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SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Regular Meeting No. 03 - 04
Tuesday, June 15,2004
City Hall Council Chambers
CALL TO ORDER: 9:10 a.m.
ROLL CALL:
Present -Mr. Sexton, Mr. Hovasse, Mr. Wheeler, Mr. Perez
Absent - Mr. Taracka (Showed up as the meeting adjourned.. . Miscommunication of meeting time)
Motion to approve minutes from regular meeting 02 - 04, June 15,2004, by Mr. Sexton, seconded
by Mr. Perez. Motion passed 4-0.
NEW BUSINESS:
1. Pete Goodrich from Wachovia Securities gave a presentation regarding the 1st Quarter fund
performance.
a. Our fund performance is in the top 25% of pension plans.
b. Pete would like the Board to further diversify the fund. For example, 10% International
and 10% growth.. . Currently, no International investments.. .he would like to see an
increase in Equity funds.
c. Average return of 9.44% over 9 years.
Mr. Perez made a motion -
"Per Pete's recommendation, I move to revise the Investment Management Policy to increase
equities to 60%, up to 10% in International, and to increase Growth investments up to 10%." Mr.
Wheeler seconded the motion. Motion passed 4-0.
Discussion ensued - The Board is not directing ICC to automatically change the investments of the
fund. This change is to allow the flexibility within their own investment strategy. Mr. Sexton will
contact Mr. Dehner to get the policy updated per the motion and make copies for Wachovia and
ICC, to get the changes recorded by the City Clerk's Office.
2. The Board will review the agreement sent by Mr. Dehner and discuss at the next meeting.
3. Next meeting scheduled for September 21,2004, 10:00 a.m. - City Council Chambers.
OLD BUSINESS:
1. Mr. Perez reported back regarding the fiduciary coverage of the Board Members. Weare
covered as individuals plus the cost of attorney's fees.
Being no other business, the meeting adjourned at 9:55 a.m.
Minutes submitted by Jim Sexton, Pension Board Secretary