HomeMy WebLinkAbout09-09-1991 Minutesr..
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MINUTES OF PENSION BOARD MEETING:
September 9, 1991
The meeting was called to order in the conference room, City Hall
at 10 : 05 a.m. Those present were : John Bateman, Paul Lewis ,
Milton West, Judy Henry, Jim Shira, Randy Conyers, Jerry Thompson,
all board members. Also in attendance were Peggy Psaledakis, Lee
Dehner and Ward Foster.
Since a secretary has not been selected, Judy Henry was asked to
record the minutes. The meeting was then turned over to Lee Dehner
who was asked to give an overview of what board members are
expected to do.
Mr. Ward Foster, actuary, from Ft . Myers was also asked to explain
to board members what the function of an actuary was . He said it
was an actuary' s duty to report to the board annually with an
evaluation of the money manager and to monitor the money manager
throughout the year.
Mr. Dehner told the board that it was responsible for the pension
administration and to advise the City Commission when changes to
the plan are recommended. The board must establish an investment
L policy statement, search for a money manager, a custodian, a
monitor, a CPA and enter into contracts with the advisors. We need
to have a set of operational rules and bylaws for the board. He
recommended that we set qualification standards for hired
consultants. Written guidelines are needed for proxy voting .
He also advised the board that the Sunshine Law must be observed
and members must file financial disclosure statements each year on
July 1 . The board is required to have at least 4 meetings
annually.
Mr. Bateman requested additional indemnity for all board members.
Mr. Dehner will look in to getting fiduciary insurance for board
members.
It was decided by the boards that Personnel would be the liason for
both boards. At the next meeting the boards will elect chairpersons
and secretaries . The next meeting will be November 20 , 1991 at
10 :00 a.m. in the city hall conference room.
Respectfully submitted,
Judy A. Henry, acting secretary