HomeMy WebLinkAbout03-25-1992 Minutes MINUTES OF GENERAL EMPLOYEES PENSION BOARD MEETING
MARCH 25 , 1992
The meeting was called to order at 10 : 10 by acting chairman, Jean
Grafton. Those present were Jean Grafton, Tanya Miller, Joyce
Oliver, Judy Henry, all board members , along with Beth Archer, ICC ,
Lee Dehner, Attorney and Daniel Dy, Key Trust .
The minutes of the last meeting were approved as submitted.
Lee Dehner had reviewed the contracts with Investment Counsel
Company and Key Trust . A motion was made by Judy, seconded by
Tanya and carried 4/0 that these contracts be signed by Paul and
Judy. At the next meeting the proxy option and summary plan
description will be voted on. Lee will instruct Ward Foster to
provide ICC with our investment policy statement .
Beth Archer, ICC , advised that the assets need to be transferred
from the City to Key Trust so that we can proceed with investments .
A motion was made by Joyce , seconded by Tanya directing ICC to
begin investment of assets upon receipt of same by Key Trust . The
motion carried 4/0 .
Dan Dy, Key Trust , thanked the board for selecting Key Trust .
Joyce made a motion, seconded by Judy and carried by 4/0 vote that
the city turn over the funds from the General Employee' s Pension to
Key Trust . Dan was to contact Ivan Poston to determine how those
funds will be turned over ( either by cashiers check or wire
transfer ) . The board requested that a monthly statement of
investments be provided. Quarterly statements are to be provided
to Ward Foster, Lee Dehner and Ivan Poston. Dan said that the
pension bard needs their own Federal tax ID number. The board
directed Lee to file for one if we did not have our own. Key Trust
will provide the board with a disclosure form which needs to be
signed at the next meeting .
A motion was made by Judy, seconded by Joyce and passed 4/0
directing Key Trust to make disbursements with the authorization of
any two board members .
Key Trust asked that the city disburse retirement checks to Loyd
Bowen and Ray Jernigan for the April 1 benefit since it was so
close to disbursement time and they did not have the transfers
made .
Lee reviewed the Fidelity Bond quotes from Brown and Brown. He
recommended that the board purchase a three year bond for $100 , 000 ,
with a $225 . 00 premium. Judy made a motion, seconded by Joyce and
passed 4/0 that the board follow Lee ' s recommendation. Lee also
recommended that Brown and Brown be contacted to see if the
Fiduciary bond could be reduced to $500 , 000 . The board instructed
Judy to contact the insurance company.
PAGE 2
4low MINUTES OF CITY OF OCOEE GENERAL EMPLOYEES PENSION BOARD MEETING
MARCH 25 , 1992
Alyce Jones , Denise Teegarden and Rod McDougal presented requests
for return of contributions to the pension fund. Lee advised that
the board needed to provide a copy of their termination notices
along with contribution amounts in order for Key Trust to disburse
monies .
The board, in a 4/0 vote , authorized payment of Lee Dehner' s bill
in the amount of $1 , 777 . 12 .
A discussion was held on the Rules and Procedures of the Board.
During the discussion, is was pointed out by Lee that the board
needed a vice-chairman. Joyce nominated Jean Grafton to the
position and she was voted on 4/0 . Tanya nominated Judy Henry as
secretary/treasurer and that nomination was passed 4/0 .
A discussion was held about the Florida Public Pension Trust
Association Conference to be held in Orlando in July. Since many
activities begin early and continue until late in the evening the
board authorized attendance for any board member wishing to attend.
They also authorized overnight stays for those desiring to remain
at the conference for the three days . If the board is not already
members of FPPTA, it was passed by 4/0 that we join the
organization.
Judy was instructed to send the election procedures to Ward for his
review and inclusion in the Rules and Procedures .
There being no further business , the meeting was adjourned at
11 : 55 .
Respectfully submitted,
Judy Henry, Secretary/Treasurer
L