05-19-2005
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EDGEW A TER POLICE PENSION BOARD
REGULAR MEETING
May 19,2005
Planning Department Conference Room
Minutes
CALL TO ORDER:
The Edgewater Police Pension Board was called to order on Thursday, May 19, 2005 at
4:30 p.m. in the Planning Department Conference Room.
ROLL CALL:
Chairman Lenz called to order the Police Pension Board Meeting at 4:30 p.m. Members
present were Sgt. Bill Lenz, Chairman, Kim Rash, Secretary, and Rene Green. Melecia
Harris was absent.
Also present was Jon Williams, City of Edgewater Finance Director, Jack Ascherl, Agent
of Records, Dee Finneran, Principal Financial Group, James Robinson, Principal Global
Investors, Gary Conroy, Edgewater Police Department, Ferd Heeb and Larry Westfall.
APPROVAL OF MINUTES:
MOTION
Secretary Rash made a motion to approve the minutes of the December 1. 2004
Police Pension Board meetin2. seconded bv Rene Green.
Motion carried 3 - 0
Chairman Lenz turned the meeting over to Jack Ascherl who introduced Dee Finneran,
Accountant Executive Director of Principal Financial Group, and James Robinson, Senior
Investment Specialist with Global Investments.
Dee Finneran advised that as a Board, part of the Board's fiduciary responsibilities is to
select, monitor, and/or make decisions as to whether the Board should retain certain
investment managers. Ms. Finneran reminded the Board that Principal Financial Group
shares this issue of responsibilities as the Board's investment manager. Ms. Finneran
reiterated that Principal takes on the responsibility of the initial selection, the ongoing
monitoring and deciding whether or not an investment manager should be retained, which
relieves the Board of that burden.
After further discussion the meeting was turned over to Mr. Robinson for his
presentation, explaining what the recent market is doing.
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NEW BUSINESS:
Chairman Lenz turned the meeting over to Jon Williams, City of Edgewater Finance
Department. Mr. Williams advised the Board that the Finance Department prepared the
annual report that is to be submitted to the State in order to have premium tax monies
distributed for plan enhancements, in the Boards case, to pay for plan enhancements that
have already been advanced funded as a result of upgrades that occurred in 1999 - 2000.
Mr. Williams said that the City, for the record, would like to note that this is the second
year in a row in which the Board has not filed the annual report by the deadline, which is
March 15th. The City Finance Department was present to turn it over to the Board and
request that the Chairman and Secretary sign it, along with Mr. Ascherl, so it can be
forwarded to the State in order to receive the necessary premium tax. The City requests
that the Board take swift action in executing this document at the meeting so the City can
proceed.
Mr. Williams advised that a secondary issue needed to be addressed at this meeting,
which was addressed earlier in the fiscal year, that this year is the second period in which
the Board is required to have a tri-annual review. Mr. Williams reminded the Board that
Burgess Chambers & Associates did the last review. Mr. Williams noted that Burgess
Chambers & Associates notified the City of their desires to extend the same offer as they
previously did with the last performance review and the City would also request that the
Board authorize the City to engage Burgess Cambers & Associates to perform that
evaluation so the requirements can be satisfied.
MOTION
Secretarv Rash made a motion to utilize Bur2ess Chambers & Associates for review
of the annual report. seconded bv Rene Green.
Motion Carried 3 - 0
· Chairman Lenz & Secretary Rash executed their signatures for the Annual Report
document.
· Chairman Lenz & Secretary Rash executed their signatures for Principal Group
Annuity Contract amendments.
· Chairman Lenz & Secretary Rash executed their signatures for the Rollover IRA
Agreement.
. It was noted that if any employee has questions on the changes they
should contact the Personnel Director.
. Copies should be given to all participants.
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OLD BUSINESS:
There was further discussion about Robin Bell's issue. Jack Ascher! said normally an
employee's contributions are refundable if they want it however the attorney should be
checking into this. Mr. Ascher! said he would also look into it further.
There was discussion of the Investment Policy status. Board members decided they
should wait to hear from Attorney Harrison.
It was discussed about the fees still owed to the Attorney.
MOTION
Secretary Rash made a motion to pay the $5.650.00 le2al fees. seconded by Rene
Green.
Motion Carried 3 - 0
There was discussion in reference to having Mr. Heeb reinstated as a Board Trustee and
since Mr. Heeb is appointed by City Council there must be an agenda request sent to the
Assistant City Manager and it must be received by June 6, 2005.
MOTION
Secretary Rash made a motion to reauest reappointment of Mr. Heeb as a Police
Pension Board Trustee and it be submitted to the City no later than June 06. 2005.
seconded by Rene Green.
Motion Carried 3 - 0
Chairman Lenz brought up that his appointment is up July 21, 2005 therefore the Board
needs to address a letter to FOP representative, Dan Blazi, requesting an election for the
position of representation of the Pension Board.
MISCELLANEOUS:
In reference to the verbal request by Attorney Levanson, Larry Westfall, who was present
at the meeting, advised the Board would have some communication from Attorney Adam
Levanson in the near future.
ADJOURNMENT:
With no further business to discuss the meeting was adjourned.
Minutes submitted by: Kathy Miller, Personnel Department