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HomeMy WebLinkAbout03152011 PRBSebastian Police Pension Board Minutes DRAFT March 15, 2011, 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 Dan Acosta Debra Krueger Robert Zomok Consultants: H. Lee Dehner, Attorney Peter Goodridge, Wells Fargo Advisor Grant McMurry, ICC Capital Mgmt. SUBJECT CALL TO ORDER TIME: 10:00 a.m. A quorum being present the meeting was called to order by Chairman, Denis Hovasse. SUBJECT INTRODUCTION OF NEW MEMBER 10:00 a.m. Debra Krueger introduced new Board member Robert Zomok. SUBJECT APPROVAL OF MINUTES The minutes of the December 14, 2010, meeting were reviewed. TIME: 10:05 a.m. Debra Krueger made a motion to approve the minutes of the December 14, 2010, meeting, seconded by Harry Tanner, unanimously approved by the Board. OLD BUSINESS SUBJECT FUND MEMBER ANTHONY FRANCISCO TIME: 10:10 a.m. Anthony Francisco came before the Board in hope of having his retirement disability case reopened and "wants disability he should have gotten a long time ago." He said his lawyers were "not swift" and "were no help ". Board Attorney Lee Dehner told Anthony that the medical record documentation which Anthony did not have and the Board had needed to consider his claim was never sent or received and after a number of attempts through his lawyers to get the records with no results or response the Board considered the matter closed, and, at this time, the Board considers this matter closed. Anthony Francisco said "thank you" to the board and left. SUBJECT NEW INVESTMENT POLICY TIME: 10:30 a.m. Peter Goodridge, Wells Fargo Advisor, provided the Board with a copy of the Investment Policy. There was a presentation done by Peter and discussion by the Board. Harry Tanner stated an objection to the foreign investment part of the new policy. 11:05 a.m. Debra Krueger made a motion to approve the new Investment Policy and was seconded by Robert Zomok, the vote was 4 in favor of the new Investment Policy and 1 against, cast by Harry Tanner. The vote for the new Investment policy passed 4 to 1. SUBJECT WELLS FARGO INVESTMENT CONTRACT UPDATE 11:10 a.m. Peter Goodridge and Lee Dehner report they are working on the contract with Wells Fargo. Debra Krueger asked what is the problem that is holding things up? Lee explained it is the legal language of the contract, each party trying to protect themselves, and things need to be resolved, he mentions, such as, standards of liability, who settles it? Lee said he will get this agreement settled by September. Peter said he would try for the next meeting. The matter adjourned to the next meeting. SUBJECT RESTRICTED INVESTMENT HOLDINGS 11:15 a.m. Peter Goodridge reports we have no restricted foreign holdings and are in compliance. SUBJECT REVISED PLAN SUMMARY 11:20 a.m. Lee Dehner reports the revised plan is done and will be distributed by Debra Krueger. SUBJECT PROXY VOTING POLICY STATEMENT 11:25 a.m. Grant McMurry states he will supply a copy of the Proxy Voting Policy Statement. SUBJECT ORDINANCE 10 -04 11:25 a.m. Debra Krueger advised the new City Ordinance lengthens Board member terms from two years to 4 years from their date of appointment. NEW BUSINESS SUBJECT DEVELOP OPPOSITION TO PROPOSED LEGISLATION 11:25 a.m. Lee Dehner advised the Board of proposed Legislation which effects police pensions. He advised that under new "unfriendly bills ", if passed; Only base pay would be considered when calculating pension compensation. Lee noted that this part of the law effects current employees if they do not retire before the law takes effect, if it passes, their pension compensation will be based only on base pay, after an effective date. A discussion was had by the Board members about the ways to alert members to this unfriendly legislation and to get them to write to their law makers to stop these bills. SUBJECT AVIANCE CAPITAL PARTENERS PRESENTATION 11:40 a.m. Debra Krueger reports this presentation was taken off the agenda. SUBJECT REVIEW OF INVESTMENT PORTFOLIO 11:40 a.m. Peter Goodridge provided a performance evaluation of the Police Pension Fund portfolio. As of December 31, 2010, the Fund was fully compliant with the current Investment Policy. The Board discussed the new Investment Policy. That the next time a formal review will take place is 3 years, and that performance will be monitored by the Board until then. The discussion covered the objectives of short and long term investing and performance goals. SUBJECT FUND REVIEW 11:50 a.m. Grant McMurry provided a report on the funds performance stating new strategies with the new investment policy will provide access to new growth markets. SUBJECT LEGAL /LEGISLATION 12:00 P.M. Lee Drehner stressed the importance of the campaign to stop unfavorable legislation from being passed. Lee also reports there is new Federal legislation under the new Federal Health Plan which will effect fund members, and should be understood by fund members. SUBJECT ACTION ITEMS ITEM Wells Fargo Investment contract. Distribute revised plan summary RESPONSIBLE PERSON Goodridge/Dehner Debra Krueger Proxy Voting Policy Statement Grant McMurry SUBJECT ADJURNMENT 12:05 p.m. Having no further business for discussion, Chairman, Denis Hovasse adjourned the meeting. The next meeting is Tuesday, 9/13/11.