05-31-2006
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EDGEW A TER POLICE PENSION BOARD
REGULAR MEETING
May 31, 2006
City Hall Conference Room
Minutes
CALL TO ORDER:
Chairman Gary Conroy called The Police Pension Board Regular Meeting to order on
Wednesday May 31, 2006 at 1 :05 p.m. in the City Hall Conference Room.
ROLL CALL:
Secretary Hlazi conducted the Roll Call for the Police Pension Board Meeting. Members
present were Gary Conroy, Lawrence Leaf, Melecia Williams, and Daniel Blazi.
Ferdinand Heeb arrived at 1:15 p.m. A quorum was established. Also present was Jack
Acherl Agent of Record.
APPROVAL OF MINUTES:
Chairman Conroy Called for a review and approval of the Minutes for the April 26, 2006
Edgewater Police Pension Board Regular Meeting.
MOTION
Melicia Williams made a motion to accept the minutes as read. Lawrence Leaf seconded
this motion.
Motion carried Unanimouslv
OLD BUSINESS:
Investment Policy Review:
A review and discussion was conducted in reference to Section 2 of the Investment
Policy Statement. It was agreed that review and discussion of the Investment Policy
Statement would continue to enhance the Boards knowledge.
NEW BUSINESS:
Deposits:
Deposits for May 11, 2006 showed 27,906.18
Fund Statement:
Jack Ached showed the board the Principal Financial Group Company Profile survey
results that stated a case for bundling. The most recent Due Diligence Program was then
presented to the Board. The Fund Statement for the first seven months 10-01-05 through
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04-30-06 showed an ending balance of 6,760,080.61 with an annualized rate of return of
6.67% The Investment Summary from Bogdon Consulting was reviewed, and Jack
Acherl showed that Principal had worked within the recommendations of Bogdon.
The Actuarial Certification had been given in reference to the Drop Plan and Buyback. A
tentative schedule was to be forwarded to the City Counsel for the June 19th meeting, but
this was not confirmed.
The next Police Pension Board meeting was set for June 28th 1 :00 p.m. at the City Hall
Conference Room.
Adjournment:
MOTION
Dan Blazi made a motion to adjourn. Malecia Williams seconded this motion.
Motion carried unanimouslv
Meeting was adjourned at 2:30 p.m.
Secretary Dan Blazi
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