HomeMy WebLinkAbout10-12-1993 Minutes MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES' PENSION BOARD
MEETING HELD OCTOBER 12, 1993.
The meeting was called to order at 10:10 a.m. in the Community Center by Chairman Paul
Lewis.
PRESENT: Chairman Paul Lewis, Members Jean Grafton, Tanya Miller, Joyce Oliver and
Ricky Waldrop. Also present were Attorney Lee Denner, ICC representatives
Terri McDougal and Grant McMurray, and Steve Thomas and John Duff with
Key Trust. Employees in the audience were Ellen King, Janet Resnik, Ted
Moore and Kevin Rushing.
ABSENT: None
Grafton/Oliver moved to approve the minutes as presented. Motion carried 5-0.
QUESTIONS FROM AUDIENCE
Ellen King said that the new planning director, Russ Wagner, wished to have information
regarding the benefits to him of the pension plan but was unable to attend this meeting.
Consensus was to direct Mr. Wagner to Actuary Ward Foster for that information.
MONEY MANAGER REPORT
Tern McDougal, Investment Counsel Company, reviewed the monthly report showing the
annualized return to be 9.7% at this time. Grant McMurray explained some of the details.
ATTORNEY REPORT
Attorney Lee Denner briefed the Board about the pending merger between KeyCorp and Society
National Trust Company. He said that he has sent memoranda to City Manager Shapiro
regarding two issues: the Family Medical Leave Act, and the portability of the pension, as this
question was raised by a member. He also advised that the Board will need to monitor to be
sure that credit toward pension is not given for family leave time.
ELECTION OF OFFICERS
Oliver/Miller nominated Grafton for the position of secretary. Motion carried 5-0.
There was discussion at this point, and general approval, regarding hiring a recording secretary
for the purpose of doing the minutes and Mr. Denner said that he would fmd out how much
other boards are paying for such service.
Grafton/Oliver nominated Lewis for the position of chairman. (Lewis nominated Miller, but she
declined.) Motion for Lewis as chairman carried 5-0.
CUSTODIAN RFP
Mr. Delmer advised that the requested information from Central Bank of the South and Key
L, Trust had been received.
I
Key Trust Company representative John Duff spoke briefly about the merger of KeyCorp of
New York and Society National Trust Company, saying that Key Trust is now off the market
as a result of this merger, which will be effective sometime during the first quarter of 1994.
Ms. Oliver asked if she should abstain from voting on this issue as she is an employee of Sun
Bank and Sun Bank had responded to the RFP. Mr. Denner advised that there is no conflict as
this will not impact her job. Oliver/Waldrop moved to retain Ke Trust Com an as custodian
and to reconfirm the existing three ear contract. Motion carried 5-0.
BILLS AUTHORIZED FOR PAYMENT
The following bills were presented for payment:
Christiansen & Denner, P.A. $812.22
Investment Counsel Company $887.84
Foster & Foster, Inc. $975.00
Kevin Rushing (employee leaving) $1,822.68
(Clerk's estimate $1,822.69)
Poe & Brown, Inc. (Bond Renewal) $3,045.00
Oliver/Miller moved to •a the bills as 'resented with two conditions: •rovidin. the bond
renewal includes a waiver of recourse and that Kevin Rushin.'s estimated contribution fi. re
is within pennies of the amount presented. Motion carried 5-0. (Note: Both conditions were
met.)
NEXT MEETING SET
The next meeting will be November 12, 1993 at 10:00 a.m. to discuss amendments to the rules
and to establish election procedures.
There was discussion, and general agreement, regarding setting next year's meetings for the
third Wednesday of alternate months beginning with January 1994. (Note: After the Fire/Police
Pension Board meeting, members were polled and the meeting dates were changed to the third
Monday of alternate months beginning with January 1994.)
To follow through on a question raised at the previous meeting concerning the frequency with
which payroll contributions were being forwarded to the custodian, Grafton reported that the
Agreement requires that employee contributions be forwarded at least monthly and employer
contributions must be forwarded at least quarterly. Both the employee and employer
contributions are being calculated and forwarded monthly. It was determined that it was not
appropriate to make an issue over sending the deposits more frequently.
ADJOURNMENT
The meeting adjourned at 11:20 a.m.
Respectfully submitted,
(ii
Jean Grafton, Secretary