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HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 03_07/01/2004Synopsis -Public Safety Officers Pension Board meeting 5/11/04 Approved minutes of the March 2, 2004 joint meeting with General Employees' Pension Board. 2. Approved minutes of the April 21, 2004 joint meeting with General Employees' Pension Board. Approved Joseph Petrick as Police Representative to the Board. 4. Approved a motion to send out an RFP for auditing services and set up presentations for doing future business with the auditors. Mr. Gallagher was directed to send out and advertise the RFP, with Attorney Jensen to provide a list of auditing firms. Approved the Plain English Summary as amended. Attorney Jensen to make the changes as discussed and then distribute to the board. Summary is to be bound and passed out during the employee orientation to be held in August, 2004. 6. Attorney Jensen was to have the Statement of Policy for Trustee Expenses signed and send it out. 7. Approved starting the process for actuarial proposals for year ending 2004, including options for providing member statements. Mr. Gallagher was to coordinate with Attorney Jensen for a late June or July meeting to discuss the RFP responses and do a short list, so that a decision could be made at the quarterly meeting in August. Approved withdrawal of contributions for employees terminating employment: Janet Lampher -date of termination 3/29/04 - $4,734.85 less $1,183.71 for taxes =gross $5,918.56 and Christopher McKay -date of termination 4/5/04 - $6,860.581ess $1,715.15 for taxes =gross $8,575.73 9. Ratified withdrawals made on 2-signature basis under $100: Business Services Connection $42.34 Federal Express $22.97 10. Heard report from Peter V. Van Beuren and Steve Mergler from Northstar Capital Management. Requested that trades be reported on a quarterly basis instead of one-time annual, which Mr. Van Beuren indicated would be done. 11. Approved payments as follows: Northstar Capital Management, Inc. $4,560; Hansen Perry Jensen of $2,142.49; and Business Services Connection of $112.90. Synopsis of Public Safety Officers Pension Board Meeting 5/11/04 Page 2 12. Approved contract with Bogdahn Consulting LLC to provide monitoring services. 13. Mr. Sabin reported on his attendance at conference where there had been much discussion regarding the conflict of a commissioner being a member of the pension board. Attorney Jensen was to contact the Village Attorney on this matter and also research whether it was a conflict for the Fire Chief to be on the board. 14. Mr. Gallagher was to provide a copy of the liability insurance policy to the boardmembers. 15. Mr. Sabin recommended sending one member to the conference each year on a rotating basis. 16. Requested to hold board meetings early in the morning, at 8:00 a.m., to allow those members who were not Village employees to get to their jobs. U TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND BOARD OF TRUSTEES MEETING MAY 11, 2004 I. CALL TO ORDER AND ROLL CALL The Tequesta Public Safety Officers Pension Trust Fund Board of Trustees held a regular meeting at the Tequesta Recreation Center, 399 Seabrook Road, Tequesta, Florida, on May 11, 2004. The meeting was called to order at 10:30 a.m. A roll call was taken by Betty Laur, Recording Secretary. Boardmembers in attendance at the meeting were: Chair James Weinand, Boardmember Edward Sabin, and Boardmember Peter B. Lucia.. • Vice Chair Geraldine Genco was absent from the meeting. Also in attendance were Dan Gallagher and Attorney Bonni Jensen. II. APPROVAL OF AGENDA MOTION: Boardmember Sabin made a motion to approve the agenda as submitted. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. III. APPROVAL OF MINUTES MOTION: Boardmember Lucia made a motion to approve the minutes of the March 2, 2004 joint meeting with General Employees' Pension Board, and the April 21, 2004 joint meeting with General Employees' Pension Board, as submitted. Boardmember Sabin seconded the motion, which carried by unanimous 3-0 vote. IV. APPROVAL OF NEWLY ELECTED POLICE REPRESENTATIVE TO THE BOARD -JOSEPH PETRICK • It was announced that Joseph Petrick had been elected by the members and the ballots • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 2 were on file. MnTInN: Boardmember Sabin made a motion to approve the new Police representative, Joseph Petrick, as a member of the Board. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. Attorney Jensen clarified that this appointment did not need ratification by Village Council; only the fifth member needed to be ratified by the Council. V. UNFINISHED BUSINESS a) Contractual agreement with Auditors -Attorney Bonni.Iensen • Attorney Jensen reported she had spoken with an auditor out of Miami with the firm of Rachlin, Cohen & Holt who was responsible for the arrangement with the Village, and he had not been aware this board was to be charged with the cost of the audit, but thought it was an internal responsibility that was in place. Therefore, Attorney Jensen presented three plans of action for the Board's consideration: (1) go out for an RFP to look for an auditor; (2) to enter into a contractual agreement with Rachlin, Cohen & Holt, or (3) to leave the situation as is and formalize an agreement within the municipality of how much this Board would pay for the cost of the audit. Chair Weinand commented he had never seen an agreement. Attorney Jensen explained this Board was included in the fiduciary funds but no one was doing a specific audit on this Board's financial statements or costs. Attorney Jensen commented the Board's auditor should have a direct relationship with the Board and a relationship that was approved by the Board. Most funds did have an individual auditor, who presented an audit annually to the Board. Fees could be $8,000 to $10,000 annually. Discussion ensued. Attorney Jensen commented many auditors would also take on the responsibility of doing the annual report, and could complete it when doing their audit. Boardmember Sabin suggested the Board consider at least having someone, perhaps on staff, contact the auditors for information regarding providing a direct report to the pension fund, with an estimate of cost, so the Board could evaluate it at future meetings. Chair Weinand responded he would feel more comfortable with • Attorney Jensen doing the contact and to find out how much a proposal would be, because she knew the statutory requirements. Chair Weinand suggested the possibility of piggybacking the Village's audit fee. Boardmember Lucia suggested sending out three RFP's. Consensus was that Mr. Gallagher would handle sending out RFP's . Attorney Jensen stated he would need to advertise the RFP. Attorney • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 3 Jensen commented she could provide a list of auditors. Boardmember Lucia asked if there were specific guidelines included in the RFP, to which Attorney Jensen responded there would be a detailed list of what the Board wanted. MOTION: Boardmember Lucia made a motion to send out an RFP for auditing services and set up presentations for doing future business with the auditors. Boardmember Sabin seconded the motion, which carried by unanimous 3-0 vote. b) Discussion and Consideration of Approval of Plain English Summary provided by Attorney Jensen at 2/10/04 meeting Chair Weinand commented that this summary document was required by Florida • Statutes; Attorney Jensen advised it was supposed to be done every two years. Chair Weinand commented this was the second one in ten years, to his knowledge. Chair Weinand asked about salaries paid to firefighters and police officers for their services-if pension contributions were being taken out of the total cash remuneration, and commented that he thought the contributions might not have been taken out of some bonuses. Mr. Gallagher was to research this matter. Chair Weinand referred to page 3, the calculated final average salary, total for the last five years divided by 60,and the definition which was 1/12 of salary. Chair Weinand commented he knew the formula was probably the same mathematically, but stated he was worried that employees would be confused. Attorney Jensen stated she would change the language. Boardmember Sabin asked if there was an effective date on this, because the pension multiplier had been changed. Attorney Jensen stated that was okay. Chair Weinand referred to language on page 8 regarding deferred DROP in the last sentence of the second paragraph, and commented he thought there was no option for a member to be employed at the end of the DROP. Attorney Jensen confirmed there was no option but the problem was that pension funds could not terminate employment. A circumstance could happen where someone could be employed in the DROP and the employer might not terminate their employment; so the pension fund had to deal with it; but it did not have to be in the summary plan description. Chair Weinand commented he thought at the end of the DROP period one was terminated or had to seek other employment, which Attorney Jensen stated was correct, and she could take that out of the summary plan description. Chair Weinand commented it was trying to show employees that when they went down the path of the DROP that was the end, but this sounded like there was hope and that ~t~.,,,l.l ., ..r h., :.....l:o.l !`1.,,:r \1I7~:.,.,,,,1 .,~l.~a ,.}...,,r ~.,.1:„.. ~..,..1...,.~.~..t ..r....- r., • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 4 with employees who were no longer employed but the Village was holding funds for them. There were two such former employees, both with under ten years service but one had over six years service. Attorney Jensen explained that under most circumstances when someone left they were under the plan as it was when they left; and if those two left before the vesting was changed to six years, those individuals should not get a copy of the summary plan description since their plan was different from the current plan. Mr. Gallagher advised he had written to Mr. Nathanson and told him he was not vested, but had not been able to contact Mr. Maderia. Chair Weinand requested this be cleared up. Chair Weinand commented on filing for retirement on page 9-that it could take longer than 60 days to get the first pension check with the board only meeting quarterly. Attorney Jensen advised she would change the language to 120 days. Boardmember Sabin referred to page 10, second paragraph, and asked if it was standard language to say the Village contribution was mathematically determined, to which Attorney Jensen responded it was easier for people to understand than to say it was actuarially determined, but she could change mathematically to actuarially determined. MnTION: Boardmember Sabin moved approval of the Plain English Summary as amended. Attorney Jensen advised she would make the changes, then send to the Board, then it could be distributed. Chair Weinand requested it be bound and passed out during the employee orientation to be held in August. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. c} Consideration of Approval of Statement of Policy for Trustee Expenses provided by Attorney Jensen at 2/10/04 meeting Attorney Bonni Jensen announced that the Board had approved going to $30 and 37 cents per mile, and making the document effective retroactive to January 1, 2()()4. Since it had already been approved, Attorney Jensen stated she would immediately have it signed and send it out. d) Report of cost of providing benefit statements to employees each year vs. every other year • Dan Gallagher reported he had talked to Mr. Palmquist and learned the cost to provide benefit statements to employees would be $1,50() per year, and Mr. Palmquist was revisiting that figure to assure it was accurate. The cost of an actuarial study was $6,000, which had been pro-rated between the plans, and that included the • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 5 benefit statements to the employees. Since the study was done every other year, in the off years the cost would be $1,500. to provide only the benefit statements. Chair Weinand commented another actuarial study was due this coming October, and suggested an RFP for that process, including the benefit statement, to get other firms to look at it. The plan requirement was to send annual statements, and the Village's policy was to send annual statements. Mr. Gallagher commented the Village did not have the facilities to do annual statements internally. Discussion ensued. Chair Weinand requested an RFP be put out for actuarial services, with member statements as an option, so that at the next quarterly meeting in August a decision could be made who to use. New benefit statements should be included in that package, so the cost of proposed new benefits provided from supplemental funds could be known. Chair Weinand suggested annual benefit statements be tied to the actuarial services. Mr. Gallagher commented the last actuarial study had been done in October 2002. Boardmember Sabin asked what about 2003, since the Board had a duty to get • statements out one way or another, and as a Boardmember he felt the Board must comply. Mr. Gallagher commented by the time an RFP was completed it would be the end of the fiscal year. Attorney Jensen recommended having Mr. Palmquist do benefit statements for 2003. There was further discussion regarding whether to get benefit statements for 2003; Boardmember Sabin felt it was the Board's responsibility to comply and expressed concern about not following the Board's obligations. It was clarified that there had been no decision by the Board not to put out 2003 statements. Mr. Gallagher'indicated he would call Mr. Palmquist after this meeting and would get a firm number for the cost of providing 2003 statements. The Board discussed the frequency of actuarial statements-annually or every two years. After discussion, Attorney Jensen advised that after going out for the RFP, the Board could decide on either annually or every two years with benefit statements in the interim year. Boardmember Lucia asked if there was really a purpose to go back to 2003 since new benefit statements were going to be done for 2004 Chair Weinand commented 2003 would be very different from 2004 because of the changes made to the plan, such as 6-year vesting. Boardmember Sabin advised he would agree with the other members of the Board except the ordinance said annual statements must be sent. Attorney Jensen advised a 2-1 vote would die and defer this to the next meeting. Boardmember Sabin commented that would be fine; he just wanted to be on record that he wanted to comply with the ordinance. The Board referred to the ordinance for the actual wording. Attorney Jensen advised the language in the ordinance stated "at regular intervals distribute information to individuals" which was more flexible; and reported at the General Employees' Pension Board meeting there had been discussion that there was a requirement in the Village's personnel manual. Mr. Sabin commented since the Board would be following the ordinance he did not have a problem with every two years. • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 6 NrnTi~N~ Boardmember Lucia made a motion to start the process for actuarial proposals for year ending 2004, including options for providing member statements. Boardmember Sabin seconded the motion. Motion carried by unanimous 3-0 vote. e) Report by Dan Gallagher of the amount of supplemental funds available for additional benefits Dan Gallagher provided a report broken down between police and firefighters, showing $70,000 in supplemental funds for police and $26,000 for firefighters, and reported no funds had been spent to date. Chair Weinand explained the tiered plan would draw down some of these funds. Attorney Jensen advised there was no real • time requirement to use the money, that a benefit should be selected and when there were sufficient funds for that benefit it would be put into place. Chair Weinand commented Trish Shoemaker had requested information regarding the changes to the plan. Attorney Jensen advised she had not received that request. Attorney Jensen advised there was a new page in the annual report that required actuary certification that all minimums had been met, and tracked the dollars, so the annual report would tell how much of the funds had been used. A small portion was used for the tiered rate plan. Employees could ask for benefits, or suggestions could be made, and funds could just accumulate until there was enough for a proposed benefit. Mr. Gallagher suggested one change in the report to include any funds when spent, so the net available would be known Boardmember Lucia suggested holding a meeting of the Board before the August meeting, after the RFP responses were received, since the fiscal year ended in October. This would allow the Board to make a decision at the August meeting and be ready by the end of the year to know who would be doing the actuarial study. Mr. Gallagher was directed to coordinate with Attorney Jensen for a late June or July meeting to discuss the RFP responses and do a short list. VI. STANDING REPORTS a) Approval of new applicants for participation in Pension Plan (2nd quarter - January -March 2004) None • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE ? b) Approval of Beneficiary Changes Plan (2nd quarter - Januar-y-March 2004) None c) Request fdr withdrawal of contributions (employees terminating employment with Village of Tequesta Plan (2°d quarter -January-March 2004) Janet Lampher -date of termination 3/29/04 $ 4,734.85 1,183.71 Total Gross $ 5,918.56 Christopher McKay - date of termination 4/5/04 • $ 6,860.58 1,715.15 Total Gross $ 8,575.73 MOTION: Boardmember Sabin made a motion to approve withdrawal of contributions for Janet Lampher and Christopher McKay. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. Chair Weinand questioned why the request for withdrawal on Mr. McKay was not signed. Mr. Gallagher explained the signatures had been on the original form which incorrectly deducted $200 for taxes, and a new form had been prepared correcting that tax deduction, but had not been signed. Chair Weinand requested a fixed process for withdrawing contributions, that the form must be signed as authorization to write a check. Attorney Jensen indicated she was not comfortable with police and firefighters addresses and social security numbers being on the forms, and suggested placing a sticky over that information before making copies for everybody. Mr. Gallagher indicated he wanted the form to come through him so he could review the figures which had been calculated by the accounting department. Chair Weinand advised that he would get signatures if Mr. Gallagher was out. • d) Ratification of withdrawals made since the last meeting on 2 signature basis: Business Services Connection $ 42.34 • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 8 Federal Express $ 22.97 MOTION: Boardmember Sabin made a motion to approve ratification of payment of $42.34 to Business Services Connection and $22.97 to Federal Express. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. Chair Weinand noted the copies of the checks only showed one signature. Betty Laur explained that the checks actually had both signatures as required, but a copy had not been made showing the second signature before the checks were mailed, which had been an error, and asked if the Board would like copies to be provided from the bank. Chair Weinand indicated that would not be necessary but he would like to see copies with both signatures in the future. • VII. FINANCIAL REPORTS a) Statement of Accounts (2nd Quarter -January -March, 2004) b) Progress Report by Finance Department -Cash Flow Report for the Second Quarter (2nd Quarter -January -March 2004) Mr. Gallagher commented that Mr. Van Beuren would review this information. c) Northstar Capital Management Investment Manager's Report (As of March 31, 2004) Peter V. Van Beuren and Steve Mergler from Northstar Capital Management provided a presentation. Mr. Van Beuren reviewed the presentation booklet, noting that Section 3-1 showed the fund was in compliance with approved investment guidelines. Mr. Van Beuren explained that they weighted different economic sectors to obtain performance over the benchmark, and these had been modified since these March 31, 2004 figures. Mr. Van Beuren referred to Section 3-3, commenting some stocks had been eliminated since March 31, raising cash in the account because of the uncertainty in the market during April. Mt. Van Beuren noted they were substantially above the benchmark in all areas except PE. Changes were noted on page 3-5, that there were different periods than • previously shown, plus the Lehman Brothers index for bonds. The handouts showed inception through 3/31/04, and also the most recent quarter. Mr. Van Beuren stated they were proud of this quarter; that by sticking to their discipline it had paid off this quarter. Mr. Mergler reviewed a report for the firm's performance over the last ten years. They • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 9 had been in the upper 1% of all investment managers, and had out-performed the S&P 500 over the last five years-better performance with less risk than the S&P 500. Boardmember Sabin asked if Northstar had worked with other investment monitors, to which the response was yes, that they were used to working with investment monitors. Mr. Van Beuren commented when they came onboard, cost was a very big factor to this fund and since a monitor had not been required, they had helped and felt their way with the Board. They were looking forward to meeting with Mr. Bogdahn, and it was important they and he had the same figures and he might help streamline the process. Mr. Bogdahn had come to their office the previous day and talked about how they managed accounts, which Northstar encouraged. They would adapt their report if needed. Mr. Van Beuren commented their economic outlook was very optimistic, offset by fears of higher interest rates and world events. Boardmember Lucia asked if Northstar was hedging any strategies in fixed income with anticipation of higher interest rates. Mr. • Van Beuren responded one of their strategies was laddering bonds and calls of bonds to hopefully take advantage of rates moving up. Boardmember Lucia pointed out their duration was higher than the index, and with average maturities a little high they could fluctuate more than the index. Mr. Van Beuren responded that was the downside of it, that if there were an unexpected major move then the lower end of the portfolio would be under pressure, but these were long-term assets. Also, they did not use barbell strategy with everything short or everything long, and they thought their strategy would work. c) Report of Northstar Capital Management's transaction costs for a full year both in dollars and as a percentage on total assets as requested at 2/10/04 meeting Mr. Van Beuren presented the report. Boardmember Lucia inquired regarding commission statements, if the Board would get a letter like the February letter. Mr. Van Beuren commented he thought the Board wanted to see what they were being charged, and they had the ability to provide that information on a quarterly basis, which would show how low the commissions were. Part of the discussion with Mr. Bogdahn had been retail versus industrial, but Wachovia was charging discounted rates. Boardmember Lucia requested the statement include trades on a quarterly basis instead of one-time annual. Mr. Van Beuren indicated that would be done. VIII. PAYMENTS TO BE REVIEWED AND APPROVED • a) Northstar Capital Management, Inc. $4,560.00 b) Hansen, Perry & Jensen P.A. $2,142.49 • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 10 c) Business Services Connection Public Safety Fund portion of services for 4/21/04 joint meeting $ 112.90 MOTION: Boardmember Lucia made a motion to approve payment to Northstar Capital Management, Inc. of $4,560.00; to Hansen Perry Jensen of $2,142.49, and to Business Services Connection of $112.90. Boardmember Sabin seconded the motion, which carried by unanimous 3-0 vote. IX. NEW BUSINESS • a) Contract with Bogdahn to provide monitoring services Attorney Jensen reviewed a contract that provided for monitoring services, which Mr. Bogdahn had signed. Chair Weinand asked about gross rate of return under section 2.4, to which Attorney Jensen responded Florida Statures required there be a net of fees rate of return, but there should also be a gross rate of return so the Board could clearly see the amount of fees. Chair Weinand pointed out on page 5 that "General" needed to be changed to "Public Safety". Boardmember Sabin asked if the date entered into was today, if the first quarterly presentation would be in August. Attorney Jensen responded the General Employees Board was trying to get a special meeting based on March 31 figures before the August meeting, and this Board might also do that. MOTION: Boardmember Sabin moved approval of the contract with Bogdahn Consulting LLC to provide monitoring services. Boardmember Lucia seconded the motion, which carried by unanimous 3-0 vote. b) Discussion of obtaining new actuarial study Chair Weinand commented this matter had already been discussed. • c) Report of attendance at conference by Ed Sabin Boardmember Sabin indicated he had handed out notes from the meeting at Tallahassee. Boardmember Sabin indicated that there had been a lot of discussion at • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 11 Tallahassee regarding the conflict of a commissioner being a member of the board, and there was an attorney general opinion on this. Mr. Sabin commented his understanding was that there had to be something documented within the city that allowed a member of the Council to be on the board, and asked Attorney Jensen to follow up on this to be sure the Village was in compliance. Attorney Jensen advised there was a dual office holding case out of Orlando that said commissioners could be on a board, provided there was some type of designation. The Attorney General this year had interpreted this case and the dual office holding provision basically to say that in order to be on a board if you were already a member of the City commission, and to avoid the dual office holding, it had to be a part of your duties and responsibilities as acommissioner--so there had to be some separate other document placing you on the board. In other words, such as: the duties of the commissioners will be one member will be on every board of the City-something like that-or, your duty will be to be on the Public Safety Pension Board. This must be somewhere • other than in the ordinance. Some plan documents have that, but this fund's documents do not say a commissioner will fulfill that role, so in order to avoid the dual office holding provisions, there must be something else stating that, which would designate a city commission person to be on the Board of Trustees. Attorney Jensen stated she would contact the Village Attorney regarding this issue. Chair Weinand asked if that applied to him as Fire Chief, which Attorney Jensen said she would check. Boardmember Sabin commented he thought Chair Weinand did not have a conflict, and asked if it was a concern for an elected representative to the Board. Attorney Jensen commented she did not believe it was a conflict in either of those cases, but would check specifically regarding the Fire Chief position. Boardmember Sabin commented fiduciary liability insurance had been discussed at the conference, and that boardmembers should not rely on City insurance that excludes investment activity. The point had been brought up that it was very common to carve out investment activity from liability insurance, so he would like this to be addressed at a future meeting. Mr. Gallagher advised the board already had their own liability insurance. Mr. Sabin commented the point had also been brought up about defense costs being outside the limits. Mr. Gallagher was asked to provide a copy of the policy to the boardmembers. Boardmember Sabin commented he felt the conference was very good and well worth attending, and recommended a member attend each year on a rotating basis. Attorney Jensen noted there were conferences in March and October each year. • BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES May 11, 2004 PAGE 12 Boardmember Lucia made a recommendation to hold meetings early in the morning as opposed to mid-morning. Mr. Gallagher responded he would discuss with the General Employees' Board about having this board meet first, since it was preferred to keep both board meetings on the same day. All members of the General Employees board were either retired or Village employees, while some members of this board worked outside the Village. Boardmember Lucia indicated that change would be appreciated so that he and Mr. Sabin could get to their jobs. Consensus of the board was to begin meetings at 8 a.m. XI. COMMUNICATIONS FROM CITIZENS There were no communications from citizens. XII. ADJOURNMENT Upon motion by Boardmember Sabin, seconded by Boardmember Lucia, and unanimously carried, the meeting was adjourned at 12:20 p.m. Respectfully submitted, ~«~ _~u:~ Betty Laur Recording Secretary •