05-01-2007
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Edgewater Firefighter's Pension Fund
Regular Meeting
May 1, 2007
Station 57
2626 Hibiscus
5:30 p.m.
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CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on May 1, 2007 at 5:35 p.m. at
Edgewater Fire Rescue Station 57.
ROLL CALL:
Members present were Chairman Jim Jollie, Ron Hayward, and Gary
Butt. Also present was Mike Welker of Bogdahn Consultants, Molly
Halcom of Trusco Capital Management, Brett Tanner; Finance Director,
Fire Chief Tracey Barlow and Shontel1a Jackson, Recording Secretary.
Absent and excuse was Marty Tse and Laura Reilly.
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APPROVAL OF MINUTES:
The minutes of the March 13, 2007 meeting was submitted for approval.
MOTION bv Garv Butt. SECOND bv Ron Havward to aDDrove the
minutes of the Re.mlar Edi!ewater Firefipter's Pension Board on
March 13. 2007. MOTION CARRIED UNANIMOUSLY.
NEW BUSINESS:
Sugarman & Susskind Invoice
Chairman Jollie reviewed the outstanding invoice with the Board for
Sugarman & Susskind in the amount of $350.00. MOTION bv Ron
Havward. SECOND bv Garv Butt to Dav the outstandini! invoice for
SUi!arman & Susskind in the amount of $350.00. MOTION CARRIED
UNANIMOUSLY.
Trusco Capital Management
Molly Halcom presented the Board with the first quarter report. Molly
Halcom gave a brief overview of the report. Ms. Halcom also explained
,0 to the Board the Trusco Boutiques - structure & products.
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.. Edgewater Firefighters' Pension Fund
Regular Meeting
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Bogdahn Consultants
Mike Welker presented the Board with Bogdahn report. Mr. Welker
showed the calendar year returns for the first quarter as follows: Funn
1.25; Policy 1.67; Difference of -0.42 and the trailing return through
3/31/07 is: Fund 8.36; Policy 10.34; Difference of -1.98.
Investment manager review & options
Chairman Jollie review the packets of emails with, the Board of contact
information which Manning, Bowen & Hanes, and Dana provided upon
the request of the Board. Chairman Jollie stated that Manning
presented him with four names and phone numbers which did not work.
Chairman Jollie stated that everyone gave glowing reviews for Bowen &
Hanes. Chairman Jollie also stated he made contact with references
provided by Dana Investment. The Board had a short discussion
regarding the three money mangers. Mike Welker explained the process
to the Board of hiring and terminating a new manager. Chairman Jollie
passed the gavel to Gary Butt. MOTION bv Jim Jollie. SECOND bv
Ron Ha ard to move forward with terminatin the a eement with
Trusco an to enter into an a2l"eement with Bowen Hanes & Co.
MOTION CARRIED UNANIMOUSLY. The gavel was passed back to
Chairman Jollie.
The Board discussed custodians. MOTION bv Garv Butt. SECOND by
Ron Havward to hire Salem Trust as the custodian. MOTION
CARRIED UNANIMOUSLY. Mike Welker agreed to contact Mr. Harrison
of Sugarman & Susskind and advise him of the manager change to
Bowen Hanes & Salem Trust. Chairman Jollie also agreed to contact Mr.
Harrison as well. Chairman Jollie noted that the investment policy
needed signatures.
DISCUSSION ITEMS:
None.
ADJOURNMENT:
Chairman Jim Jollie adiourned the meeting at 6:53 p.m.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
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