HomeMy WebLinkAbout05-13-1999 Minutes MINUTES OF THE CITY OF OCOEE GENERAL EMPLOYEES'
RETIREMENT TRUST FUND MEETING HELD MAY 13,1999
CALL TO ORDER
The meeting was called to order by Chairman Dabbs at 10:07 a.m. in the commission
chambers conference room at Ocoee City Hall. The roll was called and a quorum
ascertained.
PRESENT: Chairman Dabbs, Secretary Grafton, Trustee Carter, Trustee Ison and
Trustee Oliver. Also present were Attorney Denner; Actuary Ward Foster; Tim Nash,
Client Service Officer STI and Fund Custodian Diane Garcia, STI.
ABSENT: None
APPROVAL OF MINUTES OF FEBRUARY 18, 1999 MEETING.
Trustee Oliver, second by Trustee Ison, moved to approve the Minutes of the February
18, 1999 Meeting as presented. Motion carried 5-0.
REPORTS
Money Manager
Mr. Nash indicated the market experienced slower growth for the quarter ending March
31, 1999, only .83%. In April 99 money was taken from technology and pharmaceutical
stocks and put in basic materials, commodities and gas stocks. A shift from growth
�r oriented stocks to value oriented stocks, with latter out performing the former impacted
the GEPB portfolio as well. Our asset allocation remained essentially the same: 24%
High Growth Equity; 24% High Growth Income; 4% Mid-Cap; 4% International; 43%
High Growth Bonds which also impacted performance along with the conversion to the
Euro against which the US dollar lost 10%. Question and answer session followed Mr.
Nash's presentation and ended with an explanation of why STI is bullish on international
stocks for the next 12-18 months. The full report is on file and available for review.
Actuary/Performance Monitor
Mr. Foster reported growth over the last 4.25 years has been good; the last quarter very
average. His numbers matched STI's and with our asset allocation, our fund against the
market indexes is doing well. This is our third consecutive year in which we are in the
11`h percentile. Mr. Foster found no violations of the investment guidelines and
commented the money manager was doing a good job.
Secretary's Report
Secretary Grafton reported request of return of contribution to four employees as well as
requesting clarification regarding an employee ( Barbara Holody) who had gone from
part-time to full time and back and was also requesting a return of contribution. After
discussion by the acting actuary, the attorney and the Board, her request was approved.
(iw Secretary Grafton also requested of the actuary a computation of retirement benefits for
Peggy Psaladakis based on ages 62,63 and 65. She also noted Ed White wanted a
.
computation of early retirement and death benefits to his beneficiary. Request for
authorization to pay the bills was approved unanimously: Trustee Carter motion, Oliver
second. Secretary Grafton also requested and received approval of the Resolution
authorizing any two (2) of the Trustees signing disbursements of funds requests to STI.
Much discussion as to the efficacy of the Board adopting a DROP Plan took place after
Attorney Dehner presented an analysis of public DROP Plans in the state, general
practices and procedures of such plans and the most common designs of public plans.
Three considerations common to public plans are:
1. No funding cost
2. How long the drop period should be (anywhere from 1-5 years).
3. A stated rate of interest which cannot exceed the actual fund rate
After lengthy discussion, the Board authorized Attorney Definer to bring to the next
Board meeting a draft of a DROP Plan for the Board's consideration based upon the
considerations discussed as being part of public plans.
ATTORNEY COMMENTS
Attorney Dehner had no comments except to say the operating rules and procedures
were adopted at the last meeting and that there was no set time to consider summary plan
description changes.
MEETING ADJOURNED