09-19-2011 Edgewater Firefighter's Pension Fund
September 19, 2011
Association Building
6:00 p.m.
CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater Firefighters'
Pension Fund Board on September 19, 2011 at 6:00 p.m. at Edgewater Fire
Rescue Association.
ROLL CALL:
Members present were Chairman Jim Jollie, Gary Butt, Debbie Harrison and
Shontella Jackson, Recording Secretary. Also present were David Kelly of
Bowen Hanes and Jack Evatt of Bogdahn Group. Ron Hayward arrived at 6:04
pm.
APPROVAL OF MINUTES:
The minutes of March 14, 2011; June 13, 2011; May 23, 2011 and August 18,
2011 meeting was submitted for approval. MOTION by Debbie Harrison,
SECOND by Gary Butt to approve all the minutes of the Edgewater
Firefighter's Pension Board as written. MOTION CARRIED UNANIMOUSLY.
NEW BUSINESS:
Presentation by Bowen Hanes
David Kelly of Bowen Hanes presented the Firefighters' Pension Fund portfolio
summary for August 31, 2011. Mr. Kelly also presented some additional material
showing other companies performance under his company management. Mr.
Kelly stated that in 2010 Sydney Austral bond for Edgewater Fire Rescue
Pension earned $18,958.21.
Presentation by Bogdahn Consultants
Jack Evatt of Bogdahn Group presented the second quarter report ending June
30, 2011. Discussion on an ordinance change for the cost language verse
market cost. Mr. Evatt stated the better language is cost to market. Mr. Evatt
stated that Salem Trust needs to be aware of the cost associated with foreign
bonds. An addendum to the investment policy for foreign bonds will be needed.
Limiting the percentage of the foreign bonds in foreign currency and 25% will not
be in foreign bonds. Mr. Evatt stated we can buy foreign bonds denoted in
foreign currency but letter C needs to be removed from the investment policy
core fixed income on the addendum striking letter C. Chairman Jim Jollie passed
the gavel to Debbie Harrison. MOTION by Jim Jollie, SECOND by Gary Butt
to make changes to the investment policy for the foreign bonds. MOTION
CARRIED UNANIMOUSLY. The gavel was passed back to Chairman Jim Jollie.
Sweep Form
The Board reviewed the sweep form. MOTION by Debbie Harrison, SECOND
by Gary Butt to approve the sweep form. MOTION CARRIED
UNANIMOUSLY.
Foster & Foster proposed fee increases
Chairman Jim Jollie reviewed the fee increase submitted by Foster & Foster with
the Board. MOTION by Gary Butt, SECOND by Debbie Harrison to approve
the fee increase from Foster & Foster. MOTION CARRIED UNANIMOUSLY.
Vacancy /appointment to the Board
This item was tabled until the next scheduled meeting.
INVOICE(S)
Foster & Foster (actuarial report) $6648.00
Chairman Jim Jollie reviewed the invoice provided by Foster & Foster in the
amount of $6,648.00 on March 7, 2011. MOTION by Debbie Harrison,
SECOND by Gary Butt to pay the outstanding invoice. MOTION CARRIED
UNANIMOUSLY.
ADJOURNMENT:
Chairman Jim Jollie adjourned the meeting at 8:05 p.m.
Minutes respectfully submitted by:
Shontella Jackson, Recording Secretary
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