HomeMy WebLinkAbout07-13-1993 Minutes MINUTES OF GENERAL EMPLOYEE'S PENSION BOARD
MEETING - JULY 13 , 1993
The meeting was called to order at 10 : 05 by Jean Grafton, acting
chairman. Those present were Tanya Miller, Jean Grafton, and Judy
Henry, along with attorney Lee Dehner, and representatives from
Investment Counsel (Terri McDougal , Anita Lohman and Dave Brock) .
Steve Kalogridis , with Corporate Securities Group, was also in
attendance. Those absent were Paul Lewis , Chairman and Joyce
Oliver.
Attorney Dehner discussed the Section 415 amendments which are in
Washington. Unless more changes are made Ocoee' s pension ordinance
would need to be amended to reflect the new rules . Lee advised
this should be put on the September agenda to be discussed.
The new Election of Benefit form should be substituted for the old
form when completing retirement paperwork since the new form
complies with new federal laws .
Lee pointed out to board members that when a person leaves the fund
and does not roll his/her money over into another retirement
vehicle , that money is subject to 20% withholding tax AND a 10%
early withdrawal penalty.
The family leave bill becomes effective August 5 , 1993 . Under our
plan anyone on family leave does not receive credited service . It
was decided that we should discuss the at the September meeting
when all members are present. An amendment to the plan can be made
if it is the board' s desire.
A motion was made by Jean, seconded by Tanya and passed 3-0 to
adopt the new investment policy statement . The document will be
sent to Chairman Lewis for signature, then forwarded to Investment
Counsel so that they will have authority to increase the stock
portfolio .
Terri McDougal went over the Investment Counsel Company' s
Investment Review for the period ending June 30 , 1993 . The total
annualized return since inception of the plan ( 5/1/92 ) is +10 . 8%.
Steve Kalogridis, Corporate Securities Group, Inc . asked to address
the board. He proposes to supply performance evaluations to the
board at no cost. In exchange , Investment Counsel Company would
use his firm to trade stocks/bonds if he can match the best rice Si'
they could find. Attorney Dehner advised th±s is not unusual , 01
and that he and Steve could talk about
this and he would come back to our next meeting with a report .
A motion was made by Judy, seconded by Jean that John Stone ' s
retirement be approved effective June 1 , 1993 . Motion carried 3-0 .
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Minutes of General Employee' s Pension Board
Meeting July 13 , 1993
Bills were presented from Foster and Foster (analysis and report of
trust fund = $500 and benefit calculation for John Stone = $50 )
total of $550 . , Investment Counsel ' s invoice for $2 , 847 . 21 , and
Christiansen and Dehner' s bill in the amount of $1 ,469 . 43 . Tanya
made a motion, seconded by Jean, passed 3-0 to approve payment of
all bills .
A discussion was held about Key Trust and their present turmoil .
A motion was made by Judy, seconded by Tanya directing Lee to send
out an RFP for a new custodian. A meeting will be held in August
to review the RFP' s, then presentations will be made at the
september meeting .
The next meeting will be held August 24 at 10: 00 a.m. in the
community center. The September 8 meeting will be held at 10 : 00
a.m. in the conference room at city hall .
There being no further business the meeting was adjourned at 12 : 10 .
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