09-13-2010 Edgewater Firefighter's Pension Fund
Regular Meeting
September 13, 2010
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 13, 2010 at 6:00 p.m. at Edgewater Fire Rescue
Association.
ROLL CALL:
Members present were Chairman Jim Jollie, Ron Hayward, Gary Butt and Debbie
Harrison. Also present was David Kelly of Bowen Hanes, Jack Evatt of Bogdahn
Consultant, Brian Bizzell of Salem Trust and Shontella Jackson, Recording Secretary.
Absent and excused: Laura Reilly.
APPROVAL OF MINUTES:
The minutes of the June 7, 2010 meeting was submitted for approval. MOTION by Ron
Hayward, SECOND by Debbie Harrison to approve the minutes of the June 7, 2010
Edgewater Firefighter's Pension Board as written. MOTION CARRIED
UNANIMOUSLY.
NEW BUSINESS:
Bowen Hanes
David Kelly of Bowen Hanes reviewed the bi-annual report with the Board. The total
portfolio shows earnings of 7.6%.
Bogdahn Consultants
Jack Evatt of Bogdahn Consultants reviews the second quarterly report with the Board.
Salem Trust
Brian Bizzell of Salem Trust presented the custom custodial annual service plan to the
Board. The custom custodial annual service plan contained standard services such as:
three sub-accounts (additional accounts $500 each) 300 security trades, 240 monthly
benefit payments, 12 invoice payments (additional payments $3.00 each) quarterly
death search and additional a la carte services. A service provider letter to pay other
vendors was submitted directly. The previous fee in 2007 was five basal points at
$4500 minimum. The new fee would increase to $5000 minimum. This fee and service
arrangement is guaranteed not to increase for a period of two years from the effective
date of 10/1/10. Motion by Ron Hayward, SECOND by Debbie Harrison to accept
Salem Trust service plan with a three year guarantee. MVIOTION CARRIED
UNANIMOUSLY. Motion by Debbie Harrison, SECOND by Ron Hayward to accept and
sign the provider letter to include Foster & Foster. MOTION CARRIED
UNANIMOUSLY. Chairman Jim Jollie and Ron Hayward signed the service plan.
ADJOURNMENT:
Chairman Jim Jollie adjourned the meeting at 6:44 p.m.
Minutes respectfully submitted by:
Shontella Jackson, Recording Secretary