05-07-1996
E...."'water Firefighters' Pension Fm"...\
Regular Meeting
Tuesday May 7, 1996
6:44 p.m.
The Regular Meeting of the Edgewater Firefighters' Pension Fund was
called to order on Tuesday, May 7, 1996 at 6:44 p.m. by Secretary Patricia
Richards at the Fire Administration Office.
Roll Call: Members present were: Mr. Bill Vola, Mr. Fred Munoz, and
Secretary Patricia Richards. Also present were Mr. Steve Burkhalter and
Mr. Charlie Mulfinger from Smith Barney. Also present was Recording
Secretary Lisa R. Miller. Chairman Nancy Williams and Ms. Jill
Landreville were absent.
Minutes: The Minutes for the January 16, 1996 Regular Meeting and the
March 13, 1996 Special Meeting were submitted for approval. Mr. Vola
moved to accept the Minutes of the January 16, 1996 and March 13, 1996
meetings as submitted. Mr. Munoz seconded. Motion CARRIED 3-0.
Investment Report: Mr. Burkhalter noted that the Board was receiving a
report from every single company they had purchased investments in and
that to avoid getting all that mail they should they should delegate authority
to vote their proxies to the investment manager. There was discussion on
this subject. Mr. Vola moved to delegate authority to vote the Board's
proxies to the investment manager. Mr. Munoz seconded. Motion
CARRIED 3-0. The form was signed at this time.
Mr. Mulfinger presented their investment report at this time. He noted
there was $253,243 in the fund as of the end of March. There was
discussion regarding any loss of more than 25%. It was noted if the Board
instructed the investment manager to let them know if any investment took
a loss over 25% that the investment manager should write to the Board and
let them know what action was to be taken. In this manner they could
possibly recover their loss. However, if the Board did not take this action,
they could not recover their loss. Mr. Vola moved that any loss that goes
below 25% that ICC gives a written explanation to the Board. Mr. Munoz
seconded. Motion CARRIED 3-0. Mr. Mulfinger stated he would furnish
the Board a copy of a letter with the correct language to be sent to ICC.
There was more discussion regarding the investment report. There were
also discussions regarding other investment options. The Board thanked
Mr. Burkhalter and Mr. Mulfinger for their presentation and they left at
this time.
There was discussion regarding ICC's bill. Mr. Munoz moved to pay ICC
Capital Management's invoice #1013 in the amount of $59.09 and invoice
#1008 in the amount of $247.36 for the period through June. Mr. Vola
seconded. Motion CARRIED 3-0.
Old Business: It was noted that the Annual Report had been approved by
the State.
There was discussion regarding the study done by Foster & Foster to see if
the employees were paying more into the fund than they should be. There
was discussion regarding the findings of the study which stated the
employees were paying the correct amount. Mr. Vola moved to pay Foster
& Foster's bill for $250.00. Mr. Munoz seconded. Motion CARRIED 3-0.
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Edgewater Firefighters' Pension Fund
Regular Meeting
5/7 /96
Page 2
New Business: There was discussion regarding the upcoming FPJYf A
12th Annual Conference in Orlando that was to be held June 30th through
July 3rd. Several members expressed interest in attending. Mr. Vola moved
to authorize expenses for 2 members to attend the conference in Orlando
on June 30th through July 3rd. Mr. Munoz seconded. Motion CARRIED 3
-0.
There being no more business to come before the Board at this time, Mr.
Munoz moved to adjourn. Mr. Vola seconded. Meeting adjourned at 7:50
p.m.
Minutes Respectfully Submitted By:
Lisa R. Miller, Recording Secretary
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