10-18-1995
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Edgewater Firefighters' Pension Fund
Regular Meeting
Fire Administration Office
Wednesday, October 18, 1995
6:30 PM
Call To Order: The Regular Meeting of the Edgewater Firefighters'
Pension Board was called to Order on Wednesday, October 18, 1995 in the
Fire Administration Office at 1605 S. Ridgewood Avenue by Secretary
Patricia Richards at 6:30 p.m.
Roll Call: Members present were: Mr. Bill Vola, Mr. Fred Munoz, and
Secretary Patricia Richards. Chairman Nancy Williams and Ms. Jill
Landreville were absent. Also present was Steve Burkhalter from Smith
Barney, and Recording Secretary Lisa R. Miller.
Approval of Minutes: The Minutes of the July 19, 1995 Regular
Meeting, September 27, 1995 Special Meeting, and October 12, 1995
Workshop were presented for the Board's approval. Mr. V ola moved to
accept the Minutes from the July 19th meeting. Mr. Munoz seconded.
Motion CARRIED 3-0. Mr. V ola moved to accept the September 27th
Minutes as written. Mr. Munoz seconded. Mr. Vola amended his motion to
include the Minutes of October 12th. Mr. Munoz seconded. Motion
CARRIED 3-0.
INVESTMENT REPORT: Secretary Richards introduced Steve Burkhalter
from Smith Barney. Mr. Burkhalter went over the current standing of the
account which had roughly $234,550 in market value. He added no
investments had been made pending tonight's discussion and ratification of
an investment policy and the hiring of a portfolio manager. There was
discussion regarding investments. Mr. Burkhalter reviewed the Policy and
Objective Statement with the Board with the corrections being the Board's
name and the actuarial rate is assumed to be 8% instead of 7%. There was
discussion regarding what could be considered a reasonable rate of return.
Mr. Burkhalter produced two corrected copies of the Policy and
Investment Statement for the Board to sign two originals. Once copy would
be returned for our records after it had been signed and one copy would
stay with Smith Barney, the money manager would get a copy. Mr. Vola
moved to approve the Policy and Investment Statement. Mr. Munoz
seconded. Motion CARRIED 3-0. Mr. Burkhalter stated the second item of
business would be to hire an Investment Manager and their
recommendation would be to hire ICC Capital Management in Orlando,
Florida and there was a copy of their agreement that Mr. Burkhalter asked
the Board to sign. Mr. V ola moved based on the presentations and
recommendations of our financial consultant that we hire ICC as our
Portfolio Manager. Mr. Munoz seconded. Motion CARRIED 3-0. Mr.
Burkhalter stated they would do the same thing as with the Investment
Policy Statement, sign two originals and one would be returned for the
Board's records. Mr. Burkhalter stated a copy of the Investment Policy
would be attached to the contract with ICC so they would have to adhere to
the policy and objectives to the letter. Mr. Burkhalter stated the document
needed to be signed by the Chairman and the Secretary. It was planned that
the Chairman would sign the document and have it witnessed and Mr.
Burkhalter would pick it up. Mr. Burkhalter stated Smith Barney would
make a new account so they could monitor it from day one and that
everything would work the same way as it always had. The Board thanked
Mr. Burkhalter for coming and he left at this time.
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Edgewater Firefighters' Pension Fund
Regular Meeting
10/18/95
Page 2
New Business: Secretary Richards stated the next item on the agenda was
to pay the 1996 Membership dues for the FPPT A. Mr. Vola moved to
approve payment of membership fees for FPPT A. Mr. Munoz seconded.
Motion CARRIED 3-0.
The next item of business was the Actuarial Valuation from Foster &
Foster. There was discussion regarding the period of which this valuation
would cover. It was noted this would bring the Board up to October 1,
1995 but there was no price on the document. Mr. Munoz moved to allow
Foster and Foster to do an actuarial valuation up to October 1, 1995 not to
exceed $1,750. Mr. Vola seconded. Motion CARRIED 3-0.
Adjournment: There being no more business to come before the Board at
this time, Mr. Vola moved to adjourn. Mr. Munoz seconded. Meeting
adjourned 7:05 p.m.
Minutes Respectfully Submitted By:
Lisa R. Miller
Recording Secretary
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