04-05-2007 - Special
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EDGEW ATER POLICE PENSION BOARD
SPECIAL MEETING
April 5, 2007
City Hall Conference Room
Minutes
CALL TO ORDER:
Chairman Conroy called The Police Pension Board Special Meeting to order on Thursday
April 5,2007 at I :30 p.m. in the City Hall Conference Room.
ROLL CALL:
Secretary Blazi conducted the Roll Call for the Police Pension Board Meeting. Members
present were Gary Conroy, Daniel Blazi, Ferdinand Heeb, and Lawrence Leaf. A quorum
was established. Also present were Jack Asherl agent of record, and John Asherl. Also
present was William Bennett. Malecia Williams arrived at approximately 1 :33.
APPROVAL OF MINUTES
There was no presentation of previous minutes during the special meeting.
INVESTMENT POLICY STATEMENT
Chairman Conroy opened discussion talking about problems that have occurred in the
past and present with Principal in regards to issues such as the Investment Policy
Statement, failure to give proper information in regards to questions, funds issued to
parties without Board approval. Chairman Conroy talked about the possibility of
severing ties with Principal, and utilizing other services. Ferdinand Heeb asked for
specific clarification as to what the problem with Principal was, and asked for
concentration on the Buy Back issue.
Discussion occurred in reference to the calculations that Principal had made in reference
to William Bennett's Buy Back. William Bennett stated that the calculations were not
accurate, due to the dates used. Discussion continued in reference to the language in the
amendment on the Deferred Retirement Option Plan.
After lengthy discussion, the decision was made to calculate the Buy Back for two years
from June 23rd of2007, with the offer to be accurate for 90 days.
The Drop Plan in reference to Joe Sustrich was discussed. The decision was made to
enter Joe Sustrich into the Drop Plan being retroactive to January 1 st 2007. The drop
entry form would be completed.
Principal would be contacted for a restatement of the Plan for further review.
ADJOURNMENT:
With no further business to discuss, Chairman Conroy called for a motion to adjourn.
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MOTION
Dan Blazi made a motion to adiourn. Lawrence Leaf seconded this motion.
Motion carried unanimouslv
The meeting was adjourned at 3 :00 p.m.
Secretary Dan Blazi
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