HomeMy WebLinkAbout09212004 PRB
SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Regular Meeting No. 04 - 04
Tuesday, September 21,2004
City Hall Council Chambers
CALL TO ORDER: 10:45 a.m.
ROLL CALL:
Present -Mr. Sexton, Mr. Hovasse, Mr. Wheeler, Mr. Perez, and Mr. Taracka
Lee Dehner, Pension Board Attorney
Pete Goodrich, Wachovia Securities
Grant McMurray, ICC Capital Management
Motion to approve minutes from regular meeting 03 - 04, September 21, 2004, by Mr. Perez,
seconded by Mr. Taracka. Motion passed 5-0.
NEW BUSINESS:
1. Pete Goodrich from Wachovia Securities gave a presentation regarding the 2nd Quarter fund
performance.
a. Our fund performance was 30% for the quarter. The last 12 months was 6.69%, which
lagged behind the benchmarked 7.9%.
b. Other funds outperformed us due to our 50% max. in equities. The Board moved to
change the investment policy at the last meeting, but it was later determined that the
change could not be made. Mr. Dehner phoned Pat Shoemaker and informed us that the
State would allow us to amend our investment policy to 60% in equities through an
ordinance change. He recommends we do so. Grant McMurray recommended we go to
Council with a 70% cap on equities. At anytime, the Board could change the policy as
long as it stays under the cap set by ordinance.
c. Mr. Perez made a motion based on the recommendations of ICC and Wachovia
Securities to direct Mr. Dehner to draft an ordinance increasing the equity cap (at
market) to 70%. Motion was seconded by Mr. Hovasse.. .Motion passed 5-0.
d. Mr. Perez made a motion to direct Mr. Goodrich to draft a revised Investment
Management Policy and submit to Mr. Dehner for legal review and modifications.. .Mr.
Hovasse Seconded. Motion passed 5-0.
e. Grant McMurray gave a presentation regarding the performance of the fund.
2. Discussion regarding Mr. Sexton should send a letter and accompanying withdrawal
forms to Give him 30 days to reply and notify him that a forfeiture meeting will be
forthcoming per Florida Statute.
OLD BUSINESS:
1. The Board discussed the contract as provided by Mr. Lee Dehner. Mr. Perez made a motion to
adopt and sign the agreement. Motion seconded by Mr. Taracka. Motion passed 5-0
.
2. Discussion regarding the Sebastian Police Officer's Pension becoming a local law plan instead
of a Chapter Plan. Only 13 to 15 Chapter Plans remain in Florida.
Mr. Perez made a motion that the Board takes the necessary steps to become a local law plan.
Mr. Taracka seconded the motion. Discussion followed. Mr. Wheeler will contact Foster and
Foster to bring back information regarding the cost of doing so. Motion passed 4 - 1. Mr.
Sexton was the nay vote.
MEMBER MATTERS:
1. Discussion regarding attendance at the 36th annual Pension Trustees Conference. Mr. Perez
made a motion to allow members to attend and allow the fund to pay the reasonable expenses
(lodging/travel/per diem, etc.). Motion seconded by Mr. Taracka. Motion passed 5-0.
Being no other business, the meeting adjourned at 12:35 p.m.
Minutes submitted by Jim Sexton, Pension Board Secretary