06-18-1997 ,,, ,
GENERAL EMPLOYEES PENSION BOARD
MEETING
June 18, 1997
CALL TO ORDER:
The General Employees Pension Board meeting was called to order
by City Clerk, Susan Wadsworth, in the City Hall Conference Room,
Wednesday, June 18, 1997 at 2 :40 p.m.
ROLL CALL:
Mayor Jack Hayman Excused
City Clerk Susan Wadsworth Present
Rev. Harvey Hardin Excused
Charlane Runge Present
Tyna Hilton Present
Lynne Plaskett Present
Also present were Jack Ascherl, Consulting Agent of Record,
and Deborah Sigler, Human Resources Director.
APPROVAL OF MINUTES:
Mrs. Sigler distributed a corrected page 2 of the minutes of the
meeting held November 12, 1996. Ms. Runge moved to accept the
minutes with this change, Ms. Plaskett seconded the motion.
Motion CARRIED.
NEW BUSINESS:
Mr. Ascherl reviewed the Investment Results Report, stating that
our investments currently look good. He discussed investment
possibilities, suggesting to diversify more.
Mr. Ascherl distributed and reviewed the Pension Fund Analysis
he prepared, He mentioned again to the board, the new contract
series of reports that Principal offers, which goes along with
their new computer programs.
The proposed benefit changes were discussed in length. The cost
estimates were reviewed and showed no substantial increase in
making these changes. Revisions to the previously proposed
changes were suggested: one being; no age limit put on the time
period a disabled dependent child would receive the beneficiary
benefit. Another suggestion: a lump sum option be available for
anyone vested when they leave the City.
The IPG Briefly Investment Newsletter was reviewed thoroughly.
There was quite a bit of discussion concerning investment
options. It was the general concensus that we should maintain
some stability and take some risks. Mr. Ascherl suggested we set
a goal and establish a plan of action which he can submit to
Principal for their advice. The following was agreed upon:
50% in General Account, 10% U.S. Stock Account, 10 Stock Index
Account, 10% Equity Emphasis Balance Account, 20% Real Estate
4
•
Account. Ms. Runge moved to set these as our investment options,
seconded by Ms. Plaskett. Motion CARRIED.
Ms. Hilton moved to go with the new contract series reporting,
seconded by Ms. Runge. Motion CARRIED.
It was agreed that the proposed changes as of this meeting, go
through the proper procedure so they would be *ready to be taken
to Principal to be made at contract renewal date.
ADJOURNMENT:
Meeting adjourned 3:50 p.m.
I 1
Page 2
Minutes submitted by:
Deborah Sigler
•
u z
S o t !
k 5. k �VV• N 4't