HomeMy WebLinkAbout03162010 PRBSebastian Police Pension Board Minutes — DRAFT
March 16, 2010, 1000hrs Sebastian City Council Chambers
TYPE OF MEETING: Regularly Scheduled
NOTE TAKER: Harry Tanner
ATTENDEES: Board Members; Chairman Denis Hovasse,
Harry Tanner, Dan Acosta, Debra Krueger,
Richard Taracka. Absent/Excused: None
Agenda topics:
TIME: 10 a.m.
Consultants: H. Lee Dehner, Attorney
Peter Goodridge, Wells Fargo Advisor
Grant McMurry, ICC Capital Mgmt.
Bennett Hannon, ICC
SUBJECT
CALL TO ORDER
The meeting was called to order by Chairman Denis Hovasse at 10 a.m.
TIME: 10 a.m.
SUBJECT
APPROVAL OF MINUTES:
The minutes of the December 15, 2009 meeting were reviewed.
Denis Hovasse made a motion to approve the minutes of the December
15, 2009 meeting, seconded by Dan Acosta, unanimously approved by
the Board.
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TIME: 10:10 a.m. SUBJECT
REVISED NEW CITY ORDINANCE
Attorneys Report
Atty. Lee Dehner explained the new Ordinance which now includes
indemnification for Board members.
The new revised City Pension Ordinance was agreed upon with a
motion by Debra Krueger, to take the necessary steps to move this
revised Ordinance forward for a first reading before the City Council,
seconded by Harry Tanner, and, unanimously approved by the Board.
There was a discussion of the Ordinance and how it might pertain to
our July 3, 2003 Investment Policy document that is in force now. The
new City Ordinance if passed will allow for 10% of pension fund
investments to be in foreign market equities, which is currently not
allowed in our 2003 Policy.
Peter Goodridge, Wells Fargo advisor, said he would review the 2003
Policy and prepare an update.
Debra Krueger made a motion that our Investment Policy of 2003 be
revised to include this 10% change in fund allocations to foreign market
equities, seconded by Denis Hovasse, unanimously approved by the
Board.
TIME: 11:15 SUBJECT
REVIEW OF INVESTMENT PORTFOLIO
Wells Fargo Advisors Report
Peter A. Goodridge presented and explained the Wells Fargo
Investment Performance Analysis report for the period ending
12/31/09. He confirmed the accuracy of the ICC Capital Management's
Investment Review of the Sebastian Police Officer's Retirement Fund
for the Quarter Ending, 12/31/09.
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A motion was made by Debra Krueger and seconded by Harry Tanner
to accept the Wells Fargo report. It was unanimously approved by the
Board.
ICC Capital Management, Portfolio Managers Report
Grant McMurry presented ICC Capital Management's, Sebastian
Police Officers' Retirement Fund Investment Review for the quarter
ending, 12/31/2009.
It was noted that the funds cash position during the quarter had been
reduced by 3% with our equity position increasing 1% and our Bond
position 2 %.
There was a discussion concerning the returns of 2009 and expectations
for the year ahead.
A motion was made by Debra Krueger and seconded by Harry Tanner
to accept the ICC Capital Management report. It was unanimously
approved by the Board.
TIME: 11:55 a.m. SUBJECT
ATTORNEY MATTERS
Atty. Lee Dehner reminded the Board to continue to be on the lookout
for the IRS survey.
Lee also spoke about Florida House and Senate legislation HB1319 &
1543, and SB1702. He will update on these pieces of law at our next
meeting.
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ACTION ITEMS
New City Ordinance, update.
Update HB 1319, & 1543, & SB 1702
2003 Investment Policy revision, update.
ADJOURNMENT
PERSON RESPONSIBLE
Lee Dehner
Lee Dehner
Peter Goodridge
Having no further business for discussion, Chairman, Denis Hovasse
adjourned the meeting. Next meeting is 06/08/2010, at 10 a.m.
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