HomeMy WebLinkAbout11-17-1997 Minutes L
MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT
TRUST FUND MEETING HELD NOVEMBER 17, 1997
CALL TO ORDER
Chairman Dabbs called the meeting to order at 10:00 a.m. in the commission chambers
conference room. After the roll was called and a quorum declared present, Trustee Murphy
was contacted by telephone in his office and he stayed on the telephone during most of the
meeting in order to take part in the proceedings.
PRESENT: Chairman Dabbs, Trustees Grafton, Murphy (by telephone), and Oliver. Also
present were Attorney Denner, Actuary Foster, and Money Manager Michael Aloian.
ABSENT: Trustee Carter(on vacation)
APPROVAL OF MINUTES OF SEPTEMBER 23, 1997 MEETING
Trustee Oliver, seconded by Chairman Dabbs, moved to approve the Minutes of the
September 23, 1997 Meeting as presented. Motion carried 4-0. Trustee Carter was not present.
Liv REPORTS
MONEY MANAGER
Michael Aloian, STI Capital Management Vice President, advised that, as Brian Ballew is
frequently out of town, he would be the person who would give this report in Mr. Ballew's place.
Mr. Aloian reviewed the contents of the General Employee Investment Performance Report for
the period ending September 30, 1997, reporting a return of 5.87% for the quarter and 19.87%
from inception to date (33 months). The report, showing a book value of$2,496,217.04 and
market value of$3,514,278.09 for the period ending September 30, 1997 is on file and available
for review.
PERFORMANCE MONITOR
Actuary Foster reported that over the two years and nine months STI managed the funds the
fund accumulated $700,000 more than the amount needed to meet the actuarial expectations. He
said that STI's figures were consistent with his report and that there were no violations to the
Investment Policy Guidelines. Altogether it was a good quarter and a good year. The report is
on file and available for review.
ACTUARY
Actuary Foster reviewed the details of the Actuarial Valuation Report for the year ended
September 30, 1997, and reported a 4 year average return of 12.4%. The report is on file and
Lav available for review.
City of Ocoee General Employees Retirement Trust Fund Meeting
November 17, 1997
OTHER BUSINESS
AUTHORIZE PAYMENT OF BILLS.
Bills presented for payment were:
Christiansen& Dehner $149.00 (+the one due in the mail this week)
SunTrust $6,589.27
Foster& Foster $5,000.00
During this report Trustee Murphy signed off.
Chairman Dabbs, seconded by Trustee Oliver moved to authorize payment of the bills as
presented. Motion carried 3-0. Trustees Carter and Murphy were not present).
Trustee Oliver, seconded by Chairman Dabbs, moved to accept Foster& Foster's Actuarial
Evaluation as presented. Motion carried 3-0. Trustees Carter and Murphy were not present.
SET MEETING DATES FOR 1998.
Using a basic preliminary schedule provided by Fire/Police Pension Board Chairman Reed,
the meetings for 1998 were scheduled for February 11, May 12,August 18, and November
17, 1998, all to begin at 10:00 a.m. The regular meeting place will continue to be the City
Hall Commission Chambers Conference Room located at 150 N. Lakeshore Drive.
SECRETARY'S REPORT ON TERMINATED EMPLOYEES' CONTRIBUTIONS RETURNED AND
RETIRED EMPLOYEES'BENEFITS INITIATED.
Secretary Grafton reported the return of the following terminated employees' contributions as
requested by the employees:
Virginia Busch (refunded) $ 892.97 (October 22, 1996 - October 7, 1997)
Richard W. Corwin (rolled over) $4,458.74 (May 13, 1996 - October 9, 1997)
James P. Rennard (refunded) $1,190.26 (October 28, 1996 - October 8, 1997)
Trustee Oliver, seconded by Chairman Dabbs, moved to accept the report and ratify the
disbursements as presented. Motion carried 3-0. Trustees Carter and Murphy were not present.
DISCUSSION/ACTION RE: INSURANCE COVERAGE.
Secretary Grafton reported that the Fiduciary Liability and Employee Benefits Administration
Liability Insurance with The Cincinnati Insurance Company expired on September 30 and the
renewal rate of$2,842 yearly is somewhat higher than the previous rate of$1,306. Following a
discussion, Chairman Dabbs, seconded by Trustee Oliver, moved to authorize the expenditure
to Burkey, Cooksey & Associates, Inc. for insurance coverage with The Cincinnati Insurance
Company, Inc. as presented. Motion carried 3-0. Trustees Carter and Murphy were not present.
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City of Ocoee General Employees Retirement Trust Fund Meeting
November 17, 1997
REVIEW BENEFITS STATUS WITH ACTUARY,AND GIVE DIRECTION IF NECESSARY.
Secretary Grafton asked Actuary Foster to clarify the procedure required so that the benefits
increase authorized by Commission for retirees in Ordinance No. 97-27 could be processed. Mr.
Foster advised that they would prepare the notice showing the amount of increase for each
account for Secretary Grafton to forward to STI.
ATTORNEY COMMENTS
Attorney Dehner reported that under Section 401.84 Internal Revenue Code, it would have been
necessary to begin a non-discrimination test January 1, 1999. Since 1974 there has been a series
of temporary moratoriums on the applicability of that section to public plans, and the
moratorium has been made permanent.
DISTRIBUTION OF CERTIFICATES TO MEMBERSHIP ( 11:00 - 12 N)
Employees who wished to pick up their certificates came in during the meeting.
QUESTIONS/COMMENTS FROM AUDIENCE
There were no questions presented by the employees as they picked up their certificates.
ADJOURNMENT
The meeting adjourned at 12:00 noon.
Alt i
J;* Grafton, Seer;if.
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