03-27-1997
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Edgewater Police Pension Plan
Boa I'd of Trustees
P.O. Box 489
Edgewater, Florida 32132
Minutes
A meeting of the Board of Tmstees of the City of Edgewater Retirement Board was called to order at 3:03 p.m.
on Thursday. March 27. ] 997. in the meeting room of the Edgewater Public Library.
Call To Order:
Chairman Gary Conroy called the meeting to order. Members present were Glenn Bamhill. Fenll-Ieeb. Gary
Conroy. Bret Teitelbaum - absent - and Ruth Garvey. Also present were Jack Ascherl. and Kathy Smith.
Recording Secretary. In the audience is Larry Westfalland Sandra Davis.
AlHlroval of Minutes:
Aller brief discussion. Ferd Heeb made a motion to accept the minutes of the March 27. 11)1)7 meeting as written
and Ruth Garvey seconded the motion and it carried 4 - 0 \"ith Bret Teitelbaum being absent.
Glen Barnhill
Fen! Heeb
Gary Conroy
Bret Teitelbaum
Ruth Garvey
yes
yes
yes
absent
yes
New Business:
4th quarter newsletter:
.lack Ascherl went through the Investment Results from Principal fro'm 1992 thm 11)1)6. AscheI'I gave
hand outs showing the interest rates during this time. Under the new FPI contracnhere arc quite a number of new
investment options available to us. these options arc available to the Funds Selection Service team also. Principal
mentioned that they would choose the US Stock Account and then the large company value fund ACCOUNTS:
U.S. Stock. Large Company Value fund. Large Company Growth fund and Small Company Value fund. and one
trom the AGGRESSIVE ACCOUNTS: Small Company Growth fund. Principal will move 301Yc. of your money
into those accounts divided equally between them and they will do this in addition to the realestate account where
they intend to put 20% of your money. This will be done over a two year period.
Annual Fund Report f.'om Principal:
Ascherl said that we received back trom Principal a sample booklet so it can be gone Ihrough hefore it
is printed.
Fenl Heeh said that he met with Susan Wadsworth. City Clerk who said they are in progress of puting
together manuals for each of the members which will include copies of all of those pertinent doculllents that each
member should have access to on a constant hasis. including the new FPI plan. Heeh said Ihal Ill; contacted Fred
Munos and asked Fred 10 put together a draft of a contract or resolution that this board would use to delegale the
authority that he needs 10 continue what the Finance Department is doing for this board.
Fred Munos gave a brief description of what the Finance Department's responsibilities arc with the
Pension Board.
Bret Teitclbaumjoined the meeting at 3:32 p.m.
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Fcrd I-Icch madc a motion that the Board so authorize him to draft a resolution that will detine what the Fill<\Ilce
Department provides for the Board so that any member or new member of the Board will have some
comprehension of what is going on. Seconded by Glenn Barnhill
Glenn Barnhill yes
Ferd Heeh yes
Gary Conroy yes
Bret Teitelbaum yes
Ruth Garvey yes
Motion carried 5 - 0
Fred Munos left the meeting at 3:40 p.m.
Old Business:
Plincipalmailed a check to the Pension Board for Lall)' Westfall's retirement. The check was delivered 10 Larry
Westfall by Gary Conroy.
Miscellaneous:
It was discussed that Gal)' Conroy and Bret Teitelbaum's tour of duty with the Pension Board is up. Gary said
that he would advise upper management.
Adiournment: .
There being no further husiness before the board, Glenn Barnhilmade a motion to adjourn; seconded by Rulh
Garvey and it carried 5-0.
Glen Barnhill yes
Fenl Hech yes
Gary Conroy yes
Bret Teitelbaum yes
Ruth Garvey yes