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HomeMy WebLinkAboutMinutes_Pension Public Safety_05/05/2008TEQUESTA 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 DirectorJoAnn 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, Perry & 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 & 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, ~~~ ~-~~ 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.