HomeMy WebLinkAbout12162008 PRBSebastian Police Pension Board - DRAFT
DECEMBER 16, 2008 1000 SEBASTIAN CITY COUNCIL CHAMBERS
AE.ETI <<G Regularly Scheduled
<IF T kil Bob Zomok
a Eric Wheeler, Richard Taracka, Robert Zomok, Denis Hovasse, Debra Krueger
Absent /Excused:
Agenda topics
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TIME Subject ERIC WHEELER
Call to Order
Approval of minutes for the September 16, 2008 Regular Meeting and the minutes for the Special Meeting
Minutes for the September 16, 2008 Regular and Special Meetings were approved.
ACTION ITEMS ;"EE-"RSON' RESPONSIBLE F A D LIN"
TIME Subject ERIC WHEELER
Old Business
Review letter,
Ken Killgore, Al Minner, Rich Stringer and Debra Krueger will review and get back with board in October
A draft response to will be prepared by Lee Dehner for signature by Eric Wheeler. The
response will indicate that his disability benefits are correct and in accord with the current Plan.
Comments to
A meeting will be arranged to review the Proposed Ordinance. be ready for
Attendees are to be Al Minner, Ken Killgore, Debra Krueger, and the Debra Krueger review at the
interim City Attorney. 3/17/2009
meeting
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1
TIME Subject PETER GOODRIDGE
Review of Port Folio
Peter reviewed the Fund performance using a net -of -fees' approach for this reporting period. The
k „C r m; purpose was to show the actual funds going into the account. Usually, the report is "gross" showing the
overall performance of the Investment Manager.
For this reporting period, the Fund underperformed the indices for the quarter and year to date. However, the fund did
exceed the indices in the other reporting categories.
Motion to accept the report made by Bob Zomok Seconded by Denis Hovasse
Motion passed
As an aside, Wachovia Investments will become part of Wells Fargo during the first quarter of 2009. The change will be
transparent as far as this Fund is concerned
Contract with Wells Fargo to be updated Lee Dehner /Peter Goodridge 3/17/2009
TIME Subject GRANT MCMURRY
Fund Review
With the obvious downturn in all sectors, Grant and the ICC Management Team are waiting for a
DISC SSVON "catalyst" for the anticipated "bounce- back" of the market. The timing for this event is impossible to
predict; however, market history has clearly demonstrated that a dramatic upturn follows a bear market.
Motion to accept the report made by Bob Zomok Seconded by Denis Hovasse
Motion passed
PERISC44' DEADLINE
ACTION ITEMS
Contract with ICC Capital Management to be updated Lee Dehner /Grant McMurry 3/17/2009
TIME Subject LEE DEHNER
Review of Ordinance x
Lee continues to monitor potential State legislative changes particularly HB 5 and the changes to the rules
for actuarial standards, practices, and guidelines.
Motion made by Seconded by
c. N('. ,_. 1XS Motion passed
See above under Old Business
2
TIME Subject D[DnAKRUGEK
Other Business
0,; '5 Cmsmaam
Debra Krueger informed the Board that the 2007 version of the Summary Plan Description was unsigned. Eric Wheeler was
to sign itat the end of the meeting. After discussion, the Board agreed to continue to use the 2007 3PF even though we
have a 2008 version. The updated version is intended for use after the change is made from a Chapter Plan ma Local
Plan.
Traveler's Insurance has offered a two-year premium guarantee
Social Security Disclosure Report Debra Krueger 1/31/2009
� - -
Traveler's offer - Debra Krueger to contact them and request a lower
premium from them in consideration for the two year commitment on Debra Krueger 3/17/2009
the part of the Board. _
TIME Subject DEBnAKKUGEK
Next Meeting
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ozmC m 11 114 Meeting Schedule for Z0O9-March 17, June 9, September 15, December 15.
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