09-12-2001
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EDGEW A TER POLICE PENSION BOARD
REGULAR MEETING
September 12, 2001
Minutes
CALL TO ORDER:
The Police Pension Board regular meeting was called to order in the City of Edgewater
Community Center, Wednesday, September 12, 2001, 1 :10 p.m.
ROLL CALL:
Members present were Gary Conroy, Rena Green, Phil Niebieski and Jon Williams.
Ferdinand Heeb was absent. Also present was Jack Ascher!, Consulting Agent of
Record, Ken Hooper, City Manager, Debby Sigler, Personnel Director, Steve Gordon and
Erin Master, SunTrust Bank and Donna Looney, Recording Secretary.
APPROVAL OF MINUTES:
Chairman Conroy commented that he made a motion, which he can not do without
passing the gavel to the secretary. Ifthat happens again please let him know.
OLD BUSINESS:
Chairman Conroy understanding is that effective October 1, 2001 the City will be picking
up the Fiduciary Liability Insurance.
Chairman Conroy has contacted Sugarman & Susskind twice about an old invoice with
no response. He will call them again.
Chairman Conroy stated that the 2000 Annual Report has been approved by the State and
everyone has received a copy.
NEW BUSINESS:
Jack Ascherl went over expense statement through June 30, 2001. Also reviewed the
Fund Selection Services sheet and Investment Option Sheet.
Jack Ascher! then reviewed the 10/1/00 through 8/30/0 I-investment statement activity,
fund by fund. (See attached)
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John Williams asked how hard is it to reallocate the percentages into different funds.
Jack Ascher! stated a motion from the board to leave the Fund Selection Services and
make their own choices is all it will take.
Jack Ascherl talked about the Investment Policy. The State of Florida has passed a law
requiring certain things to be in the policy. Principal has put out a general form to work
from but the board needs the attorney to draw up their own using the samples.
Jack Ascher! informed the board Florida requires them to have an independent
investment audit done every three years and it is time for this to be done. New Smyrna
Beach has hired Burgess Chambers to do this and we might want to piggyback with them
in order to get a better rate. City Manger Hooper asked if the fire department has to have
this done. Jack Ascher! informed him yes. Mr. Hooper suggested that Chairman Conroy
talk with Chairman Jolly to see if we can have it done together. After further discussion
Chairman Conroy will talk with Jim Jolly and thanked Mr. Ascher! for coming.
APPROVAL OF MINUTES cont.:
Chairman Conroy informed the board they need to return to approval of the minutes as he
went too fast and they had not finished. Jon Williams moved to accept the minutes of the
June 13, 2001 meeting. Seconded by Rena Green. Motion CARRIED 4-0.
MISCELLANEOUS:
Chairman Conroy introduced Mr. Gordon and Erin Master from SunTrust. Jon Williams
asked if we had discussed having a presentation at the last meeting. Chairman Conroy
told the board he just happened to be in SunTrust and knew the Fire Department used
them so he asked Mr. Gordon to come and talk with the board. Mr. Gordon made
presentation to the board in regards to SunTrust doing their investments. After the
presentation and discussion Chairman Conroy thanked Mr. Gordon for coming.
Chairman Conroy told the board he contacted Foster & Foster for a proposal of Actuarial
Services as the Fire Department uses them to do their actuarial. This is just for the
board's information.
Jon Williams informed the board that the City has had some difficulties getting
information from Foster & Foster.
Chairman Conroy asked the board if they liked the idea of having someone come to the
meeting to give them information and gain knowledge about pensions.
City Manager Hooper feels it's a good idea to shop around but we should advertise and
have a few companies do presentations at the same time. There was further discussion
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about investment firms and the idea of Police and Fire getting together to receive better
pnces.
Chairman Conroy included Sugarman & Susskind 2001 legislative update for the board's
information.
Chairman Conroy asked about the upcoming FPPT A Trustees School. Jon Williams can
not attend the meeting in October due to prior comments. Chairman Conroy informed
the board there is a FPPT A meeting January 2002 if anyone can attend.
Debby Sigler brought to the board's attention that Rena Greens' term has expired. After a
discussion Chairman Conroy asked if she would like to serve another term. Ms. Green
agreed. Phil Niebieski made a motion to reappoint Ms. Green. Seconded by Jon
Williams. Motion CARRIED 4-0.
Chairman Conroy tabled the upcoming FPPT A school until next meeting.
Chairman Conroy informed the board the City is in receipt of the 2000 state premium tax
money in the amount of $70,794.89.
Chairman Conroy asked the board if they would like to have a meeting in October to
discuss the investment audit and what is involved. Jon Williams made a motion that
Chairman Conroy contact Burgess Chambers to inquire about the investment audit.
Seconded by Phil Niebieski. Motion CARRIED 4-0.
ADJOURNMENT:
With no further business, Jon Williams made a motion to adjourn. Seconded by Phil
Niebieski at 2: 12 p.m.
Minutes submitted by:
Personnel Department