04-26-1994 Vow Now
GENERAL EMPLOYEES PENSION BOARD
MEETING
April 26, 1994
CALL TO ORDER
The General Employees Pension Board meeting was called to order
by Mayor Jack Hayman, in the City Hall Conference Room, Tuesday,
April 26, 1994 at 2:30 p.m.
ROLL CALL
Mayor Jack Hayman Present
City Clerk Susan Wadsworth Present
Rev. Harvey Hardin Present
Janet Morris Present
Tyna Hilton Present
Gerry Proctor Present
Also present was Jack Ascherl, Consulting Agent of Record.
OLD BUSINESS
Mr. Ascherl gave a general overview of how the pension plan
operates. He reviewed the Actuarial Valuation Report which was
distributed to the members. He answered questions posed by the
board members.
Mr. Ascherl reviewed the Summary of Plan Provisions in detail.
There was a particular question regarding the Lump Sum Death
Benefit, being payable to designated beneficiary...is that always
the spouse? Mr. Ascherl is going to look into this and get back
to the board with the correct answer.
Mr. Ascherl went over the General Investment Fund Report, and the
Pension Plan Analysis Report, page by page. He explained the
City's investment philosophy and the results of the past
investments. It was pointed out that currently the market is
down.
Mayor Hayman explained there is a difference between "market
value" and "book value" and what we should be looking at is the
book value opposed to market.
Mr. Ascherl suggested the members go through their Briefly
Reports and as soon as the First Quarterly Briefly is ready,
he will get copies to the members. The board will meet again
shortly thereafter to discuss investment options.
Mayor Hayman agreed that all members should review their Briefly
Reports, and once the new information is available, another
meeting will be called. There being no further business to
discuss, the meeting adjourned.
Minutes submitted by:
Deborah Sigler