09-30-2003
'-"
....,
EDGEWATERPOLICE PENSION BOARD
REGULAR MEETING
Tuesday, September 30, 2003
City HaU Conference Room
Minutes
CAL;L TO ORDER:
Secretary Jon Williams called to order the Regular Meeting of the Edgewater Police
Pension Board on Tuesday, September 30, 2003 at 1 :00 p.m. in the City Hall Conference
Room.
ROLL CAL~:
Members present were Mr. David Gamell, Ms. Rena Green, Mr. Ferdinand Heeb, Mr.
Wtlliam Lenz and Mr. Jon Williams. Also present was Mr. Jack Ascherl, Agent of
Record, Ms. Deborah Sigler, Personnel Director and Donna Looney, Recording
Secretary. Mr. Tim Hollinger, Principal Financial Group arrived at 1 :08 p.m.
Mr. Williams welcomed new board members Dave Gamell and Bill Lenz.
Mr. Williams asked to move the new business part of the agenda and elect the new
chairman.
NEW BUSINESS:
Mr. Heeb nominated Mr. Lenz as chairman of the pension board. second bv Mr.
GameD
M01ION CA~RIJ{:D 5~0
APPROVAL OF MINUTES:
Mr. Heeb moved to a~prove the Februarv 19. 2003 and Mar 13. 2003 minutes.
second bv !\fr. Williams.
MonQ~ C~UlEP 5..0
OLD BUSINESS:
Mr. Heeb made a motion to Dav the Se{ltember 4. 2003 statem~nt from Sugarman &
Susskind for ~OO. second by Mr. Williams
MgTIQ~ CAWtDiD 5~O
'-'
",."",
Mr. H~eb m~de a motion that p.o board melJlber call incur any \X~~~S~ wijbout
~rior aDDrov" ~f t"~ bo~rd. second ~y ~. ~reen.
MOUON CA~!lq;1> 5-9
Mr. Heeb asked Mr. Ascherl and Mr. Hollinger to review the quarterly report before the
board discusses the investment policy.
NEW BUSINESS (cont.l:
Mr. AscherI handed out the October I, 2002 through September 30, 2003 Actuarial
Valuation Report, which he reviewed (see attached).
Mr. Ascher! reviewed the October 1, 2002 through August 31,2003 Fund Statement (see
attached).
MISCELLANEOUS:
The board members discussed with Mr. Hollinger and Mr. Ascherl Principal's customer
service with the City.
Mr. Hollinger asked the board to use him as a go between instead of talking with
Principal's home office directly.
OLD BUSINESS (cqnt.);
Mr. Heeb talked about getting the new investment policy done. He suggests getting a
copy of the firefighters investment policy that has been revised by Mr. Sugannan and
they could just copy for the police.
MISCELLANEOUS (cont. ):
Mr. Heeb would like to see the board meet every other month so they don't forget what
went on at the last meeting.
Mr. Heeb made a motion to meet everv ~o m9nths, ~econd by Mr. Williams.
MOllOlS CA.R-.m:>> 5-0
The board scheduled the next meeting for Tuesday, December 2, 2003 at 1 :00 p.m.
Mr. Heeb wants to bring the Blue Books up to date. Mr. Williams will look into
committing some time to this. Mr. Lenz will also help.
2
..,.
"WI'
Mr. Hollinger handed out and reviewed the Investment Review and Analysis bookIet (see
attached).
Mr. Heeb discussed the board's attorney. He asked if the City's law firm would have
anyone that could service the board. Mr. Heeb asked Mr. Williams to do some research.
Ms. Sigler informed the board of the changes that were made to the plan regarding the
plan year changing from July through June to October through September. Mr. Heeb
asked if this should go to council.
The board was advised that Ms. Green's term would expire in October.
Mr. H~b made a motion to reaoDoint Ms. Gr~en for aqother term. second by Mr.
WiJtiams.
~01)Q~ CAR"@JED 5-0
AD.fOURNMENT:
With no further business to be discussed, Mr. Williams moved to adjourn. The meeting
adjourned at 2:55 p.m.
Minutes submitted by:
Personnel Department
3