02-19-2003
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EDGEW A TER POLICE PENSION BOARD
REGULAR MEETING
Wednesday, February 19,2003
City Ball Conference Room
Minutes
CALL TO ORDER:
Chairman Conroy called to order the Regular Meeting of the Edgewater Police Pension
Board on Wednesday, February 19, 2003 at 4:00 p.m. in the City Hall Conference Room.
ROLL CALL:
Members present were Chairman Gary Conroy, Mr. Ferdinand Heeb and Mr. Jon
Williams. Ms. Rena Green was absent; Mr. Bret Teitelbaum resigned due to his
retirement. Also present was Mr. Jack Ascher!, Agent of Record and Donna Looney,
Recording Secretary.
APPROVAL OF MINUTES:
Mr. Williams moved to approve the November 18. 2002 minutes. second bv Mr.
Beeb.
MOTION CARRIED 3-0
OLD BUSINESS:
Chairman Conroy informed the board that Sugarman & Susskind have repeatedly been
asked for copies of the invoices that support their statement and until they are received
the board will not pay.
Mr. Heeb explained why he does not want to use Burgess Chambers next time they need
to have the plan evaluated. Mr. Williams and Chairman Conroy agreed.
Mr. Ascher! submitted to Principal the investment policy that Burgess Chambers
presented for their review and input.
NEW BUSINESS:
Chairman Conroy informed the board Mr. Teitelbaum has resigned due to his retirement.
He has posted a list for a new board member in the Police Department.
Mr. Ascher! handed out a folder containing documents supplied by Principal regarding
the police pension plan including the investment policy, which he reviewed (see
attached).
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The board discussed the comments from Principal regarding the investment policy
supplied by Burgess Chambers.
Mr. Ascher! informed the board the new investment policy was due to be updated last
year and as far as he knows, it needs to be to the state by the end of the year or before the
deposits are due. He will check one more time to make sure it will not affect the receipt
of our money.
Mr. Ascher! referred back to this plan having 75% fixed income due to the cash flow
needs. This plan is using the Benefit Index system. Mr. Ascher! explained what the
difference would be by changing to Direct Funding. This would be for future retirees
only.
Mr. Heeb made a motion to terminate the Benefit Index system and 20 to Direct
Fundin2 for future retirements. seconded bv Mr. Williams.
MOTION CARRIED 3-0
The board asked Mr. Williams to talked with Foley & Lardner about legal services to the
board.
MISCELLANEOUS:
Mr. Ascher! will find out when the representatives from Principal will be here.
Mr. Heeb wants to have the notebooks done. Chairman Conroy is on night shift and will
take care of this.
Mr. Ascher! reviewed the 10/01/02 through 01/31/03 fund statement.
ADJOURNMENT:
With no further business to be discussed, Mr. Heeb moved to adjourn. The meeting
adjourned at 5:05 p.m.
Minutes submitted by:
Personnel Department
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