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HomeMy WebLinkAbout09142010 PRB Sebastian Police Pension Board Minutes - DRAFT Sept. 14, 2010, 10 00 a.m. Sebastian City Council Chambers TYPE OF MEETING: Regularly Scheduled NOTE TAKER: Harry Tanner ATTENDEES: Board Members: Denis Hovasse, Chairman Harry Tanner, Recording Secretary Debra Krueger Richard Taracka, Board Member, Absent Dan Acosta, Board Member, Excused Consultants: H. Lee Dehner, Attorney Peter Goodridge, Wells Fargo Advisor Grant McMurry, ICC Capital Mgmt. SUBJECT CALL TO ORDER TIME: 10 a.m. A quorum being present the meeting was called to order by Chairman, Denis Hovasse. SUBJECT APPROVAL OF MINUTES TIME: 10 a.m. The minutes of the June 8, 2010, meeting were reviewed. Denis Hovasse made a motion to approve the minutes of the June 8 2010, meeting, seconded by Debra Krueger, unanimously approved by the Board. SUBJECT ADDITION TO AGENDA TIME: 10:05 a.m. Debra Krueger reports that as per the Boards instructions at the last meeting she sent a letter to asking him to contact this Board regarding his disability benefits he requested in the past, and had not collected because of incomplete paperwork on his part. However, he has completed and started receiving his regular pension. In response to that letter is present at the meeting and would like to have his case discussed. Harry Tanner moved to have present first in order that he not be kept waiting. The Board agreed. TIME: 10:05 a.m. Presentation of informed the Board that he is not represented by an attorney. Atty. Lee Dehner stated to that he was represented by an attorney for his retirement case. agreed he was, but said he was no longer in contact with him. stated he had his retirement case heard years ago and has not agreed with the results. He said he is now collecting his pension, but wanted to know if his case can be reopened and reexamined? Atty. Lee Dehner said he would examine the file and report back to the Board at its next meeting if the case can be reopened. was asked if that is what he wants the attorney for the Board to do and he said yes. He was asked if he was satisfied with the way the Board handled his case this morning and he said he was. SUBJECT OLD BUSINESS REVISED NEW CITY ORDINANCE TIME: 10:35 a.m. Atty. Lee Dehner reported the new Ordinance passed the City Council. Harry Tanner said he reviewed the minutes of the Council meeting that passed the Ordinance and did not see the part about indemnification in the minutes. Atty. Lee Dehner will review the ordinance to ensure it contains the Indemnification clause. INVESTMENT POLICY REVIEW TIME: 10:40 a.m. Peter Goodridge, Wells Fargo Advisor, reports his review of the 2003 Investment Policy for suggested revisions has not been completed. SUBJECT NEW BUSINESS Wells Fargo Advisor Report TIME: 10:40 a.m. Peter Goodridge, Wells Fargo Advisor, provided a letter dated Sept. 13, 2010, that summarized the performance evaluation of the Police Pension Fund. As of June 30, 2010, the Fund was fully compliant with the current Investment Policy. A discussion was held concerning the one year return not meeting the benchmark. The Benchmark was discussed as to its accuracy under current financial conditions. The Benchmark is under evaluation at this time. There is the possibility the Benchmark may be changed to the S&P 500. A chart showing indexed funds from 2001- present was provided for comparison of our returns. Portfolio Managers Report TIME: 11:15 a.m. Grant McMurry, ICC Capital Mgmt. reported on investment strategy and the possibility of adding to it, investments in foreign markets, now that our law permits it. It was mentioned that the 2003 Investment Policy has to be changed to include the new laws allowances before any such investments could be made. ICC will advise this Board of intentions and reasons to invest in foreign markets before such action is taken. SUBJECT ATTORNEY MATTERS TIME: 11:35 a. m. Atty. Lee Dehner reported on the following: New Federal Health Legislation may have an effect on pensions and he will advise as new information is learned. IRS Survey requirement: Board decided in a voice approval not to file survey. SUBJECT BOARD MATTERS TIME: 11:45 a.m. A discussion was held among Board members concerning Board Member Richard Taracka's lack of attendance at scheduled Board meetings. Harry Tanner, Board Recording Secretary, is tasked with contacting Richard and advising him the Board has directed that he must attend the next meeting on December 14, 2010. SUBJECT BOARD MEMBERS MATTERS TIME: 11:55 a.m. Board Member Debra Krueger advised of upcoming educational programs and noted the importance of attending educational programs. TIME: 12:00 p.m. Chairman, Denis Hovasse, stated a fund member had requested information on whether their might be a change in the retirement systems age going to a 20 year retirement? Atty. Lee Dehner said any such change would take a local law change. SUBJECT ACTION ITEMS ITEM RESPONSIBLE PERSON Does New Ordinance Contain Indemnification Clause? Lee Dehner Can Anthony Francisco's Case Be Reopened. Lee Dehner Notice to Richard Taracka Harry Tanner SUBJECT ADJOURNMENT TIME: 12:10 p.m. Having no further business for discussion, Chairman, Denis Hovasse adjourned the meeting. The next meeting is 12/14/2010, at 10 a.m.