HomeMy WebLinkAbout06092009 PRB Sebastian Police Pension Board - DRAFT
JUNE 9, 2009 1000 SEBASTIAN CITY COUNCIL CHAMBERS
MEETING CALLED BY Denis Hovasse
TYPE OF MEETING Regularly Scheduled
FACILITATOR
NOTE TAKER Bob Zomok
TIMEKEEPER
ATTENDEES 1 Denis Hovasse and Debra Krueger
Excused: Robert Zomok,Absent: Richard Taracka and Eric Wheeler
Agenda topics
TIME Subject PRESENTER
Call to Order
DISCUSSION Approval of minutes for the March 17, 2009 Regular meeting.
Motion to pay made by Denis Hovasse Seconded by Debra Krueger
CONCLUSIONS Minutes for the March 17, 2009 meeting were approved
TIME Subject PRESENTER
Old Business
DISCUSSION
CONCLUSIONS
• ACTION ITEMS PERSON RESPONSIBLE DEADLINE
Report on update of Wells Fargo Contract(in process) • L. Dehner/P. Goodridge
Proposed Ordinance for compliance w/ Pension Protection Act of 2006
and subsequent regulations&guidance from IRS&State Law. Foster&Foster
Awaiting cost analysis.
1
TIME Subject PETER GOODRIDGE
Review of Port Folio
The Fund had a return of(-4.17%)for the quarter ending 03/31/2009.The comparably weighted indexes
had a return for the same quarter of(-5.18). The Fund outperformed the indexes for the 3/31/09
quarter. As of 06/09/09 the portfolio owns two bonds that are not in compliance with the current
DISCUSSION investment policy. The current investment policy requires a minimum credit rating of A for the bonds
"purchased"for the fund. The Fund currently holds two bonds that are rated below A. First is$95,000
par value, Lehman Brothers, 0%, matures 7/26/10,currently valued at approximately .15cts on the dollar.
Second is$50,000 par value Hartford Financial Services, 5.25%, matures 10/15/11, currently valued at
approximately .95cts on the dollar. --'
Motion to accept the report made by Denis Hovasse Seconded by Debra Krueger
CONCLUSIONS Motion passed
ACTION ITEMS PERSON RESPONSIBLE i DEADLINE
� I
TIME Subject GRANT MCMURRY
Fund Review
DISCUSSION Grant provided a detailed look at the holdings and the performance of ICC during the last quarter and the
last year.
Motion to accept the report made by Denis Hovasse Seconded by Debra Krueger
CONCLUSIONS Motion passed
I �
ACTION ITEMS PERSON RESPONSIBLE i DEADLINE
I '
TIME Subject LEE DEHNER
Review of Ordinance/Other Legal Issues
Reviewed legislative changes— 1. Ability to invest 25% in foreign securities, 2.Trustee Term Change 2 to
4 years. Must be approved by council. 3. Retirees can transfer insurance payments from Salem Trust to
DISCUSSION Insurance Company. Benefit to retiree is$3,000 tax exclusion. Also plans must dispose of investments in
non-domestic energy funds by January 2010. Trustees will not be liable for losses as a result of divesture
due to the mandate. Charles Slavin retired.
Motion to accept the report made by Denis Hovasse Seconded by Debra Krueger
2
•
CONCLUSIONS Motion passed
' ACTION ITEMS PERSON RESPONSIBLE DEADLINE
TIME Subject PRESENTER
Next Meeting
DISCUSSION'
CONCLUSIONS The Next meeting is September 15, 2009
I j
ACTION ITEMS I PERSON RESPONSIBLE DEADLINE
I '
OBSERVERS
RESOURCE PERSONS H. Lee Dehner, Grant McMurry, Peter Goodridge
SPECIAL NOTES
it
3