03-26-2002
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EDGEW A TER POLICE PENSION BOARD
REGULAR MEETING
March 26, 2002
Minutes
CALL TO ORDER:
The Police Pension Board regular meeting was called to order by Chairman Conroy in the
City of Edge water, City Hall conference room, Tuesday, March 26, 2002 at 10:04 a.m.
ROLL CALL:
Members present were Gary Conroy, Rene Green, Ferdinand Heeb, and Jon Williams.
Phil Niebieski arrived at 10:44. Also present was Jack Ascherl, Consulting Agent of
Record and Donna Looney, Recording Secretary.
APPROVAL OF MINUTES:
None at this time
OLD BUSINESS:
Chairman Conroy informed the board that Julie Christine, Purchasing Agent, is working
on the RFP for consulting services on the pension investments. It should be going out
within the next few weeks.
NEW BUSINESS:
Chairman Conroy stated they have received a bill from Sugarman & Susskind for $100.
He feels Sugarman is not to generate a bill for himself, that was not what they engaged
him for, it should be on an as need base. Mr. Ascherl explained Sugarman's office has
called him a few times asking about the pension investment policy and he advised them
to contact the board. Chairman Conroy will talk to Mr. Sugarman and ask him about the
invoice. Mr. Ascher! explained the State came out with a new law and there are some
changes that have to be made to the investment policy. He thinks the Fire Department
had Sugarman do theirs and the Police should take a look at that. Chairman Conroy said
he will get a copy of that and they can take a look at it for the next meeting. Mr. Heeb
thought at the last meeting they discussed about the board using the City attorney. His
concern is that they are going to continue receiving bills like this one from Mr. Sugarman
without the board requesting his services. After further discussion Mr. Heeb made a
motion to send a letter to Mr. Sugarman disengaging him from future services for the
board unless requested in writing. Seconded by Jon Williams. Motion CARRIED 4-0
Chairman Conroy asks again about the bill. After further discussion Mr. Heeb made a
motion to pay the bill and send the check with the letter terminating services. Seconded
by Jon Williams. Motion CARRIED 4..0.
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MISCELLANEOUS:
Jack Ascherl reviewed the 10/01/01 through 02/28/02 investment fund statement, fund by
fund. (See attached)
Mr. Ascherl informed the board that Principal Financial Group has expanded its
investment options available to us. He reviewed page two (2) explaining the new
accounts.
The board discussed with Mr. Ascher! the Principal Financial Group Stock Separate
Account and how they should handle the demutualization compensation monies that were
placed in there. The board has agreed to let the monies there for now and watch till the
next quarter.
Chairman Conroy informed the board that FPPT A membership is due and asked what
would they like to do. After discussion it was decided not to belong for now and see if in
the future any board members which to participate.
Chairman Conroy handed out a letter he just received today from F.O.P. representative,
Tim Ball, asking for the board's help with getting some other benefits.
Chairman Conroy informed the board Mr. Heeb's term has expired and he has submitted
a letter to City Clerk, Susan Wadsworth, requesting reappointment. Chairman Conroy
also informed Jon Williams of his term's expiration date, August 21,2002.
Mr. Heeb referred back to the F.O.P. letter, he believes this should have been addressed
to the City Council. The council should ask the board for help. Chairman Conroy
disagrees. There was further discussion of who should be responsible for benefits;
Chairman Conroy will bring the opinions of Mr. Butterworth to the next meeting.
Ms. Green has information she received at the FPPT A conference she attended, she reads
"as trustees you must implement and administer the pension ordinance as it is adopted by
city council".
Mr. Ascher! referenced back to the F.O.P. letter. He went over each request and gave
some insight as to what the cost might be and if it was something we already had.
ADJOURNMENT:
With no further business, Mr. Heeb made a motion to adjourn. Seconded by Jon Williams
at 11: 14 a.m. Motion CARRIED 5~0.
Minutes submitted by:
Personnel Department