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Home My WebLink AboutDocumentation_Regular_Tab 04C_11/16/2000 ----, ---' " - � � VII.LAGE OF TEQUESTA � Posc Office Box 3273 • 250 Tequesra Drive • Swce 300 � � Tequesta, Florida 33469-0273 • (561) 575-G200 Fax: (5G 1) 575-6203 c TEQUESTA GENERAL EMPL4YEE5' FENSION TRUST FUND BOARD OF TRUSTEES MEET'ING JUNJE 7, 2000 I. CALL TO C?RDER AND ROLL CALL The Tequesta General Employees' Pension Trust Fund Board of Trustees held a regular meeting at the Village Hall, 357 Tequesta Drive, Tequesta, Florida, on Wednesday, June 7, 2000. The meeting was called to order at 11:26 A.M, by Mayor Joseph N. Capretta. A roll call was taken by Betty � Laur, the Recording Secretary. Boardmembers in attendance at the meeting were: Ma.yor Joseph N. Capretta, Planner Kara Irwin, employee Cynthia Sementelli, and Acting Village Manager Joann Ma.nganiello. A1so in attendance were Attorney John McCracken sitting in for Village Attorney John C. Randolph, Loomis, Sayles & Company representative Peter V. Van Beuren, and Department Heads. II. APPROVAL OF A�GENDA Boardmember Joann Manqaniello requested addition of item IV (b) - Appointment of Co-Chair, and that the aqenda }�e rearranged as follows: (1) Approval of Agenda (2) Election of Officers (3) Approval of Minutes t4) Standinq Reports (5) Review of Payments (6) New Business {7) Any Other Matters (8) Orientativn (9} Financial Reports Recycled Paper � BQARD OF TRII3TEES TEQ�7ESTA E��RAL II�LQYEE�' P$NSION TRUST FUND 1�TINQ� MINUTES J[JNE 7, 2000 FAG� 2 Baaxchnember Kara Irwin m�c1e a motion to apprave the agenda as �me.�ded. Baarc�n�nber C�nthia Sea�ntel.li �econded, the nr�tion . The vate an the mp►tion wa.s : Joseph N. Capzetta - for Kaza Irwin - for C�thia S�ntel�i. - for 3oana l�angani�llo - g�,r The �not�..vn aias the�efoxet passed and adopted a.nd the Agenda �.s approved as ,amended, . TII. EI.$CTION OF OFFICEI�S A� CH�+iIR " Boarc�nember M�c�aniello �de a�t�4n that Mayca►r Capre�ta be sppoin�ted Chai.r of the Board. Motion was seconde,d by fl�ar�er Isw9.�.. , Th� vr�t� e�n the m�ti.on was: Ja�ceph N. Ca,pretta - for �a � - far Gynthi�a S�nentelli - for Joann M�$ni+ello - for The motian was tl�erefore pa;ssed and adopted. B) Co-Chair 8osrc�anber 8e�a�atelli. made a#ana�ti.or�t that K�ra Irwir� be, appointed Co-Chair of the Board. Motion wa.s seconded by C�aei�c Cagre�ta . The vot� Q� the mQtion t�as : Jaseph N. Capretta - for Jaa�s FTeinsnd - for R�n Kelly - for �oanr' M�eng-an3el�o - for The mQ�ian was ther�fore passed and adopt�d, . BQARD OF TRUSTEES TEQUESTA GBNERAL E1�LOYEES' PENSION TRUST FUND MEETIIiTG MINUTE3 JUNE 7, 2000 PA+C:E 3 C. SECRETARF Chair Capretta made a motion that Boardmember Manqaniello be appointed Secretaxy of the Board. I�otion was seconcLed by Boardmember Sem�ntelli. The vot� an the motian was: Joseph N. Capretta - for Kara Irwin - for Cynthia Sementelli - for Joann Manqaniellc - for • The mation was therefore passed and adopted.. � �v. �pxc� oF �u�s A) Tequesta Em�loyees' Pension Trust Eund Board of Trustee� Meetinq Minutes of October 27, 1999 Secretary Joann Manqani.ello made a motion to approve the minutes of the Tequesta Eng�loyees� Pension Trust Fund Board of Trustees Meeting of October 27, 1999. Co-Chair Irwin seconded the nr�tion . The vote orx the nr�tion was : Joseph N. Caprestta - far Rara Irwin - for Cynthia 5ementelli - for Joann Manqaniello - for The motion was therefor� passed and adopted. V. STANDIPTC3 REPORT3 A) Approval of New Agplicant3 for Paxticipation in Pension Plan (October 1999-May 2000): 1) Sandra Durbin - 11/29/99 2) Josef Grusauskas - 2.28,00 3) Susan Gilbert - 3/13/00 � 4) Rim Vardavas -4/3/00 . Bo�n o� �us��s TRQUSSTA GFNSRAL SMPI�pYLg3' PE�:N3I4N TR[TST FUND ME�TINt3 MINUTES �s �, aoao PA�GE 4 5) Michelle Terriault - 5/1/00 Secretary Manganiello made s mQtion to apProve the ne�r applicants for participation in Pension Pla►n as so noted. Co-Chai.r Zrwin seconded the m�tio�. The vote on th� motion was: �QS�ph N. Ca�gre�ta - for Kara Irwin - for C�ithia Sementelli - for Joann M�,nqani.ello - �o� The �fa.Qn �sas th�refo�e passed and adopted. B) Approval of Beneficiary Chanqes �October 1999 - May 2000) 1) None �2 Re.r.�s�t for Withdr��ral o�� Gontributions (emQloy,aes terminating employm�nt with �i].laqe of T�equesta (Octo},�er 1999 - May 200b) Nam.e Term. Date Pavout Amount 1) Matthew Morrison 1/27/00 $2,pg�,gg 2) I�TQ�1 Ha�z��k �L3.O�U0 $1, 591. 03 Secr+�tary Manqaniello made a motian to approv+� the r�est f.a= wi�hc�ra�tal Qf eant�ibutions �rom Pension Plan for emg�loyees as submitted. Boart�ne�ber Sement�]].li ssconc�ed �,he mo�.i+��i . �`h� vr�te o�. the n�ti.on wa.s : Joseph N. Cap��tta - for Kara Irwin - for Cynthia 3�ntelli - for Joann Man�ie�lo - for The m4tion aras . 1;h,�refore .pas�sed. and adopted. a r BQARD OF TR[)STEES TEQUESTA GENERAL EMFL4YEE8' P8N3ION TRQST Ff1ND MEETINC3 MINUTES �JUNL 7, 2000 PAG� 5 VI. PAY'MEIiITS TO �E REVIEWED AND AP'PRt)VED aZ 1fJ�31�9� Jt�.es�_ Foster� �Tic>lanston � St�bbs -$1,835.04 (I,�gal 3ervia�s) hL iL3�31�99 Bus�ness Services Ca�►ection -�73.50 (Recordi.ng Servic�s) c2 21 f 04[99 ��iness Services Cc�ruzecti4n -�68 . 25 (Recording Services d2 12[31[99 �'Qrtes� Fcrsster Johns�on � �4tvbbs -- $35.00 (Legal services) e). 1�31�00 .T�es,, Fostea�� John�to� & St�� -$85.00 (Lac�a,3, Servic.�s) f2 2�i#[ti4 Loonti.s sa�les & co . - R3, 26i . 43 tManag�nent Services) 9� 4L13�b4 J'o�tes Foster <Toh3�stor� S Stubbs� -$35.00 ELeqal servi.c+es3 hk 5[16�Q0 �is Sa�les � Co. - $3�386:.24 (�g�� Servieers) Board�aer Man�ganielle m�d�► a matioa to approve th� paym�nts as shown on the agenda. Co-Cha�ir Iarwi.n seconded the mc+tian . The vc��e c� the m4tian was : Jas�ph N. Capretta - for Kara Irwi�t - for Cynthis Se�entelli - for 1'Kta� M�n��e�,l.o - for The nwtion was therefore passted and adopted.. �I. � s�s�rr�ss �� 14p�roval 4€ Lnrol�t a�d 8+e�eficiar�.LResiqnation Fcrms Co-Chai.r Iarwin made a mQtion to �g�rove the Enroilment an� B�e�€ie�a.ary_ Deg�gnation �or�s as pre�ented. $oar�er Sem�entelli seconded the motion. The vote on the m4tion was: Joseph N . C��e�t�t - fc�r r BQARD OF TRUST8E5 TE¢UE�TA Q�NTRAL �pLQYE�3' PENSION TRUST FUND MEETII►i(; MIH[7TE8 JUNE 7, 2000 PA�B 6 Kara Ixwin - for CYnt�ia Se�aente].li - for Joenn Manganiello - for The motion was therefore passed and a�d�ted. II. Approval of $u�ry Pla�n Deseriptions Bc�ar�mber M�.nq�niello �na.de a�atior# to apgrovre the S�nary Plan De�sCri.ption as presented. Boardme�nber `��'t�� j; s+e+ccadecL th� matioa_. Th� �qte on the motion was: Josegl� 1�. Caprett�► - for Iiara Ir�in - for C�n�h�a S�mante�.1�� - �or Joann Mangani�].lo - far The mati.o� ��as ��refc�e �a�,se�l and adopt�d. VI T I. Al►lY OTr3E�i MATTER$ aZ .Appc�iatm�nt o€ 5th Truste� - I.etter a� interest fr� Edward D. Resnik Gkiair Capr�:t�a commented that a letter� Qf interes� from Edward D. Resnik had been receiv�d from Edwazd D. Resnik, who was present �t today' s meet�q ��d that if approved by th3� Board the matter would be presented to the Vi�.�aqe Couneil at their July meeting. $°ardm�Qr Max�►ganiiella made a nwtion to appoint Edward II� �t�`-`�'-; r� �- �_g� �. o.�_ th� �ar.d.. Co-Chair Irwin seccMded. the motion. Th� vote on the matis�n was: Ja�aph �t. Ca,�re�� - for I�iara Irwia - for �ntl�.i:a Seme�itell�. - f Ja�n 1+langaniellc - for . N BQARD OF TRII8TLES TE�LJESTA C�EI�AL EN�LpyEgS' PEN3ION TRiJST FUND MLLTING MZNtJTEa JtJNL 7, 20p0 PA4S 7 ... The motion was therefore pass�d a.nd adapt�d. b) Discussioa.of Investment Funds Finarlce Director Holloman advised �hat a decision was n��ded �� o wh�ther to gQ w3:th Florida .?�eague of Cities or to invest in mutual �unds. The amount in the General Employees' fun+d t�uld be approximately $1�0, OOQ, which was too small an amount for Mr. Van Beuren's firm to h�.n�le. Ck�ai� Caprett�. e�plained that there v�ere �tanagement firms that would handI.e $100, 040; or the mon:ey could be placed.into a mutual fund. F'inanee Directar Halloman explained that �he General �mployees were �Qn�ic�ering eae� �emb�r ha.$ing �heir owM 4OlA, and therefore did not warit a long-term commi,tment with Florida Leaque vf Gities� since the €und might be disbanded shortly after it we�.t into ef�ect . D�scussion �u��• �a�r �aQre��a ad�ised leavin .the money �here no fees would be in�olved u�n.ta.l a de�ision was made . Fi�xa.nee �ix�ctor Iialla�eatz co�ented tha� it was hoped to accoxt�plish the chanqe by Qctober 1, 200Q. Chair Gagre�tta recammend.ed. glacir�q the funds in � monesr market fund and advised that Pruclential could do that. Co-Chair Ir�r�.m m�de. a�otian to a�cegt Chair Capr�tta' s recomnendatian to have Prudential place the t3en,era,7, �l�s�ees Pen��.on F�d �ranies 3:��o a mo�eY market fund. &�ard�er se�nentelli seconded thi motion . The vote on the me>tion Aras: Joseg� N. �aprett� - for Ka.ra �rwin - �or �t�i�e S�ntel�� - for Joann Mariganiella - gor �e ��ict� was �herefQre � Eas�sed and adbpted. c) Discussion of Actuarial Needs Finance Di�ec�ar IiQllomax� adv.ised tha�C Mr. Pa.lmquist would need to have a separate contract for the General Emplo�rees: �oz�ever,.. �.€ �the General �ployees were � , � o� �vs�Es TEQpES�TA CzBHERAL R�PbQYRB$' �LNSION TRUST FUND MEETII� MINUTES av�s �, z000 PAQ�E 8 planning to pull out, no ac�uarial study would be needed. Boarc�nnember Sementelli m�de a motian to postpone a deeision on hiring an actuarial firm until the 3eptember me�ti�g af this Boar-d. eo-Chai� Irwifi s�canded the motian . The vote on the tr�tion was : �'oseph N. Caprett� - �or I�ara Irwin - for Gynthia 3enaentelli - �'or Joann M�nganiello - fo� T�e m�#a:Qr� t�s� �erefore� pas�ed and adopted. Chair Capretta n�eded to leave the mQeting for another a.�oi��en� . At'�orn�y MeCr�cken comme�ted that i.n the Public Safety Meeting it had been diseov�red that the Florida �tatute �o�rex�ti�g.. the Boa�d r�quired a simple majority vote for apgroval af matters, whereas the Qrciin�nce cQntrczllinq tha� Board provi,ded for four out of � five votes; and that Board had agreed to� go �o the Va.].,I.�ge Got�ncil with ar� am.end�nt �o harmonize the Ordinance with the Statute so that a simple majority t�au�d co�t�ol �kie Ptablie �afe�Y Board. Attarney McCrackea coz�nented that this Board was �lso cons�txained wi'�h a fQt�r out o€ �i�r� vote feq_uirement so that without the fifth member seated, evezyone had to 'vote in favor in Q�d�r f4� i�e�n� tQ . b� app�a�ed� a�d #.f Chair Capretta lef� the meeting there would not be faur members present �c�. v<z�� . sQ �h�t nQ. �ncZr� m��oxis _��ta.l,d be made . Chair Capretta cautioned that a simple majority of three could t�ie� Pass itex�s that �Y'�e tw� G�aera� Employee representatives miqht not favor. Attorney McCracken a.dv�,�ed thi� c��eisio� c�i:,d nat n�ed to be made today, Secretary Manganiello p4inted out that in considering the ��.m� i�. wot�ld �ak� ch�nq.�s tb g.o into effect, an Ordinance r�quired two re�.dings. Co-Chair r,�in �Q�arnented tha� if the Gen�a�al Empla�rees decided to go with the 401A� this decision would not be needed. Ca-: Chair._ Z�,tir.� n�t3�. a_mQti.Qa_ tc�. t�Z�_ t�{�.s matter to the �next m�eting. 8oar�r ge�entelli se�and�ad the Bo�n oF z�vsTErs TSQLJE$TA GENERAL EMpLpygE3' PENSION TRU3T FtJND L�ETINC� MINUTES JUNE 7, 2d04 . . PAC� 9 motior�. The vot� an the motion was: Jose�sh N . Capretta - for Eisra Irwin - for �th�.a 3�ntelli - t'or Joann Ma�ganiello - Eor The m�tion was the�efore passed and adogt�d. Chair Capretta left the meeting at 11:42 a.�n. C�t��ir Irwin �ok charge af the m�e�.ing - IX. ORIENTATIQN - JOHN B. I�Rc.�CRA�ICBN, L3QUIR.F. JON'ES, FOSTER, Jt?SNB� +& STt3$BS ��torne�r McEracl�ex� advised �ha� because eqeryone had been present for most of the Public Saf�ty O�ficers' Pension Fund � Tru�t meeting everyone �.ad a pretty c,�ood. �nderstanding of : how this Baard functianed; however, he did wish to bring to a��entio� of the �epresentatives of the G�x�.eral �mployees the effect of the Sunshine Law on this Board. Attorney M�Gracken noted fra� informatian provided b� ViZlage Attorney sohxi C. Randolph that the Sunsh.ine Law was found in F� 286.O11 whi� �ta�e�; . A,Z,i m�et�ng� pf any Boarci or Comm.issions of any Sta�e Agency or Authority or oaE anp Ag�nc� or Authority aaE any Cou�ty� Mr�icigal cc o� ,political subdivision at which offtcial acts are to be taken are. c�eelare�i �o b� public .r�eetfnqs apen to �h� public at a11 times, and no resolufaon, rule or formaZ action sha31 Be Gcz,nsid�red b3�x�ing �xcept as tal�en or z�ade �t such iueetings. Attorney M�Crackera, explained that there were three r�c�uirements o€ the Sunshine Law: 1. Meetinqs of Boards or groups mu�t be open to the public. 2. Reaso�iable natice of ineetinqs must be given. 1 3. Minutes.of �he meetings mu�t be taken. �� . Bt,�RD OF TRUSTETS TSQUES'�A C�E�iERAL EMPL4FEES' PENSI�3N TRUST Ff�ND ML�ETZNC� MINtJTES JUNE 7, 2000 PAGL 10 Attorney McCrack�n noted that the law prohibited twa or more anem�e�s of �he Board f�om m��i�.q outsi.de a public meeting to discuss the business of the Board. Attorney McCracken advis�d �h�.t Bc��.rd��er� shQt�ld o�.ly di�cuss the business of the Board at theix public meetir�.gs,.which would be r3iffi�lt in ��i.s situ�.'��.on sin�e A��ing Village Manager Manganiello was a member of the Board. Attorney McC�acken a�ised tlzat Boar�.me�m�ers could not c�is-euss with Acting Village Manager Manqaniello business that was going to come l�.efctre thi� Board� b�� the�r_ could contact the Finance Directar� and go to oth�r employees to ask questions, but coult� nQt �.sk c�ues�iar�s of o�her memb�rs of the Board. It �aas pointed out that the Gene�al �znployees would be meeting �4. ciiscus� �rh��he.r �Q p�rtic�,p.�te a�n a 401 �+i, and that both Co-Ghair Irwin and Board�nember Sementelli were members of a ��m�i.�te� €or ��i� �a��r. At�o�rne�.l�eE��Eken advised that they cou�.d both partic�pate since tha.s Board would be making a��C¢��a��-o� �o �he V,�Ilage �e�l and the Village Council would be the reai deci.sian-making body on tPxis i�.�ue. P�t�arr�ey MeCrack�i no�.ed t�� an� public c,�ficer, ) which all of the Boardmembers we�e, o violated the r �un.rhin� S��wr �a� c��ltY of a hc�n-criminal Offense and a fine pf up to �500 co�ld be im.posed; however, it was perhaps mor� im�or�ant that ac��ons taken were ncxt $in.dinq except when tal�en at pubiic meetings . Therefore, a violation of the law �Qtalci m�an. that a.�tiQ.� �.�ken by. the Boafd m�,ts� be rescinded, which �ot�.ld hav�e far-reaching coalpla.cations . Violativn of Qt��s g�rtaor�s a€ �h� law coulc� hage- seaefe implications to the comm.unit�, for example, legal actions filed again.�t the BQa=d �c2u�.t�. resta.lt. �.n �he '�'i11�ge b�ine, respo�.sible for reasonable attarneys' fees. Attorney McCracken advised that Bcta�dm,��bers w�re ��cteti to �ro�e on m��ters presex�ted to th.e Board unless they h.ad a�onflict of �ntere�t, in wM.i.ch (" _�C P --that..mus.t_...1�. d�s'� a,- ,. �c� ,Y►�„�h� .were �ot allotnred to abstain froim voting. As A,t�orney for the. Board, Atto.rney I��aCk�n dete.�.ned that the twa represe�tati.�tes €or �he Gc>neral Employ�es did not have a conflict of in'terest in heinq members of �he Cctmm�.�tee whi�� w�uld discuss the decisian of tl�e General Em�lqy�es in regard to whether they �a to k�� their pensio� €und or qca to a 40�.pi, Attorney McCracken advised that matters not known to him that miqh� �1�. rn�nfl i rt-�_ � i M Pr � � �d ��ced so that a de�ermi.nation could be made as to whether it was in fact a � . � BQARD OF TRUSTEES TEQDESTA GE�ERAL EMpLpyEES' PEN3ION TRU3T FUND MEETINC� MiNtiTEB JUNE 7, 2000 PA4E 12 B) Prudential 3ecurities, Inc., Custodial Broker, Account Statements (October 1999 - April 2000) There were no questions regarding the account statements. Approval of the financial reports was deferred to the next meeting. XI. ADJCILJRN�NT Co-Chair Irwin made a motian to adjourn the meetiaq. Boar�er Sementelli secended the nbtion. The vcte on the m�tion was: Kara Irwin - for Cyr�thia Sementelli - for Joarin Mangani�llo - for � The motion wa� therefore pmssed and adopted, and the meeting � was adjourned, at 12:02 p.m. � Respectfully submitted, �. Betty I, ur Recording Secretary ATTEST: Jo Manganiell Vi1l.age Clerk DATE APPROVED: � �-�'►� a7 aOQa i �