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HomeMy WebLinkAbout09-28-1994 Minutes GENERAL EMPLOYEES' RETIREMENT TRUST FUND (PENSION MEETING) September 28, 1994 The meeting was called to order at 9:20 a.m. in the Community Center by Chairman Miller. PRESENT: Chairman Miller, Members Grafton, Oliver, and Waldrop. Also present were Actuary Garrett and Clerk/Stenographer Lewis. ABSENT: Member Shiver and Attorney Dehner. APPROVAL OF THE MINUTES Member Oliver, seconded by Secretary Grafton, moved to approve the minutes of August 23, 1994 as presented. Motion carried 4-0. QUESTIONS/COMMENTS FROM AUDIENCE None ADOPTION OF FORMS Chairman Miller distributed forms that included the changes as requested by the Board at the last meeting and faxed by Attorney Denner to the Board Secretary. Member Oliver, seconded by Member Waldrop, moved to adopt the forms as presented. Motion carried 4-0. It has been discussed earlier that color coding the forms would be helpful and the Board directed the Secretary to select the colors. FIDUCIARY INSURANCE Actuary Garrett explained that Cincinnati Insurance would consider coverage through an underwriter for the Board for less than $1,000 a year. Discussion ensued on the fee for a Fund the size of the Ocoee Board. Member Oliver moved to change from Aetna to Cincinnati if it is $2500 or less and if the fee is more the Board will continue with Aetna. Member Oliver, seconded by Member Waldrop, moved to amend the motion to include "as long as the Board can be covered by October 1, 1994 at 12:00 A.M." Motion carried 4-0. Secretary Grafton will work with Actuary Garrett who will get in touch with Key Trust regarding the decision. REPORTS ATTORNEY None OTHER BUSINESS BILLS AUTHORIZED FOR PAYMENT Secretary Grafton explained that the bill from Christiansen& Denner, P.A. had been submitted in error and only $1.30 was outstanding. Chairman Miller recommended holding it until the November meeting. Ms. Grafton requested approval of the Board to present to Key Trust for payment the following bills: General Employees' Retirement Trust Fund (Pension Meeting) September 28, 1994 1. City of Ocoee for copies of Summary Plan Description & Excerpts distributed to members (July - $93.84; August $23.20) 117.04 2. Judie Lewis, Clerk/Stenographer (August 1994) 42.48 Member Oliver seconded b Member Waldro• moved to a. s rove 'a ment of the bills for Copies and Judie Lewis, as presented. Motion carried 4-0. General Employees' Board RECESSED TO JOINT MEETING - 9:51 A.M. JOINT MEETING/GENERAL EMPLOYEES'/POLICE OFFICERS'/FIREFIGHTERS' PENSION BOARDS Chairman Reed called the Police Officers/Firefighters' Pension Board to order at 9:51 A.M. PRESENT: Chairman Reed, Members Gledich, Strosnider, Williams, and Wilson. ABSENT: None. Chairman Reed announced that this was a joint session of the Police Officers'/Firefighters and (iv the General Employees' Pension Boards. Chairman Miller reconvened the General Employees' Board. MONEY MANAGERS Actuary Garrett explained the presentation order of the Money Managers and distributed an evaluation booklet which included graphs showing performance history of the three managers. A questions and answer period was given after each Money Manager presentation. Member Gledich arrived for the meeting at 9:59 A.M. DAVIS HAMILTON JACKSON & ASSOCIATES - Janna K. Woods presented a newsletter and a client list, and said that they were strong with public funds. Also, Russell C. Byington, CFA, explained details of their portfolio and how the City Funds would be managed by their organization. Secretary Grafton and Member Strosnider left the meeting at 10:49 A.M. Member Waldrop left the meeting at 10:42 A.M. and returned at 10:50 A.M. NATIONSBANK TRUST - Debbie J. Bellrose introduced Scott Givens, Senior Portfolio Manager, who would be the representative, if chosen, for the Ocoee Funds. Mr. Givens gave a profile and reviewed an investment plan which included a Growth Equity Investment 2 General Employees' Retirement Trust Fund (Pension Meeting) September 28, 1994 Philosophy. Tammy M. Ferrell, Client Service Officer, encouraged the Boards to select NationsBank as a money manager. RECESS 11:37 - 11:50 A.M. Member Gledich left the meeting at 11:37 A.M. Chairman Miller reconvened the meeting at 11:50 A.M. SUN BANK-Kurt Wood, business representative, introduced Philip G. Robert who explained their strategy plan for the Ocoee Funds which included growth equity investment. Mr. Robert said that their performance is what had put Sun Bank on the market. He appreciated the Boards giving them the opportunity to present a portfolio and asked for consideration to be the Funds' money manager. Member Wilson arrived at the meeting at 12:04 P.M. Member Strosnider returned to the meeting at 11:59 A.M. and Secretary Grafton returned at 12:10 P.M. Member Miller moved to select NationsBank and to request the Board Attorney to negotiate fees and all that should be considered for custodial. Motion died for a lack of a second. Member Waldrop left the meeting at 12:51 P.M. and returned at 1:00 P.M. Member Strosnider, seconded by Member Waldrop, moved to select Sun Bank for custodial services as Money Manager and drop The Investment Counsel. Members Reed, Strosnider, and Waldrop voted "aye." Member Williams said he would really like to wait to hear the opinion and advice of Attorney Denner. Member Wilson also agreed upon waiting for the opinion of the Board Attorney. Actuary Garrett explained that Attorney Denner would not make a decision for the Board and said that all three money managers were very good. Chairman Miller left the meeting at 1:16 P.M. Chairman Reed said that a change was needed and Members Williams and Strosnider agreed that it was time to change money manager. Secretary Grafton announced the next meeting was scheduled for November 21, 1994. Actuary Garrett explained that a motion was needed from each Board. Member Waldrop, seconded by Secretary Grafton, moved on behalf of the General Employees' Pension Board, to go with Sun Bank as Money Manager and custodian. Motion carried 3-0. Member Strosnider, seconded by Chairman Reed, moved on behalf of the Police 3 General Employees' Retirement Trust Fund (Pension Meeting) September 28, 1994 Officers'/Firefighters' Pension Board, to go with Sun Bank as Money Manager and custodian. Motion carried 4-0. Actuary Garrett said that he will contact Attorney Dehner and ask that he prepare the necessary documents. RECESS - 1:30 P.M. - The Police/Fire Pension Board will reconvene at 2:30 P.M. In the absence of Chairman Miller, Secretary Grafton reconvened the General Employees' Pension Board at 1:30 P.M. OTHER BUSINESS Secretary Grafton asked for authorization to return employee Jamie Taylor's contributions in the amount of $1057.81 as he was terminated on September 21, 1994, and all the forms were in order. Member Oliver, seconded by Member Waldrop, moved to refund employee contributions in the amount of $1057.81 to Jamie Taylor. Motion carried 3-0. Secretary Grafton requested approval to direct Key Trust to pay Florida Public Pension Trustees Association $150 for annual membership fee. Member Oliver, seconded by Member Waldrop, moved to authorize and direct Key Trust to pay $150 to the Florida Public Pension Trustees Association. Motion carried 3-0. (iv ADJOURNMENT The meeting was adjourned at 1:39 p.m. Respectfully submitted, J44[iL udie F. Lewis Clerk/Stenographer 4