08-03-2005
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EDGEW ATER POLICE PENSION BOARD
REGULAR MEETING
Wednesday August 3, 2005
City Hall Conference Room
Minutes
CALL TO ORDER:
Dan Blazi called The Police Pension Board Regular Meeting to order on Wednesday
August 3, 2005 at 1 :00 p.m. in the City Hall Conference Room.
ROLL CALL:
Dan Blazi conducted the Roll Call for the Police Pension Board Meeting. Members
present were Rene Green, Malecia Williams, Gary Conroy, and Dan Blazi.
Ferdinand Heeb was not present. Also present was Jack Ached Agent of Record,
Principal Financial representative Dave Williams, Principal Financial
representative Dee Fenneran, Principal Financial representative Karen Lycole,
Henry Sustrich, Denise Sustrich, Debbie Sigler, Donna Looney, and Kenneth
Hooper.
Ferdinand Heeb arrived at 1 :03 p.m. A quorum was established.
NEW BUSINESS:
Henry Sustrich Retirement:
The approval of the minutes was tabled to immediately address the Henry Sustrich
Retirement. Jack Ached described the situation involving Henry Sustrich's
retirement, and the discrepancy that had originally shown in error Henry Sustrich's
retirement date. Dave Williams also explained the discrepancy. The updated figures
were forwarded to Henry Sustrich, and Jack Ached said he would look into the
possibility of Military/Police buyback options if they were available.
MOTION:
Gary Conroy made a motion to have the authority to communicate with Mr.
Harrison and persons at Principal to gain the final draft of the investment plan for
approval by the board on the next meeting. Seconded by Ferdinand Heeb.
Motion Carried Unanimously
MOTION:
Gary Conroy made a motion to have the authority to communicate with Mr.
Harrison to get the plan restated to comply with State and Federal Law, for a
drafted recommendation to the City Council. Seconded by Ferdinand Heeb.
Motion Carried Unanimously
MOTION:
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Dan Blazi made a motion to give authority to Gary Conroy to approve Henry
Sustrich's choice of retirement options without the need for a delay until the next
board meeting. in the event he makes a choice. Seconded by Gary Conroy.
Motion Carried Unanimously
APPROVAL OF MINUTES:
MOTION:
Gary Conroy made a motion that the agenda request from Ferdinand Heeb in
reference to the average final compensation definition to be forwarded to the City
Managers Office. and deferred to be later incorporated into the recommendation to
the City Council. Seconded by Ferdinand Heeb.
Motion Carried Unanimously
MOTION:
Ferdinand Heeb made a motion to approve the minutes for July 7. 2005 as read.
Seconded by Rene Green.
Motion Carried Unanimously
NEW BUSINESS:
Appointment of Chairman
MOTION:
Dan Blazi Made a motion to a approve Gary Conroy as Chairman to the Pension
Board. Seconded by Ferdinand Heeb.
Motion Carried Unanimously
Performance Monitor Proposal:
Gary Conroy introduced a performance monitor proposal from Bogdahn
Consulting, LLC. The primary purpose for Bogdahn Consulting was to look into the
best investment plans for the Police Pension, and to make recommendations to the
Board. Bogdahn Consulting would also assist in getting the Pension Plan updated to
comply with State and Federal Laws.
Discussion for approval of Bogdahn Consulting was tabled for a special meeting in
which Bogdahn Consulting could present their proposed services. This would
include inviting the Fire Pension Board, and General Employees Pension Board.
OLD BUSINESS:
Investment Policy Statement Update:
The Investment Policy Statement update had already been addressed pnor III the
meeting.
Contracts with Personnel and Finance:
MOTION:
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Ferdinand Heeb made a motion for Gary Conroy to have the authority to work with
Principal, Mr. Harrison, Personnel, and Finance to update the Police Pension Board
Contract for presentation to the Board. Seconded by Dan Blazi.
Motion Carried Unanimously
MISCELLANEOUS:
Bill From Board Attorney:
MOTION:
Ferdinand Heeb made a motion to table the issue for later discussion. Seconded bv
Rene Green.
Motion Carried Unanimously
Amendment to the FPI Service and Expense Agreement for City of Edgewater:
Gary Conroy opened discussion in reference to Principal increasing management
fees. The fees increase was less than $200 dollars. The discussion was for
information purposes, with no action taken.
37th Annual Police and Fire Pension Trustees Seminar:
Discussion started with discussion on the updates
Trustees to attend training on an annual basis.
incorporated into the updated Pension Plan.
to FL Stat. 185, requmng Board
This requirement would also be
MOTION:
Ferdinand Heeb made a motion for any Board
reimbursed for expenses. Seconded by Dan Blazi.
Motion Carried Unanimously
Member wishing to attend, to be
ADJOURNMENT:
MOTION:
Dan Blazi made a motion to adiourn. Seconded by Rene Green.
Motion Carried Unanimously
The meeting was adjourned at 3: 17 p.m.
Minutes submitted by: Secretary Dan Blazi
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