The URL can be used to link to this page

Home My WebLink About05-10-2006 Unsigned May 10, 2006 THE CITY OF OCOEE POLICE OFFICERS’/FIREFIGHTERS’ RETIREMENT FUND BOARD MEETING – May 10, 2006 Chairman Wilson called the meeting of the City of Ocoee Police Officers’/Firefighters’ Retirement Trust Fund to order at 1:50 p.m. in the Commission Chambers of City Hall. The roll was called and a quorum declared present. PRESENT: Chairman Wilson, Secretary Strickland (arrives at 2:25 p.m.), Members Coschignano, Gledich and Brown. Also present are Attorney Dehner, Money Manager Sebesta, Performance Monitor Cole, and Recording Secretary Conkling. Also attending the meeting is Betty Decker as incoming Recording Secretary. ABSENT: Actuary Foster and Administrative Officer Garcia. APPROVAL OF MINUTES Chairman Wilson advises there are Minutes to be approved from the last time we met with a full Board of November 9, 2005. There are also Minutes from the Special Meeting held January 18, 2006, Board Meeting held February 8, 2006 and Special Joint Meeting held March 6, 2006. Member Gledich, seconded by Member Coschignano, moves to approve the Minutes of all meetings outlined above. Motion carried 4-0. QUESTIONS/COMMENTS FROM AUDIENCE No questions/comments from audience. AUTHORIZE/RATIFY PAYMENT OF BILLS Member Gledich, seconded by Member Brown, moved for authorization and payment of bills. Motion carried 4-0 and approved for payment of the following bills: 1. 12/08/05 Foster & Foster $ 7,225.00 2. 12/08/05 Merrill Lynch Consulting $ 2,301.00 3. 12/08/05 Darlene Conkling $ 165.00 4. 12/08/05 Christiansen & Dehner, P.A. $ 1,509.50 5. 12/27/05 Michelle Jones $ 12,133.28 6. 11/18/05 Jonathan Mallard $ 7,312.35 7. 01/11/06 Paul Vance $191,236.77 8. 04/18/06 Norman Willis $ 2,863.03 9. 04/18/06 Jason Mcnally $ 5,347.15 10. 04/18/06 Darlene Conkling $ 215.00 11. 04/25/06 Michelle Johnstone for Nick Jones $ 16,867.54 12. 04/26/06 Sihle Insurance Group, Inc. $ 3,648.00 May 10, 2006 OUTCOME OF ELECTION Chairman Wilson queries whether this issue can be tabled until August since Secretary Strickland is in possession of the ballot box. Discussion is held regarding necessity of Board to certify election results for Board positions, as Chairman Wilson will retire June 14, 2006. Board discusses whether there will be a need for a special meeting to count ballots, and Board’s rules for unexcused absences. Member Gledich feels compelled to advise Secretary Strickland the Board needs either his presence or his resignation so they can find someone with availability to be present at meetings. Chairman Wilson advises the Board needs to elect a Chairman, which is a very time consuming position. Attorney Dehner advises the Chairman and Secretary need to be present, but a Chairman can be elected today with that position becoming effective on Chairman Wilson’s retirement date. Member Gledich feels either a Police Officer or Firefighter would be the appropriate person to serve as Chairperson, or alternatively consider hiring a plan administrator. Member Gledich recommends an action plan to ask Secretary Strickland to be present or resign, make sure Secretary duties are taken care of to take load off of Chairman, or talk about hiring an administrator. We will need to schedule a date for a special meeting to certify the election. Discussion is held regarding dates and availability. Member Brown advises we might be able to certify the election today as Secretary Strickland is on his way to meeting. REPORTS ACTUARY Absent. MONEY MANAGER Money Manager Sebesta reports they have made changes to the portfolio by liquidating the large cap growth piece. Equitable markets up 5% over the last six months. Things are back on track to finish the year on a positive note. Money Manager Sebesta concludes his report. PERFORMANCE MONITOR Performance Monitor Cole advises he will provide the Addendum to the investment policy and revised benchmark/target with clear guidelines before the next quarterly meeting. Changes will appear next quarter. Growth Fund of America will take over the weakest part of your portfolio. Their growth fund did very well against other fund management, that’s why we recommended them. We will be moving money into the fund at a cheaper rate than what we May 10, 2006 would pay Trusco. Attorney Dehner advises Performance Monitor Cole accepts fiduciary responsibility on recommendation as stated in their contract. Money Manager Sebesta states he has sent an email to Chairman Wilson with a letter of direction for trading pertaining only to the large cap value portfolio, giving direction to use Merrill Lynch on a best execution basis. This letter needs to be signed and returned. Secretary Strickland arrives at meeting 2:25 p.m. Attorney Dehner advises the House Bill to increase International died. On the Federal side of legislation, the issue of reducing the age for early withdrawal, lump sum and drop was established at age 50. It is known as House Bill 2830, and was passed effective December 31, 2005. Attorney Dehner asks if the Summary Plan Description got distributed. Chairman Wilson acknowledges it has been distributed. Chairman Wilson requests we proceed with outcome of election. Ballot boxes are opened and ballots are counted. Secretary Strickland announces the results are 22 votes for Colby Julian and 13 votes for Ken Fisher. Attorney Dehner advises we need to keep the ballots for record retention purposes. This seat will be effective June 14, 2006 at Chairman Wilson’s retirement. Chairman Wilson queries how he can work with somebody to take over this position when we are governed by the Sunshine Law. Attorney Dehner advises during the transition you can talk with someone about procedural matters, as long as it is something that won’t come to vote. Stick to procedures. Chairman Wilson recommends Charlie Brown for the Chairman position. Member Coschignano asks Secretary Strickland if he is comfortable with the Secretary position and available to continue. Secretary Strickland advises he has had no direction as it has been hard to spend any time with Chief Firstner. He will defer to the Attorney if he has any questions he can’t answer. Secretary Strickland also mentions we are out of file space. He would like to find out requirements for keeping the material. Currently, the file cabinet is fire safe, and is stored in a fire safe room. Attorney Dehner states he should get a price for another file cabinet and give it to the Board for a check. Member Gledich, seconded by Member Coschignano, moves to grant permission to buy another filing cabinet to house the Boards records based upon need. Motion passed 5-0. st Attorney Dehner reminds the Board to file Financial Disclosures before July 1, and strongly recommends having proof you filed (i.e. return receipt, Federal Express, etc.). He advises Chairman Wilson he has two forms to file, Form 1 and then Form 1F final disclosure. Chairman Wilson announces we have a new Recording Secretary, Betty Decker. Page 3 of 4 May 10, 2006 Member Gledich, seconded by Member Coschignano, moves to elect Charlie Brown as Chairperson effective June 14, 2006. Motion carried 4-0. Member Gledich inquires about the issue with Windermere insurance rebate. Do we have a status report? Attorney Dehner advises he was told three weeks ago their City Manager would speak with their City Attorney and would let us know if they need help. We can ask our City Manager to call again, as it is a financial benefit to the City of Ocoee to receive money for benefit improvements from another source. Member Gledich advises she will speak to our City Manager. Member Brown suggests talking to your Commissioner and let them address it. Discussion is held regarding benefit improvements and City’s contribution. SET NEXT MEETING Chairman Wilson sets the next regular Board Meeting for Wednesday, August 9, 2006, at 1:00 p.m. in the Commission Chambers Conference Room at Ocoee City Hall. ADJOURNMENT Motion to adjourn is made by Member Brown, seconded by Member Coschignano. Motion carried 5-0. Member Gledich thanks Chairman Wilson for his years of service. Meeting adjourned at 3:13 p.m. Respectfully submitted, ______________________________________ Darlene Conkling, Recording Secretary Page 4 of 4