07-29-2009 - Joint Special
General Employees' and Police Pension Boards of Trustees
Minutes - Special Joint Meeting
July 29, 2009
Page I of2
CITY OF EDGEW A TER
GENERAL EMPLOYEES' & POLICE OFFICERS' PENSION BOARDS OF TRUSTEES
SPECIAL MEETING
MINUTES
Wednesday, July 29, 2009
CALL TO ORDER! ROLL CALL/DETERMINA TION OF A QUORUM
The Edgewater General Employees' and Police Officers' Pension Boards held a special meeting on
Wednesday, July 29,2009 in the City Hall Council Chamber at the City of Edgewater, Florida.
Members Present (General):
Gigi Bennington
John Brackin
Bobby Laramore
Tyna Hilton
Tim Sopko
Jonathan McKinney
Brenda Dewees
Members Absent (General):
Members Present (police):
Ferd Heeb
Gary Conroy
Lawrence Leaf
Jeanne DelNigro
Dan Blazi
Mike Welker, The Bogdahn Group
Members Absent (police):
Performance Consultant:
The special meeting of the General Employees' and Police Officers' Boards of Trustees was called to
order at 10:00 a.m. Both Boards had a quorum.
NEW BUSINESS
Presentation by Mike Welker, The Bogdahn Group: investment management and custodial
banking services
Mr. Welker provided an overview of investment management styles and philosophy, recommending
that the process for manager selection be deferred until after securing the services of a custodian bank.
He then discussed custodial banking services. It was the Boards' consensus to interview two firms,
Salem Trust and 5/3 Bank, at a special meeting. There was discussion regarding the reporting systems
of Salem Trust and 5/3 Bank; i.e., SEI trust reporting system and AM trust reporting system,
respectively. The Boards will ask the banks to address the specifics of their reporting systems during
the interviews.
Consideration of amendment to Police Pension Plan: opt-out provision for Police Chief position
(Police)
Member Leaf made a motion to authorize the Plan Administrator and Attorney Dehner to work with
Principal to amend the Plan to include an opt-out provision for the Police Chief; Member Heeb
seconded the motion, which passed unanimously.
General Employees' and Police Pension Boards of Trustees
Minutes - Special Joint Meeting
July 29, 2009
Page 2 of2
STAFF REPORTS, DISCUSSION, AND ACTIONffRUSTEES' REPORTS, DISCUSSION,
AND ACTIONIREQUESTS FROM THE PUBLICIEMPLOYEES PRESENT - None.
ADJOURNMENT - The meeting was adjourned at 11 :54 a.m.
Respectfully Submitted:
Approved:
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Dan Bla aIrman
Police Officers' Pension Board
Sheila Hutcheson
Plan Administrator
Approved:
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renda Dewees, Vice-Chairman
General Employees' Pension Board