HomeMy WebLinkAbout11-18-1999 Minutes MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES'
RETIREMENT TRUST FUND MEETING HELD NOVEMBER 18, 1999
CALL TO ORDER
Chairman Dabbs called the meeting to order at 10:11 a.m. in the Commission Chambers
conference room at Ocoee City Hall. The roll was called and a quorum was declared.
PRESENT: Chairman Dabbs, Trustee Carter, Trustee Cornell, Trustee Ison, and Trustee
Oliver. Also present were; Philip Senderwitz, Actuary Ward Foster, Tim Nash, Client
Service Officer and Jeff Swanson, M/L. Attorney Denner arrived late.
ABSENT: Diane Garcia, STI, Fund Custodian
APPROVAL OF MINUTES OF NOVEMBER 18, 1999, MEETING: Trustee Ison,
seconded by Trustee Oliver moved to approve the Minutes of the May 13, 1999,
meeting with corrections noted. The motion was carried 5-0.
NEW BUSINESS:
Election of Chairman and Appointment to Secretary's position:
Chairman: Trustee Ison, seconded by Trustee Oliver moved to re-appoint
Lester Dabbs as the Chairman. The motion was carried 5-0.
Secretary: Trustee Ison, seconded by Trustee Oliver moved to appoint Trustee
Cornell as the Secretary. The motion was carried 5-0.
Secretarial Assistance:
A discussion ensued regarding utilizing secretarial assistance from an outside entity.
Trustee Ison, seconded by Trustee Oliver moved to permit the Chairman and the
Secretary to engage assistance as deemed appropriate. The motion was carried 5-0.
Invoices:
A motion was made by Trustee Oliver and seconded by Trustee Carter to approve the
invoices submitted for payment. The motion was carried 5-0. Trustee Carter also
mentioned that the invoice from Foster and Foster should also be included. A motion
was made and seconded by Trustee Carter. The motion was carried 5-0.
Distribution of Membership Certificates:
Members Gosnell and Waldrop were present to receive their annual Membership
Certificates. All other Certificates would be distributed to the appropriate member
departments.
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Open Membership Meeting:
It was suggested by Member Waldrop that we should have an open membership
meeting in the near future. A discussion ensued and it was determined that the next open
membership meeting would take place in February 2000, at 8:30 a.m.
REPORTS:
Money Manager: Philip Senderwitz, Client Services Officer, STI, Reviewed the
contents of the General Employee Investment Report for the period ending September 30,
1999, the funds portfolio value as of September 3, 1999, was $5,662,513.29 which was a
loss of 4.67% over the past quarter. However, over the past 12 months the General
Employee Investment Report concluded that there was an overall gain of 12.84%,
Performance Monitor: Jeff Swanson, M/L indicated that we have a very strong plan
although it lost 5% in the fourth quarter, but in October 1999, a 6% increase was realized
which compensated the previous losses. The Equity Fund was a little below average with
a return of 22.4% and suggested more concentration in International Equity as the plan is
significantly below the industry standards. Mr. Swanson indicated that he wanted to
review the policy.
Actuary: It was determined that Actuary Patrick Donnlin, of Foster and Foster, will
calculate the cost of adding the provision of "30 years of service" for employee buy-out
option and reducing the multiplier for the calculation of early retirement. Trustee Ison,
seconded by Trustee Carter made a motion to accept the Actuarial Evaluation. The
motion was carried 5-0.
A discussion ensued regarding obtaining information from the Division of Retirement to
solicit date on other City's plans.
SET NEXT MEETING AGENDA:
The following dates were mutually agreed upon as firm dates for the next fiscal year's
quarterly meetings:
February 9, 2000
May 10, 2000
August 9, 2000
November 8, 2000
ATTORNEY COMMENTS: Welcomed new Trustee Cornell and noted that he would
forward information regarding the responsibilities of a Board Trustee to her.
MEETING ADJOURNED: The meeting adjourned at 11:40 a.m.
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