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HomeMy WebLinkAbout01-18-2006 Minutes Minutes of the Special Session of the CITY OF OCOEE GENERAL EMPLOYEES PENSION BOARD Held on January 18, 2006 At 150 N. Lakeshore Drive Ocoee, FL 34761 AGENDA ITEM I. CALL TO ORDER— Chairman Swickerath A. Chairman Mary Anne Swickerath called the meeting to order at 10:13 a.m. in the Commission Chambers in City Hall. HR Director Carnicella called the roll. Present were Trustees Tom Hendrix, Mary Anne Swickerath, Russ Wagner and Terry Reed. Absent was Trustee Jean Grafton. Also present were Attorney H. Lee Denner, Human Resources Director Jim Carnicella, and Larry Cole representing Merrill Lynch. B. Approval of Minutes from Regular Session dated November 9, 2005. Chairman Swickerath called for review of the Minutes as stated. There being no additions or corrections, it was, on motion made by Trustee Wagner, seconded by Trustee Hendrix, unanimously tiw RESOLVED that the Minutes of the Regular Session of the Board of Trustees of the General Employees Pension Board of November 9, 2005, be and are hereby approved. AGENDA ITEM II. OLD BUSINESS A. Discussion/Revisions re Investment Policy—Larry Cole, Merrill Lynch Mr. Cole handed out a copy of the Statement of Investment Policy Goals and Guidelines and went over some of the changes. He directed the Board's attention to the investment objectives on page 3 of the Investment Policy. Attorney Denner asked Mr. Cole if he is asking for this to be adopted by the Board. Mr. Cole recommended the Board adopt this today or at next meeting. Attorney Dehner recommended adopting it today with the effective date of the changes not being until 31 days after filing the Investment Policy with the City. On motion made by Trustee Wagner, seconded by Trustee Hendrix, it was unanimously RESOLVED that the Statement of Investment Policy Goals and Guidelines presented by Larry Cole be and are hereby adopted. B. Direction re: Directed-Trading Documentation Letter for Trusco—H. Lee Dehner,Esq. Attorney Dehner stated that he doesn't recommend the Board proceed with this but to put it on the next agenda and invite Trusco to the meeting to discuss this issue. General Employees Pension Board Special Session Meeting, January 18,2006 Page 2 of 3 C. Discussion/Adoption: Rule Changes concerning Human Resources Director as Pension Plan Administrator and Adoption of Plan Administrator Duties—H. Lee Dehner,Esq. Attorney Dehner recommended that the Duties of Pension Plan Administrator, which had been distributed to the Board at the beginning of this meeting, be adopted with the deletion of"under this contract" in the second sentence under #1 and the deletion of the word "set" in the first sentence under #4. HR Director Carnicella also recommended the Board adopt this with the recommended deletions. On motion made by Trustee Reed, seconded by Trustee Wagner, it was unanimously RESOLVED that the Duties of HR Director as Pension Plan Administrator be and are hereby approved as amended. D. Review/Approval of Revised Documents—H. Lee Dehner, Esq. a. Operating Rules and Procedure 1. Consideration of Letter of Agreement with City and Human Resources Director b. Summary Plan Description These items were tabled until the next meeting on February 8, 2006. Attorney Dehner will email the most recent document to Jim Carnicella for distribution and suggested the Board review and make notes or comments for the next meeting. AGENDA ITEM III. ATTORNEY COMMENTS—H. Lee Dehner, Esq. Attorney Dehner advised that the changes to the Ordinance went through first reading with the City Commission last night; and Jim Carnicella said it should be approved at the next City Commission meeting on February 7, 2006. Attorney Dehner asked Larry Cole to explain the SEC inquiry to the Board. Mr. Cole said SEC has been conducting an inquiry regarding the consultant industry and letters have gone to firms involved. Merrill Lynch sent a letter to clients explaining the focus was regarding"pay to play" and their office is not involved. AGENDA ITEM IV. COMMENTS FROM TRUSTEES Trustee Wagner inquired about the research items regarding benefit improvements the Board had asked Ward Foster of Foster & Foster to pursue. HR Director Jim Carnicella said Mr. Foster faxed some of these items to him and he will be speaking to the City Manager about funding these. Chairman Swickerath asked Mr. Carnicella to get a copy of the actuarial review for next Pension Board Meeting. Trustee Wagner asked about seeing how other pension plans stand up to ours. Attorney Dehner said the information from the Division of Retirement Plans should be available as it is done the end of December each year. Trustee Wagner suggested that Plan Administrator Comments be an additional item on the agenda in the future. Trustee Wagner General Employees Pension Board Special Session Meeting, January 18,2006 Page 3 of 3 asked about getting more direction for the Board on where to go. Mr. Cole handed out a copy of the Objectives of Diversification and Investment Manager/Fund Information and reviewed some of the issues in these documents. Mr. Cole recommended moving approximately $3M of the Funds from the Large Cap Core from Trusco to Capital Research and Management Company. The Board decided not to move on that recommendation but to discuss the same with Trusco and Merrill Lynch at the next regularly scheduled meeting. AGENDA ITEM V. SET AGENDA FOR NEXT MEETING Not Addressed. AGENDA ITEM VI. ADJOURN There being no other business,the meeting was adjourned at 12:10 p.m. Respectfully submitted by Approved by: Debbie Bertling 44j41'4111-W/1.) HR Analyst Mary nne Swickerath, Chair