HomeMy WebLinkAboutDocumentation_Pension Public Safety_Tab 02_08/04/2008SYNOPSIS OF PUBLIC SAFETY OFFICERS PENSION BOARD MEETING 5/5/08: Meeting minutes of February 4, 2008 were approved as amended by correcting the titles for Secretary Giblin and Chair Nielson in the first paragraph, and by omitting 2008 in the paragraph under item 15. 2. Steve Palmquist of Gabriel, Roeder and Smith reviewed the actuarial evaluation report dated October 1, 2007 and reported the plan was in good shape. Mr. Palmquist explained the valuation provided the amount the Village needed to contribute to the plan both in the current and the 2009 fiscal years. 3. The Board voted to accept the Actuarial Evaluation report dated October 1st, 2007. 4. Mr. Palmquist advised the mortality tables would have to be changed, which would probably increase cost of the plan around 3% of payroll, and suggested this be done as soon as possible instead of waiting until forced by the State. Estimated cost to revise assumptions based on new mortality rates was $1,500-$1,800. Consensus of the Board was to wait on an analysis of the new mortality tables. 5. Mr. Palmquist discussed asset smoothing to mitigate swings in the amount the Village must contribute to the plan. The Board voted to authorize Mr. Palmquist to provide information to the board regarding asset smoothing on a 5-year basis. Estimated cost to provide the information was $500- $700. 6. Tony Brown provided the semiannual presentation for Rockwood Capital Advisors. Mr. Brown reviewed the quarter ended March 31, 2008, advising earnings were down for the quarter and this market would continue to be volatile until there was stability in housing pricing. Mr. Brown reported this was a slow sell market, and that there were no corporate notes that were at issue. Mr. Brown indicated his report was for the first quarter of the calendar year; Attorney Jensen asked that they track by fiscal year. 7. Dave West of Bogdahn Consulting, LLC presented their quarterly report for the period ended March 31, 2008, which was in a new format. Changes requested by the board: Use different colors on the growth vs. value chart, use the color coding on page one throughout the report, increase size of font, page 6 was not needed„ change the title Domestic Equity to Total Equity because there were ADR's in the portfolio, confirm the calculation for fixed income since Rockwood's calculation was different, add footnote explanation of number in parenthesis, reference the 2 caption Total Fund by adding 60% S8~P 500 and 40% bond index or re- naming, use fiscal year numbers on page 9. Mr. West was asked to provide an explanation of the discrepancy of Rockwood reporting 8% since inception and Bogdahn reporting 6.69%. Add actuarial rate of return to comparative performance; on page 14 calculate consistency with Rockwood numbers and report to the board. Chair Nielson commented the new report presented a lot of data and information but did not reach conclusions. Chair Nielson stated his conclusions were the fund was not meeting expectations; getting return of half what S&P was doing; for this quarter performance by Rockwood was sub par to the benchmark. Chair Nielson advised conclusions were very important to him and were what he expected to receive from the monitor. 8. Mr. West advised if there were any changes that required a reprint they would just resend the whole report-if no changes he would notify the board. 9. Mr. West reviewed the attribution report-Chair Nielson commented it was a great analysis and requested Bogdahn continue to provide it. 10. The Board voted to accept the quarterly reports from Rockwood Capital Advisors and Bogdahn Consulting LLC. 11. Secretary Ray Giblin reported that reducing the Firefighters' contribution back to 5% was still in union negotiations. 12. Human Resources had requested clarification of the exact language to be added to plan document regarding what is included in "total cash remuneration for services rendered as a Firefighter or Police Officer". The Board had asked exactly what the Village had done in the past, and tabled this item at the last meeting. Human Resources Director Merlene Reid reported that car, boot, and clothing had not been applied as pensionable salary in the past; everything else had been included. The board requested a list of all pensionable items so they could consider including those in the plan language.. 13. STANDING REPORTS (INFORMATION ITEMS) New applicants for participation in Pension Plan -none Beneficiary and Name Change -none Request for withdrawal of contributions -none Statement of Activities -there were no questions Budget Report -there were no questions 14. The following payments made since last meeting were ratified: 3 Hanson, Perry & Jensen, P.A., $448.40; Business Services Connection, Inc. $237.86 15. The following payments were approved: Hanson, Perry & Jensen, P.A. $258.85 Bogdahn Consulting, LLC $2,000.00 Rockwood Capital Advisors, LLC $5,501.72 Gabriel Roeder Smith & Company $3,426.00 Scripps Treasure Coast $116.51 16. Pension Coordinator Lori McWilliams advised Robert Young was actively seeking a position, that the Village Council would approve a member, and that the Village Attorney recommended against the board making a recommendation. 17. Voted approval to pay Scripps invoices for ads between meetings 18. Voted to split cost with General Employees' Pension Fund to send Pension Coordinator Lori McWilliams to FPPTA Trustee School October 5-8, 2008 19. Voted to adopt summary minutes. 20. Pension Coordinator McWilliams recommended that Form 1 forms be sent certified mail, so that members of the Board would have proof they had sent the form. 21. Voted to approve the new rate schedule for the Pension Board Attorney, Hansen, Perry and Jensen. The attorney's request for annual 5% COLA increase was not approved; the Board requested this be reviewed annually; therefore it would be reviewed in May 2009. Attorney Jensen advised she would track this item. 22. Robert Young introduced himself and stated he would like to serve as a member of this Board. END OF SYNOPSIS TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND QUARTERLY BOARD OF TRUSTEES MEETING May 5, 2008 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 Tequesta Village Hall, 345 Tequesta Drive, Tequesta, Florida, on Monday, May 5, 2008. The meeting was called to order at 8:06 a.m. A roll call was taken by Betty Laur, Recording Secretary. Board Members in attendance at the meeting were: Chair Ken Nielson, Secretary Ray Giblin, and Board Member David Cooper. Board Member Ed Sabin was absent from the meeting. Also in attendance were Pension Coordinator Lori McWilliams, Attorney Bonni Jensen, Senior Accountant Monica Rahim, Finance Director JoAnn Forsythe, Actuary Steve Palmquist of Gabriel Roeder and Smith, Investment Manager representative Tony Brown of Rockwood Capital Advisors, and Monitoring Consultant Dave West of Bogdahn Consulting, LLC. II. Approval of Agenda MOTION: Secretary Giblin made a motion to approve the agenda as amended by addition under Any Other Matters of consideration of fee increase for the Pension Board's attorney. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. III. Approval of Minutes 1. Tequesta Public Safety Officers' Pension Trust Fund Board of Trustees Quarterly Meeting Minutes -February 4, 2008 MOTION: Secretary Giblin made a motion to approve the meeting minutes of February 4, 2008 as amended by correcting the titles for Secretary Giblin and Chair Nielson in the first paragraph, and by omitting 2008 in the paragraph under item 15. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. IV. PRESENTATIONS 2. Presentation By Actuary BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES MAY 5, 2008 PAGE 2 Steve Palmquist of Gabriel, Roeder and Smith reviewed the actuarial valuation report dated October 1, 2007 and reported the plan was in good shape, with respect to the level of funding. MOTION: Secretary Giblin moved to accept the actuarial valuation report dated Octrober 1, 2007. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. MOTION: Secretary Giblin moved to authorize Mr. Palmquist to provide information to the board regarding asset smoothing on a 5-year basis. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. JoAnn Forsythe advised the Board that the State of Florida was reviewing mortality tables and will likely increase life expectancies. Consensus of the Board was to wait to revise mortality tables used for pension planning.. 3. Presentation By Investment Manager Tony Brown of Rockwood Capital Advisors made their company's semiannual presentation. Mr. Brown reviewed the quarter ended March 31, 2008, advising earnings were down for the quarter and this market would continue to be volatile until there was stability in housing pricing. Mr. Brown reported this was a slow sell market, and that there were no corporate notes that were at issue. 4. Presentation By Monitor Dave West of Bogdahn Consulting, LLC presented their quarterly report for the period ended March 31, 2008, and was advised this report provided data but did not include conclusions. Mr. West reviewed their attribution report; Chair Nielson commented this was a great analysis and requested Bogdahn continue to provide it. MOTION: Secretary Giblin moved to accept the quarterly reports from Rockwood Capital Advisors and Bogdahn Consulting LLC. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES MAY 5, 2008 PAGE 3 V. UNFINISHED BUSINESS 5. Status Report regarding reducing Firefighters' contribution back to 5% Secretary Ray Giblin reported this item was still in union negotiations. 6. Clarification for HR of exact language to be added to plan document regarding what is included in "total cash remuneration for services rendered as a Firefighter or Police Officer" -Tabled from last meeting Human Resources Director Merlene Reid reported car, boot, and clothing had not been applied as pensionable salary in the past; everything else had been included. The board requested a list of all pensionable items. VI. STANDING REPORTS (INFORMATION ITEMS) 7. New applicants for participation in Pension Plan -none 8. Beneficiary and Name Change -none 9. Request for withdrawal of contributions (employees terminating employment with Village of Tequesta) -Ratification of withdrawals made since the last meeting on 2 signature basis -none 10. Statement of Activities -there were no questions 11. Budget Report -there were no questions VII. PAYMENTS TO BE RATIFIED (PAYMENTS MADE SINCE LAST MEETING) MOTION Secretary Giblin made a motion to ratify the following payments as listed on the agenda. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. Therefore the following items were approved for payment: 12. Hanson, Peny & Jensen, P.A. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES MAY 5, 2008 PAGE 4 Services through 2/15/08 $ 448.40 Business Services Connection, Inc. Recording/Preparation of 2/4/08 minutes 237.86 VIII. PAYMENTS TO BE REVIEWED AND APPROVED MOTION Secretary Giblin made a motion to approve the following payments as listed on the agenda. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. Therefore the following items were approved for payment: 13. Hanson, Perry & Jensen, P.A. Services through 4/15/08 $ 258.85 Bogdahn Consulting, LLC Fee for Quarter ending 3/31/08 2,000.00 Rockwood Capital Advisors, LLC Fee for Quarter ending 3/31/08 5,501.72 Gabriel Roeder Smith 8~ Company Actuarial Services through 3/31/08 3,426.00 Scripps Treasure Coast Ad published March 30, 2008 in Jupiter Courier 116.51 IX. NEW BUSINESS 14. Update regarding vacancy on board created by resignation of Board Member Kevin Pittman Pension Coordinator Lori McWilliams advised Robert Young was actively seeking a position, that the Village Council would approve a member, and that the Village Attorney recommended against the board making a recommendation. BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES MAY 5, 2008 PAGE 5 15. Request Board approval to pay Scripps invoices for ads between meetings MOTION Secretary Giblin made a motion to authorize approval of payment of invoices from Scripps newspapers between meetings. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. 16. Request Board approval to split cost with General Employees' Pension Fund to send Pension Coordinator Lori McWilliams to FPPTA Trustee School October 5-8, 2008 MOTION Secretary Giblin made a motion to authorize splitting the cost to send Pension Coordinator Lori McWilliams to FPPTA Trustee School October 5-8, 2008 with the General Employees' Pension Fund. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. 17. Summary Minutes Pension Coordinator Lori McWilliams advised the Village Council would like all boards to use summary type minutes, and the meeting audio would be placed on the website. A synopsis would still be provided. MOTION Secretary Giblin made a motion to adopt summary minutes. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. X. ANY OTHER MATTERS 18. Form 1 Pension Coordinator McWilliams recommended that Form 1 forms be sent certified mail. 19. Request for fee increase by Pension Board Attorney MOTION BOARD OF TRUSTEES TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND MEETING MINUTES MAY 5, 2008 PAGE 6 Secretary Giblin made a motion to approve the new rate schedule for the Pension Board Attorney, Hansen Perry and Jensen. Board Member Cooper seconded the motion, which carried by unanimous 3-0 vote. XI. COMMUNICATIONS FROM CITIZENS Robert Young introduced himself and stated he would like to serve as a member of this Board. XII. ADJOURNMENT The meeting was adjourned at 10:40 a.m. Respectfully submitted, ~~ U Betty Laur Recording Secretary Note: These summary minutes are prepared in compliance with 286.011 F.S. and are not verbatim transcripts of the meeting. A verbatim audio record is available from the Office of the village Clerk. All referenced attachments are on file in the Village Clerk's office.