09-14-2009 - Joint Special
General Employees' and Police Pension Boards of Trustees
Minutes - Joint Special Meeting
September 14, 2009
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CITY OF EDGEW A TER
GENERAL EMPLOYEES' & POLICE OFFICERS' PENSION BOARDS OF TRUSTEES
SPECIAL MEETING
MINUTES
Monday, September 14,2009
CALL TO ORDER! ROLL CALL/DETERMINA TION OF A QUORUM
The Edgewater General Employees' and Police Officers' Pension Boards held a special meeting on
Monday, September 14, 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
None
Dan Blazi
Ferd Heeb
Gary Conroy
Lawrence Leaf
Jeanne DelNigro
Mike Welker, The Bogdahn Group
Sheila Hutcheson
Members Absent (General):
Members Present (police):
Members Absent (police):
Performance Consultant:
Plan Administrator:
The special meeting of the General Employees' and Police Officers' Boards of Trustees was called to
order at 9:30 a.m. by Vice-Chairman Dewees and Chairman Blazi. Both Boards had a quorum.
The meeting opened with a brief overview/summary by Mike Welker, The Bogdahn Group. He stated
that the first step in the "unbundling" of services is to have a custodian bank in place, followed by an
investment manager search. Accordingly, today's meeting was scheduled for the Boards to interview
the two banks that were the finalists from the meeting on July 29,2009: FifthlThird Bank and Salem
Trust.
Presentations - custodial banking services - There were two banks interviewed and each provided an
overview of their respective firms, staffing, scope of services, number of clients, etc. The key
information trom the presentations was as follows:
Fifth/Third Bank
Salem Trust
Presenter(s): Vice-President Kimberly Kutlenios
Senior Vice-President Jana Owen
Asst. Vice-President Brian Bizzell
Fees:
Five basis points on market value
(minimum fee of$7,500 would apply
to both plans jointly) - $8,200 pro-rated
between the plans based on $16.5 million in
assets; fees guaranteed for three years; no
set-up fees or contract termination fees
Four basis points on market value
(minimum fee of $4,500/plan); fees
guaranteed for three years; no set-up
fees or contract termination fees
General Employees' and Police Pension Boards of Trustees
Minutes - Joint Special Meeting
September 14,2009
Page 2 of2
Services:
All services would be provided
All services would be provided
System:
AM trust accounting system
SEI trust reporting system
Money
Market:
Proprietary only
Proprietary and outside funds
Contract:
Same contract that Attorney Dehner
has with the Bank for other clients
Same contract that Attorney Dehner
has with the Bank for other clients
At the conclusion of the presentations, Mr. Welker noted that both Banks would meet the needs of the
Boards/Plans. He pointed out that Fifth/Third Bank does not allow any outside money markets, which
could have a cost impact, and that the cost with Salem Trust would be less going forward as the plans'
assets grow. The Boards then discussed the presentations, with Police Trustee Heeb and General
Trustee McKinney both recommending Salem Trust; the members concurred.
Police Board: Member Heeb made a motion to select Salem Trust for custodial banking services,
subject to successful contract negotiations; Member Conroy seconded the motion, which passed
unanimously on a roll call vote.
General Board: Member McKinney made a motion to select Salem Trust for custodial banking
services, subject to successful contract negotiations; Member Laramore seconded the motion, which
passed unanimously.
STAFF REPORTS, DISCUSSION, AND ACTIONITRUSTEES' REPORTS, DISCUSSION,
AND ACTION/REQUESTS FROM THE PUBLICIEMPLOYEES PRESENT - None.
ADJOURNMENT - The meeting was adjourned at 10:40 a.m. (Police) and 10:41 a.m. (General).
Respectfully Submitted:
Approved:
Sheila Hutcheson
Plan Administrator