Loading...
HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 01_08/07/2006SYNOPSIS OF APRIL 18, 2006 PUBLIC SAFETY OFFICERS PENSION BOARD • MEETING 1. Approved minutes of February 14, 2005 quarterly meeting. 2. Welcomed Robert Neier as Police representative. 3. Joe Bogdahn of Bogdahn Consulting presented his quarterly report. 4. The following changes to Mr. Bogdahn's quarterly report were requested: To show blended figures and those only for Rockwood separately; that the first page reflect analysis and opinions rather than being a guide through the report. 5. Andrew Holtgrieve presented the investment manager's quarterly report. 6. Tabled the actuarial report and requested that Mr. Palmquist attend the next quarterly meeting to make a presentation. 7. Authorized Attorney Jensen to proceed with the process for updating the summary plan document, which along with the ordinance creating the pension had been requested by Jupiter Inlet Colony 8. Pension Coordinator Carlisle provided a report on the payout of contributions to Alex Nathanson. 9. Approved ratification of rollover to Brian Youngblood and distribution to Alex Nathanson. 10. Patrice Monaco presented the budget report. 11. Approved payout to Richard Crouse. 12. Approved the following payments: Business Services Connection - $306.09; Hanson, Perry & Jensen, P.A. - $780.98; Bogdahn Consulting, LLC - $ 2,000.00; Rockwood Capital Advisors - $3,821.63; Payment Due to General Fund of the Village of Tequesta - $300.00; Rockwood Capital Advisors - $4,038.09; Gabriel Roeder Smith & Company - $6,290.00 13. Boazdmember Nielson commented there was a State regulation that invoices be paid timely and he thought it was within 45 calendar days. Attorney Jensen was asked to look into this matter and report at the next meeting. 14. Voted to recommend Kevin Pittman to the Village Council as resident representative on the board. • 15. Approved executing the agreement for Capital Institutional Services, Inc. to be • added as a commission recapture broker. 16. Agreed to hold the next quarterly meeting at 8 a.m. on August 7, 2006 so that Mr. Bogdahn would be able to coordinate with a Palm Beach Gardens meeting. 17. Offered to alternate the starting times of 8 a.m. and 10:30 a.m. with the General. Employees' Pension Board if they agreed to hold their quarterly meeting on the same day as the Public Safety Officers Board, and to start the rotation with the Public Safety Officers Board having their meeting at 10:30 a.m. 18. Attorney Jensen advised pending legislation was expected to pass which would increase the board's ability to invest in foreign investments by changing the 10% limit to 20% or possibly 25%, and would allow increasing boardmembers' terms from 2 years to 3 years. END OF SYNOPSIS C7 • 2 TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND QUARTERLY BOARD OF TRUSTEES MEETING APRIL 18, 2006 I. CALL TO ORDER AND ROLL CALL The Tequesta Public Safety Officers Pension Trust Fund Board of Trustees held a regular quarterly meeting at the Emergency Operations Center (EOC) of the Public Safety Facility, 357 Tequesta Drive, Tequesta, Florida, on April 18, 2006. The meeting was called to order at 8:00 a.m. A roll call was taken by Betty Laur, Recording Secretary. Boardmembers in attendance at the meeting were: Chair Ed Sabin, Secretary Ray Giblin, Boardmember Ken Neilson, and Boardmember Robert Neier. Also in attendance were Attorney Bonni Jensen, Joe Bogdahn from Bogdahn Consulting LLC (monitoring consultant); Andrew Holtgrieve from Rockwood Capital (investment manager); Pension Coordinator Gwen Carlisle; Accounting Manager Patrice Monaco, and Accounting Clerk Monica Rahim. It was clarified that although Geraldine Genco had stated at the last meeting on February 14, 2006 that she was resigning as of the day after that meeting as the minutes reflected, she had not submitted a letter of resignation and was therefore still on the board. II. APPROVAL OF AGENDA Additions to the agenda: Under payments to be reviewed and approved: invoice from Rockwood Capital for quarter ending 3/31/06 in the amount of $4,038.09; invoice from Gabriel, Roeder, Smith & Company in the amount of $6,290.00; and presentation of the actuarial report from Gabriel, Roeder, Smith & Company immediately following the investment manager report. MOTION: Boardmember Nielson made a motion to approve the agenda as amended. Secretary Giblin seconded the motion, which carried by unanimous 4-0 vote. III. APPROVAL OF MINUTES BOARD OF TRUSTEES T'EQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April i8, 2006 PAGE 2 A request was made to change the wording regarding Mr. Nathanson's illness to state that he was ill, which might affect his judgment. On page 15 the word withholding was requested to be added after 20%. 1. MOTION: Secretary Giblin made a motion to approve the minutes of the February 14, 2006 quarterly meeting as amended. Boardmember Nielson seconded the motion, which carried by unanimous vote. IV. CHANGES I N BOARD MEMBERSHIP 2. WELCOME NEW POLICE DEPARTMENT REPRESENTATIVE ROBERT NEIER Chair Sabin officially welcomed the new Police Department representative, Robert Neier, who had been elected by the members of the Police Department. V. PRESENTATIONS 3. PRESENTATION BY MONITOR Joe Bogdahn, Bogdahn Consulting, LLC, reviewed his presentation booklet. Mr. Bogdahn noted that the history had included Northstar Capital Management, the previous investment manager, but now that Rockwood had been the manager for a year, the figures would only reflect Rockwood's performance. Chair Sabin asked if the 2-year trailing returns would disappear, to which Mr. Bogdahn responded that the inception date for Rockwood was May of 2005-therefore the 2-year trailing number was blended and would continue to be blended until of May of 2007. Mr. Bogdahn commented that the older information from the previous manager would remain in the computer if needed, but the quarterly report would reflect how Rockwood was managing the funds. Chair Sabin noted that at the last meeting the board had discussed whether they had made a good decision in hiring Rockwood, and he felt there should be some information about the prior manager. Mr. Bogdahn advised the next quarterly report would have one page that showed the blend and one page that was Rockwood only. Chair Sabin requested that be at the executive summary level. Mr. Bogdahn explained that the previous manager had been a large growth manager and they had indicated they would not manage a blended portfolio, so the decision had been made to hire Rockwood, who did manage a blended portfolio. These were two different styles of investing. Mr. Bogdahn explained the BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April ~8, 2006 PAGE 3 history of the decision, and agreed that he would continue to bring back Northstaz information for a period of time. Mr. Holtgrieve commented it cost time and money to make changes and decisions, and encouraged the boazd to give Rockwood more than a year before considering a change. Mr. Bogdahn pointed out that with Rockwood the fund had been up more than down, they had a confirming model and had done this since 1972, and they moved azound into the different styles with the mazket shifts. When shifting, they usually underperformed for a quarter but then outperformed the mazket. Mr. Bogdahn explained the investing styles of all the managers that had been considered by the board and that his job was to keep the boazd focused on long-term performance-not on one quarter where there was under performance. Updated purchase and sale reports had been included in this quarter's report to answer some of the questions raised at the last meeting. Mr. Bogdahn cautioned against micro managing. Boazdmember Nielson commented he appreciated the education, and clarified that at the last meeting he had indicated he wanted more of that type of content in the report Mr. Bogdahn's concerns and where the boazd should focus-instead of the first page just being a guide through the report. Mr. Bogdahn agreed, but indicated there had not been time to provide all the informative data because of the meeting being early this quarter. Mr. Bogdahn commented he needed time to provide timely information for the board, and noted his pricing was based on both boazds having meetings the same day. Discussion ensued regarding the question raised at the last meeting regazding the account being managed like a commingled account. Mr. Bogdahn explained that if Rockwood decided to sell a stock and buy another one, they did it across the board-their investment philosophy went across all accountsr-and that was not just Rockwood, it would be the same with any manager. Mr. Bogdahn continued to review the presentation booklet, and advised that Rockwood's process was still working, and his firm continued to recommend them to boards. Net of fees was explained as netting out all transactional costs before doing calculations, and those costs were broken out on trade confirmations. Mr. Bogdahn explained a recapture broker provided another venue for the boazd to get the best price on a trade. 4. PRESENTATION BY INVESTMENT MANAGER Andrew Holtgrieve, Rockwood Capital Advisors, noted page one of his report was a letter to the board that they had been asked to provide regazding the difference in their fee BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April ~8, 2006 PAGE 4 calculations and those of Mr. Bogdahn, and explained that the difference-15 basis points over the past six months--came from bond pricing services and from rounding. Discussion ensued. Mr. Holtgrieve continued review of the presentation booklet, advising that accruals-income that had been earned but not yet received-were not included, but were shown in Mr. Bogdahn's report. The portfolio had gone more toward mid cap to take advantage of current opportunities. Chair Sabin questioned why the investments had not strictly followed the 60/40 investment policy since inception. Mr. Holtgrieve explained the figures reflected only Rockwood and not a full year. Mr. Bogdahn reviewed their 5 and 10-year numbers, noting that historically they outperformed 2-1/2% to 3%. Boardmember Nielson questioned the information on the bar chart, which Mr. Holtgrieve explained resulted from their initial difficulty getting a clean date in pricing the portfolio; that no one started during a month so they had moved ahead 8 days to the beginning of May, which could account for the difference. Mr. Bogdahn indicated he was comfortable with that. It was explained that Rockwood had difficulty in calculating performance in the beginning because of that situation and going forward they would show May 1 as inception and could be confident in breaking out figures for stocks, bonds, and cash. Boardmember Nielson indicated his concern was what happened between Apri122 and May 1. Mr. Holtgrieve explained the money came to them in pieces. Mr. Bogdahn advised his firm could run a report out of a different system from the date Rockwood received the first penny and it would show net contributions and withdrawals, and he could mail that out. Boardmember Nielson asked that Mr. Bogdahn do that for the particular time frame between Apri122 and May 1. Mr. Holtgrieve continued to review the presentation booklet. Mr. Holtgrieve explained the board had requested purchase dates be shown, which they did not do because periodically they added to positions; however, that information was available to the board in Mr. Bogdahn's report. Mr. Bogdahn indicated they could supply purchase and sale reports, which would show average cost. Mr. Holtgrieve explained theirs was an affirming process-that they were not out there looking to predict the next big movement. Chair Sabin indicated based on today's conversations the board was comfortable with the reports presented at this time. Mr. Holtgrieve reviewed fixed income. Boardmember Nielson expressed concern that in reporting accrued income, income for the period was reported twice, to which the response was they chose to remove accruals rather than put them in and then have to take BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April 18, 2006 PAGE 5 them out for the quarter, which was too confusing. Mr. Bogdahn advised his report would show the beginning and ending accrued interest and the change in accrued interest, and it would not be double booked. Mr. Holtgrieve indicated that going forward accrued interest would not be in his report if that was okay with the board. Mr. Holtgrieve indicated their belief was the Federal Reserve would continue to fight inflation; and there would be more opportunity in the mid-cap growth area. Mr. Holtgrieve distributed a handout of corporate actions on the equity side for the quarter, which had not been available in time to be included in the report. 5. ACTUARIAL REPORT Pension Coordinator Carlisle advised that the actuarial report had been received the previous day and Steve Pahnquist was available by phone. Boardmember Nielson questioned the actuarial loss shown on page 2. Chair Sabin asked if there had been a loss shown on the prior report ending October 1, 2003. Mr. Bogdahn reported the prior manager trailed the indexes during 2001-2003. Chair Sabin recommended this be tabled to the next meeting, since there had not been time for the board to review the report; and announced this item would be tabled and Mr. Palmquist would be asked to attend the next meeting to provide a presentation. VI. UNFII~TISHED BUSINESS 5. STATUS REPORT REGARDING JUPITER INLET COLONY COMPLIANCE WITH HOUSE BII.,L 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 Pension Coordinator Carlisle advised at the last Village Council meeting, Council member Genco requested a letter from the Village Council to Jupiter Inlet Colony. Jupiter Inlet Colony had requested that after this Public Safety Officers' pension board meeting, they would like our investment plan summary document plus the original ordinance that created the pension, and then their Village Council would consider this matter. Attorney Jensen advised that Bill Doney, Attorney for the Town of Jupiter Inlet Colony, had contacted her requesting information on how the tax worked so he could discuss it BOARD OF TRUSTEES TEQUES'rA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April ~8, 2006 PAGE 6 with their Council. Attorney Jensen commented she needed authorization from the board to update the summary plan document and send to the State. MOTION: Secretary Giblin made a motion for Attorney Jensen to proceed with the process for updating the summary plan document. Board member Nielson seconded the motion, which carried by unanimous vote. Pension Coordinator Cazlisle advised that the Village Council planned to attend the meeting when this item was considered. 6. Report on Payout of contributions to Alex Nathanson Pension Coordinator Gwen Cazlisle reported Mr. Nathanson did not sign a payout form. After the 2-week period the board had requested, she had spoken with him on the phone and he had said to send him the check, that he would not sign, and that his attorney would be calling. Ms. Cazlisle reported that Salem Trust was issuing a check for payout. Chair Sabin noted the boazd had approved that at the last meeting. VII. STANDING REPORTS (INFORMATION ITEMS) The following items were noted as information items and a motion was made for item 10: 7. Approval of new applicants for participation in Pension Plan None 8. Approval of Beneficiary Changes None 9. Request for withdrawal of contributions (employees terminating employment with Village of Tequesta) None 10. Ratification of withdrawals made since the last meeting on 2 signature basis: BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES Apri118, 2006 PAGE ~ MOTION• Boardmember Nielson made a motion to ratify the rollover for Brian Youngblood in the amount of $11,084.49; and distribution of contributions into the fund by Alex Nathanson in the amount of $14,358.54 after withholding 20%. Motion was seconded by Boardmember Neier and unanimously carried 4-0. 11. Budget Report Accounting Manager Monaco presented the budget report, and explained that a synopsis for both Fire and Police had been provided, including balance sheets, income statements, and an expenditure report of items paid in this quarter. The report was reviewed. Chair Sabin commented the summary at the beginning was very helpful, and asked for an extra column of comparison to the budget to provide a current snapshot. Pension Coordinator Carlisle questioned the payout shown for Richard Crouse, which had not been received by her department to be placed on an agenda. Discussion ensued. A copy of the payout sheet signed by the members of the board was provided. MOTION: Boardmember Nielson made a motion to ratify authorization for payment to Richard Crouse of his lump sum benefit of $2,632.09 after 20% withholding. Secretary Giblin seconded the motion, which carried by unanimous 4-0 vote. Secretary Giblin asked how the pro rata share of invoices between police and fire was figured. Ms. Monaco explained it was based on the total asset value, not on the contribution rate, and it was calculated every month. VIII. FINANCIAL REPORTS 12. Account Statements (January-March 2006) There were no questions from the board. Pension Coordinator Gwen Carlisle noted the statement information was very detailed. IX. PAYMENTS TO BE REVIEWED AND APPROVED Boardmember Nielson questioned why the quarter ended market value was not the same of Rockwood's invoice and report. Mr. Holtgrieve explained all the market values were from the custodial statement, which did not include accruals, as discussed earlier. Rockwood had BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April ~8, 2006 PAGE 8 their own accounting system and so did the custodian, and for fee purposes they always used the market values from the custodian. Chair Sabin commented at the previous meeting the board approved an invoice for Rockwood, and questioned why the invoice through 9/30 had not been presented previously. It was explained that this invoice had not previously been received to place it on the agenda; therefore with payment of the two invoices on today's agenda Rockwood would be paid to date. Ms. Carlisle requested that the invoices be sent directly to her so they would be put on the agenda. Pension Coordinator Carlisle explained that the charge for an opinion letter included in the invoice from Gabriel, Roeder & Smith had been required, and the letter reflected that there was no impact created by Ordinance 591, which was the ordinance allowing a member of the Village Council to be on the board. It was confirmed that the employees had received the benefit statements. MOTION: Secretary Giblin made a motion to approve the payments listed on the agenda plus the two invoices which were added to the agenda. Boardmember Nielson seconded the motion, which carried by unanimous 4-0 vote. Therefore, the following items were approved for payment: Business Services Connection - 2/14/06 meeting and minutes $ 306.09 2. Hanson, Perry & Jensen, P.A. Services through March 15, 2006 $ 780.98 3. Bogdahn Consulting, LLC Fee for Quarter O 1 /01 /06 - 03/31 /06 $ 2,000.00 4. Rockwood Capital Advisors Management Fee 06!30/05 - 09/30/05 $ 3,821.63 Payment Due to General Fund of the Village of Tequesta $ 300.00 6. Rockwood Capital Advisors Management Fee for 12/31/05 - 3/31/06 $4,038.09 7. Gabriel Roeder Smith & Company BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April ~8, 2006 PAGE 9 10-1-OS Actuarial Valuation Report & Employee Benefit Statements; Opinion Letter regarding Ordinance 591 $6,290.00 Boardmember Nielson commented there was a State regulation that invoices be paid timely and he thought it was within 45 calendar days. Since the invoices were approved quarterly this board could not always comply with that, and suggested the Pension Coordinator might approve payment and the board could ratify at the next meeting. Attorney Jensen was asked to look into this matter and report at the next meeting. X. NEW BUSINESS 18. Recommendation of resident member appointment Pension Coordinator Gwen Carlisle reported that Geraldine Genco was vacating her seat and the Village Council would select a resident member to fill that position. The applicants were Kevin Pittman, Joy Kovalchick, Michael D. Rhodes, William J. Russell, Jr., and Vi Laamanen, who was currently Chair of the Board of Adjustment. Attorney Jensen advised that someone could not be on two boards if they had fiduciary duties, and she did not know the answer in this case. Discussion ensued regarding the applicants, all of who were very qualified. It was decided to make a choice from the two applicants who had shown an interest previously, Ms. Kovalchick and Mr. Pittman. MOTION• Boardmember Nielson made a motion to recommend to Village Council they consider Kevin Pittman for the position of resident representative on the board. Chair Sabin seconded the motion, which carried by unanimous 4-0 vote. Chair Sabin asked that the board's appreciation be expressed to each applicant for their interest. 19. Addition of Commission Recapture Broker -Capital Institutional Services, Inc. Joe Bogdahn, Bogdahn Consulting, explained that having commission recapture brokers gave the investment manager more options. In addition to brokers they had through companies such as Schwab, for example, if they could get a better price from a commission recapture broker they could use that broker. A commission recapture broker would charge the same but instead of part of that going to benefit the manager BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April 18, 2006 PAGE io it would come directly back in the form of a check to benefit the fund. This would provide a choice of two brokers that would benefit the fund directly, or the manager could choose not to use either one if they got a better price from another broker. MOTION: Secretary Giblin made a motion to execute the agreement with Capital Institutional Services, Inc. Boardmember Nielson seconded the motion, which carried by unanimous 4-0 vote. 20. Discussion of quarterly meeting dates Chair Sabin commented at the last meeting calendar dates for meetings for each quarter had been set in an attempt for all the board members to coordinate better, and unless there was an emergency to stick to those dates. They had shifted to meeting April, July, and October because they were trying to be more timely with the quarterly calendaz; however, as mentioned earlier in the meeting, the data might not be as readily available. Another consideration was that it was true during discussions with Bogdahn Consulting on fee estimates, the boazd had indicated they would try their best to coordinate with the General Employees board to meet on the same day to reduce costs, and that had not happened very much. Ms. Carlisle confirmed the General Employees boazd had set dates for their meetings and the problem was both boazds wanted to meet at 8 a.m., which could not happen if both boazds met the same day, and 10:30 a.m. meetings had not worked out for the General Employees board. Chair Sabin suggested rotating so that one boazd would meet at 8 a.m. one quarter and the next quarter at 10:30 a.m. Mr. Bogdahn commented that with the boards meeting on different dates, in August he had a meeting the afternoon of August 7 with a pension board in Palm Beach Gardens; the idea was to make the trip down for more than one meeting, not just for one. Attorney Jensen confirmed that date would work for her. Ms. Cazlisle noted the General Employees pension board had voted to change their date to April, but on the 4~` Monday, so if Mr. Bogdahn wanted to come the first or second week of May, he would not be coming back the very next week. Mr. Bogdahn explained it was not a matter of even coming back the next day, it was the fact they were coming down for one meeting. The idea of getting these two boards to meet on the same day was they combined their time-they did not charge travel time, and round trip it was about six hours. So it could be 12 hours for these two boards or it could be six, and if they applied a travel time to that it could be fairly expensive. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April ~8, 2006 PAGE it The other piece of that was the efficiency-it was nice to meet at 8 in the morning because he could schedule something else in the afternoon even if it was back in the central part of the state, but at the same time that was two different trips. Mr. Bogdahn explained if they were already coming down to attend another meeting, and maybe it was not the coordination of Tequesta's two boards, they could piggyback on some Palm Beach Gardens meetings, or something else in the area, it would effect the same purpose-they would be getting more than one meeting in a day. If they could attend more-he indicated a firm might sometimes have up to 4 or 5 meetings in a day that one consultant could take care of; that was part of their efficiency. If efficiencies could not be generated, their costs would go up, since other costs remained essentially the same. Chair Sabin commented that unless the meeting could be the same day as Palm Beach Gardens, one quarter this board could meet at 8 a.m. and the other board at 10:30 a.m., and the next quarter the other board could meet at 8 a.m.. and this board at 10:30, and rotate, and work together. Ms. Carlisle commented if Mr. Bogdahn wanted to coordinate with Palm Beach Gardens, this board could meet the same day as Gardens and have it the very next day for the General Employees. Mr. Bogdahn responded the next day was not good because if they stayed overnight that was additional cost. Ms. Carlisle commented if they had a meeting in the morning, one in the afternoon, and one the next morning, they would all be grouped together. Chair Sabin commented that was not what Mr. Bogdahn was saying. Mr. Bogdahn commented if they stayed overnight they incurred expense and that was outside what their agreement was, and if the agreement needed to be modified that was fine, but he did know that August 7 was a date that worked, and it worked for Attorney Jensen, and whether the General Board met that day or not, he was coming down this way, and could just come a little earlier. Chair Sabin commented he thought this board still needed some coordination with the General Employees, and thought this board would be meeting them halfway with his suggestion, unless there was another suggestion on meeting halfway. Mr. Bogdahn described another town whose police, fire, and general employee pension boards all met the same day, meeting at 8:30 a.m., 10:30 a.m., and 1:00 p.m., and rotated the times on a quarterly basis. Chair Sabin commented to Ms. Carlisle that he would be very interested to know if his suggestion was not acceptable to the General Employees board. Ms. Carlisle responded they would be having their meeting next Monday and that would be something she would be glad to discuss. Mr. Bogdahn noted that next Monday a member of his firm would be coming just for that one meeting, and he would like coordination if possible because he had a history here and BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES April 18, 2006 PAGE 12 next Monday he had three meetings in Lake City that conflicted with that date, so he would have to send someone else to represent his firm. Mr. Bogdahn advised they were trying to coordinate for continuity and also to keep costs in line. Chair Sabin commented regarding the next meeting that the board had originally talked about July 18, but that was probably too early in the cycle. Discussion ensued during which the question was asked whether Gardens met on that day quarterly, but that was not known, and Mr. Bogdahn did not have his calendar with him. It was agreed to hold the next meeting on August 7 at 8 a.m. to coordinate with the Palm Beach Gardens meeting. Chair Sabin commented if that date was agreeable with the General Employee board and they agreed to rotate, this board could meet at 10:30 to start the rotation, and Mr. Bogdahn could attend the Palm Beach Gardens meeting at 2 p.m. Chair Sabin commented once those decisions were made then the date for the October or November meeting would have to be set. Mr. Bogdahn noted he would have his calendar next time to confirm dates ahead of time. Chair Sabin clarified this board would meet at 8 a.m. on August 7 unless they struck a deal with the General Employees, then this board would meet at 10:30 a.m. XI. ANY OTHER MATTERS The following items were presented as information items: Copy of Annual Report for Year 2005 -Municipal Police Officers and Firefighters - as provided to Division of Retirement and News Scan and Research Memo developed by Gabriel, Roeder, Smith & Company. Attorney Jensen announced proposed legislation changing 175 and 185 which was expected to pass, which would increase the board's ability to invest in foreign investments by changing the 10% limit to 20% or possibly 25%, and would allow increasing boardmembers' terms from 2 years to 3 years. In response to a question from Boardmember Neier, Mr. Bogdahn explained the process of how the actuary came up with a target earnings percentage, and depending on whether or not that was achieved, the contribution rate by the Village could go up or down. Board member Neier indicated this was a contract year; Mr. Bogdahn advised pension benefits would only be included in negotiations if one of the parties BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES Apri118, 2006 PAGE ~3 asked for it. Discussion ensued. Ms. Carlisle advised the Village Council had scheduled an executive session to discuss the contract. XIII. COMMUNICATIONS FROM CITIZENS There were no communications from citizens. XIV. ADJOURNMENT There being no further business to come before the board, the meeting was adjourned at 10:30 a.m. Respectfully submitted, ~~~ Betty Laur Recording Secretary