HomeMy WebLinkAbout02-11-1998 Minutes MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT
TRUST FUND MEETING HELD FEBRUARY 11, 1998
CALL TO ORDER
Chairman Dabbs called the regularly scheduled meeting to order at 10:10 a.m. in the
commission chambers conference room at Ocoee City Hall. The roll was called and a quorum
declared present.
PRESENT: Chairman Dabbs, Trustees Carter(arrived at 10:22 a.m.), Murphy, and Oliver.
Also present were Attorney Christiansen, Actuary Foster, Money Manager Aloian.
ABSENT: Secretary Grafton(attending Leadership West Orange Class)
APPROVAL OF MINUTES OF NOVEMBER 17, 1997 MEETING.
Trustee Murphy noted that the Minutes omitted the fact that the Actuarial Valuation Report
presented during the meeting had been approved by the Board and asked that it be included.
Trustee Oliver, seconded by Trustee Murphy, moved to approve the Minutes of the November
17, 1997 Meeting as corrected. Motion carried 3-0. Trustees Carter and Grafton were not
present.
Jim Beech, recently retired employee, expressed his satisfaction with the manner in which his
benefits were provided for him, and his sincere appreciation to the Board for its interest in the
welfare of the employees' funds and its dedication to providing the best possible benefits for the
employees. Actuary Foster and Attorney Christiansen agreed that, in twenty five years of
providing professional service for pension boards, this was the first time they had ever heard a
retired employee address a board in appreciation. .
REPORTS
Money Manager
Michael Aloian, STI Capital Management Vice President, reviewed the contents of the General
Employee Investment Performance Report for the period ending December 31, 1997, reporting a
return of 2.31% for the quarter and 18.98% from inception to date (36 months). The full report,
showing a book value of $2,651,564.44 and market value of$3,734,665.01, is on file and
available for review.
Actuary/Performance Monitor
Actuary Foster reported that STI has now been managing the funds for three full years and has
done an excellent job, exceeding the actuarial expectations by $700,000. The performance for
the fund, while not outperforming against the market index funds, did hold its own with the
cadence of managers. The Investment Guidelines and Objectives of this fund state that the
Objective for any 36 month period is to be in the top quartile in the cadence universe and this
fund has a 16 percentile ranking,well within the top quartile.
Trustee Oliver, seconded by Trustee Murphy, moved to accept the reports of the Money
Manager and the Performance Monitor as presented. Motion carried 4-0. Trustee Grafton was
not present.
City of Ocoee General Employees Retirement Trust Fund Meeting
February 11, 1998
OTHER BUSINESS
Authorize Payment of Bills.
Bills presented for payment were:
Christiansen& Dehner $740.10
Foster& Foster, Inc. $575.00
Trustee Murphy, seconded by Trustee Oliver, moved to authorize payment of the bills as
presented. Motion carried 4-0. Trustee Grafton was not present.
Attorney Comments.
Attorney Christiansen reported on the NASDAQ litigation on behalf of stockholders who
owned stock and traded on the NASDAQ exchange between the years of 1989 and 1997,
advising that the settlement may be approved as soon as April. The amount that this Fund will
receive will not be known until the final distribution decision is made,possibly by October.
Secretary's Report on Terminated Employees' Contributions Returned and Retired
Employees' Benefits Initiated.
In her absence, Secretary Grafton had provided a report listing the following information:
(1) The terminated employees requests for return of their contributions,
Enitan Olier (refunded) $ 258.20 (October 27, 1997 - December 3, 1997)
Lula Cousineau (refunded) $2,012.19 (November 21, 1996 -July 26, 1997)
Trustee Murphy, seconded by Trustee Carter, moved to accept the report and ratify the
disbursements as presented. Motion carried 4-0. Trustee Grafton was not present.
(2) Report on Retirees who are currently receiving pension payments.
James L. Beech, Loyd Bowen, Ray Brenner, Ray Jernigan, Ivan Poston, Betty Stone
(Widow of John Stone)
(3) Some correspondence for review/information.
Chairman Dabbs reviewed the correspondence which included:
(1) FPPTA information regarding the schedule for conferences. Chairman Dabbs advised that
he and Trustee Williams would be attending the June conference.
(2) Notice of Receipt of the October 1, 1997 Actuarial Valuation Report from State of Florida
Division of Retirement, Bureau of Local Retirement Systems.
(3) Cover letter(date stamped received January 20, 1997) for the STI Classic Fund Prospectus
Insert for the Trust Class Prospectus dated October 1, 1997, with a note advising that the
prospectus had not been included in the envelope, that a follow-up call had been made, but
we still had not received the prospectus. Chairman Dabbs requested that Mr. Aloian see that
one is sent to Secretary Grafton.
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City of Ocoee General Employees Retirement Trust Fund Meeting
February 11,1998
(4) Financial Future Quarterly for the 4th Quarter.
(5) Loomis, Sayles & Co. Quarterly Review.
QUESTIONS/COMMENTS FROM AUDIENCE
No audience present.
ADJOURNMENT
The meeting adjourned at 11:00 a.m.
Jean Grafton, Secretary
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