04-10-2017 - SpecialGENERAL EMPLOYEES' PENSION BOARD
SPECIAL MEETING MINUTES
City Hall Council Chambers
TRUSTEES PRESENT: BrandaDewxees
John McKinney
7lmSopko
TynaHi|ton
TRUSTEES ABSENT: None
OTHERS PRESENT: Ferrell Jenne, Foster & Foster (via conference umx
Julie Christine, City cfEdgewater
Call to Order Brenda Daweescalled the meeting toorder ot10:32AM.
2. Roll Call -As reflected above.
Public Comments None.
a. Review and discussion oyservice vendor RFQa
i Review ofCustodian responses.
1. John McKinney recommended staying with Salem Trust since
their fees are lower than Fifth Third and Comerica.
McKinney and second by Tyna Hilton, motion carried 4-0.
ii Review ofLegal responses.
I . John MuKinm�cmnme�d��he��km & Susskind
N
wouinourhi herlege|Oeemnincetheyanenaquaabng a $700
monthly retainer fee. John commented that Klausner, Kaufman'
Jensen & Levinson have substantially lower hourly rates than
Christiansen &Dehner.
2. The board discussed the associated travel fees for Christiansen
&Dehnarand Klausner, Kaufman, Jensen, &Levinson.
3. Ferrell Jenne confirmed that the board is required to give a30
day termination notice b}Christiansen &Dehnmrper the current
agreement.
4. John McKinney advised that hecould work with the City attorney
to draft the new legal services agreement. By oonmenmum, the
board agreed.
iii. Review ofInvestment Advisory responses.
1 . The board reviewed the 0aee proposed by BOA, Ferrell Jenna
reminded the board that the stated annual fee ioconnected tu
the fund's asset size.
2. John McKinney commented that hefeels like this iman
opportunity tnget agreat firm and also experience substantial
savings.
D. Tim 8opkocommented that heimnot against making achange.
4. Brenda Dewveenpointed out language inthe contract addendum
that stated ifanother client ofthe Monitor, under similar
circumstances, with similar strategies and objectives ieprovided
amore favorable fee schedule, the board shall baprovided the
same more favorable fee schedule,
S. TyneHilton commented that she imconcerned with making e
change tothe investment advisory monitor since they have add
such mgreat relationship with &Co.
The board voted to change Investment Advisory services from &Co to 13CA effective June
1, 2017 upon motion made by John McKinney and second by Tim Sopko, motion carried 4w
0.
8. Ferrell Jenne confirmed that the board |srequired hogive a3O
day termination notice bo&Coper the current agreement.
7. John McKinney advised that hecan work with the City attorney to
draft the new Investment Advisory service agreement. By
consensus, the board agreed.
|v. Review ofActuarial responses.
1. The board discussed the current valuation fee. John McKinney
commented that the valuation fee inincluded inthe monthly plan
administration fee. Ferrell Jenne advised that |fthe board was to
change administrators, she would need tocheck onthe exact fee
for the valuation report, Ferrell commented that she thought it
would beapproximately $7.588but would have toconfirm.
2� John McKinney commented that hodoes not recommend
making achange onthe actuarial prplan administration side
since Foster & Foster provided these services toall three City
pension plans and there was asavings due toeconomies of
ucmky.
5. Trustees' ReRorts, Discussion, and Action
i. Tim Gmphnasked about the }UOE Representative empty seat. Ferrell
Janne commented that to her knowledge, anew steward has not been
appointed. John McKinney provided contact information and requested
that Ferrell reach out toget mnupdate.
S. Adjournment The meeting adjourned at11:DOam.
7 Next Meeting June 19, 2017,u{10:30am.
Approved by:
-su-m�.-m-Aon
Date Approved By the Pension Board: 1"J