09-16-1991
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CITY OF EDGEWATER
POLICE PENSION BOARD MEETING
Monday, September 16, 1991
7:00 P.M.
Edgewater Public Library
A meeting of the Board of Trustees of the City of Edgewater
Police Retirement Board was called to order by Chairperson
Ruth Garvey, at 7:00 P.M., in the Edgewater Public Library.
ROLL CALL:
Members present were Larry Westfall, Ruth Garvey, William
Bennett and Ruth O'Rourke. Member Kenneth Smith arrived
after the approval of Minutes. Also present were Gary
Conroy, Larry Carson, Bill Finch, Al Gilbert, William
Britain, Leo Booth, Russell Gibbins, Larry Jarkovsky, Robert
Hazelwood, Joseph McEver, Daniel Blazi, Cheryl Anderson,
Robert Sugarman, Guest Speaker, and Christi Watkins,
Secretary.
APPROVAL OF MINUTES:
Larry Westfall made a motion to withdraw his motion, from
the previous meeting, to amend the Minutes of the June 18,
1991, meeting. Ruth O'Rourke seconded the motion. Motion
carried 4-0. Larry Westfall then made a motion to approve
the Minutes of the June 18, 1991, meeting as written. Ruth
O'Rourke seconded and motion carried 4-0.
Larry Westfall made a motion to approve the Minutes of the
August 13, 1991, meeting, as written, and Ruth O'Rourke
seconded. Motion carried 4-0.
OLD BUSINESS:
None.
NEW BUSINESS:
Chairperson Ruth Garvey gave the floor to Larry Westfall who
introduced the guest speaker, Robert Sugarman, whose firm,
Sugarman and Susskind, P.A., represents boards of trustess
of municipal pension plans.
Mr. Sugarman thanked the Board for inviting him to speak and
then explained to those present why a pension is so vital to
every person involved. He explained the duties of a Board
of Trustees and how important it is for the Board of
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Trustees to have legal representation. He also told those
present how a police pension is funded.
Mr. Sugarman made the recommendation that Mr. Ascherl, Agent
of Record, be asked to attend the next meeting and that the
Board have specific questions for Mr. Ascherl to answer.
(See attached).
ADJOURNMENT:
There being no further business to come before the Board,
Larry Westfall made a motion to adjourn, which was seconded
by Ruth O'Rourke.
Minutes respectfully submitted by,
Christi R. Watkins
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Attachment
1. What is in portfolio?
2. How is it's performance measured?
3. What is the market and book value?
4. What expenses are taken out and charged to the pension?
5. What guarantees is Principal offering in the future as to
the interest that is made on the money?
6. What has the pension money bought; what does pension
own?
7. What has the pension made?