03-16-2009 Edgewater Firefighter's Pension Fund
Regular Meeting
March 16, 2009
Station 57
2616 Hibiscus
6:00 p.m.
CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on March 16, 2009 at 5:33 p.m. at
Edgewater Fire Rescue Station 57.
ROLL CALL:
Members present were Chairman Jim Jollie, Ron Hayward, Laura Reilly,
and Debbie Harrison. Also present was David Kelley of Bowen Hanes;
Tim Nash of Bogdahn Consultant, Personnel Director Donna Looney,
Acting City Manager/Fire Chief Tracey Barlow and Shontella Jackson,
Recording Secretary.
Absent: Gary Butt.
NEW BUSINESS:
Welcome and introduction of new board member
Chairman Jim Jollie introduced new board member Debbie Harrison to
the Board and guest. Everyone extended a warm welcome to Ms.
Harrison and any assistant needed on her journal with the Board.
Chairman Jollie issued notebooks to all pension board members with up-
to-date materials for reference.
Presentation by Bowen Hanes & Co.
Mr. David Kelly presented and reviewed the August 28, 2008 portfolio
summary with the Board. Mr. Kelly states that performance overall is
very well in a difficult market.
Presentation by Bogdahn Group
Mr. Tim Nash presented and reviewed the 2nd quarterly report. Mr. Nash
stated that the money manager did an excellent job. Our goal is 7.5%
benchmark to achieve each year and to end this quarter with some gains
is great stated Mr. Nash.
Edgewater Firefighters' Pension Fund
Regular Meeting
03/16/09 Page 2
Old Business:
Disability pension update
Board Coordinator Shontella Jackson will email disability pension forms
from Salem Trust to Personnel Director Donna Looney.
Foster &Foster
The Foster & Foster contract has been finalized and a copy was also
provided in the books which were provided to each Board member at the
meeting.
The annual online buyback calculator was discussed by the Board.
Members received one month of free service. MOTION by Ron Hayward,
SECOND by Laura Reilly to approve the purchase of the annual
buyback calculator at $13.00 per member for a total of 27 active
members. MOTION CARRIED UNANIMOUSLY.
*Correction*
After researching my notes the annual online buyback calculator, the
annual cost is $16 per active member. So the charge will be 27 times
$16 or $432 for the first year. There were 27 active members as of the
last valuation.
DISCUSSION ITEMS:
Pension goals
Chairman Jollie stated he would like to see or implement a built in COLA's into the
pension plan.
ADJOURNMENT:
Chairman Jim Jollie adjourned the meeting at 6:50 p.m.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
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