HomeMy WebLinkAboutMinutes_Workshop_08/04/2008MINUTES
VILLAGE OF TEQUESTA
JOINT VILLAGE COUNCIL WORKSHOP
Village of Tequesta & Public Safety Officers Pension Board
August 4, 2008
Call to Order and Roll Call
The meeting was called to order by Mayor Pat Watkins at 8:06 a.m. A roll call was
taken by Village Clerk Lori McWilliams. Present were: Mayor Pat Watkins, Council
Member Arena, Council Member Paterno, Pension Board Chair Ken Nielson,
Pension Board Secretary Ray Giblin, Pension Board Member Ed Sabin, and
Pension Board Member David Cooper. Also in attendance were: Village Manager
Michael R. Couzzo, Jr., Finance Director Joann Forsythe, HR Director Merlene Reid,
Fire Chief James Weinand, Consultant Tony Brown of Rockwood Capital Advisors,
Consultant David West of Bogdahn Consulting, Consultant Steve Palmquist of
Gabriel Roeder Smith & Company, Pension Board attorney Bonni Jensen, and
Village Clerk Lori McWilliams. Also present were members of the General
Employees Pension Board Chair Michael Rhodes and Secretary Cart Hansen.
1. Discussion on Fund Performance
2. Actuarial Analysis
3. How Market is Affecting Returns
Dave West, Bogdahn Consulting, presented his report for the quarter ended
June 30, 2008, and proposed broadening the investment policy to allow for
other investment vehicles.
Additional items discussed:
1. Asset smoothing
2. Village contribution
3. Comparison of investment management of General Employees Plan vs.
Public Safety Officers Plan
4. Quarterly pension consultants' reports for Village Council
5. Investment manager's strategy
6. Pensionable items -overtime and sick leave payout
4. What this means to the Village Contributions Now and in the Future
Examples were discussed of how achieving the actuarial goal or falling short
of that return would affect future Village contributions.
Joint Workshop -Village Council and Public Safety Officers' Pension Board
August 4, 2008
Page 2
ADJOURNMENT
MOTION: Council Member Patemo moved to adjourn the meeting at 9:28 a.m.;
seconded by Council Member Arena, motion carried unanimously 3-0.
Respectfully submitted,
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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.