01-28-2003
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Edgewater Firefighter's Pension Fund
Regular Meeting
Tuesday, January 28,2003
Station 57, 2628 Hibiscus
5:30 p.m.
Call To Order: Chairman Jollie called to order the regular meeting of the
Edgewater Firefighters' Pension Fund Board on Tuesday, January 28, 2003 at
5:30 p.m. at Station 57.
Roll Call: Members present were Chairman Jim Jollie, Mr. Gary Butt, Ms.
Laura Reilly, Mr. Ron Hayward and Mr. Marty Tse. Also present was Lisa R.
Miller, Recording Secretary. Chairman Jollie thanked the Board members for
the effort they had put into the pension fund.
Approval of Minutes: The minutes of the October 15, 2002 meeting were
submitted for approval. Ms. Reilly moved to approve the minutes as submitted.
Mr.Tse seconded. Motion carried 5-0.
Old Business: Chairman Jollie stated they had received the bill for Burgess and
Chambers three-year study of the Edgewater Police and Firefighters' Pension
Funds. He added the cost of the study was $11,000 and the Fire Pension Fund
has paid their half in the amount of $5,500.
There was discussion regarding the plan agreement that was approved with
Burgess and Chambers. It was noted on the first page under services of
advisory that they would prepare a three-year investment performance
evaluation of the total plan of each fund and give recommendations of asset
allocations, investment policy, and suitability of investments. Chairman Jollie
stated when the board approved~..the'contract they were under the impression
that Burgess and Chambers were gofug to give the board an investment policy
that they recommend now that then~ had been changes in the market place.
Chairman Jollie stated the board received the investment policy free of cost.
Chairman Jollie stated they had received Burgess and Chambers draft of
recommendations for an investment policy statement. He added it was
recommended that it would be better of the board changed their benchmark to
something more rounded. Chairman Jollie stated if the board needed to have
him come in, Mr. Burgess would come in and talk to them at any time. There
was discussion regarding differences between the old investment policy and the
new recommendations for. an investment policy provided by Burgess and
Chambers. Chairman Jollie stated it was Burgess and Chambers'
recommendation that the board give their recommendations to the board
attorney and SunTrust for their review. Chairman Jollie stated when Mr.
Donnelly from Foster and Foster, Inc. was there before, he stated their
investment policy was out of date and all plan documents should really be
reviewed every two years, as changes from the State come down that we might
not have in our documents. Chairman)ollie stated they also recommended that
the board needs to have Trusco mak~ a statement quarterly and annually the
Board makes a statement in the m:iriutes that they are staying within the
EdgewaterFirefighters' pensiO~d 0
". Regular Meeting
.' . 0 l/28/03 Page 2
proposed guidelines. Burgess and Chambers' other recommendation was to
continue the board's education to make sure the board attempts to keep up on
. the changes. Ms. Reilly moved to send the proposed Investment Policy
Statement to Sugarman and Suskind first for review and recommendation with
the following changes: 1) Page 4, NC' 3 delete bonds issued by the state of
Israel. 2) Page 6, letter H, Valuation of projects as they think they will happen
over the next several years from Trusca. 3) Page 5, No. 8E, Insurance annuities
deleted. 4) Page 4, Change 10% of assets invested in foreign securities to 7.5%
and then on to Trusco and back to the board for their approval. Mr. Butt
seconded. Motion CARRIED 5 to O.
New Business There was discussion regarding the signature card update for
Sun Trust bank. There was discussion regarding the call back procedures if
something was not in compliance. Chairman Jollie stated that he believed that
last time if something was not in compliance Sun Trust was to call Donna at
City Hall, that took the board's liability out of it.
There was discussion regarding the actuarial valuation presented by Foster and
Foster, Inc. at the last meeting. It was noted the Board had asked to delay
approving it until they had time to review it. Mr. Butt moved to approve the
actuarial valuation submitted at the October 15, 2002 meeting by Foster and
Foster, Inc. Ms. Reilly seconded. Motion CARRIED 5 to O.
There was discussion regarding membership dues for the Florida Public
Pension Trustees Association. Ms. Reilly moved to pay the membership dues for
2003 for FPPTA. Mr. Tse seconded. Motion CARRIED 5 to O.
Ms. Reilly asked that on the investment policy when it was sent to Trusco to
note that currently we don't have any international and real estate with them
and they need to see how Trusco feels about adding that with those percentages
that are in that plan. She stated it needed to be added, because we don't
currently have it. Chairman Jollie stated it is not personal real estate, but giant
holdings like Fannie Mae.
Discussion Items: There were no discussion items at this time.
Adjournment: There being no more qusiness to come before the board at this
time, Mr. Tse moved to adjourn. Mr:H;ayward seconded. Meeting adjoumed at
6: 10 p.m. .
Minutes respectfully submitted by:
Lisa R. Miller
Recording Secretary
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