07-08-2010 - Special
General Employees' Pension Board of Trustees
Minutes - Special Meeting
July 8, 2010
Page I of2
CITY OF EDGEW A TER
GENERAL EMPLOYEES' PENSION BOARD OF TRUSTEES SPECIAL MEETING
MINUTES
Thursday, July 8, 2010
CALL TO ORDER! ROLL CALLillETERMINATION OF A QUORUM
The Edgewater General Employees' Pension Board held a special meeting on Thursday, July 8, 2010
in the City Hall Conference Room at the City of Edgewater, Florida.
Members Absent:
Gigi Bennington
Brenda Dewees
Bobby Laramore
Tyna Hilton
John Brackin
John McKinney
Tim Sopko
Anita Kartalopoulos
Ariana Tadler
Sheila Hutcheson
H. Lee Dehner
Jack Evatt, The Bogdahn Group
Donna Looney, Personnel Department
Julie Christine, Personnel Department
Tracey Barlow, City Manager
Dan Blazi, Police Department
Gary Conroy, Police Department
Aaron Wolfe
Members Present:
Milberg Attorneys (via telephone):
Board Administrator:
Plan Attorney:
Performance Consultant:
City Staff:
City Attorney:
The special meeting of the General Employees' Board of Trustees was called to order at 9:31 a.m. by
Chairman Bennington. There was a quorum with four members present.
NEW BUSINESS
Consideration of retaining Milberg LLC
The meeting opened with the Administrator noting that the purpose of the meeting is to consider
retaining Milberg (in the same manner as the Police Pension Plan) for securities monitoring; Attorney
Dehner recommended that the Board take this action. He explained that the firm would be retained on
a contingency basis and it would not be an exclusive contract. Chairman Bennington asked how
Milberg receives compensation and Mr. Dehner advised that it is by their monitoring programs and
representing the lead plaintiffs (for the greatest recapture of monies). After this overview, the Board
placed the telephone call to Milberg, and the Administrator introduced the attendees. Attorneys Anita
Kartalopoulos and Ariana Tadler, Milberg, presented information regarding the provision of the firm's
services in the same manner as for the Police Board (securities monitoring). Attorney Dehner
requested confirmation that Milberg would enter into the same contract with this Board as with the
Police Board and was advised that they would. Ms. Kartalopoulos continued by stating that Milberg
would have a collaborative relationship with the City Attorney and the Board's Attorney. The contract
would not bind the Board to litigation without its approval. Attorney Dehner also confirmed that the
Board would not be compelled to hire Milberg as its attorney if it were a lead plaintiff. Milberg said
General Employees' Pension Board of Trustees
Minutes - Special Meeting
July 8, 2010
Page 2 of2
the firm would always provide a written report regarding any proposed litigation so that the Board
could make an informed decision as to whether or not to proceed. City Manager Tracey Barlow asked
if presentations would involve any cost and was told there would be no cost for their
reports/attendance at meetings. Milberg, if retained, would meetings on a regular basis and/or
participate by telephone. Member Dewees asked that,Milberg confirm that there would be no cost to
the Plan unless there is litigation ahd a decision by the 130ard to proceed; this was confirmed. Member
Dewees also asked that Milberg attend the next quarterly meeting; the Administrator said she would
notifY Milberg of the meeting date.
Member Dewees made a motion to retain Milberg LLC for securities monitoring (subject to successful
contact negotiations by Attorney Deh'nef) with the contract to be executed by the Chairman and
Secretary; Member Hilton seconded the /notion, which passed unanimously.
STAFF REPORTS, DISCUSSION, AND ACTIONffRUSTEES' REPORTS, DISCUSSION,
AND ACTION/REQUESTS FROM THE PUBLICIEMPLOYEES PRESENT - None.
ADJOURNMENT
The Chairman adjourned the meeting was adjourned at 9:55 a.m.
Respectfully Submitted:
Approved:
Sheila Hutcheson
Plan Administrator