05-10-2001
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Edge\vater Firefighters' Pension Fund
Regular Meeting
Thursday, May 10,2001
5:32 p.m.
Call to Order: Chairman Jollie called a Regular Meeting of the Edgewater Firefighters' Pension
Board to order on Thursday, May 10,2001 at 5:32 p.m. in the Training Room of Fire Station
#57. Members present were: Chairman Jim Jollie, Ms. Laura Reilly, Lt. Jill Landreville, Mr.
Gary Butt and Mr. Marty Tse. Also present was Ms. Bonnie Wenzel, Recording Secretary. Mr.
Lance Powers of Trusco Capital Management also attended the meeting.
Minutes: The minutes of the February 13,2001 meeting were presented for approval. A motion
to approve the minutes as submitted was made by Lt. Landreville with a second from Mr. Butt.
The motion CARRIED 5-0.
Old Business:
Status of 2000 Yearly Report (Personnel Department): Chairman Jollie stated he had received
a letter from the State saying they had not received the 2000 Yearly Report. Lt. Landreville
reported she had spoken with Donna Looney of the Finance Department, who indicated the
report is nearly complete. Chairman Jollie said he would do a follow-up next week to see where
they stand.
Actuarial Study Between the General Employees and the Fire Department (tabled from
October 17,2000 and February 13, 2001 meetings): Chairman Jollie said we need to find out
about the extra monies put aside each year from 'the improvements and establish what can done
to make improvements. He said we are unsure how much money is available and what types of
benefits it can be used to fund. Chairman Jollie said he felt we should contact Mr. Foster and ask
for his advise on the questions mentioned to know where we stand. A motion was made by Lt.
Landreville to send a letter to Mr. Foster asking for clarification of how much money we'have,
what it can be used for, and ask Mr. Foster for a recommendation. Mr. Butt made a second to
the motion. Motion CARRIED 5-0,
Fiduciary Liability Insurance (to be paid by the City): Chairman Jollie reported the City is
going to be paying for the insurance again. He said he would contact the City to find out exactly
when this will transpire and any other particulars. After discussion, Chairman Jollie said he
would report these findings at the next meeting.
New Business:
None at this time.
Discussion Items:
Update from Lance Powers of Trusco Capital Management - Regarding the Transition from
Previous Money Managers at Sun Trust Investments: Lance Powers was introduced by
Chairman Jollie. Mr. powers gave the board members an update on the Defined Benefit Pension
Plan booklets that were mailed out previous to the meeting. He explained the transition from the
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previous money manager. Mr. Powers said there were three capital money managers under the
SunTrust umbrella. All three have been merged into one. He explained there hasn't been any
change in the money manager personnel. Chairman Jollie asked Mr. Powers if he was the
primary contact person, of which Mr. Powers replied yes.
Chairman Jollie explained there was confusion as to where the City checks were going. Mr.
Powers explained the checks go to the account officer then are deposited to the firefighters
pension account. Mr. Powers also explained if he is absent he has an assistant to cover for him.
Lt. Landreville said the Board Attorney had informed them there were changes in the Florida
Statutes regarding investment policies. Mr. Powers explained the book he passed out to the
Board members, giving an explanation of the investment overview. He discussed the drop in the
market and the increase in the market that started in April. Mr. Powers also gave a summary of
the effects of the market. Mr. Powers stated he is cautiously optimistic about the future. The
fiscal policy is on our side (Bush's tax cut) and we have the Fed's on our side. We think by the
end of this year and into 2002 there will be a nice recovery and opportunity to grow.
Mr. Powers continued discussion with the Board regarding investment possibilities.
Lt. Landreville made a motion to have Chairman Jollie contact Sugarman & Susskind to see
what changes need to be made in the investment policy to come into compliance with Florida
Statutes and whether we should employ a money management consulting firm to oversee our
accounts. Ms. Reilly seconded the motion. The motion CARRIED 5-0.
Pension Schools: The Board discussed the need to attend a pension school and suggested
possibly going to a school offered in the fall.
Adjournment: There being no additional business to come before the Board a motion was
made and approved to adjourn. The meeting adjourned at 6:15.
Minutes respectfully submitted by:
Sondra M. Pengov
Recording Secretary
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Minules05-1 0-0 l.reg.mlg
Edgcwater Firefighters' Pension Fund
Regular Meeting
May 10,2001
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