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SEBASTIAN POLICE OFFICER PENSION PLAN
BOARD OF TRUSTEES
Regular Meeting No. 03 - 05
Tuesday, September 20,2005
City Hall, HR Conference Room
CALL TO ORDER: 10:15 a.m.
ROLL CALL:
Present -Mr. Sexton, Mr. Hovasse, Mr. Wheeler
Absent - Mr. Wheeler and Mr. Perez
Motion to approve minutes from regular meeting 02 - 05, June 24, 2005, by Wheeler. Seconded by
Hovasse. Motion passed 3-0.
NEW BUSINESS:
1. Pete Goodrich from Wachovia Securities gave a presentation regarding the Quarterly fund
performance. Current earnings at 8.76%. Last quarter 6.8% (ending June 30). Although the
fund performed better in the previous quarters than it would have had the policy changes been
adopted, he stated that the long-term effect would be greater once the changes are adopted.
2. Grant McMurray from ICC Capital Management confirmed the report.
3. Lee provided a legal and legislative update to the Board. Asked the Board to relocate the
meetings to the Council Chambers so the general public would not have to sign in to attend.
OLD BUSINESS:
1. Lee Dehner will draft an ordinance changing the Sebastian Police Officer's Pension to a Local
Law Plan. Foster and Foster provided a cost analysis. The change will not fiscally impact the
fund. Lee will draft a DROP option into the plan ordinance. ..Lee received a copy of Foster's
report.
2. Board reminded Sexton to get the investment policy Ordinance change to the City Attorney.
3. Investment Policy - Motion to make implementation of the adopted investment policy
contingent upon passing of the Ordinance (70% equity limitation, at cost).
4. - Sexton will provide Lee the personnel file to make the determination regarding
disqualification of the pension.
5. - Turned over IA documents and resignation letter. Not medical records.
Being no other business, the meeting adjourned at 12:10
Minutes submitted by Jim Sexton, Pension Board Secretary