03-19-1990
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CITY OF EDGEWATER
POLICE PENSION BOARD MEETING
MARCH 19, 1990
3:00 P.M.
SQUAD ROOM, POLICE DEPARTMENT
The meeting of the Board of Trustees of the City of Edgewater
Police Retirement Board was called to order by Chairwoman Nancy
Swiney at 3:05 p.m. in the Squad Room of the Edgewater Police
Depal- tment.
ROLL CALL:
Members present were Chairwoman Nancy Swiney, Diana Floyd, and
John Borzner. Leo Booth was excused and Gary Butt was absent.
Also present were Jack Ascherl, Fred Munoz, Finance Director- and
Sondra Meager-Pengov, Secretary.
APPROVAL OF MINUTES:
A motion was made by John Borzner and seconded by Diana Floyd to
accept the minutes as presented of December 5, 1989. Motion
CARRIED 3-0.
OLD BUSINESS:
Nothing to report at this time.
NEW BUSINESS:
Jack Ascherl reviewed the IPG General Account from the 4th
Quarter 1989 Investment Newsletter as well as the figures in the
Principal Financial Group - Pension Plan Analysis (see attached).
Mr. Ascherl indicated that the IPG General Account is "healthy".
Mr. Ascherl suggested from an investment prospective, thoughts
of diversifying gradually may be a good idea, as the
International Stock Account was the best-performing investment in
the 4th quarter with a gain of 5.0% after expenses.
Fred Munoz, Finance Director, spoke about the benefits of the
plan. The plan is already well funded with no City funding. He
also discussed the process of implementing benefit changes.
MISCELLANEOUS:
Nothing to report at this time.
ADJ'OURNMENT:
There being no further business to come before the Board,
Floyd made a motion to adjourn, seconded by John Borzner.
meeting adjourned at 3:40 p.m.
Diane
The
Minutes respectfully submitted by:
Sandra Meager-Pengov, Secretary
Police Pension Board
ISMP