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SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Regular Meeting No. 03 - 05
Tuesday, June 24, 2005
City Hall, HR Conference Room
CALL TO ORDER: 10:00 a.m.
ROLL CALL:
Present -Mr. Sexton, Mr. Hovasse, Mr. Taracka
Absent - Mr. Wheeler and Mr. Perez
Motion to approve minutes from regular meeting 01 - 05, March 15, 2005, and April 27, 2005,
Special Meeting by Mr. Taracka, seconded by Mr. Hovasse. Motion passed 3-0
NEW BUSINESS:
I. Pete Goodrich from Wachovia Securities gave a presentation regarding the Quarterly fund
performance. He presented the Board with a letter (attached). Grant McMurray, ICC, updated
the Board on the quarterly performance as well.
2. Pete provided the Board with a draft revision of the investment policy (attached). After
reviewing each article, the Board made a few changes to the language, including
recommendations by Mr. Dehner. Grant McMurray from ICC definitely recommended the
Board change its Foreign Securities limit to 10%. Dehner advised the Board that the policy
could be adopted without making an Ordinance change.
Mr. Taracka made a motion to adopt the revised investment policy as discussed, including
investment in Foreign Securities up to 10%. The motion was seconded by Mr. Hovasse.
Motion passed 3-0.
Upon receiving the investment policy from Pete Goodrich (with changes as discussed), Mr.
Sexton is to get it signed by Grant McMurray, ICC Capital Management and Eric Wheeler,
Chairperson, file it with the City Clerk's office and send a copy to Lee Dehner, Board Attorney;
Charles Slavin, Actuary; Foster and Foster; and Patricia Shoemaker, State of Florida.
3. Discussed disability application. Mr. Dehner explained the process to He
explained the Board would send him some medical releases to sign and some interrogatories.
Mr. Sexton stated that the application was submitted after officially resigned his
position as a Police Officer. Mr. Sexton stated that he resigned while he was under
investigation. Mr. Dehner said he would investigate the circumstances of the resignation. Prior
to sending the releases, Mr. Dehner will review file, including any Internal Affair
files. Mr. Dehner asked that Mr. Sexton and Chief Jim Davis provide him a statement as well.
4. Mr. Sexton updated the Board on former Officers regarding withdrawals of their contributions
( . Also, the fund balance of was rolled over to the City of Palm
Bay's 457 Plan.
OLD BUSINESS:
1. Mr. Sexton to provide file to Mr. Dehner. ..Lee will advise the Board regarding the
disqualification hearing.
2. Letter from Mr. Hovasse to Foster and Foster regarding the impact statement of changing to a
local law plan...
3. Lee provided a legal update regarding statutes that pertain to the retirement plan.
Being no other business, the meeting adjourned at 11 :00 a.m.
Minutes submitted by Jim Sexton, Pension Board Secretary