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HomeMy WebLinkAboutPension General_Documentation_Tab 02_11/28/2005• SYNOPSIS OF 9/27/05 GENERAL EMPLOYEES' PENSION BOARD SPECIAL MEETING MINUTES 1. Voted to initial at the change made by Dana to "semiannual" and make an addendum to require monthly statements and quarterly reorts. 2. Voted to authorize Steve Palmquist to provide an actuarial report. 3. Accounting Manager Monaco reported that A. G. Edwards was to have transferred the $26,916.78 to pay bills late yesterday. 4. Pension Coordinator Carlisle reported Attorney Jensen had sent a letter to Rockwood providing 30 days required notice and stating they were to get with Salem Trust to transfer the assets. 5. Gave direction to Finance Director Forsythe to call Rockwood to find out what date they could liquidate, ask them to go ahead, and tell them they would still get paid for 30 days. 6. Risk Manager Dan Gallagher reported difficulty in getting quotes from insurance companies for individual fiduciary coverage. Consensus of the board was to renew the existing policy if the previous direction to get individual coverage with a premium of $1,500 and 20% up or down could not be accomplished. • END OF SYNOPSIS • • TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND SPECIAL BOARD OF TRUSTEES MEETING SEPTEMBER 27, 2005 I. CALL TO ORDER AND ROLL CALL The Tequesta General Employees' Pension Trust Fund Board of Trustees held a special the Village Administrative Offices at 250 Tequesta Drive, Suite 300, Tequesta Drive, Tequesta, Florida, on September 27, 2005. The meeting was called to order at 8:30 a.m. A roll call was taken by Betty Laur, Recording Secretary. Boardmembers in attendance at the meeting were: Chair Bob Garlo, Board Member Tom Paterno, Board member Anne Koch, and Secretary Mangum. Also in attendance were Pension Coordinator Gwen • Carlisle, Finance Director Joann Forsythe, and Accounting Manager Patrice Monaco. II. APPROVAL OF AGENDA MOTION: Board member Koch made a motion to approve the agenda as submitted. Secretary Mangum seconded the motion, which carried by unanimous 4-0 vote. III. CONSIDERATION OF APPROVING CHANGE TO INVESTMENT MANAGER AGREEMENT MADE BY DANA INVESTMENT ADVISORS, INC. UPON THEIR SIGNING OF SAID AGREEMENT Chair Garlo explained that everyone had received a copy of the agreement with Dana and the letter written by Attorney Jensen referencing the change made on page 4, actually on page 6, changing "quarterly" to "semi-annual" presentations in person. An e-mail from Joe Bogdahn was distributed in which he indicated it was his belief that two presentations each year would be fine. Pension Coordinator Carlisle noted Attorney Jensen had made Dana aware they still needed to provide a quarterly report, but would only come semiannually to visit the board, since they would be coming from Wisconsin. • Board member Mangum asked what was wrong with getting a monthly report, and was advised there would be monthly statements and those could also be received • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND SPECIAL MEETING MINUTES September 27, 2005 PAGE 2 electronically. Board member Paterno explained that quarterly reports were more in depth and reflected their thinking on the economy and where it was going, etc. Secretary Mangum expressed his opinion that semiannually was often enough for them to actually come to a meeting, as long as the board received the information monthly to be sure it reflected values. Board member Paterno noted even though Dana had signed the contract it was not initialed at the change, so it was not legal, and they must initial it and whoever signed the contract on behalf of the board must also initial it. Finance Director Forsythe arrived at this point in the meeting, at 8:35 a.m. Pension Coordinator Carlisle advised that Attorney Jensen had gone over the contract page by page and noticed this change, but had not yet contacted them, and was waiting for the board's action. Secretary Mangum recommended amending it that they would provide a quarterly report but would show up semiannually. Pension Coordinator Carlisle indicated she did not know anything about a monthly statement. Chair Garlo commented • he agreed with Secretary Mangum so far as them coming twice a year as well as getting quarterly reports. Board member Paterno recommended having Attorney Jensen add an addendum specifying monthly statements, quarterly reports, and only appear semiannually; and they must initial the change they had made or come quarterly. Chair Garlo asked that Ms. Carlisle handle that with Attorney Jensen. MOTION: Board member Paterno made a motion that the board initial at the change made by Dana to "semiannual", and make an addendum to require monthly statements and quarterly reports. Board member Mangum seconded the motion, which carried by unanimous 4-0 vote. IV. ANY OTHER MATTERS Finance Director Forsythe reported Mr. Palmquist sent a quote for an actuarial report as of 10/1/OS for between $4,000 to $4,500 plus benefit statements to each participant. It would take about 8 weeks after receipt of all of the information to complete the report. Finance Director Forsythe asked if the board wanted to proceed. The cost was consistent with no increase. Board member Paterno commented that after this report an RFP would • be put out to keep them in line. • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND SPECL~I. MEETING MINUTES September 27, 2005 PAGE g MOTION: Board member Paterno made a motion to authorize Steve Palmquist to provide the actuarial report. Secretary Mangum seconded the motion, which carried by unanimous 4-0 vote. Accounting Manager Monaco advised the transfer was to have been made last evening. After months of telling the Finance Department that the Village was not their customer, A. G. Edwazds had suddenly wanted documentation, so the Village Clerk had provided a certified memo stating the board had unanimously passed a motion to transfer $26,916.78 into Independent Community Bank. That had not been enough-A. G. Edwazds then wanted the invoices that were to be paid. Boazd member Paterno commented that was none of their business. Ms. Monaco agreed, and advised at that point she had called Andy Holtgrieve, who was out of the office for the rest of the week, so she had explained the situation to Lisa, who had worked on it and she had left a message yesterday that the • transfer should be done late yesterday. Assuming that was true, Ms. Monaco had the checks for two members of the board to sign. Pension Coordinator Carlisle advised that Attorney Jensen had sent a letter to Rockwood that gave the required 30 days written notice and stated that they were to transfer assets and get with Salem Trust to do that. Salem Trust would do what they needed to do once those funds came in, but Rockwood would probably not be transferring the funds until after October 1. Board member Paterno commented they-could transfer those funds now and sell them and charge the Village for the month. Ms. Carlisle advised they did not do anything with our assets except at the beginning of the month. Board member Paterno asked that they be called to make sure it was done and the Village would still pay them for the 30 days and not to let them hold the assets until the end of October. Ms. Cazlisle advised Dana was not in place until this contract was completed-that was why this meeting was called, because of the change the contract was really not yet in effect. Chair Gazlo commented he had talked with Finance Director Forsythe regazding whereto send the current payroll contribution and they had made a decision to send it to Independent Community Bank, which they felt was the safest thing to do, and that was between $5,700 and $5,900. It was explained that Rockwood only made buys and sells either at the end of the month or the beginning, and Finance Director Forsythe was given direction to call and ask Rockwood what date they could liquidate, ask them to go ahead and tell them they would still get paid for 30 days. Chair Garlo indicated no motion was necessary to do that, and the trustees would be updated as soon as possible. • BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND SPECIAL MEETING MINUTES September 27, 2005 PAGE 4 Risk Manager Dan Gallagher came into the meeting and reported he was having difficulty getting fiduciary insurance quotes for an individual policy and had received the third denial yesterday. Mr. Gallagher advised that a quote should come in that day from AIG, and he thought he could get a quote from Acordia, and get the coverage needed for approximately $4,000 for an individual policy. Board member Paterno commented that was more than last year's premium for both boards. Mr. Gallagher explained that the companies did not want to insure only one fund; Boazd member Paterno recommended renewing last yeaz's policy. Consensus of the boazd was to renew the existing policy if the previous direction to get individual coverage with a premium of $1,500 and 20% up or down could not be accomplished. Mr. Gallagher advised he would do his best. V. ADJOURNMENT Board member Koch made a motion to adjourn, seconded by Secretary Mangum, and • unanimously approved. Therefore, the meeting was adjourned at 8:51 a.m. Respectfully submitted, -- ~L~ (J Betty Laur Recording Secretary ATTEST: Archie C. Mangum, Jr., Secretary •