HomeMy WebLinkAbout09162008 PRBSebastian
Police Pension Board - DRAFT
SEPTEMBER 16, 2008 1000 SEBASTIAN CITY COUNCIL CHAMBERS
EV';2 L' i G' A' U Y
Eric Wheeler
Regularly Scheduled
Eric Wheeler / Denis Hovasse
Debra Krueger
P,'
Eric Wheeler, Denis Hovasse, and Debra Krueger
Absent/Excused: Bob Zomok
Agenda topics
TIME
Subject ERIC WHEELER
Opening Meeting and Approval of Minutes
CONCLU51O.NS Moved to open by Denis Hovasee, second — Debra Krueger
P�itSO-N
TIME
Subject PETER GOODRIDGE
Review of Investment Portfolio
The fund had a return of -1.35% for the quarter ending June 30, 2008. The weighted indexes for the
same
period had a -1.91%. The fund outperformed the index.
Motion to pay made by Seconded by
For the most part we are outperforming the indexes, but we need to start making money.
1
TIME Subject GRANTM[MUKRAY
Fum_Review_________________
Grant reviewed our holdings in Lehman and AuG. Models are showing financial market will turn positive.
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TIME Subject L[EosHNEK
Old Business
Review Pending and Proposed Federal and State Amendments. Charles Slavin is proposing an amendment
D IS,; C I 15 E. I 1Z H to increase funding and admin costs as a result of a mandated change to mortality rates. Currently the
1983 table is used, however, people are living longer. No one besides Slavin backs this proposal.
Even if Local Plan is not approved, will $j|| have to incorporate new IRS rules to plan for compliance.
Motion to pay made by Seconded by
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Will review Timz6iski's letter at next meeting.
TIME Subject
Other Items an� U O n[�eUn
!-o�e Meeting
Debra Krueger requested approval for attendance at the Police and Fire Pension Conference from
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December 1-3, and Rules Development Workshop toberescheduled.
Received additional billing on monthly statement from Lee Dehne, for $174.00. Contact bookkeeper Debbie at Lee's office
for back-up documentation.
Motion to pay made by Denis Ho"asse Seconded by Eric Wheeler
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Motion passed
2
��senvc�s H. Lee Dehner, Grant McMurry, Peter Goodridge
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3
Sebastian Police Pension Board - DRAFT
TIME Subject AL MINNER, KEN KILLGORE AND RICH
STRINGER
Expressed concerns there are hidden costs, and it will cost city. We can still utilize the broader
investment ability with the Chapter Plan. We cannot hire additional police officers due to amendment
one, and we can't use the additional insurance premiums to offset city funding. Presently we fund
approximately 18%. Can't afford any more.
Motion to pay made by Seconded by
1
SEPTEMBER 16, 2008 1000 SEBASTIAN CM COUNCIL CHAMBERS
m C, �Y Y N, A L 'D
Eric Wheeler
Y V E
Special Meeting — Proposed Ordinance Change from Chapter Plan to Local Plan
Ac" "ALJI-11,11101"C', R
Eric Wheeler
"T E, T =
Debra Krueger
TIMP`V E''
Eric Wheeler, Denis Hovasse, Debra Krueger, Al Minner, City Manager, Rich Stringer, City Attorney
T V, N U r, V
and Ken Killgore, Finance Director
Absent/Excused:
Agenda topics
TIME: 10.47
Subject LEE DEHNER
Opening Meeting
Four
(4) primary reasons for change: 1. Broader investment ability, 2. Buy-back prior years of service, 3.
Additional
benefits and 4. Deferred Retirement Option Plan (DROP).
TIME Subject AL MINNER, KEN KILLGORE AND RICH
STRINGER
Expressed concerns there are hidden costs, and it will cost city. We can still utilize the broader
investment ability with the Chapter Plan. We cannot hire additional police officers due to amendment
one, and we can't use the additional insurance premiums to offset city funding. Presently we fund
approximately 18%. Can't afford any more.
Motion to pay made by Seconded by
1
TIME Subject ERIC WHEELER, DENIS HOVASSE, DEBRA
Fund Review KRUEGER, LEE DEHNER
The local plan makes the City more attractive for recruitment. It makes easier for officers to roll their
plans into the City's. The local plan is cost neutral, and if there were additional cost it could be passed to
"' " "£ 11, "M the officer's contribution. The broader investment policy will generate more interest which could be used
to assist in funding. In the State of Florida there are approximately 380 local plans and 20 chapter plans.
Motion to pay made by Seconded by
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2