HomeMy WebLinkAbout03152005 PRB
SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Regular Meeting No. 01- 05
Tuesday, March 15, 2005
City Hall HR Conference Room
CALL TO ORDER: 10:15 a.m.
ROLL CALL:
Members Present -Mr. Sexton, Mr. Hovasse, Mr. Taracka
Absent - Mr. Perez, Mr. Wheeler
Lee Dehner, Pension Board Attorney
Pete Goodrich, Wachovia Securities
Motion to approve minutes from the September 21,2004 and the December 14,2004 meetings
made by Mr. Taracka. Mr. Hovasse seconded the motion. Motion passed 3-0
NEW BUSINESS:
1. Motion by Taracka to approve Captain Puscher's retirement as indicated in his separation folder
contingent upon him selecting a form of benefit and authorizing by signature accordingly.
Motion was seconded by Hovasse. Discussion..,... Captain Puscher elected to have his insurance
premium payments deducted from his retirement benefit check. Motion passed 3-0.
2. Pete Goodrich from Wachovia Securities gave a presentation regarding fund performance. We
~e maxed in our equities. The Fund is lagging behind due to the investment policy limiting the
amount in stocks.. .Reminded Jim to get the maintenance of Chapter Plan and Investment
Ordinance in front of Council (through Mr. Stringer). After Council approves the investment
policy, call a Special Pension Board Meeting to approve the investment policy and file it with
the City Clerk. Pete also recommended we allow 10% to be invested in International
stock.. .Motion to approve Pete Goodrich to update the Police Officer's Pension Investment
Policy to include up to 70010 of the aggregate of the fund's assets at market value in common
stock:, capital stock:, and convertible securities, inclusive of up to 10% investment in
international stock at cost...and other recommended changes. Taracka seconded the motion.
Motion passed 3-0.
3. Lee Dehner, Board Attorney, informed us about potential upcoming legislation, both State and
Federal.
4. - Hovasse delivered his withdrawal paperwork which included disability
application per his request. Mr. Dehner stated that he would not be eligible for disability
pension since he is not an active member of the fund.
OLD BUSINESS:
1. Sexton to forward fIle to Lee Dehner's office - wait on recommendations.
2. Remind Wheeler to contact Foster and Foster regarding changing the Pension from a Chapter
Plan to a Local Law Plan. Wheeler is going to contact Patrick Donlan (Foster and Foster) and
let him know we are looking to do what they did in Lake Mary.
3. Discussion about DROP plans and wants and needs of the members.
MEMBER MATTERS: None
Being no other business, the meeting adjourned at 11:45 a.m.
Minutes submitted by Jim Sexton, Pension Board Secretary
pi l'I05