06-16-2014 CITY OF EDGEWATER GENERAL EMPLOYEES' PENSION
BOARD QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday June 16, 2014 at 11:OOAM
TRUSTEES PRESENT: Brenda Dewees
Tim Spoko
John Brackin
John McKinney
Tyna Hilton
Bobby Laramore
TRUSTEES ABSENT: Gigi Bennington
OTHERS PRESENT: H. Lee Dehner, Board Attorney
Ferrell Jenne, Plan Administrator
Jack Evatt, Investment Consultant
1. Call to Order Brenda Dewees called the meeting to order at 11:03 AM.
2. Roll Call As reflected above.
3. No Public Comments
4. Approval of Minutes
The minutes from the March 17, 2014 quarterly meeting, and May 28, 2014 special meeting
were approved upon motion by John McKinney and second by Bobby Laramore, motion
carried 6-0.
5. New Business
a. John McKinney mentions that new microphones have been ordered and will be in
place for the next meeting.
6. Old Business
None.
7. Reports
a. The Bogdahn Group, Jack Evatt
i. Quarterly update as of March 31, 2014.
1. Net earnings for the quarter were 1.58%, underperforming the
policy benchmark of 1.77% by 0.19% points.
2. Since inception, the fund is at 4.71%, underperforming the policy
benchmark of 5.54% by 0.83% points.
3. The Plan's gross performance of 1.58%for the quarter ranked in
the 58!' percentile of the public fund sample.
b. Christiansen & Dehner, H. Lee Dehner
i. Operating Rules&Procedures
1. Board to set a special meeting to review the finalized Operating
Rules & Procedures document.
2. Lee Dehner informs the Board that he will draft the proposed
ordinance to accompany the Operating Rules & Procedures
document once it is approved at the special meeting.
3. Lee Dehner reviews the RMLO resolution with the Board.
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4. Lee Dehner reminds the Board to file their financial disclosure
forms by July 15'
Board adopted resolution 2014-01 upon motion made by John McKinney and second by
Tim Sopko, motion carried 6.0.
8. Disbursements
Disbursements were approved as stated on the agenda upon motion made to Jahn
McKinney and second by Tyna Hilton, motion carried 6-0.
9. Staff Reports, Discussion, and Action
a. Ferrell Jenne presents the authorized signature document form from Salem Trust
a. Lee Dehner recommends that the Board leaves the requirement of
needing two signatures.
Board voted to add Ferrell Jenne as authorized signature and require two signatures on
the Salem Trust authorized signature form, one signature must be the Finance_Director,
HR personnel, or Board Trustee upon motion made by John McKinney and second by Tim
Sopko, motion carried 6-0.
b. Ferrell Jenne presents the Cash Management Sweep Authorization form from
Salem Trust.
i. Jack Evatt recommends the Board to invest all cash held in the custodial
account of the Plan in the Goldman Sachs Financial Square Treasury
Obligations Fund (money market mutual fund).
ii. Board agrees with Mr. Evatt's recommendation to utilize the Goldman
Sachs Financial Square Treasury Obligations Fund as the cash
management sweep vehicle
10. Trustees' Reports, Discussion, and Action
a. Board discusses the use of Granicus and utilizing electronic agenda packets
versus paper copies.
b. Board would like to have a goal of utilizing Granicus for the next quarterly
meeting.
c. Board further discusses the Salem Trust Authorization form and signatures
required.
i. Board amends the prior motion (see below).
Board votes to amend prior motion regarding two signatures on the Salem Trust
Authorization form to read that one signature must be a Board member or Finance
Director upon motion made by John McKinney and second by Bobby Laramore.
11. Adiournment The meeting adjourned at 12:00PM.
12. Next Meeting September 15, 2014 at 11:OOAM.
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ectf ll su mitted by: Approved by:
me. �er)ell Jenne Name: ] .1[VG°�
Title: Plan Administrator Title: �Icv- cmumeN
Date Approved By the Pension Board:
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