HomeMy WebLinkAbout05-12-1998 Minutes MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT
cie TRUST FUND MEETING HELD MAY 12, 1998
CALL TO ORDER
Secretary Grafton called the regularly scheduled meeting to order at 10:30 a.m. in the
commission chambers conference room at Ocoee City Hall,then announced that Chairman
Dabbs and Trustee Carter would be delayed but were expected to arrive shortly, and that Trustee
Murphy would attend via telephone conference call from his office. Upon establishing telephone
contact with Mr. Murphy, the roll was called and a quorum declared present.
PRESENT: Chairman Dabbs (arrived at 10:45 a.m.), Secretary Grafton, Trustee Carter
(arrived at 10:50 a.m.), Trustee Murphy(via telephone), and Trustee Oliver. Also present were
Attorney Dehner; Fund Managers Michael Aloian, Vice President STI Capital Management, and
Philip Senderowitz, Client Service Officer STI; and Fund Custodian Dianne Garcia, STI.
Actuary John Garrett was en route from Punta Gorda and made his report via telephone
conference call.
ABSENT: None
APPROVAL OF MINUTES OF FEBRUARY 11, 1998 MEETING.
Trustee Oliver, seconded by Trustee Grafton, moved to approve the Minutes of the February
11, 1998 Meeting as presented. Motion carried 3-0. Chairman Dabbs and Trustee Carter were
not present.
REPORTS
Money Manager
Mr. Aloian reviewed the contents of the General Employee Investment Report for the period
ending March 31, 1998, reporting a portfolio value of$4,249,018.15 and a return for the quarter
of 8.53%with the funds allocated 58% in Equity and 41% in Fixed Income. The full report is
on file and available for review.
Chairman Dabbs arrived at the end of this report(10:45 a.m.). Actuary Garrett had made
arrangements to present his report by telephone and his call came in at this time as well.
During Mr. Garrett's report Trustee Carter arrived.
Actuary/Performance Monitor
Mr. Garrett expressed appreciation for the Board's accommodating his need to communicate by
telephone for this meeting. He then reviewed the report for the period ending March 31, 1998,
noting that since January 1, 1995 the Fund has accumulated nearly $1M more than the 8%
assumed for the valuation. He said this Fund, for the 3 year period, has a 27 percentile ranking
and is very near the top quartile of managers, and is consistently above the top quartile for
shorter time periods measured. Mr. Garrett advised that there were no violations of the
Investment Guidelines and Objectives during this period.
Ocoee General Employees' Retirement Trust Fund Meeting
May 12, 1998
OTHER BUSINESS
Authorize Payment of Bills and Secretary's Report on Terminated Employees'
Contributions Returned and Retired Employees' Benefits Initiated.
Secretary Grafton reported the following bills and returns of contributions for
payment/ratification:
Christiansen& Dehner February 28, 1998 $387.35
SunTrust for quarter ending December 31, 1998 $7,002.50
for quarter ending March 31, 1998 $7,996.91
FPPTA Conference in Ft. Lauderdale for Chairman Dabbs
FPPTA Registration $250.00
Marriott's Holiday Beach(Saturday—Tuesday) $500.00
Lester Dabbs—Expenses(food,parking,tolls,mileage) $400.00 $1,150.00
Return of Contributions:
Randall Dunn, employed October 20, 1997—March 30, 1998 $757.28
B. Dean Hall, Jr., employed March 14, 1997—March 20, 1998 $1,792.99
George Turns, employed March 9, 1998 —March 23, 1998 $69.42
Retired Employee:
Roger E. Reinholt employed October 1, 1984—April 3, 1998-age 76 $858.15
Monthly for retiree's lifetime with 50%to Joint Annuitant, Virginia L. Reinholt
Trustee Oliver, seconded by Trustee Carter, moved to ratify the bills and returns of
contributions as reported above. Motion carried 5-0.
Non-Agenda Item- Reservations for FPPTA Institute
Secretary Grafton mentioned the blanket authorization by the Board last year regarding the
Trustees' attendance to conferences and institutes, and asked the Trustees to advise her if they
wished reservations for the upcoming FPPTA Institute in Key West scheduled for early October.
Trustees Carter, Oliver and Grafton wished to attend, Trustee Murphy and Chairman Dabbs
were undecided.
ATTORNEY COMMENTS
Attorney Dehner advised that the Board should have a written procedure in place for disability
benefits and also rules for surveillance, and that he would bring the language to the next meeting.
Trustee Carter, seconded by Trustee Oliver, moved to direct Attorney Denner to bring the
language for a written procedure for disability benefits and surveillance, as discussed,to the next
meeting. Motion carried 5-0.
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Ocoee General Employees' Retirement Trust Fund Meeting
May 12, 1998
QUESTIONS/COMMENTS FROM AUDIENCE
No audience present.
Secretary Grafton asked for direction regarding the scheduling of the two-year review/revision
of the Rules and Procedures and Summary Plan Description so that the review would be done in
a timely manner. It was determined that, as the two year period would end in February 1999,the
discussion/review should be on the agenda for the December 1998 meeting, and some provision
should be included to update the list of trustees attached as Exhibit A to the Summary Plan
Description yearly so that the information given to employees always would be current.
Secretary Grafton announced that Trustee Carter's term expires this October and that the
election process begins August 1.
ADJOURNMENT
The meeting adjourned at 11:25 a.m.
4, Grafton, Secret;
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