HomeMy WebLinkAboutPension General_Documentation_08/15/2005SNYPOSIS OF MINUTES OF GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING HELD AUGUST 15, 2005
1. Approved minutes of July 7, 2005 special meeting.
2. Discussed Village Council appointments to the board. Both Carl Hansen and
Tom Paterno indicated willingness to be re-appointed or to be replaced. Jeff
Newell, employee representative, also indicated willingness to continue unless
another employee was elected.
3. Approved the following payments:
(1) Business Services Connection, Inc. -
Minutes of 5/10/OS - $165.20
Minutes of 5/17/05 - 47.20
Minutes of 7/7/05 - 306.80
(2) Hanson, Perry & Jensen PA $959.35
(3) A. G. Edwards Trust Co. FAB - $106.33
(4) Gabriel, Roeder, Smith & Company $860.00
(5) Bogdahn Consulting LLC - $500.00
4. Approved new applicants for participation in Pension Plan:
Jacqueline Weinand Date of Hire 6/13/05 -Dispatcher
Victoria Rolen Date of Hire 6/28/05 -Fire Dept Administrative Asst.
Emily Gervais Date of Hire: 7/18/05 -Accounts Payable
5. Approved of withdrawal of contributions (employees terminating employment
with Village of Tequesta)
(1) Matthew Anderson -date of separation 7/8/05 -Total $775.00
($620.00 payout + $155.00 taxes)
(2) Sandra Durbin -date of separation 6/30/05 -Rollover - $9,116.31
(3) Connie Martin -date of separation 7/11/05 -Total $1,149.37
($919.50 payout + $229.87 taxes)
6. Approved closing the Wachovia account, which had a balance remaining of
$3.11.
7. Voted that Finance Director Forsythe set up expenses-legal, investment advisor,
custodial agreement, insurance, seminars, and actuary--and work them into a
budget for the board to vote on at the next meeting.
8. Joe Bogdahn presented the quarterly monitoring report.
9. Finance Director Forsythe provided an overview and history of transferring
investments from Wachovia to A. G. Edwards Trust/Rockwood Capital, including
her discovery that contributions were held in anon-interest bearing account for up
to six weeks before being invested; the fact that the Finance Department had
discovered a loss that Rockwood had not acknowledged; and the lack of a
custodian.
10. Voted to terminate the relationship with Rockwood and retain Dana Investment
Advisors, Inc., as Investment Manager.
11. Voted to retain Salem Trust as custodian at a $1,500 inclusive fee.
12. Voted to accept the administrative rules as presented by Attorney Jensen.
13. Voted to put the next employee contribution into a checking account at
Independent Community Bank to pay bills.
14. Voted to give Mr. Bogdahn the list of questions from the SEC and Department of
Labor for monitors, so that he could fill out answers and bring to the next
meetin -_ _-- --
-15. Finance Director Forsythe was to contact Steve Palmquist to determine his cost to
do an actuarial report for 2005-2006 and project the numbers for 2007-2008.
'~ Attorney Jensen was to distribute an RFP. -- --
16. Discussed renewal of fiduciary liability insurance with consensus to keep the
amount of coverage but check into increasing the deductible to see if that would
lower the premium.
17. Voted to send Bob Garlo to the FPPTA Trustees School October 2-5, 2005 in St.
Augustine, and if he could not attend, to send Anne Koch.
18. Voted to change the starting time of the meetings from 8:00 a.m. to 8:30 a.m.
END OF SYNOPSIS
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