11-18-2002
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EDGEW ATER POLICE PENSION BOARD
REGULAR MEETING
November 18, 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, Monday, November 18, 2002 at 4:06 p.m.
ROLL CALL:
Members present were Gary Conroy, Ferdinand Heeb, Jon Williams; Bret Teitelbaum
arrived at 4:08. Rena Green was absent Also present were General Employee Pension
Board Members Kathy Cornelius, Eric Bosse, Jack Corder; Tyna Hilton arrived at 4:14.
Principal Financial Group representatives Tim Hollinger, Cory Weber and Kent Colwell,
Jack Ascherl, Agent of Record and Donna Looney, Recording Secretary"
APPROVAL OF MINUTES:
Mr. Heeb made a motion to accept the minutes of September 3, 2002 as submitted.
Seconded by Mr. Williams. Motion CARRIED 3-0
OLD BUSINESS:
Chairman Conroy asked ML Williams for an update on the investment audit by Burgess
Chambers. ML Williams informed the board Burgess Chambers is waiting for the three
years of statements from Principal then they will compile the information and be ready to
make a presentation. Mr. Ascherl talked to Mr. Weber and advised the board that the
statements went out last week.
NEW BUSINESS:
Chairman Conroy informed the board they need to appoint a board secretary" Mr. Heeb
made a motion to appoint Mr. Williams. Seconded by Mr. Teitelbaum. Motion
CARRIED 4-0.
ML Ascherl introduced Tim Hollinger, Cory Weber and Kent Colwell from Principal
Financial Group who then made presentations. See attached booklet (2) and yearly
statement.
Mr. Corder left at 5: 10 p.m.
Chairman Conroy thanked Principal Financial Group representatives for coming to the
meeting to share their knowledge.
MISCELLANEOUS:
Chairman Conroy explained the Board is still getting a bill from Sugarman. Ms. Looney
stated she is still waiting for Sugarman to send a copy of the original invoice.
Chairman Conroy is still working on getting copies ofthe Trustees books togetheL
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Chairman Conroy asked if there is an update on the new pension books. Mr. Ascherl
stated we had reviewed the draft and signed off on it. Mr. Weber will follow up to see
where they are.
Mr. Weber stated the yearly statements will be coming out in about three or four months.
The employees will see a new format being used with graphics that should be beneficial.
Mr. Heeb expressed concern about the Principal Financial Group, Stock Separate
Account that has been an ongoing issue. Mr. Heeb stated the Board is not in compliance
with the State Statue or their own investment policy as more than 5% of the assets are
invested in this fund. Mr. Heeb made a motion for 100% of the fund to be liquidated and
reinvested according to the allocation guidelines. Seconded by Mr. Williams. Mr.
Hollinger asked Mr. Weber to explain some of the options the board has available to
them. Chairman Conroy stated there is a motion with a seconded and he will open it up
for discussion. Mr. Colwell and Mr. Weber discussed with the board members the
different options they have available to them. Chairman Conroy closed the discussion
with a roll call. Motion CARRIED 4-0
Mr. Weber informed the board to notify Principal in writing of their request and let him
know so he can follow up.
Chairman Conroy set the next meeting date, February 19, 2003 at 4:00 p.m.
ADJOURNMENT:
With no further business, Mr. Teitelbaum made a motion to adjourn at 5:31 p.m.
Seconded by Mr. Williams. Motion CARRIED 4-0.
Minutes submitted by:
Personnel Department
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