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HomeMy WebLinkAboutMinutes_Pension General_05/05/2008TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND MINUTES OF REGULAR QUARTERLY BOARD OF TRUSTEES MEETING May 5, 2008 Call to Order and Roll Call The Tequesta General Employees' Pension Trust Fund Board of Trustees held a regular quarterly meeting in the Council Chambers of the Village Hall, 345 Tequesta Drive, Tequesta, Florida, on Monday, May 5, 2008. The meeting was called to order at 10:55 a.m. by Secretary Archie Mangum as Acting Chair. A roll call was taken by Betty Laur, Recording Secretary. Board members in attendance at the meeting were:. Secretary Archie C. Mangum, Jr., Board Member Carl Hansen, Board Member Michael D. Rhodes, and Board Member Michael R. Couzzo, Jr. Board Member Deanna Mayo was absent. Also in attendance were Monitoring Consultant Dave West from Bogdahn Consulting, LLC, Actuary Steve Palmquist of Gabriel, Roeder and Smith, Attorney Bonni Jensen, Pension Coordinator Lori McWilliams, Finance Director JoAnn Forsythe, Senior Accountant Monica Rahim, and HR Director Merlene Reid. The Investment Consultant representative for Dana Investment Advisors was absent. II. Approval of Agenda MOTION: Board Member Hansen made a motion to approve the agenda as amended by addition under Any Other Matters of item 21 -consideration of increasing attorney's fees, and item 22 -Form 1. Board Member Couzzo seconded the motion, which carried by unanimous 4-0 vote. III. SWEARING IN New Board Member Michael R. Couzzo Jr. was sworn in by Village Clerk Lori McWilliams IV. ELECTION OF CHAIR AND SECRETARY MOTION: Board Member Hansen nominated Michael D. Rhodes as Chair; Boardmember Couzzo seconded. Motion carried by unanimous 4-0 vote. BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 5, 2008 PAGE 2 Chair Rhodes chaired the meeting from this point forward. MOTION: Board Member Mangum nominated Carl Hansen as Secretary; seconded by Board Member Couzzo. Motion carried by unanimous 4-0 vote. V. APPROVAL OF MINUTES 2. Meeting Minutes of February 4, 2008 Quarterly Meeting MOTION: Secretary Hansen moved to approve the Tequesta General Employees' Pension Trust Fund Board Of Trustees Quarterly Meeting Minutes for February 4„ 2008 as submitted. Board Member Mangum seconded the motion, which carried by unanimous 4-0 vote. VI. PRESENTATIONS 3. Presentation by Actuary - 10/1/07 Actuarial Evaluation Steve Palmquist, Gabriel, Roeder and Smith Company, provided the report, noting an evaluation was done every other year, and stated there was no issue about the financial strength of this plan as it was in very good shape. Consensus of the Board was to wait to increase mortality rates. Mr. Palmquist advised the Public Safety Officers Pension Board had requested information on asset smoothing on a 5-year basis, and this board could request a copy. MOTION: Board Member Mangum moved to accept the actuarial valuation report dated October 1, 2007. Secretary Hansen seconded the motion, which carried by unanimous 4-0 vote. Consensus of the Board was to table discussion of asset smoothing to the next meeting, after receipt of Mr. Palmquist's information. BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 5, 2008 PAGE 3 4. Presentation by Investment Manager No representative from Dana Investment Advisors was present; Dave West of Bogdahn Consulting reviewed the Dana Investment Advisors quarterly report. 5. Presentation By Monitor David West, Bogdahn Consulting, LLC reviewed their quarterly report and attribution report. It was requested that in the future the attribution report be provided in time to go into the meeting packets. MOTION: Secretary Hansen made a motion to wait until the next quarterly meeting in August to hear a presentation from Dana Investment Advisors on bond performance and an indexing proposal; before that meeting Mr. West was to meet with Dana Investment Advisors and correspondence with Attorney Jensen would take place. Motion was seconded by Board Member Mangum and carried by unanimous 4-0 vote. MOTION: Secretary Hansen made a motion to approve the presentation by Mr. West of Bogdahn Consulting LLC and that they be open to suggestions made at this meeting, stating the Board looked forward to improvements coming from that. Motion was seconded by Board Member Mangum and carried by unanimous 4-0 vote. VII. UNFINISHED BUSINESS 6. Report by Board Member Mangum regarding his meeting with Sun American Bank Branch Manager Patrick Thompson regarding allowing Finance Department representative online access to General Employees Pension Trust Checking Account. MOTION: Board Member Mangum moved to allow Finance Director JoAnn Forsythe or her successor and the Finance Director's designee online access to view the information in the General Employees Pension Trust checking BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 5, 2008 PAGE 4 account. Motion was seconded by Secretary Hansen and carried by unanimous 4-0 vote. MOTION: Board Member Mangum moved that the necessary documents be executed to update the signers on the General Employees Pension Trust checking account at Sun American Bank. Motion was seconded by Secretary Hansen and carried by unanimous 4-0 vote. 7. Status Report on paying interest on employee contributions Pension Coordinator Lori McWilliams reported the union had waived their right to negotiate this item, and first reading of the ordinance prepared by Attorney Jensen was on the agenda for the next Village Council meeting; second reading would be in June and the ordinance would become effective upon passage with no further action by this Board. 8. Update on Council action approving placing a resident trustee in a vacant employee position when necessary Pension Coordinator Lori McWilliams advised this item had been put forth because there had been two vacant employee positions that had been very hard to fill; those positions had now been filled by employees; however, if in the future no employees were willing to serve, residents would be able to fill a vacant employee board position. 9. Clarification of Board's position on proceeding with raising the multiplier Human Resources Director Merlene Reid presented the employees' response on raising the multiplier. MOTION: Board Member Couzzo moved to place on the meeting agenda for August 2008 a comparison between a 2.2% multiplier and a 3% COLA. Secretary Hansen seconded the motion, which carried by unanimous 4-0 vote. VIII. CONSENT AGENDA BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 5, 2008 PAGE 5 MOTION: Secretary Hansen made a motion to approve the consent agenda. Board Member Couzzo seconded the motion, which carried by unanimous 4-0 vote. Therefore the following items were approved: 10. Ratification Of Invoices Paid Since Last Quarterly Meeting: 11. 12. 13 • Business Services Connection, Inc. - Recording and Minutes of 2.4.08 meeting • Hanson, Perry & Jensen, P.A. Payments To Be Reviewed And Approved: • Hanson, Perry & Jensen, P.A. Through 4/15/08 • Bogdahn Consulting, LLC • Dana Investment Advisors • Gabriel Roeder & Smith Company 10/1/07 Actuarial Report/ Preparation of impact statement/ Attend Village Council meeting $ 271.84 $ 587.01 $ 725.35 $ 1,125.00 $ 1,406.57 $ 4,090.00 Approval of new applicants for participation in Pension Plan: R. Bradford Fitzer Evidence Custodian Hired 2/13/08 Approval of withdrawal of contributions: Cindy Flaskerud 3/3/08 Gross $10,353.95; Net $8,283.16 14. Statement of Activities END OF CONSENT AGENDA IX. BUDGET REPORT 15. Review of Quarterly Budget Report Finance Director Forsythe indicated she would put together a budget for the next quarterly meeting and provide a 2-year history. MOTION: Secretary Hansen made a motion to amend the budget to add $500 to the BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 5, 2008 PAGE 6 budgeted amount for Recording Secretary. Board Member Mangum seconded the motion, which carried by unanimous 4-0 vote. X. NEW BUSINESS 16. Request Board approval to pay Scripps invoices for ads between meetings MOTION: Board Member Couzzo made a motion to approve paying invoices from Scripps newspapers between meetings. Secretary Hansen seconded the motion, which carried by unanimous 4-0 vote. 17. Summary Minutes Pension Coordinator Lori McWilliams advised the Village Council had adopted summary minutes for all boards and committees; the board would continue to receive the synopsis of each meeting, and audio would be available on the website. 18. Request Board approval to send Board Member Deanna Mayo to FPPTA Trustee School October 5-8, 2008 MOTION: Board Member Couzzo made a motion to approve sending Board Member Denna Mayo to FPPTA Trustee School October 5-8, 2008. Board Member Mangum seconded the motion, which carried by unanimous 4-0 vote. 19. Request Board approval to split cost with Public Safety Officers' Pension Fund to send Pension Coordinator Lori McWilliams to FPPTA Trustee School October 5-8, 2008 MOTION: Board Member Couzzo made a motion to split the cost with Public Safety Officers' Pension Fund to send Pension Coordinator Lori McWilliams to FPPTA Trustee School October 5-8, 2008. Board Member Mangum seconded the motion, which carried by unanimous 4-0 vote. XI. ANY OTHER MATTERS BOARD OF TRUSTEES TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND REGULAR QUARTERLY MEETING MINUTES May 5, 2008 PAGE 7 20. Consideration of increasing Attorney Jensen's fee MOTION: Board Member Couzzo made a motion to approve increasing Attorney Jensen's fee from $170 per hour to $200 per hour; to discuss COLA annually, and only to pay travel time for long distances, not travel to meetings of the Board. Secretary Hansen seconded the motion, which carried by unanimous 4-0 vote. 21. Form 1 Attorney Jensen advised Board Members to make sure they had received Form 1 and to send it via registered mail or by a way to verify it was delivered. XII. COMMUNICATIONS FROM CITIZENS There was no communication from citizens. XIII. ADJOURNMENT Secretary Hansen moved, seconded by Board Member Couzzo, to adjourn the meeting at 1:49 p.m. Respectfully submitted, Betty Laur Recording Secretary