop - which carr►ed by unanimous 5-0 vote. - �, �W BUSINESS - nsideration of sending a member of the board to Trastee School 15.-�y Ca commente� he �� reservations to attend o he got��e Chair Garlo SecretarY Man� the bridge broke the s� e� pl� pension Coordinat°r Carlisle noted that ha� . �o�mation too late to chang been too much going been the same situation with Boardmembe�r�a there W��erence cominS uP on for anyone to attend. Ms. Carhsle ann i � as 1 � � ��nember June 25-28 if the baard wanted to have the s�� as the trustee school. Attorney Paterno commented the conference was not as g dvised the National Cvnference af Public Emp1oY�� Retirement Systems Jensen a �h ��dens this ye� �ch wauld be a Prett�' g°Od - would be here in Pa1m Be on a national , nference for the members to attend--it was 1� if th boa�rd was inclined to GO et the dates. Chau' Gar level, and she would g ented the boazd had send anyone to the June conference. Boardmember Koch comm �� She also tallced ab°ut Attorney Jensen providing i�ction. Nis. Carlisle comm o le would lik� to wait for the 2007 conferee �c �e�,ds from this ye�' to thought most pe P ssible to roll over th palm Beach County, asked if it was po ar a1so. Attomey Jensen ore could attend. Boardmember paterno note ethere was an obligation o next so m n �d� to b� done this y d she had educate Yeaz'1Y� S° something �vestment , type presentations, an .. advised that 3oe Bogdahn: � fthings. Boardmember Kach asked if th�t would _ presentations on a whole variety enda for this meeting• . done in a seP��e meeting or �f it could be a�u d each a 1-hour presentation. be � ,Attorney 3ensen advised she and Mr. Bog _ . � � - � , . � � BOARD OF TRUSTEES E�gAI, EMPLOYEES' pENSXON TRUST FUND TEQUESTA G �� . REGULAR QU�TERI:Y MEETING 1�� Febr�a�ty 16, 2006 PAGE 13 �....____----___--_---------------- . �------ Koch indicated she liked the idea because �ey would pxesent items Boardmember advised that she had suggested that they knew aPplxed to this board. Attorney Jemsen TA that theY have �a format with boa�'ds to sit at V� h� pre� �on to FPP � at the next meeting �� Boardmembe� Paterno su8g _ d le cauld sti11 go to the National conference ��e public rerords Ameetiug � � ut the sunsh�n Jenseu indicated she could speak a�0 � 112, this plan, etc. Boardmember Paterno prep �dministra,tive rules; Chap about the sunshine law, Chair Cyarlo was indicated he was burned out hearing �_ � in things specific to-our plan, and Boardmember Koch was interested in - interested Consensus was to hear a one-hour class from preparation. Discussion ensued. following re8�� business. Ms. Carlisle asked if Attomey 3ensen at the next meeting definitelY wanted cert.ificates were n�d�; Boardmember Koch co�nmented they to her to - e connmented it would be interesting �erti�icates. Finance Dir�tOr Forsyth nsible for in hear wha.t t�ie board was responsible for and what the Village was respo ard to the pension. Ms. Carlisle asked if all of � a erno o�mmented Mr. Gaz'lo reg g er room. Boardmember lt might need to be in a bi $ er, if everyone r'�'a�t� xo °°me. Ms. � r would have to clear that wi� �e V illageiM �were on FR5 so would not come. Carlisle connmented n�Y °f the. emp . Y �� FRS and the Attomey Jensen advised tha� she had jus� �ven a comp t ca,use dissention with General EmP1pYees' type pi�• Ms. Carlisle indicated it migh to the board. Boardmember Koch commented maYbe the employees but it was uP she was going to da, at this time. Bo��embe she should stay with �e a�'er thing ented if she discussed the Village versus the b°� �ta � e �� Paterno comm �ou1d be areas the board should stick to. Boar d m� not up t� s boazd, and they also• " Council could vote to go either way, to �� erste ing their authority. Chair Garla stated that was his understandin8 ov pP �� °S responsibility was Attomey Jensen agreed, s��°� ' on lan as it exists and to act in the best interests of ��azd d d not have any Pensi p opinion it was also the continu e d e x i s t e n c e o f fi an �s plan. . T 1 1e � az d legislative authority-�eY could not crea� 1� res nsibilities in the event the plan was term�nated but anothea eno e did have po body which could only PP decided that. The board was a recommaesndin�g best interests of the beneficiaries and things at their level-that they thou� ou should do: But participants and indicate here, Village Council, is what we think Y ented a wliat the Council ultimately did was entirely uP their � on bo d d d a omPlete � �}ty just to the south recently went back to F� ��h he felt was not oin back ta FRS to the. city, analysis and basically sold g g � Jensen commented that was not the board's responsibility e proper. Attorney that was a danSerous � board really could not create their ow� r�t��ent program-- . . . - - . . � . � . I gpARD OF TRUSTEES �. TEQUE5TA GEN�1�L EMPLOYEES' PENSION TRUST FUND _. REGULAR QUARTERLY MEETING MINUTES February 16, 2006 PAGE 14 -- ------ , . --------------------------'�' ----- __ -----.-- e asked if the Village Co.uncil � place far a t�oard to be. Finance Director Forsyth were there to - would look to the pension fiioard to make as �� e � i an. Attorn Y J nsen advised look out for the best interests of employee . I� -that she was separating the best interests of the p m�kP�em n bssue o wan gC "� the board's fiduciary respnnsibil�ty, fiom the � �chwere move people out of the V illage or to have a different retirement pmgram, � b � Ty' � management-type/goa1-oriented issues, and that was not the board's respo " naanage the city itself. The issue of whether the city wanted to �n�ibutioa rates � Retirement 5Ystem as a benefit for a variety of issues, including and everything eise, was a city issue. The best interests of the particiPant� and beneficiaries of this pension plan was the sole provin �S �� n administering this pension plan. If the board was seemg 1 plan or waYs to imProve benefits because of the iss le ts lative authority a s�tting recommen d to Counc i l t o d o t h a t, b u t t h e Y h a d n o � boazd. Everything from tlus pension dacument would come as a recommen d a t ion, � but issues outside of it such as whether to go to Florida Retirement System or , -� r whether to offer an early retirement system, weze� ��e � otri benefits. Finance vvould make those d�cisions for reasons vther I� Director Forsythe asked if �he bo�d `'"as solely an advisory boazd. Attorney Jensen they were solely responsible to responded they were not an advisory boa�'d� 1 � F�� D� Forsythe administe� the ordinance for this pension p commented, but the board changeci the whole re�� a recommendation that they � brought those changes to the Council for apprnval e � e �� e defined da that, Attorney Jensen responded ttiat they did not chang e �� benefit program, and the multiplier was still the sam ��M,��FAtt rn Jens�n ad�s� the Public Safety Officers board 1�ad cl�ang� �� P " that the multiplier had been �1�anSed �a� �ere were sufficient funds within theu fund to act in the best interests of the participants and benefi� onS� �� Sa��e t � sa g they could not generate change with� �� 1� p Y� n was if the fund was wi� Councilmember Paterno commented what could hagpe Dana ien years and did really well and had a lot of money ��d��e d t�o Council, your contributions are duwn to alm°s� nothmg, something to provide more to the retirees. Councilmembes �� m n� th besg�e Was to administer this document and make rt work and board could do, and other than �t it was not lus d the issues o wh ther t ha°e a which plan he was going wi�- Attorney Jensen stated ement issuesr—crtY �. ' � pension plan and how to offer that pension plan were manag le were in• e stated this was helping her define what areas peoP issues. Ms. Forsyth t of it as being a bubble—�he �O�'d � goardmember Paterno commented he though gpAgD OF TRUSTEES - GEN��L EM�'I'O�ES' PENSION 1'RUST FUND - TEQ�STA o . . REGULAR QUARTERLY NIEETING MINUTES February 16, 20Q6 " PAGE 15 _ _----------------- ..�-,------ . that bubble, and it was wi� �other hierarchY� and it was very o�y � . because he was working bot�i sides. Ms. Carlisle asked difficult sometimes for him new HR SPe�ialist was go�n8 how the HR Dir��Or would take a role in this baa�'� s or be discussed about having her �ttend.these meeting to come in and it was bei.ng t af HR as bnnging something on the baard. Ms. Carlisle indicated she though nsion other than bein8 advisory forward like FRS, but if they g1�Yed a role in ttus Pe goardmember Koch � to the board she thought tllat could be a canflict in a sense• . he wtiuld have to resign as a member so another individual could cominented that s e commentedtt�atP�°nwouldhave ` play this type of role. Finance Director Forsyth Ms. Carlisle commented a sunshine law problem if they wanted to advise einployees• neutral and not be here t had been her #hought, that they could sit in ar be totally � wanted to talk about another retirement plan they - with the board, and �then if they lo ees board was a advised the C eneral Emp Y would be more neutral. Attorney Je B� generally was not involved vvith PeoPle � little more di€fi�� e �blic Safety 1 who realized the ��'��a involved in the administration of the municipal�tl' The functions that the but this board was separate from the municipaiity. � out to someone � ��.boardmembers and the pension coordinator O lfilled T o e o he board. Ms. Carlisle outside and none of the Village peoPle had t P Y �� on � �oard. asked if Attorney Jensen's thought was not to have the � o �o sat as an ex- Attorney Jensen resPanded that s�me mun�01P�ities had a 1� sitions on ffieio and most of the time it was the Finan.ce D She had. no boards where an HR ° lled by the Finance D�t� the board was � s except in the city af West Palm Beach and he was Director came to th� ��g ' e ��nted that told her the other� y S��e � liaison for the city. Ms. Forsyth the lan, or makinS " geared toward tlie financial end of administering P 1 Were l �� g to than if the HR D�tor were involved, which� �� she believed that was - ad�ninister and get people in and out. Attorney lans were within the city entirely and true and historically could be from the time the p ed, stating �e under the provine� °f �e Finance Due�tO�• Secretary Ma�� and it did not lan which involved finan �ere. board was involved in ad��s�ion of a p no business going ud ents, and the board had involve human res°�Ce � � ��on of the p1an• Ms. Cazlisle stated she just The board was carrYing out admini ement wanted to consider Garlo connmented if man� wanted the role clarified. Cha.ir uist to do eomparisons FRS that they probably would hire someone like Ste�e Palm f��y were interes�� and bring them to the Council that would be the Way to g .. doing it. - XYi. ANY OTHEK MATTER5 .. � ; � �pAgD OF TRUSTEES E�pLOyEE,S� pENSION TRUST FUND i EQ�5T� GENE1tAL ETING R'IINUTES g�GUT.,Ag QiJAgTER1.Y ME - � February 16, 2006 __ PAGE 16 -------""------"�.' � .. �� rovisions affecting — '�`"� M islation with P nsion leg 16. Information Item - Senate passed Pe public sector - no action needed 2006 — no action needed � Informallon Item -Dana Viewpoint — Januaty ld� . 17. 18. FPPTA Memberahip Dues �az o � p annual FPPTA tor Carlisle advised �at a y �,"hen she took over last Pension �Coordina �n missed• She had not realized now . membersJaip dues h� sed• T�s � early thing, and the dues h� 1 �P March th�t �'S �� y ople ta the t�ee school• The public Safet�'' comi�ng uP b�cause of sending P� to a$22� of the $450 fee if s and were willing P y lan was to Officers' board had discussed t1u were included. in �s� S�te boards, and - this board wauld pay $225. Both boards the membership fee and make FPPTA aware it was �o � would acc,ePt the , Send would contact �� if not, t1ieY tor Forsythe if they �� Problem with it they covered• Finance Direc one an both boards would be Q ��' board, $450 and every t u at the Public Safety oin with this was __ ycommented that When this was brough P Were g g to turn it down, and the only reason they _ � w � e � one pErson went it would ou saved $200; if only �� not tee school Y been learn if you went to the trus Ms. Carlisle reported it 1� , board called yeste�rd�Y cost you $225 to save $200• Officers h meml�er � �eca,use Ken Nielson from �e �b� � y w �� about--e� � � ge could not go for the members P fee was not p�d• would have to pay $400 additional if the members �r. Discussion ens �d. g would be $x50 if they were not a mem One pe�n �°�� d it would cost this board $225 �or this year's members P Ms. Carlisle conclude b �� s M�, Forsythe advised that B�e beT d fee, and th�s was on a ca1endar ve the other board reimburse the $225. vote to pay �45fl �d �' - � Pa �� o Spoke in favor of education. M�� ' de a motion to pay $450 to FPPTS fe th ��Ce� l Boardmemb�r Paterno ma 22$ from the PubLc h' membe��p du� a°d be �� t e motion, which carr�� bY board. Secretary MangU► unanimous 5-0 vote. 19. Futare Meeting Dates Board had changed �eir. ��e public SafetY Augu� and November Pe�sion Coordinator Carlisle T �erly reports, frQm MaY� meeting dates, based on t�ie q ' - � � � , �: �OARD OF TRUSTEES � • STA G�NE�I' EMI'LOYEE5' PENSI SN TRUST FUND • t EQUE ��.TERLY MEE'tING 11'IINUTE < REGULAR Q February 16, 2006 PAGE 17 ___�______-______-----------w - --- - __..__-------- — - �� and October on the 3`� Tuesday, in order to on the second Tuesda�+ to April, July, �rl reports sooner. Also get the information and�be able to comment on the 4 which �vould be an 8 a.m. was discussed, This board's having the boards meet on the s�e � 10:30 a.m. for this boarcl• meeting for Public Safety and probably Au �� an d November, strative rules, for May, ��nefit was it meeting dates were in #he admini wanted to change. The only and it was up to the board if they were because the agendas could would be better for staff to leave the daies as they� do two board meetings at the - be prepared.in different months instead J� wauld be at�ected bY havu'g ta same time. Ivi�• Bo�� d come in different months. ferred not to hai�e back-to-back meetings be�a� if the Secretary Mang� P� time and if the ather board finished eazly this board had to wait for the meeting other bo a�d ran over this board had to wait for them to finish. Baardmember � vised if the� wanted to be second he wauld be�f�o�r m nth old before�it Paterno ad � did not want to change, M� re a li� �a �� n object �on to chang��e month -� was reviewed. Secretary � S the same daY. The 4 Monday o month, but did not want the meeting to have two was suggested by Ms. Carlisle, who advise� �e cansultants 1� rts out, and Public Safety was meeting o� �e 3`d Tuesday. weeks to get their repo A fll 24, and the next w°'�d be 7uly 24• , � t Wo �d make the next meeting P 50 0 le to help get �e Boardmember Patemo noted the consul�'� � t � P �a �, weeks for them financial reports out so We should not worry e'ust worry about us. Ms. Carlisle advised w� e d � �admin��tg e t was fin , J least a week apart. The month would hav on the �4�` Monday at S a.m. rules to April, July, Qctober, and 3anuarY MO� N� m made a motion to amend the administraa a� IIpa� on Sec�etary Mangu � J�iy, Oetober, change the quarterl3' meeh°g dates to Ap �� g �oaded the motion, the 4�' Monday of the month. Boardmember Harding which carried bY unanimous 5-0 vote. � al val�tion to Village Chair Garlo ask� if the board needed to �� present a Council, to wluch Attorney 3ensen respO " re rt ar by presentation to �e �"statement of the pension fwid add�ess bY P° �r should decide that. Ms. Council. Chair Garlo �°�ented the �illage�M� be� presented to the Village e commented the only time anything e d . The amount was Forsyth � e of contributions chanS . Council was when the per � BOARD OF TRUSTEES : e . TEQUESTA GENER�,L EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING 1��[NUTES - February 16, 2Q06 PAGE 18 .. changing, going dovvn to 8.62%. Attarney Jensen reported the Sena.te had �assed 1783 on age 53 early retirement � and $5,000 health insurance• T'he Hduse had passed 2830, but it was not expected these would pass, and she would keep the board updated. Boardmember Paterno asked if the lobbying law would affect the pension board. Attorney Jensen reported the legislation session started in a month— at this point only items up to $25 �ould be a�ceptecl bY the Pension board, which included meals. A free . � seminar given by someone else at ttus point did not apply to the board. XIII. COMMUIVICATI4NS FROM CTI'IZENS There wex'e no cammunications from citizens � XIV. ADJOti�RNMENT . Ba�dmember Paterno made a mation to adjourn, seconded by Se 10 53 m�� unanimously approved. Therefore, the meeting was ad�ourned at Respectfully submitted, . Betty L ur Reeording Secretary . SYNOPSIS OF FEBRUARY 14, 2006 PUBLIC SAFETY. OFFICERS PENSION �� . BOARD MEBTING � ' 1. Approved minutes of November 8, 2005 quarterly meeting. . 2. �' Approved request that Police Dept elect a representative and an alternate. Pension Coordinator Cazlisle was to contact Chief Allison to relay this information. 3. . Presentation was. made by David West of Bogdahn Consulting. � 4: Mr. West agreed to provide a written explanation why amounts from the � management company not the same as shown on the monitor's report, or if � the monitor chose not to reply to give a reason why. 4. Mr. West agreed to add a column on the custodial report to show purchase dates on equity holdings and fixed ineome and would ask Rockwood to address that. 5. ~ Mr. West agreed to impress upon Rockwood that this account was supposed to be ' individually managed. . 6. Mr. West reviewed his 3 marching orders for clarification: _ The board would like a letter explaining the basis of the return differences `between the Rockwood,and Bogdahn Consulting reports (2) Rockwood was to add a column showing transaction dates as far as security transactions in their report (3) The board would like someone from Rockwood to attend the next meeting to address the individual management, among other topics 7. Boardmember Nielson requested that the Executive Summary contain a writfen • analysis and not just talle about where to find something else in the report. � 8. �. Consensus of the boazd was if there was not a pickup next quarter to look at other � managers. Attorney Jensen advised that there must be four consecutive quarters below the 50'�' percentile, so after next quarter the board should take that step. 9. Mr. West agreed to add a new sta.tement for the next agenda to zero in on trading costs, etc., in order to address some form of directed brokerage with Lynch, Jones & Ryan, possibly an opportunity far recapture. 10. A number of inaccuracies in Rockwood Capital Advisors' report were pointed out. Boardmember Nielson requested that the last page of the Rockwood report titled Economic Environment & �utlook contain specifics about how tfiey were . going to meet the benchmazk, an explanation of why performance was so bad, ' which stocks added and which detracted from perfoimance, and what they were - - going to do about it. � _ 1 11. Pension Coordinator Cazlisle was to remind Boardmember Genco to bring up at the Village Council meeting a request tliat a joint letter be sent from the Village Council and the pension boa.rd to Jupiter Inlef Colony regazding their passing an ordinance to comply with House Bill 1159--permitting fire departments who . provide all of the fire protection services to another municipality through an interlocal agreement to collect premium tax from the other municipality. Boardmember Genco indicated she would be glad to attend Jupiter Inlet Colany's meeting as a member of the Village Council. 12. Finance Director Forsythe reported there was no available software that could ` interface with the current software used by the finance department, and Boazdmember Genco acknowledged she now believed the current soflware was � adequate to address pensiori fund needs. � 13. Boardmember Genco requested that the employees receive a statement every six months showing their pension benefit and what the Village had contributed. Attorney Jensen advised that every other year the actuary prepazed statemenfs for _ the employees, beginning September 2004 and in each even year thereafter. 14. Approved a motion to authorize Finance Director Forsythe to send a letter of termination to Jerry Chioca to notify Rachlin Cohen & Holtz that the board would _ be going forward with a separate audit. 15. Approved a motion to have tne items on the agenda under Standing Reports as information items in the future. 16. Accounting Manager Monaco reviewed the budget reporE. � 17. Approved payments of $322.20 to Business Services Connection, Inc., $703.07 to � Hanson, Perry & Jensen, P.A., $2,000 to Bogdahn Consulting, LLC, and • $3,893.07 to Rockwood Capital Advisors; and also approved Salem Trust Company's fee advices for the period 7/1/OS to 9/30/OS and 10/1/OS to 12/31/O5. . . 18. Consensus was to table recommendation for a new resident member of the boazd to the next meeting. ' 19. Approved a motion to have Attorney Jensen send a certified letter to Alex _ Nathanson with two. options (A) 20% withholding and the money paid to him, or (B) a check made out to a financial institution without the withholding, to be deposited into a qualified plan, and if after two weeks there was no response, the funds were to be distributed with 20% withheld. The planned meeting with Bob Gazlo and Mr. Nathanson was not to be held. � 20. Boardmember Genco suggested a rule that if someone attended trustee school and ' did not stay on the board a year, they must reimburse the cost. . . 2 -;� . _ ':='=� ;==.i .. ?':3 . . . _ ' ' . .. . `t3 . :� _ ' ' . , . , _ - - . . '. . � .. ust�.ttended trustee school and � � 21, It was clarified that Boazdmember Nielso�na ome point when his schedule� � � _ - that Secretary Giblin was scheduled to g � allowed. The intent was to have at least one member attend each year, an item was to remain on each agenda. 22, Approved a motion to pay the membership fee for FPPTA onlY if the General Employees board paid 50%. uarterl meeting dates to April, July, October, and 23; Consensus was to change q Y. . n the 3`a Tuesday of each of those anonths, with meetiC o�l�eginan�� JanuarY, o a.m., and to advise the General Employees board the reasons m to have their meetings the same day. � ember Genco announced that effective the next day, FebruarY 15, the . { 24. Boardm . � �Oard would have her letter of resignation. END OF SYNOPSIS , • _ 3 � .. .:, . - � .. � ._ 1 I SYNOPSIS OF 2l16/06 GENERAL EMPLOYEES' PENSION BOARD QUARTERLY MEETING MINUTES .a . 1. Welcomed new employee representative board member Catherine �iarding. � � 2. Reappointed Bob Garlo as 5�` member af the boazd--new term expiration 2/10/06. ; 3. Mike Dana, Dana Investm�nt Advisors, presented a quarterly report through ; � 12/31lO5. 4. � Approved minutes of 11l28/06 regular quarterly board meeting. � S. Steve Palmquist, Gabriel Roeder & Smith, presented the draft of the actuarial valuation repart as of September 30, 2045, to be paid in the employer fiscal years ending September 30, 20Q6 and September 30, 2007. 6. Joe Bogdahn, Bogdahn Consulting LLC, presented his quarterly report by telephone. 7. Discussed the difference in figures in Mr. Dana's reporC arid Mr. Bogdahn's report. Mr. Bogdahn advised the $46,000 difference was the money in the ehecking account, since Mr. Dana only received the numbers provided by Sa1em Trust. 8. Discussed the amount of money in the checking account; clarified from past minut��hat the Finance Depariment wouid transfer enQUgh money into the checking account before each quarterly meeting to pay the invoices on the agenda; and approved a motion to send all contributions directly to Sa1em Trust far Dana to invest. 9. Discnssed amended administrative rules. Consensus was to add the,new affidavit to the back of the cunent payout form, with the procedure to be that the employee would come in and fill out the portion indicating they wanted to withdra.w their money, then the final gross amount would be filled in so the emploqee could make a decision whether to receive the funds with 20°lo withheld or do a rollover: Then the calculations would�be fiiled in and the employee would sign both the payout form and the affidavit at the same time. If they were receiving a check, they would sign when they received the check. Attorney Jensen advised there was a 5-year provision in the plan document, so the employee did not have to take the funds for 5 years. Finance Director Forsythe suggested employees be advised they would not be eaming interest if they left the money with the Village. Signed the administrative rules, with Attorney Jensen to correct the typo and add the new affidavit. 10. Attorney Jensen advised that the actuarial valuation should be on the next agenda - to be accepted. . I 1. � Approved the following payments and fees: Business Services Connection $225.54; Hanson� PenY & Jensen, P.A. $72�.39; Bogdahn f�� Dana Investment Advisors $945.85; Salem Trust Comp y 16. Vated to close the Wachovia account and send the one cent balance to the investment people. 17. Discussed sending a member-of the board to t�ustee school--no�o�n��e�had been able to attend the last session. Consensus was to hear a one-hour p Y �� Attorney Jensen at the nex� meeting to meet educational requirements. - i g. Voted to pay $450 FPPTA annual membership dues, to be reimbursed $225 from � � the Public Safety Officers' Pension Board. 19. Voted to amend the administrative rules to�change the quarterly meetin8 dates to April, July, October, and 3anuary an the 4 Monday of the month. ' END OF SYNOPSIS -