HomeMy WebLinkAbout09-29-1993 Minutes MINUTES OF GENERAL EMPLOYEE'S PENSION BOARD MEETING
SEPTEMBER 29, 1993
The meeting was called to order at 8 :40 in the Community Center.
Those present were Paul Lewis , Chairman, Jean Grafton, Joyce
Oliver, and Judy Henry. Also in attendance were Lee Dehner and
Ward Foster. Members of the audience were Ted Moore, Bruce
Behrens, Ricky Waldrop, Peggy Psaladakis , Scott Vandergrift.
Representatives from Investment Counsel Company were Terri
McDougal , Grand McMurry and Frank Guerriero.
Chairman Lewis asked Lee for an update from the last meeting
regarding the elections. Lee said there were two primary
objections ; 1 ) there was not enough time for campaigning, and 2 )
there was not enough time for casting absentee ballots. With
reference to objection #1 , Lee advised that it was his opinion that
there was sufficient time for campaigning since those wishing to be
considered had from the time they placed their name into nomination
until the election. With regard to objection #2 , the board
extended the time for casting absentee ballots by 4 or 5 days , thus
making that an acceptable time frame.
With regard to the distribution of the Summary Plan Description,
the one distributed by the board to the membership was wrong,
however the Board did abide by its ' rule of having the ballot box
open for 10 hours - the Board acted in good faith. He requested
that in the future all employee distributions go to him, then to
Jean Grafton for verification of correctness . He emphasized to all
present that Jean did not drop the ball in distributing the rules
to the membership. A correct Summary Plan Description and a
shortened version of the Rules will be distributed to employees as
soon as they are printed.
A revision of the rules , particularly with regard to elections ,
will be discussed at the October 12 , 1993 meeting.
The ballot box was presented to be Board by Peggy Psaledakis. The
votes were counted with the following result: Jean Grafton, 43 ;
Ted Moore , 34 ; Ricky Waldrop, 45 . Jean Grafton and Ricky Waldrop
will serve two year terms beginning October 1 , 1993 . Judy moved,
seconded by Joyce, to certify the election. Motion carried 4/0 .
The minutes of the September 8 , 1993 meeting were approved as
presented.
Peggy requested that Lee meet with her regarding ADA and Family
Medical Leave before the next meeting .
Bruce Behrens asked that minutes of all meetings be distributed to
all department heads and the City Commissioners . The board agreed
that this was an excellent idea.
Mayor Vandergrift thanked the Board for the time and effort they
put in to the pension board.
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MINUTES - GENERAL EMPLOYEE'S PENSION BOARD MEETING
SEPTEMBER 29, 1993
Grant McMurry, with ICC, reported on why there was a high cash
reserve in our account last month. The cash was held because
stocks were high and they were watching for the price to come down
- looking for a good value in the market . They now have the excess
cash invested and our cash is ±7%. Ward agreed that this is an
acceptable amount of cash on hand. Grant discussed with the board
our commission rates. Paul suggested that this should be discussed
further by the board at a future meeting .
The question was raised about the deposits the city makes to Key
Trust . Employee shares are collected bi-weekly. Is the money
forwarded each time it is withheld from employee checks or is it
mailed once a month? Also, how is the money sent - by check or
wire?
Presentations were made for custodian by Central Bank, Key Trust ,
Society and Sun Bank. A motion was made by Joyce , seconded by
Judy, to table the decision until the next meeting when Lee can
present the additional information he requested from those making
presentations. Motion carried 4/0 .
A motion was made by Joyce, seconded by Judy, to pay Lee ' s bill in
the amount of $859. 52 . Motion carried 4/0 .
Judy asked Ward when employee ' s annual statements would be
distributed. He advised they should be ready in November.
Meeting adjourned 12 : 30 .
Respectfully submitted,
Judy Henry, Secretary
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