HomeMy WebLinkAbout08-24-1993 Minutes MINUTES OF GENERAL EMPLOYEESPENSION BOARD MEETING
The meeting was called to order at 10 : 15 , on August 24 , 1993 , it
the community center. Jean Grafton was acting chairman in Paul
Lewis ' absence . Others present were Joyce Oliver, Tanya Miller,
Judy Henry, Ward Foster, Lee Dehner. Guests were Stephen
Kalogridis , Janet Resnik, and Ellen King .
The minutes from the July 13 , 1993 , meeting were amended as
follows : In the 8th paragraph, the last sentence is amended to
read " Attorney Dehner advised similar arrangements are not
unusual , and that he and Steve could talk about this and he would
come back to our next meeting with a report . Lee asked Anita
Lohman what the trade transaction cost was and she advised it was
in the 22 to 24 cent range . " The amended minutes were unanimously
accepted.
There were no comments from the audience .
Attorney Dehner suggested that we look at the RFPs and short list
them to make a final decision at the next meeting .
Ward Foster said his office could provide us with a spreadsheet
with comparisons for the custodian. This is a current spreadsheet
since several other clients have done RFPs in recent weeks. The
spreadsheet will be presented at our next meeting and the cost will
be less than $300 . A motion was made by Judy, seconded by Joyce ,
that we put our selection on hold until we can see the comparisons
at the next meeting . Motion carried 4/0 . At the meeting to be
held September 8 , 1993 , the board will short list the RFP' s to
three , then will allow those three to make presentations at the
meeting to be held September 29 , 1993 , in joint session with Police
and Fire Board.
Ward presented the Investment Performance report for the quarter.
He advised that we need to question Investment Counsel Company
about the excess cash build up. He also presented a list of
commissions paid on stock purchases . The average cost per share is
. 27 , and he suggested we discuss this with ICC since this appears
to be somewhat excessive . Judy will contact Terri McDougal with
ICC to appear at the September 8th meeting so we can discuss these
issues .
A discussion was held on consultants who wish to approach the
board . A motion was made by Judy, seconded by Joyce that if we
have a problem with any consultant the problem should be discussed
with the consultant and if we are not able to resolve the problem,
then we would go out for RFP. Anyone who approaches the board
wanting to provide service should provide the board with
information for the next RFP mailing. Motion carried 4/0 .
The terms for Judy and Jean will expire October 1 , 1993 . The board
agrees that their terms should be staggered, however under the
present rules they both with need to run for a two year term. Lee
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Minutes from General Employees ' Pension Meeting
August 24 , 1993
advised that they should both run for a two year term, then next
September one should step down and run for re-election. The
elections should be run by the board. The nominations should be
submitted to the board beginning August 25 , 1993 and close August
31 , 1993 at 5 : 00 p.m. The election will be held on September 2 ,
1993 from 6 : 00 a.m. until 4 : 00 at the city clerk' s office . The
ballot box will be sealed and delivered to Sun Bank to be kept in
the vault until the September 8 , 1993 , meeting when the ballots
will be counted.
A motion was made by Judy, seconded by Joyce that Johnny Calvert
and D. Roy Stagg ' s contributions ( $1 , 545 . 83 and $1 , 503 . 75
respectively) be returned to them since they are no longer
employees and have completed the necessary paperwork for return of
their money; and Ward Foster' s bill in the amount of $500 . 00 for
the quarterly performance evaluation be paid. Motion carried 4/0 .
The meeting was adjourned at 1 : 00 .
Respectfully submitted,
Judy Henry, Secretary
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