08-01-2006
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Edgewater Firefighter's Pension Fund
Regular Meeting
August 1, 2006
Station 57
2626 Hibiscus
5:30 p.m.
CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on August 1, 2006 at 5:37 p.m. at
Edgewater Fire Rescue Station 57.
ROLL CALL:
Members present were Chairman Jim Jollie, Laura Reilly, and Gary Butt.
Also present was Chief Barlow, Mike Welker & David West of Bogdahn
and Shontella Jackson, Recording Secretary. Absent and excused was
Marty Tse. Co-Chairman Ron Hayward arrived at 5:58 pm.
APPROVAL OF MINUTES:
The minutes of the May 24,2006 meeting was submitted for approval.
MOTION bv Laura Reillv. SECOND bv Garv Butt to approve the
minutes of Resru.lar Ede:ewater Firefie:hter's Pension Board on Mav
24.2006. MOTION CARRIED UNANIMOUSLY.
NEW BUSINESS:
Confirmation of Appointees
Chairman Jim Jollie announced the confirmation of Gary Butt and Marty
Tse reappointment to the Board by City Council.
Sugarman & Susskind invoice
The Board reviewed and voted to pay the invoice. MOTION bv Laura
Reillv. SECOND bv Garv Butt to pav the outstandine: invoice in the
amount of $175.00 to Sue:arman & Susskind. MOTION CARRIED
UNANIMOUSLY.
Pension Improvements
Chairman Jim Jollie discussed with the Board the members decision for
improvements to the pension by increasing the amount of deduction
from 6% to 7%, then take the extra $40,000 and put it towards a
Edgewater Firefighters' Pension Fund
Regular Meeting
08/01/06 Page 2
monthly stipend which would equal $16.00 for each year of credited
service. At the end of 20 years it would equal a monthly check of $320 in
addition to their pension.
MOTION by Gary Butt. SECOND by Laura Reilly to forward
information to Sue:arman & Susskind for an ordinance to be
comDleted for the recommended chane:es. MOTION CARRIED
UNANIMOUSLY.
Chairman Jim Jollie called for a brief recess at 5:45 pm. The meeting
was called back to order at 5:55 pm by Chairman Jollie.
Chairman Jollie stated that he included a copy of an email from Trusco
regarding small cap team for the Board to review.
Presentation by Bogdahn
Mike Welker and David West of Bogdahn presented the performance
evaluation for the Board to review. Mr. Welker recommended for the
Board to look into obtaining other managers. Mike Welker stated that
the pension funds large caps have under performed by 30% since 2003.
The Board requested for Bogdahn to develop a RFP of investment
companies. MOTION by Laura Reilly. SECOND by Ron Howard for
Boe:dahn & Consultants to obtain an RFP. MOTION CARRIED
UNANIMOUSLY.
Mike Welker also concluded that they would like to meet with the Board
quarterly.
OLD BUSINESS:
None.
DISCUSSION ITEMS:
None.
ADJOURNMENT:
Chairman Jim Jollie adjourned the meetine: at 7:05 p.m.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
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