04-12-2006
Edgewater Firefighter's Pension Fund
Regular Meeting
April 12, 2006
Edgewater City Hall
104 N. Riverside Dr.
9:00 a.m.
CALL TO ORDER:
Chairman Jollie called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on April 12, 2006 at 9:07 a.m. at
Edgewater City Hall.
ROLL CALL:
Members present were Chairman Jim Jollie, Co-Chairman Ron Hayward,
and Gary Butt. Also present was Mr. Mike Welter, Mr. Joe Bogdahn of
Bogdahn Consulting LLC., Finance Director; Jon Williams, Personnel
Director; Debbie Sigler, City Manager; Ken Hooper, Donna Looney, Fire
Chief Tracey Barlow and Shontella Jackson, Recording Secretary. Board
members: Laura Reilly and Marty Tse were excused.
NEW BUSINESS:
Term Renewal
Chairman Jim Jollie announced that Laura Reilly's term will expire on
April 3rd and submitted her letter of renewal to the Board. MOTION bv
Garv Butt. SECOND bv Ron Havward to accent Laura Reillv's letter
as written and submit to City Council for reannointment to the
Board. MOTION CARRIED UNANIMOUSLY.
Bogdahn Consulting LLC report
Mike Welter of Bogdahn Consultant presented the Board with the
investment policy statement for review. Bogdahn Consultant
recommended a few changes to the existing investment policy statement.
The recommended changes are: Page 3. 1) Under III. Investment
Guidelines, subsection i. Fixed Income: Investment grade or higher as
rated by Moody's or S&P, excluding 15% of the fixed income portfolio
which doesn't have to meet this restriction, excluding international.
(Change the investment grade or high yield bonds language, so the
Investment Manager is not penalized.)
Edgewater Firefighters' Pension Fund
Regular Meeting
04/12/06
2) B. Not more than ~ 3% of the Fund's assets shall be invested in
the common stock or capital stock of anyone issuing company,
nor shall the aggregate investment in anyone issuing company
exceed ~ 3% of the outstanding capital stock of the company. 3)
C. The value of bonds issued by any single corporation shall not
exceed ~ 3% of the total fund. * Note: Recommended changes are
indicated in bold print.
Mr. Bogdahn stated that the Board needs to review and sign the policy.
Per State Statue 112.661.16 upon adoptation by the Board the
investment policy shall be promptly filed with the Department of
Management Services the plan sponsor which is the City the consultant
actuarial the effective date of the investment policy any amendment
thereto shall be the 31 st calendar date following the filing date with the
sponsor.
MOTION bv Garv Butt. SECOND bv Ron Havward to accent the
investment nolicv statement as written with the chane:es
recommended. MOTION CARRIED UNANIMOUSLY.
Mr. Welter presented and reviewed the performance evaluation report.
Chairman Jollie would like to meet with Trustco and discuss any
changes and/or concerns with the plan.
OLD BUSINESS:
DISCUSSION ITEMS:
None.
ADJOURNMENT:
MOTION bv Ron Havward. SECOND bv Garv Butt to adiourned the
meetine: at 10:20 a.m. MOTION CARRIED UNANIMOUSLY.
Minutes respectfully submitted by:
Shontella Jackson
Recording Secretary
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