09-14-2009Edgewater Firefighter's Pension Fund
Regular Meeting
September 14, 2009
Association Building
2628 Hibiscus Tree Dr.
6:00 p.m.
CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on September 14, 2009 at 6:00 p.m. at
Edgewater Fire Rescue Association.
ROLL CALL:
Members present were Chairman Jim Jollie, Ron Hayward, Gary Butt,
Laura Reilly and Debbie Harrison. Also present was David Kelly of
Bowen Hanes & Co., Mike Welker of Bogdahn Consultant, and Shontella
Jackson, Recording Secretary.
NEW BUSINESS:
Bowen Hanes & Co.
David Kelly of Bowen Hanes & Co. reviewed the Edgewater Firefighters'
Pension fund portfolio summary with the Board. The ending market
value on September 8, 2009 was $4,156,440.92.
Bogdahn Consultant
Mike Welker presented and reviewed the second quarter report. Mike
Welker also reviewed the investment policy with the Board. Mike Welker
stated that there were some small changes and new language added to
the plan. Page 4, Section IV Investment Guidelines item C: Limitations
1)lnvestments in corporate common stock and convertible bonds shall
not exceed seventy (70 seventy -five (75 %) of the plan assets at
market. New language was added on page 3, items: D. Treasury
Inflation Protection Security (TIPS) Performance, E. Real Estate
Performance and F. Alternative and other Asset Performance. Section IV.
Investment Guidelines item A. Authorized investments. Page 4 new
language included in items 4) Pooled Funds and item D) Absolute
Restrictions Page 5 new language included Section V. Communications
item G Page 7 Section X. Filing of the Investment Policy
Changes to the Addendum to Statement of Investment Policy
(Opportunistic Core) Section I. Guidelines item B. American Depository
Edgewater Firefighters' Pension Fund
Regular Meeting
09/14/09 Page 2
Receipts (ADRs) are limited permitted to 20% of the portfolio at market
value.
Changes to Addendum to Statement of Investment Policy (Core Fixed
Income) Section I. Guidelines item B. Foreign bonds may not 50%
of the entire pertfe ie. are permitted. MOTION by Laura Reilly.
SECOND by Ron Hayward to accept the investment policy changes
on Page 4 along with the addendums opportunistic core /core fixed
income to permit changes to Item B MOTION CARRIED
UNANIMOUSLY.
Annual Report
Chairman Jim Jollie stated that the annual report was pending at this
time by the State.
ADJOURNMENT:
Chairman Jim Jollie adjourned the meeting at 7:04 p.m.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
J